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Tuesday 20th April 2021: Technical Outlook and Review

Elan Posh 0

EUR/USD:

Looking at the weekly chart, we can see that prices are seeing further upside before it reaches our resistance area at 1.22000 – 1.22800. On the daily chart, it echoes the same bullish view as well, where prices are facing bullish pressure from our support level at 1.19838, in line with the 23.6% fibonacci retracement where we might see more upside above this level.

On the H4 timeframe, prices are facing bullish pressure from our support at 1.19848, in line with the graphical area found on the daily time frame. We could see a further upside above this level with 1.21000 resistance as our first target.

Areas of consideration:

  • 21000 resistance area found on H4 time frame
  • 19848 support area found on H4 time frame

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GBP/USD:

Looking at the weekly chart, we can see that prices are facing bullish pressure from our 38.2% fibonacci retracement and could see a further upside before it reaches our first resistance target at 1.43000. On the daily time frame, prices are testing a key resistance level at 1.4000 where we could see a reversal here.

On the H4 timeframe, prices are facing bearish pressure from our resistance level at 1.4000 where we could see a reversal below this level to our support target at 1.39618. A break above our resistance level at 1.4000 could see a further upside to our next resistance level at 1.42000.

Areas of consideration:

  • 4000 resistance area found on H4 time frame
  • 39168 support area found on H4 timeframe

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AUD/USD:

From the Weekly timeframe, prices are holding nicely above the previous swing low of 0.75571 and are pushing upwards towards the 61.8% fibonacci retracement level at 0.78203. Prices are taking support from 0.75571 which is a horizontal pullback support and beneath it is the next support level of 0.74063  in line with -27%, 61.8% Fibonacci retracement and 161.8% Fibonacci extension. In the daily time frame, price might push up from 0.77625 level, in line with 100% Fibonacci extension and horizontal graphical overlap. On the H4, price is taking support from resistance turned support, and prices might push up further towards weekly and daily resistance levels at 0.78381. EMA is also below prices, showing bullish pressure on prices.

Areas of consideration:

  • H4 prices push past daily resistance turned support and might push higher towards weekly and daily resistance
  • Daily time frame broke past horizontal swing high resistance in line with 100% Fibonacci extension
  • Weekly time frame shows bullish momentum.

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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 touching the ascending trendline support, potential for bounce towards swing high resistance which is in line with 78.6% Fibonacci retracement

On the H4 timeframe, prices are touching horizontal support which is in line with 50% Fibonacci retracement. Prices might bounce from this level towards swing high resistance which is in line with 50% Fibonacci retracement. Stochastics is also approaching 11.25 support level, potential for bounce.

Areas of consideration:

  • On the H4, prices might push up to horizontal swing high resistance of 109.934
  • Price facing resistance from 110.978 on weekly

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USD/CAD:

The weekly chart shows bearish momentum and may push towards the previous swing low support at 1.23749, in line with -27% fibonacci retracement and 61.8% fibonacci extension. On the daily chart, we see price reversing from 1.25699 level in line with 61.8% fibonacci retracement level where we may see a continuation of this bearish move.

On the H4, price has made a pullback to retest the descending trendline resistance and 1.25348 resistance, which is in line with our 78.6% Fibonacci retracement and 78.6% Fibonacci extension. We could potentially see a reversal at this level and further push down to retest the daily 1.24740 support, in line with 127% Fibonacci retracement and 100% Fibonacci extension.

Areas of consideration:

  • The weekly and daily time frame shows bearish momentum
  • On H4, price may reverse from the 1.25348 resistance and descending trendline resistance.

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USD/CHF:

USD/CHF has seen a reversal at the descending trendline resistance and is now holding below the weekly 0.95000 resistance level which is in line with our 61.8% Fibonacci retracement. The daily chart shows that price has broken below the key daily 0.92300 support-turned-resistance, re-tested and is now pushing lower. We could potentially see further downside from here towards the next daily 0.89800 support level.

On the H4 chart, we can see that price is now holding below both the descending trendline resistance and the Ichimoku cloud, showing bearish pressure in line with our bearish bias. Price is also now holding below the daily 0.92300 support-turned-resistance area, which is in line with our 38.2% Fibonacci retracement and 161.8% Fibonacci extension. We could potentially see further downside from here towards our weekly 0.89800 support, in line with our 78.6% Fibonacci retracement. Otherwise, should price make a stronger pullback, we could see it pull back to retest the 0.92300 level and descending trendline resistance.

Areas of consideration:

  • Price is facing bearish pressure as it holds below the descending trendline resistance and Ichimoku cloud.
  • We could potentially see price swing towards the next 0.89800 weekly support.

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Dow Jones Industrial Average:

On the weekly chart, price is coming close to key 34600 resistance. A weekly close below 34600 resistance could see a short term pullback. Otherwise, a break and a close above 34600 could see price push higher. 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. However this upside towards our weekly resistance seems limited.

On the H4, price pulled back overnight and currently coming close to 33810 support. With technical indicators still showing room for further bullish momentum, we expect a medium probability scenario with buyers adding to their long at 33810 with a possible upside target at 34600 weekly and daily resistance.. Otherwise, failure to push higher could see price drop towards 33167 instead.

Areas of consideration:

  • Daily and H4 technical indicators calling for further bullish upside
  • Watch key long term resistance at 34600.

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XAU/USD (GOLD):

On the weekly timeframe, gold is still testing and holding below descending trendline resistance and long term moving average resistance at 1785. A weekly close below this resistance could see price pull back lower towards 1687 support. On the Daily timeframe, price is also testing weekly resistance and graphical overlap resistance at 1785. A short term drop towards graphical swing low at 1687 could be likely. Otherwise, failure to hold below 1785 resistance could see price swing higher towards 1855 resistance next. On the H4, price pulled lower below 1785 weekly resistance. With price holding between 1760 support and 1758 weekly resistance, we prefer to remain neutral as there are no good entries for now. A break above 1785 resistance will see the bullish reversal happen, otherwise, a break below 1760 will see price drop lower towards 1745 support.

Areas of consideration:

  • 1785 resistance key level to watch out for
  • Short term indicators are mixed

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