Friday 07th October 2022: Technical Outlook and Review
On the H4, with the price showing a potential reversal from the 1st resistance of 3762, which is in line with the 23.60% fibonacci retracement level and 78.6% fibonacci extension level, we continue to have a bearish bias.
Thursday 06th October 2022: Technical Outlook and Review
On the H4, with the price breaking out of the descending channel and trading higher from 1st support of 3754, which is in line with the 23.60% fibonacci retracement level, we continue to have a bearish bias.
Wednesday 05th October 2022: Technical Outlook and Review
On the H4, with the price trading higher from 1st support of 3642, previous swing low of June 2022 and the interim risk level of 3746.58 which is in line with the 23.60% fibonacci retracement level, we continue to have a bearish bias.
Tuesday 04th October 2022: Technical Outlook and Review
On the H4, with the price trading higher from 1st support of 3637 which is in line with the previous swing low of June 2022 but still within the descending channel and below the ichimoku cloud, we continue to have a bearish bias.
Monday 3rd October 2022: Technical Outlook and Review
On the H4, with the price trading lower from the 1st resistance, within the descending channel and below the ichimoku cloud, we continue to have a bearish bias. Look for a bearish continuation with the 1st support at 3438.96, which is in line with the previous swing low of October 2020, 127.20% fibonacci expansion and 61.8% fibonacci extension level.
30th September Friday 2022: Technical Outlook and Review
On the H4, with the price within a descending channel and below the ichimoku cloud, we continue to have a bearish bias. However, with the price currently at the 1st support off the 1st support of 3640, which is in line with the previous swing low of June 2022, we could see price testing the 3767 intermediate level before testing the 1st support again.
29th September Thursday 2022: Technical Outlook and Review
On the H4, with the price within a descending channel and below the ichimoku cloud, we continue to have a bearish bias. However, with the price bouncing off the 1st support of 3633, which is in line with the previous swing low of June 2022, we could see price testing the 3775 intermediate level before testing the 1st support again.
28th September Wednesday 2022: Technical Outlook and Review
On the H4, with the price on a strong bearish trend and below the ichimoku cloud, we have a bearish bias that price may drop to the 2nd support of 3508, which is in line with the 27.2% fibonacci expansion and previous swing low from November 2020.
27th September Tuesday 2022: Technical Outlook and Review
On the H4 chart, price has pushed through very strongly through the 1st support at 142.574 where the 78.6% Fibonacci line lies. If this strong bullish momentum continues, price could potential break above the 1st resistance at 144.952 where the 23.6% Fibonacci line lies and head towards the 2nd resistance at 147.070 where the -27.2% Fibonacci expansion line is.
