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Tuesday 6th April 2021: Technical Outlook and Review

Elan Posh 0

EUR/USD:

Looking at the weekly chart, we can see that prices are trading between our support and resistance level, where the support level at 1.16200 coincides with 38.2% Fibonacci retracement. The daily time frame echoes the same bearish view as well as prices are facing bearish resistance from our resistance level at 1.18500 in line with our 23.6%, 50% fibonacci retracement and 100% fibonacci extension, where we could see a further downside below this level to our next support target at 1.16200, which is in line with our horizontal swing low support.

On the H4 timeframe, prices are facing bearish pressure from our resistance level at 1.18500, in line with our graphical pullback resistance, 78.6% fibonacci extension and 38.2% fibonacci retracement where we could see a further drop to our next support level at 1.17000.

Areas of consideration:

  • 18500 resistance area found on H4 time frame
  • 17000 support area found on H4 time frame

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GBP/USD:

Looking at the weekly chart, we can see that prices are trading within our support and resistance level at 1.35000 and 1.4300 respectively. On the daily time frame, prices are approaching our resistance level at 1.4000, in line with our graphical swing high resistance level and 61.8% fibonacci retracement where we could see a limited upside here.

On the H4 timeframe, prices are approaching our resistance level at 1.40000, in line with our graphical swing high resistance. We could see a limited upside above our key support level at 1.38500, in line with our 23.6% fibonacci retracement and 61.8% fibonacci extension before prices reach our resistance level at 1.40000.

Areas of consideration:

  • 40000 resistance area found on H4 time frame
  • 38500 support area found on H4 timeframe

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AUD/USD:

From the Weekly timeframe, we can see that the price is trending under the ascending trendline support turned-resistance drawn from 9th March (2020). Currently price has pushed away from the trendline resistance and has closed under the 38.2% fibonacci retracement, price may head lower towards the 61.8% fibonacci retracement level.

On the Daily timeframe, we are seeing a short-term bullish momentum where price may approach the 38.2% fibonacci level at 0.7713. Lastly, on the H4, price has broken above the 61.8% fibonacci retracement at 0.76194 and we can see it sitting at the 127% fibonacci retracement, in line with the previous high. If price continues to push up from here, it may find resistances at 0.7713.

Areas of consideration:

  • H4 showing short-term bullish push and may find resistance at 0.7713
  • Daily time frame showing more room for downside.
  • Weekly time shows price approaching previous low.

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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 resistance from both the horizontal swing high resistance which coincides with 78.6% FIbonacci retracement as well as the 112.204 level which is also the weekly resistance.

On the H4, prices are facing resistance from the daily resistance level of 110.978 which coincides with 100% Fibonacci extension and 50% FIbonacci retracement. Prices might push lower towards 109.342 level first which is our daily support level, in line with 61.8% FIbonacci retracement and 161.8% Fibonacci extension. Prices might continue to push to horizontal swing low support which is in line with 161.8% Fibonacci retracement.  EMA is also above prices, showing a bearish pressure on prices.

Areas of consideration:

  • On the H4, prices might face resistance from 110.978 which is a daily resistance
  • 342 is a possible support level

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USD/CAD:

Looking at the weekly chart, price has approached the level of 1.25958 in line with 61.8% fibonacci retracement in line with Trendline resistance from 30 March (2020), and shown a push away from the trendline. From here, we may see a reversal towards the Previous swing low level at 1.23749. In the daily time frame, we see that price has closed beneath the level of resistance at 1.259 and as expected, has returned for a retest, thus we may look for more potential downside opportunities. Lastly on H4, as expected, price has reversed from the 78.6% fibonacci retracement level at 1.25862, where we saw a push pass the previous low and a tap on the 1.25 major level. Currently we may wait for a pull back towards the 61.8% fibonacci retracement level at 1.2559 before price pushes further down towards 1.25 and if it breaks beneath we may have the next take profit at the -27% fibonacci retracement level of 1.24769.

Areas of consideration:

  • H4 may pull back towards 1.2559 before continuing its drop towards 1.25 major level and even 1.24769.
  • Daily and weekly time frames are showing long term bearish momentum.

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USD/CHF:

USD/CHF is reversing at the weekly descending trendline and key 0.95000 resistance, which is also in line with our 61.8% Fibonacci retracement. The daily chart also shows price holding under the key 0.95000 resistance level, which is in line with our 61.8% Fibonacci extension. Price could potentially face further downside towards the daily 0.92300 support, in line with our 38.2% Fibonacci retracement and 127.2% Fibonacci extension.

On the H4 chart, price has shown a strong drop and is now testing the 0.93800 resistance-turned-support area, which is in line with our 38.2% Fibonacci retracement and 61.8% Fibonacci extension levels. The 0.93800 resistance-turned-support area will be a key intraday level to watch. Should price break below and close below the area, we could see further downside towards the daily 0.92300 support, in line with our 127.2% Fibonacci extension. If price continues to hold above the area, we could see price rise further to test the weekly 0.95000 resistance, in line with our 100% Fibonacci extension.

Areas of consideration:

  • 93800 resistance-turned-support area will be a key intraday level to watch.
  • Price could face further downside with a break and close below the 0.93800 level.

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Dow Jones Industrial Average:

On the weekly chart, price continues to hold between 31190 support and 34600 resistance. Traders should continue watching these two long term levels. On the Daily, we see price drifting higher, with technical indicators continue to show room for further bullish upside. 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, gapped higher and is currently testing intraday resistance at 33528. It is possible to see sellers enter with their shorts to play a short term intraday pullback below this level towards 32680. Otherwise, an intraday break and close above 33528 should see price climb higher towards 34600 weekly resistance.

Areas of consideration:

  • H4 33528 resistance to watch out for
  • Long term and short term indicators show room for further bullish upside

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XAU/USD (GOLD):

On the weekly timeframe, gold is currently approaching 1765 resistance.  With price still holding below the long term moving average and a drop towards 1670 support seems more likely. On the daily chart, price is approaching 1765 weekly resistance as well. We see a possibility where sellers in the neighbourhood could come in and add to their shorts. Otherwise, a break and close above 1765 resistance could see price swing towards 1845 resistance.

On the H4 timeframe, price pushed higher and is approaching 1746 intraday resistance. With price still holding below moving average, 1746 resistance could be a level for sellers to consider to add to their shorts with 1706 support as a possible downside target. Otherwise, a break above 1746 should see price swing the other way towards next resistance at 1765.

Areas of consideration:

  • 1746 intraday resistance to watch
  • 1765 long term resistance to watch

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