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Tuesday 8th 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 1.21337 where we could possibly see some bullish upside with 1.22900 as our resistance target as well.

On the H4 timeframe, prices consolidated and pushed up further toward H4 downward trendline resistance. We could possibly see some bearish pressure at 1.22164, also in line with 76.4% Fibonacci retracement and 88% Fibonacci extension to support level at 1.21337, in line with 76.4% Fibonacci retracement and daily support. Breaking the current downtrend line, could see the price move up to our resistance level at 1.22900.

Areas of consideration:

  • H4 time frame, price may drop from 1.22164 to 1.21340
  • Watch for a daily support at 1.21337

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GBP/USD:

Looking at the weekly chart, we can see that prices are facing further 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. The daily time frame echoes the same bullish view as well  with limited upside towards 1.43000 as our resistance target.

On the H4 timeframe, prices are consolidating at 1.41824, just below our bearish trendline and 61.8% Fibonacci extension.   A short term push down to 1.41080 is possible, in line with 78.6% Fibonacci retracement and 100% Fibonacci extension. Breaking the current downtrend line, could see the price move up to our resistance level at 1.4220.

Areas of consideration:

  • 42200 resistance area found on H4 time frame
  • 41080 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 saw price approach the 0.77435 level, in line with 88.6% fibonacci retracement where it tested the level of resistance for an extended period of time before finally breaking above. From here, we may see a retracement back towards this level for a retest before pushing higher towards the 0.77736, in line with -27% fibonacci retracement and previous swing high.

Areas of consideration:

  • H4 timeframe, price may retrace to 0.77416 before bouncing up towards 0.77736.
  • Daily and weekly time frames showing bullish 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. Stochastics is also approaching 4.51 level, potential for bounce.

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 saw price pulled up towards 1.21860, in line with 61.8% fibonacci retracement, then showed us a drop towards the 1.20516 level, in line with -27% and 78.6% fibonacci retracement. Currently, price has made a new pullback towards the level of 1.20876, in line with 61.8% fibonacci retracement, where we could enter a sell towards the previous targets.

Areas of consideration:

  • The weekly and daily time frame showing a slow down from this bearish momentum.
  • On H4, price may drop from 1.20876 towards 1.20516.

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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 and is approaching the 0.89500 support.

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Dow Jones Industrial Average:

On the weekly chart, price is trading sideways. With price holding above the long term moving average, we can expect further bullish pressure above 32765 support. On the daily chart, price also trading within a broad range but still holding above moving average and ascending trendline support. Buyers may look  to add  their longs to push price higher towards possible target at 35970 resistance.

On the H4, price higher and is 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. Stochastic is testing resistance where price showed a pull back in the past. We are leaning more towards a short term pullback as well.

Areas of consideration:

  • Watch resistance at 35091 on H4 closely
  • Stochastics reacting below resistance on H4

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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 bounced above 1850 support. With technical indicators showing room for further bullish momentum, we could see buyers looking to add to their longs and push price towards 1965 resistance.

On the H4, price surpassed previous resistances. With price holding above moving average, we see renewed bullish pressure above 1891 support. Traders may look to add to their longs above this support with a possible upside target at 1921. Otherwise, failure to hold above 1891 will see price swing the other way and drop towards daily support at 1850.

Areas of consideration:

  • 1891 support to watch on H4 timeframe

 

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