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Thursday 22nd 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, 23.6% Fibonacci retracement and 61.8% fibonacci extension found on the daily time frame. We could see a limited 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 support at 1.36622, in line with 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 trading between our support and resistance levels at 1.39168 and 1.4000 respectively. 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, price have reached the 0.78203 level in line with 61.8% Fibonacci retracement and is currently testing it. From the daily timeframe, prices are facing resistance from previous swing high and 100% Fibonacci extension. Prices might push down towards 0.76556 in line with 61.80% Fibonacci retracement and horizontal graphical overlap.

On the H4 timeframe, we see price did an intraday break of the Daily resistance before pushing to create a new low, currently the 61.8% fibonacci retracement is in line with Daily resistance at level of 0.77686 where we may consider a bearish move towards the previous swing low.

Areas of consideration:

  • H4 might created lower high at level of 0.77686
  • Daily time frame testing levels near the previous swing high and 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 price respecting the descending trendline, and pushed away from the weekly 1.26464 resistance, in line with 78.6% fibonacci retracement levels. The daily chart shows that price has indeed made a clear break and close above the descending trendline resistance-turned-support. And within the next candle, it erased all the gains made with a 200 pip move towards the downside.

The H4 chart shows price trending in between the Weekly + Daily resistance, and Daily support level. We may see a pull back towards the 61.8% fibonacci retracement level at 1.258 before the continuation of this bearish move.

Areas of consideration:

  • The weekly and daily time frame a respect of the descending trendline.
  • On H4, price may push higher to test the 61.8% retracement at 1.258 before dropping lower

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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, and has just reversed from the descending trendline resistance. We could potentially see further downside from here towards our weekly 0.89800 support in line with 78.6% Fibonacci retracement. Otherwise, price could also swing to retest the daily 0.92300 level instead.

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 still remains limited.

On the H4, price bounced over night and currently holding between 34600 resistance and 33740 support. Whilst technical indicators are still showing room for further bullish upside, we note that there is a divergence forming. With this mixed signal, we prefer to remain neutral for now watching either for a break of 34600 resistance or a break of 33740 support.

Areas of consideration:

  • Bearish divergence forming on H4

 

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XAU/USD (GOLD):

On the weekly timeframe, gold is 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 resistance zone at 1805. A short term drop towards support at 1730 could be likely. Otherwise, failure to hold below 1805 resistance could see price swing higher towards 1855 resistance next. On the H4, pushed higher and is now holding between 1805 daily resistance and 1787 support. With no clear direction, we prefer to remain neutral for now. A break above 1805 resistance will see price rise further towards 1830 resistance next. Otherwise, a break below 1787 support will see price drop towards next support at 1765.

Areas of consideration:

  • 1785 weekly resistance is a key level to watch out for
  • Weekly close above 1785 will see further rise

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