EUR/USD:
Looking at the weekly chart, we can see that prices are seeing further limited upside before it reaches our resistance area at 1.22900. On the daily chart, price pulled back yesterday but remained above our key support at 1.21337 where we could possibly see some bullish upside with 1.22900 as our resistance target as well.
On the H4 timeframe, prices pulled back from our descending trendline and our resistance zone at 1.22115, which is our 78.6% Fibonacci retracement, 88% Fibonacci extension and previous overlap resistance. This is the key resistance level to break for further bullish momentum to our next resistance level at 1.22900.
If price pulls back, there will be a trendline support at 1.21340, in line with 78.6% Fibonacci retracement and previous swing low overlap support.
Price is trending within a symmetrical triangle where we would see a breakout either direction within the next few days.
Areas of consideration:
- H4 time frame, support level at 1.21340
- H4 time frame, resistance level at 1.2215
GBP/USD:
Looking at the weekly chart, we can see that prices are facing further bullish upside from our ascending trend line and support at 1.40000 where we could see a further upside above this level to our resistance target at 1.43000, in line with the 78.6% Fibonacci extension. The daily time frame echoes the same bullish view as well with limited upside towards 1.43000 as our resistance target.
On the H4 timeframe, prices are facing bullish pressure from our ascending trendline and support level at 1.41080, in line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension. Price might rebound back to 1.41824 resistance, in line with our 61.8% Fibonacci retracement and extension. Prices have been range bound for the last few weeks till it finds a catalyst to confirm further direction.
Failing to hold the current support level would see the price pull back further to test 1.40832, in line with 161.8% Fibonacci extension and previous swing low support.
Areas of consideration:
- H4 time frame, 41080 support level
- H4 time frame, 1.41824 resistance level
AUD/USD:
From the Weekly timeframe, we see price pushing beneath the ascending trendline and tapping on the 61.8% fibonacci retracement, before closing above it on the last day of the week. From the daily timeframe, we see a similar view, price is currently testing the 78.6% fibonacci retracement level at 0.77456, where we may see a push down towards the weekly support level at 0.76683, in line with ascending trendline support.
On the H4 timeframe, We see that price has reversed from the 0.77584 level, in line with 78.6% fibonacci retracement. Price may push down lower in the short-term towards the 0.76671 level, in line with 78.6% fibonacci retracement and Weekly support.
Areas of consideration:
- H4 timeframe, price may push from 0.77584 towards 0.76671.
- Daily and weekly time frames showing bullish pressure.
USD/JPY
From the weekly timeframe, prices are facing resistance from horizontal swing high resistance which coincides with 50% Fibonacci retracement and 78.6% Fibonacci extension, taking support from 104.224 level which is in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension. On the daily time frame, prices are facing support from 108.425 level which coincides with 61.8% Fibonacci retracement and 50% Fibonacci extension. Prices might bounce towards daily resistance level 110.978 in line with 78.6% Fibonacci retracement. Daily EMA is also below prices, showing a bullish pressure for prices.
On the H4 timeframe, prices are bouncing from 109.066 level in line with 100% Fibonacci extension and 61.8% Fibonacci retracement towards daily resistance level 110.978. Otherwise, if prices did not push up further, prices could fall and take support on 108.425 level, in line with daily support level. Indicators on the daily timeframe suggest that the pullback is temporary and there is still a long term bullish pressure for prices. Stochastics has also bounced from 6.62 level, potential for further upside.
Areas of consideration:
- On the H4, prices might push up towards 110.978 daily resistance level
- 066 support level on the H4 timeframe
- 425 support level on the daily timeframe
USD/CAD:
From the Weekly timeframe, we see price trending between the previous swing high in line with 78.6% fibonacci retracement, and the ascending trendline, it is currently testing the resistance level 1.21225, in line with horizontal graphical area. From the daily timeframe, we see that price bounced from the recent support level 1.20284 in line with Weekly Support, 78.6% fibonacci extension, 78.6% fibonacci retracement, where price is currently consolidating between this level and 1.21336, in line with 61.8% fibonacci retracement and previous swing high.
The H4 timeframe price pulled down towards the 1.20808, in line with 61.8% fibonacci retracement level, before bouncing higher towards the 1.21336, in line with -27% fibonacci retracement and Weekly and Daily resistance level.
Areas of consideration:
- The weekly and daily time frame shows a weakening of this bearish momentum.
- On H4, price may continue its upside move towards 1.21336.
USD/CHF:
USD/CHF is now testing the weekly 0.89500 support, in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. The daily chart shows that price is now holding below the key daily 0.92300 support-turned-resistance, and has also broken below the ascending trendline support-turned-resistance. The weekly 0.89500 support level is a key level to watch.
On the H4 chart, we can see that price is now re-testing the key weekly 0.89500 support level, in line with 127.20% Fibonacci extension, after reversing under the 0.90800 resistance. Price appears to be making a sideways movement within the range of the market over the past few days. In this scenario, the 0.89500 support area will be an important level to watch. A break and close below this level could see price swing towards the next support level at 0.87600, in line with our weekly support level.
Areas of consideration:
- The 0.89500 weekly support is a key intraday level to watch.
- Price is making a sideways movement within the range in the market and is re-testing the 0.89500 support.
Dow Jones Industrial Average:
On the weekly chart, price is trading sideways. With price holding above the long term moving average, we can expect further bullish pressure above 32765 support. On the daily chart, price is still holding above the moving average but testing ascending trendline support. Buyers may look to add their longs to push price higher towards possible target at 35970 resistance.
On the H4, price traded sideways and is facing bearish pressure below 35091 resistance. We could possibly see sellers enter with their shorts to play a short term drop towards 33800 support. Otherwise, failure to hold below 35091 resistance will see price push higher towards 35970 resistance next. Stochastic is testing resistance where price showed a pull back in the past. We are leaning more towards a short term pullback as well.
Areas of consideration:
- Watch resistance at 35091 on H4 closely
- Stochastics reacting below resistance on H4
XAU/USD (GOLD):
On the weekly timeframe, prices are facing bullish pressure and could still see further upside, with 1965 as the weekly resistance target. We could see renewed bullish pressure this coming week. On the daily price is holding between 1850 support and 1965 resistance. With technical indicators showing room for further bullish momentum, we could see buyers looking to add to their longs on any pullbacks and push price towards 1965 resistance.
On the H4, price dipped lower and is facing bearish pressure below 1903 resistance. With price holding below descending trendline resistance, traders may look to add to their shorts with a possible downside target at 1865 support. Otherwise, failure to hold below 1903 will see price swing the other way and push towards 1921 resistance..
Areas of consideration:
- 1903 resistance to watch on H4 timeframe
- Descending trendline resistance on H4
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