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Friday 09th July 2021: Technical Outlook and Review

Elan Posh 0

EUR/USD:

Looking at the weekly chart we can see that prices face bearish pressure from the ascending trendline support-turned-resistance and 23.6% Fibonacci retracement. We could potentially see price face bearish pressure and drop to weekly support at 1.16200, in-line with 38.2% Fibonacci retracement and 100% Fibonacci extension. On the daily chart, prices broke previous support at 1.18244 where we could potentially see price face bearish pressure and drop to daily support at 1.17270, in-line with -27.2% Fibonacci retracement and 100% Fibonacci extension. To make money online from forex trading you must register with this globally regulated financial services provider and text us on WhatsApp for the setup so we can help you make a decent 10% – 20% return on investment daily!

On the H4 timeframe, prices swing towards resistance at 1.18707, in-line 78.6% Fibonacci retracement and 78.6% Fibonacci extension and descending trendline resistance. Stochastic is also coming into descending trendline resistance. This is a key resistance level where price could potentially face bearish pressure and drop to our first support at 1.17970, in-line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. The next support level will be at 1.17615, in-line with -27.2% Fibonacci retracement and 78.6% Fibonacci extension.

If the price bounces from here, it would swing towards first resistance at 1.19100, in-line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension. The next resistance will be at 1.19400, in-line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension.

Areas of consideration:

  • H4 time frame, support level at 1.17970 and 1.17615
  • H4 time frame, resistance level at 1.19100 and 1.19400

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GBP/USD:

Looking at the weekly chart, we can see that the price is retesting our support level at 1.36780, in-line with 23.6% Fibonacci retracement and 78.6% Fibonacci extension. On the daily time frame, prices bounced but faced bearish pressure at 1.390000, in-line with 23.6% Fibonacci retracement and 61.8% Fibonacci extension and psychological resistance. We could potentially see price face bearish pressure to 1.17270, in-line with 61.8% Fibonacci retracement and 100% Fibonacci extension.

On the H4 timeframe, prices dropped and retested previous support at 1.37560, in-line with 78.6% and 100% Fibonacci extension. We are seeing a low-probability scenario where the price continues to face bearish pressure to our first support at 1.37177, in-line with 127.2% and 161.8% Fibonacci extension. Stochastic is also indicating possible further bearish pressure before dropping to the level where previous bounces occur. The next support will be at 1.36854,  in-line with 78.6% and 200% Fibonacci extension.

If the price bounces from current level, the first resistance will be at 1.38445, in-line with 78.6% Fibonacci retracement, 61.8% Fibonacci extension and descending trendline resistance. The next resistance will be at 1.38980, in-line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension.

Areas of consideration:

  • H4 time frame, 37177 and 1.36854 support level
  • H4 time frame, 1.38445 and 1.38980 resistance level

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AUD/USD:

Looking at the weekly chart, we can see that the price is testing the support level of 0.74177, in line with 61.8% fibonacci retracement and 100% fibonacci extension. If price breaks beneath this level we may see a push down towards 0.71245.  On the daily time frame, we are seeing a similar picture where price is trending in a bearish momentum and is testing the support level indicated on the weekly timeframe. Lastly, on the H4 timeframe, we see price testing the Weekly and Daily support at 0.74163, in line with 100% fibonacci extension, where it may show a short-term pull back towards 0.74865, in line with 61.8% fibonacci retracement.

Areas of consideration:

  • H4 time frame, price testing 0.74163 support.
  • Weekly and Daily time frame showing bearish momentum

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USD/JPY

From the weekly timeframe, prices are holding between the 112.148 resistance level in line with 127.2% Fibonacci retracement and the 104.224 level in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension. In the daily time frame, prices have broken the 21 period EMA. We could potentially see prices pushing down towards support level 108.425 which is in line with 61.8% Fibonacci extension and 61.8% Fibonacci retracement.

On the H4 timeframe, prices have broken the ascending trendline support and is pushing down towards short term support at 109.220 in line with 127.2% Fibonacci retracement and 78.6% Fibonacci retracement. Prices might pull back towards 110.787 level first to retest the ascending trendline support before it continues its bearish move down. A break above the 110.787 level could possibly see a push up towards 112.148 weekly resistance level. MACD is showing bearish pressure on prices.

Areas of consideration:

  • 220 support level on the H4 timeframe
  • 787 resistance level on the H4 timeframe
  • 425 support level on the daily timeframe

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USD/CAD:

On the Weekly timeframe, price is within a long term descending trend. Holding below long term moving average and MACD indicator is below 0, showing strong bearish momentum. Price is currently holding between long term resistance at 1.25470 and long term support at 1.20068. On the Daily timeframe, we see that the indicators are showing a build up in bullish momentum. Price is currently testing the Weekly resistance level where it may reverse back down towards 1.22972 support level in line with 50% fibonacci retracement. If price manages to break above the Weekly resistance, we may see a further push towards 1.26474, in line with previous swing high.

On the H4, we see price breaking above the weekly resistance before closing back down, it is possible to see price breaking above this level and finding resistance at 1.26350, in line with -27% fibonacci retracement.

Areas of consideration:

  • 26350 resistance is a level to watch on H4
  • 24946 support is a level to watch on H4

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USD/CHF:

USD/CHF has shown a strong bounce from the weekly 0.89500 support, in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension, and price is now pulling back to retest the descending trendline resistance. The daily chart shows that price is now testing the key daily 0.92300 support-turned-resistance and ascending trendline support-turned-resistance. We could potentially see further downside below the 0.92300 resistance.

On the H4 chart, we can see that price has reversed strongly from the 0.92300 resistance area, in line with 61.8% Fibonacci retracement level and 61.8% Fibonacci extension. We note that MACD is now holding below the 0 line as well, showing possible bearish pressure in line with our bearish bias.  In this scenario, we could see price drop further towards 0.90500 support, in line with 61.8% Fibonacci retracement and horizontal pullback resistance. Otherwise, price could also pull back to retest the 0.92300 resistance as well.

Areas of consideration:

  • The 0.92300 resistance is a key intraday level to watch.
  • We could see price drop further towards the next 0.90500 support level.

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Dow Jones Industrial Average:

On the weekly chart, prices bounced higher above 32765 support. With price holding 32765 support, we might see bullish pressure above this level. On the daily chart, price is currently trading sideways and holding below resistance at 35090. With stochastic still testing resistance where price dropped in the past, we see price facing possible bearish pressure.

On the H4, price pulled lower and is now testing 34358 support. With technical indicators showing room for further bullish momentum, buyers may add to their longs with a possible upside target at 35090 daily resistance. Otherwise failure to hold above 34358 should see price swing the other way towards 33955 support.

Areas of consideration:

  • 34358 H4 support is level to watch

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XAU/USD (GOLD):

On the weekly timeframe, price tested and bounced above key trendline pullback support at 1764. On the daily, price continues to push higher, above 1764 weekly support. While 1764 support looks fragile, as long as we do not have a daily close below this support, we may see price bounce towards 1855 resistance. Otherwise, breaking below 1764 support, price could drop lower towards 1677 support next. On the H4, price testing and reacting below 1808 resistance. We see a low probability bearish scenario where sellers may enter to push prices lower towards 1764 weekly support. Otherwise, failure to hold below 1808 resistance could see price swing the other way towards 1855 resistance instead. Stochastic is reacting below resistance where price dropped in the past.

Areas of consideration:

  • 1764 support is the key level to watch.
  • 1808 resistance on H4 to watch.

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