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Tuesday 3rd August 2021: Technical Outlook and Review

Elan Posh 0

💰🤑EUR/USD:

Looking at the weekly chart we can see that price bounced from support at 1.17650, in-line with 38.2% Fibonacci retracement and 78.6% Fibonacci extension. Price could potentially swing towards resistance at 1.19580, 38.2% Fibonacci retracement, 20EMA and 50MA. Stochastic is also at support where previous bounces occurred. On the daily chart, price faced bearish pressure at 1.18780, in-line with 23.6% Fibonacci retracement and 100% Fibonacci extension. Price could potentially swing towards resistance at 1.19510, in-line with 38.2% Fibonacci retracement, 127.2% Fibonacci extension, 50MA and weekly resistance. MACD is also indicating bullish momentum for further upside potential.

On the H4 timeframe, prices swung to resistance at 1.18920 before facing bearish pressure to find support near 1.18613, in-line with 61.8% Fibonacci extension and 20EMA. Prices are at a strong support level where it could potentially bounce further upside towards resistance at 1.19151, in-line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension. RSI is also at an ascending trendline support level for potential further bullish momentum. The next resistance could be at 1.19380, in-line with 78.6% and 200% Fibonacci extension.

If price drops, it could potentially swing towards support at 1.18306, in-line with 50% Fibonacci retracement, 100% Fibonacci extension and 50MA. The next support could be at 1.18033, in-line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension.

Areas of consideration:

  • H4 time frame, support level at 1.18306 and 1.18033
  • H4 time frame, resistance level at 1.19151 and 1.19380

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💰🤑GBP/USD:

Looking at the weekly chart, prices bounced towards resistance at 1.39911, in-line with 61.8% Fibonacci retracement. We could potentially see the price bounce back to retest resistance at 1.41052, in-line with 78.6% Fibonacci retracement and ascending trendline support-turned-resistance. Stochastic is also at the support level where previous bounces occurred. On the daily time frame price faced bearish pressure from resistance at 1.39900 and pulled back to 1.38820, in-line with 23.6% Fibonacci retracement. We could potentially see the price rebound to 1.40289, in-line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. MACD is also indicating bullish momentum for further upside potential.

On the H4 timeframe, prices rebounded to resistance at 1.39345, in-line with 50% Fibonacci retracement and ascending trendline support-turned-resistance. Then it faced bearish pressure and dropped to its previous support level at 1.38851. We could potentially see prices drop to major support at 1.38338, in-line with 38.2% Fibonacci retracement, 127.2% Fibonacci extension, 50MA and 200MA. MACD is also indicating bearish momentum for a further pullback. The next support could be at 1.37769,  in-line with 50% Fibonacci retracement, 200% Fibonacci extension and horizontal overlap support.

If price bounces up from here, it could potentially swing towards resistance at 1.40127, in-line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension. The next resistance could be at 1.40560, in-line with -61.8% Fibonacci retracement and -61.8% Fibonacci extension.

Areas of consideration:

  • H4 time frame, 38338 and 1.37769 support level
  • H4 time frame, 1.40127 and 1.40560 resistance level

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💰🤑AUD/USD:

Looking at the weekly chart, price has broken beneath the 0.74177 support-turned-resistance level in line with 61.8% fibonacci retracement, where we saw price retesting this area before price pushes down further. This is supported by price trending under the moving average. On the Daily timeframe, we are seeing a similar picture where price pushed away from Weekly resistance area in line with 127.2% and 23.6% fibonacci retracement level.

Lastly, on the H4 timeframe, we continue to see price trend within the resistance of 0.74 major level and support of 0.73133. We may expect a push up back towards the 0.73877 zone, and from there we can look for a sell position.

Areas of consideration:

  • H4 time frame shows pullback towards resistance.
  • Daily and Weekly showin bearish momentum.

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💰🤑USD/JPY

From the weekly timeframe, prices are pushing up towards the horizontal swing high resistance of 112.322, in line with 127.2% Fibonacci Retracement and 61.8% Fibonacci Extension, where we might see a breakout from this level. In the case that price pushes up, prices may face resistance at horizontal swing high resistance of 114.565, in line with 78.6% Fibonacci extension and 127.2% Fibonacci retracement. On the daily timeframe, prices are trending sideways, and are now approaching horizontal swing low support, in line with 100% Fibonacci extension, and are likely to bounce up from this level and take resistance at 110.648, in line with 61.8% Fibonacci retracement.

On the H4 timeframe, prices are approaching the Fibonacci confluence resistance zone, in line with descending trendline resistance, 61.8% Fibonacci retracement and 78.6% Fibonacci extension. Prices are likely to fall to horizontal swing low support of 109.064 , in line with 161.8% Fibonacci retracemen and 78.6% Fibonacci extension. Prices may surpass resistance and rally to horizontal swing high resistance, in line with 161.8% Fibonacci extension. Moreover, indicators are supporting bearish bias.

Areas of consideration:

  • 579 resistance level on the H4 timeframe
  • 064 support level on the H4 timeframe

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💰🤑USD/CAD:

On the Weekly timeframe, price is holding below long term moving average and also 38.2% Fibonacci retracement level at 1.29950. As long as the price is holding below this level, we see price facing further bearish pressure in the long term. On the Daily, price recently bounced from the moving average, if the moving average is broken, we may see a push down towards the first support at 1.23 major level, in line with 61.8% fibonacci retracement and 78.6% fibonacci extension.

On the H4, price is testing the resistance level of 1.25013 in line with 50% fibonacci retracement and 127% fibonacci extension. From here we may expect a reversal back down towards the support level 1.24400.

Areas of consideration:

  • H4 showing bearish momentum

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💰🤑USD/CHF:

USD/CHF has shown a strong bounce from the weekly 0.89146  support, in line with 78.6% Fibonacci retracement, and price is now holding below the descending trendline resistance. The daily chart shows that price is now approaching and likely to bounce up from the daily support in line with the horizontal overlap support and the 61.8% Fibonacci retracement level.

On the H4 chart, price is currently still testing the support at 0.90496 which is in line with the 61.8% Fibonacci retracement and the 100% FIbonacci extension. We can expect price to rise up to the 0.91176 resistance which is in line with a horizontal swing low, 61.8% Fibonacci extension level and the 38.2% FIbonacci retracement level. Our bias for this is because on the daily chart, we see that price is currently testing the horizontal overlap support at 0.90462 which is in line with the 61.8% Fibonacci retracement. In addition to that, our bullish bias is further supported by how MACD is holding above the 0 line.

Areas of consideration:

  • Price could bounce up from the 0.90496 level and approach our resistance at 0.91176
  • Price could break the support at 0.90496 and push down further to take support at 0.89734.

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💰🤑Dow Jones Industrial Average:

On the weekly chart, price is trading sideways holding between 32765 support and 37525 resistance. With price holding above long term moving average, we see a possibility of price facing further bullish pressure. On the daily chart, price is currently trading sideways, testing and holding below resistance at 35090. With stochastic still holding below resistance where price dropped in the past, we see price facing possible bearish pressure.

On the H4, price continues to hold below the 35090 level  as price drifted lower. Bearish divergence still remains valid on RSI indicator. There is a chance that price might push towards the 33741 support. Otherwise failure to hold below 35090 resistance should see  price swing the other way towards 35585 resistance instead.

Areas of consideration:

  • 35090 daily resistance is key level to watch
  • Bearish divergence on H4

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💰🤑XAU/USD (GOLD):

On the weekly timeframe, price bounced and continues to hold above key trendline pullback support at 1764. On the daily, price is now trading sideways, holding between 1855 resistance and 1764 weekly support. With no clear levels for entry that provides a good risk to reward ratio, we prefer to keep a neutral stance for now. Breaking above resistance at 1855 will see price push higher towards 1916 resistance. Otherwise, a break below 1764 support will see price drop lower towards 1677 support instead. On the H4, price dropped lower and is coming back to test 1805.87 support zone. With price holding above moving average and above ascending trendline support, a short term bounce towards graphical swing high at 1832.80 resistance could be possible. However, failure to hold above the 1812 support zone will see the price drop lower towards the recent graphical swing low at 1789.64 support.

Areas of consideration:

  • 87 H4 support level is key level to watch

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