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Friday 23rd April 2021: Technical Outlook and Review

Elan Posh 0

EUR/USD:

Looking at the weekly chart, we can see that prices are seeing further limited upside before it reaches our resistance area at 1.22000 โ€“ 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. Otherwise, failure to hold above 1.19848 support could see price swing lower towards 1.19216 zone.

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 facing resistance from 1.40 level, in line with 61.8% Fibonacci retracement. Price is currently pushing down towards support level 1.36500.

On the H4 timeframe, prices might push down and take support from the daily support level of 1.36500 in line with 127.2% Fibonacci extension. EMA is also above prices, showing a bearish pressure for prices.

Areas of consideration:

  • 38854 resistance area found on H4 time frame
  • 36941 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 pushed away from it. From the daily timeframe, we see prices pushing down away from resistance at previous swing high and 100% Fibonacci extension. Prices may continue to push down towards 0.76556 in line with 61.80% Fibonacci retracement and horizontal graphical overlap.

On the H4 timeframe, as expected price has pushed away from the 61.8% fibonacci retracement is in line with Daily resistance at level of 0.77686, where we saw a new lower high being formed before the bounce on the Previous swing low at 0.77013. Currently, price may continue to pullback towards 0.77363 in line with 61.8% fibonacci before approaching daily support.

Areas of consideration:

  • H4 might reach daily support of 0.76602 after pulling back to 0.77363
  • Daily time frame show push away from the previous swing high and 100% Fibonacci extension
  • Weekly time frame shows sideways trend.

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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 have broken the ascending trendline support, and is looking to retest the trendline around horizontal pullback resistance level in line with 50% Fibonacci retracement and 161.8% Fibonacci extension.

On the H4 timeframe, prices are facing bearish pressure from descending trendline resistance. Prices might push down towards horizontal pullback support, in line with 78.6% Fibonacci retracement. EMA is also above prices, showing a bearish pressure for prices.

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 and has made little moves for the most of yesterday. The H4 chart shows price trending in between the Weekly + Daily resistance, and Daily support level. We are still awaiting for 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 Ichimoku cloud, showing bearish pressure in line with our bearish bias. Price looks to be pulling back to retest the daily 0.92300 support-turned-resistance area, which is in line with our 38.2% Fibonacci retracement and 127.2% Fibonacci extension, where we could potentially see a reversal and further downside from here towards our weekly 0.89800 support in line with 78.6% Fibonacci retracement. Otherwise, should price break above the daily 0.92300 level, it could swing towards 0.93802 resistance instead.

Areas of consideration:

  • Price is facing bearish pressure as it holds below the 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 sideways, however we note that 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.

On the H4, price traded sideways holding above 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:

  • Watch closely 33740 support 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 the 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 pulled lower and is testing 1777 support. Whilst technical indicators are showing a possibility of further bullish momentum, we note that a bearish divergence has also formed. A low probability bounce above support at 1777 could be possible. Otherwise, a break below 1777 should see prices fall lower towards the next support.

Areas of consideration:

  • Bearish divergence forming on H4
  • 1777 support is the intraday support level to watch

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