DXY:
Looking at the Weekly chart price may bullish towards the weekly resistance at 93.437 in line with 78.6% Fibonacci extension. On the other hand, price may bearish towards the weekly support at 91.8 in line with 38.2% Fibonacci retracement and 38.2% Fibonacci extension.
On the Daily timeframe, price bullish towards the daily resistance at 93.217 in line with 78.6% Fibonacci retracement. On the other hand, price may bearish towards the daily support at 91.782 in line with 78.6% Fibonacci retracement and 50% Fibonacci extension.
On the H4 timeframe, price may bullish towards the H4 resistance at 93.191 in line with Horizontal swing high. On the other hand, price may bearish towards the H4 support at 92.394 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension.
Areas of consideration:
- H4 resistance of 93.191
- H4 support of 92.394
XAU/USD (GOLD):
On the weekly timeframe, price dropped lower and tested descending trendline support at 1677. Price is now holding between 1833 resistance and 1677 support. These two levels would be of key interest to long term traders. A break of either of these levels should see the price push higher towards next resistance at 1965 or next support at 1445.
On the daily, price reacted above the weekly support at 1677. With stochastics reacting above support, we see a low probability bullish scenario where price may rise towards 1833 resistance. Otherwise, breaking below 1677 , riding downwards to 1623 in line with 127.2% Fibonacci extension.
On the H4, price drifted sideways but still holding above intraday support at 1717. With stochastics still holding above support where price bounced in the past, we still might see a short term intraday push higher towards key graphical overlap resistance at 1791. Otherwise, failure to hold above 1717 support zone, we will see price drop towards daily support at 1677 instead.
Areas of consideration:
- H4 resistance of 1791
- H4 support of 1717
EUR/USD:
Looking at the weekly chart we can see that price has bounced from support at 1.17130, in-line with 38.2% Fibonacci retracement and 78.6% Fibonacci extension. If the price broke down from this support level, we could potentially see it swing towards next support at 1.14578, in-line with 50% Fibonacci retracement and 127.2% Fibonacci extension. On the daily chart, price rebounded to resistance at 1.18062, in-line with 38.2% Fibonacci retracement, 61.8% Fibonacci extension and descending trendline resistance. It could potentially pull-back to support at 1.17440, in-line with 38.2% Fibonacci retracement.
On the H4 timeframe, prices dropped and found support at our first support at 1.17675. Price could potentially drop to first support at 1.17550, in-line with 38.2% Fibonacci retracement and 78.6% Fibonacci extension. Stochastic is also at resistance where previous drops occurred. If it drops further the next support could potentially be at 1.17417, in-line with 78.6% Fibonacci retracement and 100% Fibonacci extension.
If the price bounces from here, it could potentially swing towards resistance at 1.18336, in-line with 61.8% Fibonacci retracement and 100% Fibonacci extension. If it bounces higher the next resistance could potentially be at 1.18677, in-line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension.
Areas of consideration:
- H4 time frame, support level at 1.17550 and 1.17417
- H4 time frame, resistance level at 1.18336 and 1.18677
USD/CHF:
On the weekly, price is holding above ascending trendline support and also between 1st resistance at 0.95124 and 1st support at 0.90391. Traders should watch these levels closely for a break to see prices swing higher or drop lower. On the daily, the price did not reach a graphical swing high. It is seen to have a bearish movement towards the 1st support at 0.90391. With stochastics testing resistance where price dropped in the past, we see a possibility that sellers could enter and push price towards the 1st support at 0.90391.
On the H4, price has broken through the EMA 14 and is holding below it, looking to approach the 1st support 0.91034 in line with the 61.8% Fibonacci Retracement. With stochastic indicator giving mixed signals, testing the support level, prefer to take a neutral stance for now. A break of either will see price pushing lower towards 1st support or see price rising moving towards 1st resistance.
Areas of consideration:
- Watch daily resistance at 0.92716
- Watch H4 1st support at 0.91034
GBP/USD:
Looking at the weekly chart, prices are consolidating after breaking down from ascending trendline support-turned-resistance and retested support at 1.36780, in-line with 23.6% Fibonacci retracement, 78.6% Fibonacci extension and 50MA. On the daily time frame, price rebounded from support at 1.37865, in-line with 50% Fibonacci retracement. If price continues to bounce, it could potentially face resistance at 1.39102, in-line with 50% Fibonacci retracement and descending trendline resistance.
On the H4 timeframe, prices faced bearish pressure from the descending trendline and found support at 1.38325, in-line with 50% Fibonacci retracement. Price could potentially pull-back to retest first support at 1.38150, in-line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension before further upside. If prices drop further, the next support could potentially be at 1.37907, in-line with 100% Fibonacci retracement and 78.6% Fibonacci extension.
If the price bounces, it could potentially swing towards resistance at 1.39060, in-line with 50% Fibonacci retracement, 127.2% Fibonacci extension and trendline resistance. The next resistance could potentially be at 1.39445, in-line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension.
Areas of consideration:
- H4 time frame, 38150 and 1.37907 support level
- H4 time frame, 1.39060 and 1.39445 resistance level
USD/JPY
From the weekly timeframe, price is below the descending trendline resistance, and may bearish to weekly support 107.480 in line with 127.2% Fibonacci extension. On the other hand, price might move above the weekly descending trendline resistance and may move towards the weekly resistance at 111.660 in line with 50% Fibonacci extension.
On the Daily timeframe, price may bearish to the daily support at 108.559 in line with 61.8% Fibonacci extension. On the other hand, price might move towards the daily resistance at 110.819 in line with 127.2% Fibonacci extension.
On the H4 timeframe, price may bearish to the H4 support at 108.722 in line with 127.2% Fibonacci extension. On the other hand, price might move towards the H4 resistance at 110.815 in line with 141.4% Fibonacci extension.
Areas of consideration:
- 815 resistance level on the H4 timeframe
- 722 support level on the H4 timeframe
AUD/USD:
On the weekly, price is drifting lower, approaching the key 78.6% Fibonacci retracement level and our 1st support at 0.72215. With stochastics on support where price bounced in the past, price may face bullish pressure as long as it continues to hold above 1st support. On the daily, price is holding between both 1st resistance at 0.74277 and 1st support at 0.72996. With no good risk reward, we lean towards a slight bearish bias because of the daily moving average with the price holding below the EMA . Otherwise a break above 0.75919 could see price push towards 2nd resistance at 0.7908 instead.
On the H4, price dropped lower and is approaching 1st support at 0.73233. With stochastics we can tell that price did not bounce off at the support like previously, we may see price test at the stochastic resistance level at 84.39 to push price higher towards 1st resistance at 0.73866. Otherwise, failure to hold above 1st support will see price drop towards 2nd support at 0.72894. Leaning towards a bearish bias as price is holding below 21 period EMA.
Areas of consideration:
- H4 approached 1st support at 73233, 2nd support 0.72894.
NZD/USD:
Looking at the weekly chart we could see that prices are consolidating within resistance at 0.71040 and support at 0.69080. On the daily chart, price bounced back to resistance at 0.70460, in-line with 38.2% Fibonacci retracement and 100% Fibonacci extension.
On the H4 timeframe, price found support at 0.70150, in-line with 61.8% Fibonacci retracement, 61.8% Fibonacci extension and ascending trendline support. We may potentially see the price bounce back to first resistance at 0.70475 in-line with 78.6% Fibonacci retracement, 61.8% Fibonacci extension and descending trendline resistance. If the price bounces further, it could potentially swing towards resistance at 0.70885, in-line with 100% Fibonacci retracement and 78.6% Fibonacci extension.
If price drops it could potentially swing towards support at 0.70060, , in-line with 61.8% Fibonacci retracement, 61.8% Fibonacci extension and ascending trendline support. The next support could potentially be at 0.69730, in-line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension.
Areas of consideration:
- H4 time frame, support level at 0.70060 and 69730
- H4 time frame, resistance level at 70475 and 0.70775
USD/CAD:
On the Weekly timeframe, price is holding below long term moving average and also both 38.2% and 61.8% Fibonacci retracement level at 1.29950. As long as the price is holding below this level, we could potentially see the price facing further bearish pressure in the long term. On the Daily, price recently bounced from the ascending trendline support and may find resistance at the graphical swing high resistance level at 1.28075. Failure to hold above support at 1.24239 could see price drop towards next support at 1.23081.
On the H4 price bounced above graphical swing low and 1st support at 1.24895. With stochastics on support where price bounced in the past, we see price facing possible further bullish pressure for a bounce towards 1st resistance at 1.26209. Otherwise, breaking below 1st support will see price drop towards 2nd support at 1.24239.
Areas of consideration:
- Daily and H4 timeframes have room for further bullish pressure
OIL:
On Weekly timeframe, we can see price has reversed from weekly resistance from horizontal swing high at 77.82, price may continue its bearish momentum, may find support at 54.63 in line with 38.2% Fibonacci retracement and 38.2% Fibonacci extension. However, if price breaks above 77.82 which is weekly resistance at horizontal swing high, it may swing up towards the Weekly resistance L1 at 86.59 in line with 127.2% Fibonacci retracement.
On the Daily timeframe, we are seeing a similar bearish pressure as price break through and retest the ascending trendline support (now resistance) and may find Daily support at 64.6 which is in line with 127.2% Fibonacci retracement and 127.2% Fibonacci extension. Otherwise, price may move towards the Daily support at 76.24 in line with 61.8% Fibonacci extension.
Lastly, on the H4 timeframe, price may continue to bearish below the H4 resistance at 72.4 in line with 50% Fibonacci retracement and 61.8% Fibonacci extension and may heading towards the H4 support at 67.42 in line with horizontal swing low and may continue to its bearish momentum towards the H4 support L1 at 64.6 in line with 78.6 Fibonacci extension. Otherwise price may move towards the H4 resistance at 72.4 in line 50% Fibonacci retracement and 61.8% Fibonacci extension.
Areas of consideration:
- 4 resistance level on the H4 timeframe
- 42 support level on the H4 timeframe
Dow Jones Industrial Average:
On the weekly chart, price is trading sideways holding between 33270 support and 38119.37 resistance. With price holding above long term moving average, we see a possibility of price facing further bullish pressure.
On the daily chart, price is still testing and holding below resistance at 36021. With stochastic still holding below resistance where price dropped in the past, we see price facing possible bearish pressure.
On the H4, price is testing daily resistance at 36021 in line with 127.2% Fibonacci extension. With stochastics testing resistance, we might see a bearish scenario where sellers may enter and push price lower towards 1st support at 34922. Otherwise, failure to hold below 1st resistance, price may swing towards 2nd resistance at 36693 instead.
Areas of consideration:
- 36021 resistance level on the H4 timeframe
- 34922 support level on the H4 timeframe
The accuracy, completeness and timeliness of the information contained on this site cannot be guaranteed. IC Markets does not warranty, guarantee or make any representations, or assume any liability regarding financial results based on the use of the information in the site.
News, views, opinions, recommendations and other information obtained from sources outside of www.icmarkets.com.au, used in this site are believed to be reliable, but we cannot guarantee their accuracy or completeness. All such information is subject to change at any time without notice. IC Markets assumes no responsibility for the content of any linked site.
The fact that such links may exist does not indicate approval or endorsement of any material contained on any linked site. IC Markets is not liable for any harm caused by the transmission, through accessing the services or information on this site, of a computer virus, or other computer code or programming device that might be used to access, delete, damage, disable, disrupt or otherwise impede in any manner, the operation of the site or of any user’s software, hardware, data or property.
