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Monday 7th June 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 1.22900. On the daily chart, price bounced off key support at 1.21200 where we could possibly see some bullish upside with 1.22900 as our resistance target as well.

On the H4 timeframe, prices dropped lower and made a lower high and lower low. It is currently testing H4 resistance and trendline at 1.21792. Price could see a further bearish pressure to support level 1.212000, in line with 61.8% Daily support. If current level holds, we could see further upside toward 1.22222 in line with horizontal overlap resistance.

Areas of consideration:

  • H4 time frame, price may drop 1.21615 to 1.21394
  • Watch for a daily support at 1.21200

 

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GBP/USD:

Looking at the weekly chart, we can see that prices are facing bullish pressure from our ascending trend line and support at 1.40000 where we could see a further upside above this level to our resistance target at 1.43000, in line with the 78.6% fibonacci extension. EMA is also below prices showing a general bullish pressure. The daily time frame echoes the same bullish view as well where we could see a limited upside above our support level at 1.40000 with 1.43000 as our resistance target.

On the H4 timeframe, prices are facing a short term pullback towards our 1.40200 level support in line with 50% Fibonacci retracement. Bearish pressure is felt from horizontal pullback resistance level of 1.41514 in line with 78.6% Fibonacci extension and 61.8% Fibonacci retracement. A short term push down is possible. Otherwise, prices could see a reverse back to 1.42200 resistance level.

Areas of consideration:

  • 41514 resistance area found on H4 time frame
  • 40200 support area found on H4 timeframe

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AUD/USD:

From the Weekly timeframe, we see price pushing beneath the ascending trendline and tapping on the 61.8% fibonacci retracement, before closing above it on the last day of the week. From the daily timeframe, we see a similar view, price is currently testing the 78.6% fibonacci retracement level at 0.77456, where we may see a push down towards the weekly support level at 0.76683, in line with ascending trendline support.

On the H4 timeframe, We see price reversing from the 0.77435 level, in line with 88.6% fibonacci retracement where we may see a drop from here towards 0.76671, in line with Weekly support level.

Areas of consideration:

  • H4 timeframe, price may drop from 0.77435 towards 0.76671.
  • Daily and weekly time frames showing short-term bearish pressure.

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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 support from 108.425 level which coincides with 61.8% Fibonacci retracement and 50% Fibonacci extension. Prices might bounce towards daily resistance level 110.978 in line with 78.6% Fibonacci retracement. Daily EMA is also below prices, showing a bullish pressure for prices.

On the H4 timeframe, prices might pullback to the 109.066 support level in line with 61.8% Fibonacci retracement and 100% Fibonacci extension. Otherwise, if prices did not push up further, prices could fall and take support on 108.425  level, in line with daily support level. Indicators on the daily timeframe suggest that the pullback is temporary and there is still a long term bullish pressure for prices.

Areas of consideration:

  • On the H4, prices might push up towards 110.978 daily resistance level
  • 066 support level on the H4 timeframe
  • 425 support level on the daily timeframe

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USD/CAD:

From the Weekly timeframe, we see price trending between the previous swing high in line with 78.6% fibonacci retracement, and the ascending trendline, it is currently testing the support level from 11th May (2015), in line with 61.8%, 161.8% fibonacci extension. From the daily timeframe, we see that price bounced from the recent support level 1.20284 in line with Weekly Support, 78.6% fibonacci extension, 78.6% fibonacci retracement, where price is currently consolidating between this level and 1.21336, in line with 61.8% fibonacci retracement and previous swing high. The H4 timeframe we may see price pulling up towards 1.21860, in line with 61.8% fibonacci retracement. From here we may expect a drop towards the 1.20516 level, in line with -27% and 78.6% fibonacci retracement.

Areas of consideration:

  • The weekly and daily time frame showing a slow down from this bearish momentum.
  • On H4, price may drop from 1.12336 towards 1.20255.

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USD/CHF:

USD/CHF is now testing the weekly 0.89800 support, in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. The daily chart shows that price is now holding below the key daily 0.92300 support-turned-resistance, and has also broken below the ascending trendline support-turned-resistance. The weekly 0.89500 support level is a key level to watch.

On the H4 chart, we can see that price is now re-approaching the key weekly 0.89500 support level, in line with 127.20% Fibonacci extension, after reversing under the 0.90800 resistance. Price appears to be making a sideways movement within the range of the market. In this scenario, the 0.89500 support area will be an important level to watch. A break and close below this level could see price swing towards the next support level at 0.87600, in line with our weekly support level.

Areas of consideration:

  • The 0.89500 weekly support is a key intraday level to watch.
  • Price is making a sideways movement within the range in the market.

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Dow Jones Industrial Average:

On the weekly chart, price traded sideways. With price holding above the long term moving average, we can expect further bullish pressure above 32765 support. On the daily chart, price pulled back lower and reacted above moving average and bounced above ascending trendline support. Buyers may look  to add  their longs to push price higher towards possible target at 35970 resistance.

On the H4, price traded sideways and is still holding below 35091 resistance. We could possibly see sellers enter with their shorts to play a short term drop towards 33800 support. Otherwise, failure to hold below 35091 resistance will see price push higher towards 35970 resistance next. Overall, still a rather bullish outlook on the Dow.

Areas of consideration:

  • Watch resistance at 35091 on H4 closely

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XAU/USD (GOLD):

On the weekly timeframe, prices are facing bullish pressure and could still see further upside, with 1965 as the weekly resistance target. We could see renewed bullish pressure this coming week. On the daily price pulled back lower and is close to testing 1850 support. With technical indicator showing room for further bullish momentum, we could see limited upside towards 1965 resistance.

On the H4, price dropped lower overnight and broke below previous supports. Price bounced from support at 1858 and has pulled back to retest the ascending trendline support-turned resistance. A break and close above the 1888 resistance, in line with 61.8% Fibonacci retracement, could see price swing towards the next resistance at 1921. Price is currently above moving average.

Areas of consideration:

  • 1858 support level on the H4 time frame

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