DXY:
On the H4 timeframe, prices are approaching a pivot resistance and are experiencing bearish momentum. We see the potential for a dip from our 1st resistance at 96.224 in line with 50% Fibonacci retracement and graphical overlap towards our 1st support at 95.677 in line with 127.2% Fibonacci Projection and 50% Fibonacci retracement. Our bearish bias is further supported by our RSI being at levels where dips previously occurred and also ichimoku showing bearish momentum.
Areas of consideration:
- H4 time frame, 1st resistance at 96.224
- H4 time frame, 1st support at 95.677
XAU/USD (GOLD):
On the H4 chart, prices have recently broken out of our daily descending trendline and might be due for a pullback. We see potential for a pullback from our 1st resistance at 1849.825 in line with 100% Fibonacci extension and 61.8% Fibonacci retracement towards our 1st support at 1834.666 in line with 38.2% Fibonacci retracement. RSI are at levels where dips previously occurred.
Areas of consideration:
- 4h 1st support at 1834.666
- 4h 1st resistance at 1849.825
GBP/USD
In the H4 chart , price is trading in an ascending channel and near 1st support level of 1.35043 which is also 50% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially continue its bullish momentum to the 1st resistance level of 1.36461 in line with 61.8% Fibonacci projection and 78.6% Fibonacci retracement. Our bullish bias is supported by the ichimoku cloud indicator as price is trading above it.
Areas of consideration:
– H4 1st resistance 1.36461
– H4 1st support 1.35043
USD/CHF:
On the H4 timeframe,in reference to last week’s analysis price indeed bounced at the 1st Support level. Price is abiding to the daily ascending channel signifying an overall bullish momentum. We can expect the price to bounce from 1st Support in line with 78.6% Fibonacci projection and 61.8% fibonacci retracement towards 1st Resistance in line with 61.8% Fibonacci projection and previous swing high. Our bullish bias is further supported by the RSI indicator where it is at the support level. Traders should wait for prices to swing higher or lower before entering.
Areas of consideration:
- Watch 1st Support at 0.91750
- Watch 1st Resistance at 0.93175
EUR/USD :
On the H4 price is near the first resistance level of 1.13611 in line with 38.2% Fibonacci retracement. Price can potentially dip to the 1st support level of 1.12789 which is in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is supported by the RSI indicator as it is abiding by a descending trendline
Areas of consideration:
- H4 1st resistance at 1.13611
- H4 1st support at 1.12789
USD/JPY:
On the H4 chart,in reference to last week’s analysis, price indeed dropped at 1st Resistance and it is reaching our potential 1st Support level @ 114.739.
Price is trading in an ascending channel signifying an overall bullish momentum, however, we can expect a short-term bearish drop from 1st Resistance level in line with horizontal resistance and 100% Fibonacci projection towards 1st Support in line with 100% Fibonacci projection and 78.6% Fibonacci retracement. Our bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level. Traders can wait for prices to swing higher or lower before entering.
Areas of consideration:
- H4 1st support at 114.739
- H4 1st resistance at 116.297
AUD/USD:
Price broke out of the descending channel, signifying an overall bullish momentum. We can expect price to bounce from 1st Support in line with 61.8% Fibonacci retracement, 127.2% Fibonacci projection and graphical overlap support towards 1st Resistance in line with previous swing high and 78.6% Fibonacci projection. Our bullish bias is further supported by the Ichimoku indicator where the prices are holding above the cloud.
Areas of consideration:
- H4 1st Support level 0.71144
- H4 1st resistance level 0.72584
NZD/USD:
On the H4 timeframe, prices are on bearish momentum. We see potential for bearish continuation from our 1st resistance at 0.66831 in line with 50% Fibonacci retracement towards our 1st support at 0.65892 in line with 100% Fibonacci extension and 78.6% Fibonacci retracement. Our bias is further supported by RSI portraying bearish momentum. Alternatively, our stop loss will be placed at 2nd resistance at 0.67337 in line with 100% Fibonacci retracement.
Areas of consideration:
- H4 time frame, 1st resistance at 0.66831
- H4 time frame, 1st support at 0.65892
USD/CAD:
On the H4, with price moving above the ichimoku cloud, signifying an overall bullish momentum. We can expect price to rise to our 1st resistance at 1.27891 in line horizontal graphical swing high resistance from our 1st support in line with horizontal overlap support and 78.6% Fibonacci retracement at 1.26658. Alternatively, price may break 1st support structure and head for 2nd support, which coincides with horizontal swing low support and 161.8% Fibonacci extension at 1.25644.
Areas of consideration:
- H4 time frame, 1st support at 1.26658
- H4 time frame, 1st resistance at 1.27891
OIL:
On the H4, with prices expected to reverse off the resistance of the stochastics indicator, we see the potential for a drop to our 1st support at 90.15 in line with horizontal overlap support from our 1st resistance at 95.83 in line with the 127.2% Fibonacci extension and -61.8% Fibonacci expansion. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 98.68, in line with the horizontal swing low support and 161.8% Fibonacci extension.
Areas of consideration:
- H4 time frame, 1st resistance of 95.83
- H4 time frame, 1st support of 90.15
Dow Jones Industrial Average:
On the H4, with price moving above the ichimoku cloud, signifying an overall bullish momentum. We can expect price to rise to our 1st resistance at 36183 in line horizontal graphical swing high resistance and 161.8% Fibonacci extension from our 1st support in line with horizontal overlap support and 38.2% Fibonacci retracement at 34705. Alternatively, price may break 1st support structure and head for 2nd support, which coincides with horizontal swing low support and 78.6% Fibonacci retracement at 33656.
Areas of consideration:
- H4 time frame, 1st resistance of 36183
- H4 time frame, 1st support of 34705
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