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 facing bearish pressure from our resistance level at 1.19105, in line with the 23.6% fibonacci retracement and graphical overlap resistance where we could see a further drop below this level to our support target at 1.18366. A break below this level could provide the bearish acceleration to the next support at 1.17800, in line with the key levels found on the weekly and daily time frames.
Areas of consideration:
- 19105 resistance area found on H4 time frame
- 17800 support 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 1.38055, in line with our graphical support area, 78.6% Fibonacci extension and 61.8% fibonacci retracement where we could see a bounce above this level to our next resistance target at 1.4000. Our resistance target is in line with the graphical overlap resistance area and 50% fibonacci retracement. A break below our support level at 1.38055 could provide the bearish acceleration to our next support target at 1.37500, in line with the level found on the daily time frame.
Areas of consideration:
- 4000 resistance area found on H4 time frame
- 38055 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 trended sideways showing lower highs and lower lows but still failed to break beneath the support level at 0.77186, in line with 61.8% fibonacci retracement and 61.8% fibonacci extension 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 taking support from ascending trendline support,facing resistance from horizontal swing high resistance which coincides with 100% fibonacci extension and 78.6% fibonacci retracement. In the daily time frame, prices are taking support from horizontal pullback support which coincides with 50% fibonacci retracement and 78.6% fibonacci retracement. In the H4 time frame, prices seem to break through the ascending trend line support, face resistance from horizontal swing high resistance which coincides with 61.8% fibonacci extension and 127.2% fibonacci retracement and pullback towards support on the weekly. Stochastics still have space to push up before facing resistance from 96.65 level, in line with our hypothesis.
Areas of consideration:
- On the H4, prices might pull back to 108.841 level which coincides with 100% fibonacci extension and 127.2% fibonacci retracement
- 361 might be a possible reversal point
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, price has broken beneath the -61.8% fibonacci retracement level and may be retesting this area at 1.24712 before pushing further towards weekly support at 1.23789. Lastly, on H4, we are able to witness price making a lower low, using the recent price move we may see price pulling back up towards the 61.8% fibonacci retracement at 1.24768. From this level we may see price pushing lower towards the -27% fibonacci retracement level, and even the -61.8% fibonacci level at 1.23959, in line with the fibonacci confluences.
Areas of consideration:
- H4 may pull-back towards 1.24768 before dropping 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 is showing a minor pullback to the downside as it continues to hold below the weekly 0.95000 resistance level, in line with our 61.8% Fibonacci retracement. On the daily chart, we can see price approaching our daily 0.92300 support level, which is in line with our 61.8% Fibonacci extension. We could potentially see a bounce at this level and a further rise up to test our 0.95000 resistance level.
On the H4 chart, we see that price is approaching the daily 0.92300 support level, which is in line with our 61.8% and 100% Fibonacci extension levels. We note that the Stochastic indicator is also approaching the 9.56 support level, where it has reacted off before. In this scenario, we could potentially see price bounce at our daily 0.92300 support level and make a further bullish rise up to test our 0.93800 resistance level, in line with our 61.8% Fibonacci extension and horizontal swing high resistance, and subsequently our weekly 0.95000 resistance level. Otherwise, should price break and close below the daily 0.92300 support, we could see it swing towards the next support level at 0.90800 instead.
Areas of consideration:
- 92300 support is an important level to watch on the H4 timeframe.
- Price could bounce and push higher to test the 0.93800 and 0.95000 resistance levels.
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 drifted sideways and remained largely unchanged. Price is still holding between 32148 support and 33590 resistance. We note that moving average support and MACD indicator still shows room for further bullish upside. A 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 technical outlook remains unchanged. Price 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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