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Friday 9th April 2021: Technical Outlook and Review

Elan Posh 0

EUR/USD:

Looking at the weekly chart, we can see that prices bounced off the support at 1.16200 and could see a further upside before it reaches our resistance target at 1.19800 . The daily time frame echoes the same bullish view well as prices are facing bullish pressure from our support at 1.17100, where we could see a further upside above this level before prices reach our resistance target at 1.19800, in line with our 50% Fibonacci retracement.

On the H4 timeframe, prices are facing bullish pressure from our support level at 1.18087, in line with our graphical pullback support, 100% fibonacci extension and 50% fibonacci retracement where we could see a limited upside above this level.

Areas of consideration:

  • 19800 resistance area found on H4 time frame
  • 18087 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 could see further upside before it reaches our resistance level at 1.4000, in line with our graphical swing high resistance level and 61.8% fibonacci retracement.

On the H4 timeframe, prices are approaching our support level at 1.37200, in line with our graphical support level, 78.6% fibonacci retracement and 127.2% fibonacci extension. We could see a limited upside above this level to our resistance level at 1.38200.

Areas of consideration:

  • 38200 resistance area found on H4 time frame
  • 37200 support area found on H4 timeframe

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AUD/USD:

From the Weekly timeframe, prices are holding nicely above ascending trendline support. Prices are taking support from support which is a horizontal pullback support in line with 61.8% Fibonacci retracement and 161.8% Fibonacci extension. Prices take resistance from 0.81227 level in line with 127.2% FIbonacci retracement and 127.2% Fibonacci extension.

On the daily time frame, prices have broken out of the descending trendline resistance and is taking support from horizontal swing low support which coincides with 61.8% FIbonacci retracement and 78.6% FIbonacci extension. Prices might push up towards resistance which is a swing high resistance in line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension.

On the H4, prices might have a short term push down to horizontal swing low support which coincides with 50% Fibonacci retracement and 50% Fibonacci extension before bouncing up to reach horizontal swing high resistance which coincides with 50% Fibonacci retracement and 100% Fibonacci extension. EMA is also below prices, suggesting a bullish pressure for prices.

Areas of consideration:

  • H4, prices might push down towards 0.76012 and take support there before bouncing
  • Daily time frame showing that prices have broken out of descending trendline resistance
  • Weekly time shows price approaching ascending trendline support, potential for bounce

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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. Prices broke through the 109.342 level and is pushing down to take support on ascending trendline support.

On the H4, prices are pushing towards 108.347 level which is in line with horizontal swing low support and 161.8% Fibonacci retracement. Prices might take a bounce from there as it is also coinciding with the ascending trendline support. Stochastics is also approaching a support level of 5.63, potential for a bounce in line with our analysis.

Areas of consideration:

  • On the H4, prices might pullback to 108.347
  • Price might bounce to reach 110.978 level

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USD/CAD:

The weekly chart shows that price is testing the weekly 1.26464 resistance level, in line with our 78.6% Fibonacci retracement level and descending trendline resistance. The daily chart also shows a similar picture, with price holding below the 1.26464 resistance level. The weekly 1.26464 resistance is a key intraday level to watch.

The H4 timeframe shows that price is holding below the key 1.26464 resistance level, in line with our 61.8% Fibonacci extension and previous swing high. We note that the MACD is still holding above the 0 line, showing signs of bullish pressure in the short term. In this scenario, we could see price bounce at the 1.25063 support level, which is in line with our 100% Fibonacci extension and previous swing low before approaching the key 1.26464 level again. However, should price break below the 1.25063 level, we could see it swing towards the weekly 1.23746 support instead.

Areas of consideration:

  • The weekly 1.26464 resistance is a key intraday level to watch.
  • Price could test the 1.26464 resistance level if it continues to rise further

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USD/CHF:

USD/CHF has reversed 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, and is now testing the daily 0.92300 key support level, in line with our 38.2% Fibonacci retracement and 127.2% Fibonacci extension.

On the H4 chart, we can see that price is now testing the key daily 0.92300 support level. The daily 0.92300 support level will be a key intraday level to watch. Should price make a clear break and close below the 0.92300 level, we could see it swing towards the next weekly support at 0.89800, which is in line with our 78.6% Fibonacci retracement. If price holds above the 0.92300 level, we could see it bounce and approach the resistance level at 0.93802, in line with our 61.8% Fibonacci retracement.

Areas of consideration:

  • The daily 0.92300 support level is a key intraday level to watch
  • Failure to hold above the key support level may see price swing towards the next 0.89800 weekly support.

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Dow Jones Industrial Average:

On the weekly chart, price made a new all time high, pushing towards 34600 resistance. A weekly close below 34600 resistance could see a short term pullback and long term traders looking to short, may add to their shorts below 34600. 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, price is holding and trading sideways below 33590. With stochastic indicator testing resistance where price reacted in the past, we still see a medium probability bearish scenario. Sellers may still add to their shorts on any pullbacks to play a short term intraday drop below this level towards 32680. Otherwise, a daily break and close above 33528 should see price climb higher towards 34600 weekly resistance.

Areas of consideration:

  • H4 33590 resistance to watch out for
  • Long term indicators show room for further bullish upside
  • Short term stochastic shows possible short term pullback

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XAU/USD (GOLD):

On the weekly timeframe, gold is testing 1765 resistance.  With price still holding below the long term moving average, a weekly close below this resistance will see a medium probability drop towards 1670 support. 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, surpassing previous resistances. Technical indicators on the H4 shows room for further bullish upside. Buyers could possibly add to their longs on any pullbacks with a limited upside target at 1765 weekly resistance. Otherwise, we could see price trading sideways to round off the week.

Areas of consideration:

  • 1765 long term resistance to watch

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