EUR/USD:
Looking at the weekly chart we can see that price bounced from support at 1.17650, in-line with 38.2% Fibonacci retracement and 78.6% Fibonacci extension. Price could potentially swing towards resistance at 1.19580, 38.2% Fibonacci retracement, 20EMA and 50MA. Stochastic is also at support where previous bounces occurred. On the daily chart, price faced bearish pressure at 1.18780, in-line with 23.6% Fibonacci retracement and 100% Fibonacci extension. Price could potentially swing towards resistance at 1.19510, in-line with 38.2% Fibonacci retracement, 127.2% Fibonacci extension, 50MA and weekly resistance. MACD is also indicating bullish momentum for further upside potential.
On the H4 timeframe, prices are consolidating in between resistance at 1.18920 and support at 1.18613. We maintain neutral bias as we await to see which direction the price action plays out. If it breaks below support at 1.18613, it could potentially swing towards support at 1.18306, in-line with 50% Fibonacci retracement, 100% Fibonacci extension and 50MA. RSI broke below yesterday’s rising trendline indicating possible bearish pressure. The next support could be at 1.18033, in-line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension.
If the price bounces above resistance at 1.18920, it could potentially swing towards resistance at 1.19151, in-line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension. The next resistance could be at 1.19380, in-line with 78.6% and 200% Fibonacci extension.
Areas of consideration:
- H4 time frame, support level at 1.18306 and 1.18033
- H4 time frame, resistance level at 1.19151 and 1.19380
GBP/USD:
Looking at the weekly chart, prices bounced towards resistance at 1.39911, in-line with 61.8% Fibonacci retracement. We could potentially see the price bounce back to retest resistance at 1.41052, in-line with 78.6% Fibonacci retracement and ascending trendline support-turned-resistance. Stochastic is also at the support level where previous bounces occurred. On the daily time frame price faced bearish pressure from resistance at 1.39900 and pulled back to 1.38820, in-line with 23.6% Fibonacci retracement. We could potentially see the price rebound to 1.40289, in-line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. MACD is also indicating bullish momentum for further upside potential.
On the H4 timeframe, prices are consolidating in between resistance at 1.39420 and support at 1.38851. We maintain neutral bias as we await to see which direction the price action plays out. If it breaks below support at 1.38851, it could potentially swing towards support at 1.38338, in-line with 38.2% Fibonacci retracement, 127.2% Fibonacci extension and 200MA. MACD is also indicating bearish momentum for possible downside pressure. The next support could be at 1.37769, in-line with 50% Fibonacci retracement, 200% Fibonacci extension and horizontal overlap support.
If the price bounces above resistance at 1.39420, it could potentially swing towards resistance at 1.40127, in-line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension. The next resistance could be at 1.40559, in-line with -61.8% Fibonacci retracement and -61.8% Fibonacci extension.
Areas of consideration:
- H4 time frame, 38338 and 1.37769 support level
- H4 time frame, 1.40127 and 1.40559 resistance level
AUD/USD:
Looking at the weekly chart, price has broken beneath the 0.74177 support-turned-resistance level in line with 61.8% fibonacci retracement, where we saw price retesting this area before price pushes down further. This is supported by price trending under the moving average. On the Daily timeframe, we are seeing a similar picture where price pushed away from Weekly resistance area in line with 127.2% and 23.6% fibonacci retracement level.
Lastly, on the H4 timeframe, price has managed to pullback towards 61.8% fibonacci retracement near 0.73600 before pushing back up towards the resistance level at 0.74000. If price breaks above this resistance area we may see resistance at 0.74307 which is in line with -27% fibonacci retracement.
Areas of consideration:
- H4 time frame showing short-term bullish momentum.
- Daily and Weekly showing bearish momentum.
USD/JPY
From the weekly timeframe, prices are pushing down towards the horizontal swing low support of 107.477, where we might see a bounce from this level and price may rally to the resistance of 11.322. In the case that price continues falling, prices may take support at horizontal swing low support of 102.383. On the daily timeframe, prices are approaching horizontal swing low support of 108.394, and are likely to bounce up from this level and take resistance at 110.648.
On the H4 timeframe, prices have broken below the Fibonacci confluence level of 109.186, and are approaching the horizontal swing low support of 108.556. Prices may surpass resistance and rally to horizontal swing high resistance of 109.462. Moreover, indicators are supporting bearish bias.
Areas of consideration:
- 186 resistance level on the H4 timeframe
- 556 support level on the H4 timeframe
USD/CAD:
On the Weekly timeframe, price is holding below long term moving average and also 38.2% Fibonacci retracement level at 1.29950. As long as the price is holding below this level, we see price facing further bearish pressure in the long term. On the Daily, price recently bounced from the moving average, if the moving average is broken, we may see a push down towards the first support at 1.23 major level, in line with 61.8% fibonacci retracement and 78.6% fibonacci extension.
On the H4, price has reversed from 78.6% fibonacci retracement at 1.25649, from here we may expect a drop towards 1.24830, in line with 61.8% fibonacci retracement.
Areas of consideration:
- H4 showing bearish momentum
USD/CHF:
USD/CHF has shown a strong bounce from the weekly 0.89146 support, in line with 78.6% Fibonacci retracement, and price is now holding below the descending trendline resistance. The daily chart shows that price is now approaching and likely to bounce up from the daily support in line with the horizontal overlap support and the 61.8% Fibonacci retracement level.
On the H4 chart, it appears that price has just broken below support at 0.90405 level which is in line with the 61.8% Fibonacci retracement and the 100% FIbonacci extension level. We can expect price to plunge and take support at 0.89734 which is in line with the horizontal overlap support, 88.6% Fibonacci retracement and the 127.2% Fibonacci extension. Our bearish bias is supported by how price is holding below the EMA.
Areas of consideration:
- Price could only be testing the 0.90496 level and bounce up to approach resistance at 0.91176
- Price could break the support at 0.90496 and push down further to take support at 0.89734.
Dow Jones Industrial Average:
On the weekly chart, price is trading sideways holding between 32765 support and 37525 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 currently trading sideways, testing and holding below resistance at 35090. With stochastic still holding below resistance where price dropped in the past, we see price facing possible bearish pressure.
On the H4, price continued to test the resistance level at 35118.76. Bearish divergence still remains valid on RSI indicator. There is a chance that price might push towards the 33741 support. Otherwise failure to hold below 35090 resistance should see price swing the other way towards 35585 resistance instead.
Areas of consideration:
- 35090 daily resistance is key level to watch
- Bearish divergence on H4
XAU/USD (GOLD):
On the weekly timeframe, price bounced and continues to hold above key trendline pullback support at 1764. On the daily, price is now trading sideways, holding between 1855 resistance and 1753.42 horizontal overlap resistance. With no clear levels for entry that provides a good risk to reward ratio, we prefer to keep a neutral stance for now. Breaking above resistance at 1855 will see price push higher towards 1916 resistance. Otherwise, a break below 1764 support will see price drop lower towards 1677 support instead.
On the H4, price dropped lower and is coming back to test 1805.87 support zone. With price holding above moving average and above ascending trendline support, a short term bounce towards graphical swing high at 1832.80 resistance could be possible. However, failure to hold above the 1812 support zone will see the price drop lower towards the recent graphical swing low at 1789.64 support.
Areas of consideration:
- 87 H4 support level is key level to watch
- 80 H4 resistance level
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