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Tuesday 07 September 2021: Technical Outlook and Review

Elan Posh 0

 

DXY:

Looking at the Weekly chart price may bearish towards the 1st support at 90.346 in line with 76.4% Fibonacci retracement and 76.4% Fibonacci extension. Our bearish bias is further supported by how stochastic testing resistance where price dropped in the past. Otherwise, price may be bullish towards the 1st resistance at 93.829 in line with 78.6% Fibonacci retracement and 100% Fibonacci extension.

On the Daily timeframe, price is below the ascending trendline support (now resistance). Price may bearish from 1st resistance at 92.551 in line with 76.4% Fibonacci retracement  and 23.6% Fibonacci extension towards the 1st support at 91.262 in line with 50% Fibonacci retracement and 50% Fibonacci extension. Our bearish bias is further supported by price is below the EMA. Otherwise, price may bullish towards the 2nd resistance at 93.829 in line with Horizontal swing high and 50% Fibonacci extension.

On the H4 timeframe, price is below the descending trendline resistance and may bearish towards the 1st support at 91.262 in line with 127.2% Fibonacci retracement and 161.8% Fibonacci extension. Our bearish bias is further supported by how MACD is shown to be holding below the 0 line. Otherwise, price may bullish towards the 1st resistance at 92.551 in line with 23.6% Fibonacci retracement and 23.6% Fibonacci extension.

Areas of consideration:

  • H4 time frame, 1st resistance of 92.551
  • H4 time frame, 1st support of 91.262

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XAU/USD (GOLD):

On the weekly timeframe, price have recently bounced off 2st support at 1676.90 and is approaching 1st resistance at 1856.85. Long term buyers could possibly add to their positions here and push price higher towards graphical resistance at 1856.85 level. Otherwise, a break above our first resistance will see price push higher towards our 2nd resistance at 1916.62.

On the Daily chart, price has recently bounced off our 1st resistance at 1833.95. We see a medium possibility of bearish scenario where prices might dip and sellers may enter for shorts, looking for a possible exit at the 1st support level of 1776.55 with 61.8% Fibonacci levels. Stochastics are reacting close to short term intermediate resistance as well. Otherwise, breaking above 1st resistance will see price push towards 2nd resistance at 1916.62.

On the H4 chart, price has recently bounced off 1st resistance at 1834.00  and dipped towards our 1st support at 18.11.41. In the short term, we see a likelihood of prices climbing higher to touch our 1st resistance at 1834.00. Breaking the 1st resistance might see prices moving higher towards our 2nd resistance level at 1852.70, 127.2%  Fibonacci extension. Technical indicators MACD is signalling a continuation of upward trend as well.

Areas of consideration:

  • 4h 1st support at 1811.41
  • 4h 1st resistance at 1834.00

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EUR/USD:

Looking at the weekly chart we can see that the price swung towards previous resistance at 1.18940, in-line with 38.2% Fibonacci retracement. It could potentially swing towards first resistance at 1.19640, in-line with 50% Fibonacci retracement and 61.8% Fibonacci extension. On the Daily chart, price faced bearish pressure from resistance at 1.19090 and pull-back, in-line with 100% Fibonacci retracement and 161.8% Fibonacci extension.

On the H4 timeframe prices are bouncing from previous support at 1.18510, in-line with 23.6% Fibonacci retracement , 61.8% Fibonacci extension and 20EMA. If the price can close above previous highs at around 1.19055, it could potentially swing towards first resistance at 1.19425, in-line with -61.8% Fibonacci retracement and 200% Fibonacci extension. The next potential resistance could be at 1.19760, in-line with -27.2% Fibonacci retracement and 127.2% Fibonacci extension.

If price breaks below the ascending trendline, it could potentially drop to first support at 1.18155, in-line with 38.2% Fibonacci retracement , 61.8% Fibonacci extension and 50MA. The next potential support could be at 1.17865, in-line with 50% Fibonacci retracement and 78.6% Fibonacci extension.

Areas of consideration:

  • H4 time frame, support level at 1.18155 and 1.17865
  • H4 time frame, resistance level at 1.19425 and 1.19760

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USD/CHF:

On the weekly, price is holding above ascending trendline support and also between 1st resistance at 0.95124 and 1st support at 0.90391. Traders should watch these levels closely for a break to see prices swing higher or drop lower. On the Daily, the price did not reach a graphical swing high. It is seen to have a bearish movement towards the 1st support at 0.90391. With stochastics testing resistance where price dropped in the past, we see a possibility that sellers could enter and push price towards the 1st support at 0.90391

On the H4, price is seen to be reacting in between 1st Resistance at 0.92676 and 1st Support at 0.90757 showing a consistent consolidation of the prices.  Our bias for now would be to neutral as the indicators are showing mixed signals.

Areas of consideration:

  • Watch 1st resistance at 0.92676
  • Watch 1st support at 0.90757

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GBP/USD:

Looking at the weekly chart, price rebounded from support at 1.35800, in-line with 23.6% Fibonacci retracement, 78.6% Fibonacci extension and 50MA.  On the Daily time frame price pulled back near the previous breakout trendline and is now rebounding where it could potentially swing towards first resistance at 1.39870, in-line with 100% Fibonacci retracement and 100% Fibonacci extension.

On the H4 timeframe, prices pulled-back to previous support at 1.38235, in-line with 23.6% Fibonacci retracement and 20EMA. It could potentially swing towards first resistance at 1.39020, in-line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension. The next potential resistance could be at 1.39485,  in-line with -61.8% Fibonacci retracement and 161.8% Fibonacci extension.

If price drops, it could potentially swing towards first support at 1.37780, in-line with 61.8% Fibonacci retracement , 100% Fibonacci extension and 50MA. The next potential support could be at 1.37155, in-line with 50% Fibonacci retracement and 200% Fibonacci extension.

 

Areas of consideration:

  • H4 time frame, 37780 and 1.37155 support level
  • H4 time frame, 1.39020 and 1.39485 resistance level

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USD/JPY

From the weekly timeframe, price is below the descending trendline resistance, and may bearish to 1st support 107.480 in line with 38.2% Fibonacci retracement and 38.2% Fibonacci extension. Otherwise, price might move towards the 1st resistance at 111.660  in line with Horizontal Swing High and 50% Fibonacci extension.

On the Daily timeframe, price is below the descending trendline resistance and may bearish to 1st support at 108.559 in line with Horizontal Swing Low and  127.2% Fibonacci extension. Our bearish view is further supported by how MACD is holding below the 0 line. Otherwise, price might move towards the 1st resistance at 110.802 in line with 78.6% Fibonacci retracement and 50% Fibonacci extension.

On the H4  timeframe,  price broke through the ascending threadline support (now resistance) and is below the 1st resistance at 109.988 in line with 50% Fibonacci retracement and 38.2% Fibonacci extension and may bearish to the 1st support at 109.117 in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension. Our bearish view is further supported by how MACD is holding below the 0 line. Otherwise, price may bullish towards the 2nd resistance at 110.316 in line with 78.6% Fibonacci retracement and  61.8% Fibonacci extension.

Areas of consideration:

  • H4 time frame, 2nd resistance of 110.316
  • H4 time frame, 1st support of 109.117

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AUD/USD:

On the weekly, price is holding above the MA 100 showing bullish momentum, price is expected to put towards the first resistance in line with the 50% Fibonacci retracement level. Our bullish bias is further supported by the Stochastic indicator, where the K% line bounced off the support level. On the Daily, the price is holding below EMA 34 showing a potential bearish momentum, however price bounced off from the first support towards the first resistance 0.75296 in line with the 100.0% Fibonacci extension and 50.0% Fibonacci retracement. Our potential short term bullish bias is further supported with the MACD indicator where the MACD line crosses above the signal line.

On the H4, price is seen to have broken off the descending trendline resistance turned support and price is holding above the 200 Period MA. Price is expected to push to the new 1st Resistance level in line with 61.8% Fibonacci Retracement. Our short term bullish bias is further supported by the Ichimoku indicator where price is holding above it.

Areas of consideration:

  • H4 1st resistance level 0.75296
  • H4 1st support level 0.71677

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NZD/USD:

On the weekly, price has recently bounced off 1st resistance at 0.71770, in-line with 50% Fibonacci retracement, 100% Fibonacci extension, and descending trendline and is dipping towards the 1st support at 0.68000. Swing traders may potentially enter with shorts as we potentially a bearish momentum in alignment with the descending trendline. Technical indicator is indicating a recent reversal and a bearish continuation of trend.

On the Daily chart, price swung above resistance at 0.71445, in-line with 61.8% Fibonacci retracement, 161.8% Fibonacci extension. We could potentially see the price pull-back to first support at 0.70460, in-line with 23.6% Fibonacci retracement before any further upside.

On the H4 timeframe, prices are hovering between our 1st area of resistance, at 0.71958 in-line with -27.2% Fibonacci retracement and 1st support at 0.70855 23.6% and 78.6% Fibonacci extension. Price could potentially dip towards our 1st support at 0.70580, in-line with 23.6% Fibonacci retracement and 78.6% Fibonacci extension. Indicators are showing potentially bearish momentum.

Alternatively, if price breaks 1st resistance, it can potentially swing towards our area of 2nd resistanceat 0.72578, in-line with -27.2% and -61.8% Fibonacci retracement.

Areas of consideration:

  • H4 time frame, support level at 0.7055 and 70321
  • H4 time frame, resistance level at 71958 and 0.72578

 

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USD/CAD:

On the Weekly timeframe, price tested and reacted below long term moving average and also both 38.2% and 61.8% Fibonacci retracement level at 1.29882. As long as the price is holding below this level, we could potentially see the price facing further bearish pressure in the long term. On the Daily price broke below ascending trendline support (now resistance). With price also holding below moving average, further possible downside towards 1st support at 1.24321 could be possible. Otherwise, price may pullback and come back to test 1st resistance at 1.26954.

On the H4, price pulled back lower overnight and is now approaching strong support at 1.24894. With stochastics testing support where price bounced in the past, we could see a medium probability bullish scenario for a bounce towards graphical overlap resistance and 1st resistance at 1.25821. Otherwise, breaking below 1st support we could see a further drop towards 2nd support at 1.24321.

 

Areas of consideration:

  • H4 time frame, support at 1.24894

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OIL:

On Weekly timeframe, we can see price is above the ascending trendline support and may bullish to 1st resistance at 86.59 in line with 38.2% Fibonacci retracement and 127.2% Fibonacci extension. However, if price breaks below the ascending trendline line support, price may brearish towards the 1st support at 64.46  in line with 23.6% fibonacci retracement and 23.6% fibonacci extension.

On the Daily timeframe, price is above the 1st support at 67.46 in line with 61.8% Fibonacci retracement and 50% fibonacci extension and price may bullish  towards 1st resistance at 76.24 in line with horizontal swing high and 127.2% fibonacci extension. Our bullish view is further supported by how price is holding above the EMA. Otherwise price may bearish towards the 1st support at 67.46 in line with 61.8% Fibonacci retracement and 50% fibonacci extension.

Lastly, on the H4 timeframe, price is above the 1st support at 70.4 in line 38.2% fibonacci retracement and 61.8% Fibonacci extension and may bullish towards the 1st resistance at 76.24 in line with horizontal swing high and 61.8% Fibonacci extension. Our bullish view is further supported by how MACD is shown to be holding above the 0 line. Otherwise price may bearish towards the 1st support at 70.4 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension.

Areas of consideration:

  • H4 time frame, 1st resistance of 76.24
  • H4 time frame, 1st support of 70.4

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Dow Jones Industrial Average:

On the weekly chart, price is trading sideways holding between 33270 support and 38119.37 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 still testing and capped below resistance at 36021. With stochastic still holding below resistance where price dropped in the past, we see price facing possible bearish pressure.

On the H4, price traded sideways overnight, but still holding below 1st resistance at 35631. We still see a low probability bearish scenario where sellers may further add to their shorts to push price lower towards our 1st support at 34690. Otherwise a break above our 1st resistance will see price swing higher towards next resistance at 36146. Stochastic is testing resistance where price pulled back lower in the past as well.

Areas of consideration:

  • 35631 resistance level on the H4 timeframe
  • Stochastics testing resistance on Daily and H4

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