EUR/USD:
Looking at the weekly chart, we can see that prices broke our ascending trend line and key support-turned-resistance level at 1.20000, where we could see a further downside before prices reach the next support target at 1.17800, which coincides with 78.6% Fibonacci retracement. The daily time frame echoes the same bearish view as well and we could see a further downside below our resistance level at 1.2000, with 1.17800 as the next support target.
On the H4 timeframe, prices are approaching our support level at 1.19105, in line with the 50% fibonacci retracement and graphical overlap support where we could see a bounce above this level to our first resistance target at 1.2000. Keeping in mind the bearish view on the weekly and daily time frame, we caution the limited upside in prices on the H4 time frame. A break below our support level at 1.19105 could provide the bearish acceleration to our next support level at 1.18379, in line with the graphical support area.
Areas of consideration:
- 19105 support area found on H4 time frame
- 2000 resistance area on weekly, daily and H4 time frames
GBP/USD:
Looking at the weekly chart, we can see that prices are approaching our ascending trend line and weekly support area at 1.35000 where we could see a further downside before it reaches our support level, in line with the graphical pullback support area and 38.2% Fibonacci retracement. On the daily time frame, prices are approaching our support area at 1.37500, which coincides with the 78.6% Fibonacci retracement, 61.8% fibonacci extension and ascending trend line. Both time frames echo the same view that we could be seeing further downside before prices reach our support area.
On the H4 timeframe, prices are facing bullish pressure from our support at 1.38643, in line with our graphical overlap support area and 61.8% fibonacci retracement where we could see a bounce above this level to our next resistance target at 1.4000, in line with the graphical overlap resistance area and 50% fibonacci retracement. Keeping in mind that the bigger time frames show that there could be further downside before prices reach a key support area, a break below our support level at 1.38643 on the H4 time frame could see a further drop to our next support target at 1.37500.
Areas of consideration:
- 4000 resistance area found on H4 time frame
- 38643 support area found on H4 timeframe
AUD/USD:
From the Weekly timeframe, we can see that the price has broken the ascending trendline support turned-resistance drawn from 9th March (2020), where current price is trending underneath. On the Daily timeframe, price has reversed from the level of 0.77880 where 78.6% fibonacci retracement and 127% fibonacci extension are.
We may see a push down back to the Daily support, which is the previous swing low support at 0.76221, once price shows more bearish momentum. And lastly, on the H4, price has bounced on the support level at 0.77186, in line with 61.8% fibonacci retracement and extension confluence area. If price manages to break beneath this zone, we may expect a drop towards the Daily support.
Areas of consideration:
- Next port of call on H4 when price breaks beneath 0.77186.
- Daily time frame showing bearish momentum where price failed to create higher high.
- Weekly shows break of ascending trendline, showing bearish signs.
USD/JPY
From the weekly timeframe, prices are reaching resistance which coincides with horizontal swing high as well as 100% fibonacci extension and 78.6% fibonacci retracement. On the daily time frame however, a smaller pullback could be seen and prices might pullback to the support level which coincides with 78.6% fibonacci retracement and 50% fibonacci extension. In the H4 time frame, prices might bounce from support level which coincides with 50% fibonacci retracement and 50% fibonacci extension to the daily horizontal swing high resistance level. Prices are also holding above Ichimoku cloud, suggesting a bullish pressure on prices.
Areas of consideration:
- On the H4, prices might pull back to 108.841 level which coincides with 50% fibonacci retracement and 50% fibonacci extension
- 850 is a strong resistance level
USD/CAD:
Looking at the weekly chart, price has pushed lower and may find support at the 1.23749, where the fibonacci confluences are. In the daily time frame, we have achieved the target of -27% fibonacci retracement from the 61.8% fibonacci retracement level, and price is currently sitting above the -61.8% fibonacci retracement level.
A break beneath this level at 1.24712 may continue the bearish momentum towards weekly support at 1.23789. Lastly, on H4, we are able to see price break and retested the 78.6% fibonacci retracement and previous swing low level at major figure 1.25, where the bearish momentum is still looking strong. We may see the next level of support being found near 1.23959, where -61.8%, 127% fibonacci retracement confluence are, and within touching distance of the Weekly support level.
Areas of consideration:
- H4 may drop further towards 1.23959 where fibonacci confluences are.
- Daily and weekly time frames are both showing bearish momentum.
USD/CHF:
On the weekly chart, USD/CHF continues to approach the descending trendline and weekly 0.95000 resistance level in line with our 61.8% Fibonacci retracement. The daily timeframe shows price bouncing off our 0.92300 support level, which is in line with our 61.8% and 100% Fibonacci extension levels. We could potentially see a further bullish rise up to test the weekly 0.95000 weekly resistance level.
On the H4 chart, we see that price continues to move sideways, as it holds above the daily 0.92300 support level. We note that the Stochastic indicator is also approaching the support level at 8.92 where it has reacted off before. We could potentially see a bounce at our 0.92300 support level and a further rise up to test our 0.93800 weekly resistance level. Otherwise, should price break below the 0.92300 level, we could see price swing towards the next support level at 0.90800 level instead.
Areas of consideration:
- 93800 resistance level is an important level to watch.
- 92300 support is an important level to watch on the H4 timeframe.
Dow Jones Industrial Average:
On the weekly chart, price pushed higher surpassing previous resistance and making new highs. A further push higher towards resistance at 34600 could be possible as long as price holds above 31190 support. On the Daily, technical indicators continue to show room for further bullish momentum. Buyers could possibly look to add to their longs on any price pullbacks with possible target at 34600 weekly resistance. Otherwise, failure to hold above 31190 could see price pull back towards weekly support at 29570.
On the H4, price pushed higher and is now holding between 32148 support and 33590 resistance. We note that moving average support and MACD indicator still shows room for further bullish upside. An limited intraday push up above 32148 support towards 33590 resistance could be possible. Otherwise, failure to hold above 32148 support could see price pullback towards 31190 weekly support.
Areas of consideration:
- Technical indicators on daily and H4 confirms room for further upside.
XAU/USD (GOLD):
On the weekly timeframe, gold is currently holding between 1774 resistance and 1670 support. Long term traders should continue to watch these two levels as a break of either will see price swing in that direction. However we note that price is still holding below the long term moving average. On the daily chart, we see price reacting above weekly support at 1670. A limited push up towards 1774 resistance could be likely.
On the 4H timeframe price drifted sideways and is still holding below the moving average and 1740 resistance, we see a medium probability bearish scenario where sellers may enter at this area and add to their shorts to push price lower towards 1670 weekly support. Failure to hold below 1740 will see price rise towards next resistance at 1764.
Areas of consideration:
- Watch closely 1740 intraday resistance
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