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Monday 20th September 2021: Technical Outlook and Review

Elan Posh 0

Monday 20th September 2021: Technical Outlook and Review – Technical Analysis.  Forex trading signals are made to help you save time and effort in analysing all your favorite trading instruments, and make you good profits on daily basis. You can request professional trading/investing services from TRESORFX by texting us on WhatsApp

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 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 may bearish from 1st resistance at 93.829 in line with Horizontal swing and 78.6% Fibonacci extension towards the 1st support at 91.782 in line with 38.2% Fibonacci retracement and 38.2% Fibonacci extension. Our bearish bias is further supported by RSI is also reacting below resistance where price dropped in the past . Otherwise, price may bullish towards the 2nd resistance at 92.742 in line with Weekly 2nd resistance.

On the H4 timeframe, prices approaching 1st resistance at 93.447 in line with 76.4% fibonacci retracement and 127.2% Fibonacci extension and may face bearish pressure towards the 1st support at 92.277 in line with 61.8% Fibonacci retracement and 28.6% Fibonacci extension. Our bearish bias is further supported by stochastic testing resistance where price dropped in the past. Otherwise, price may bullish towards the 2nd resistance at 93.830 in line with Horizontal swing high  and 161.8% Fibonacci extension.

Areas of consideration:

  • H4 time frame, 1nd resistance of 93.447
  • H4 time frame, 1st support of 92.277

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XAU/USD (GOLD):

On the weekly timeframe, price is on a downward trend and might be dipping towards 1st support at 1734.42, 78.6% Fibonacci retracement. Long term buyers could look to short the market as indicators are showing bearish momentum. Breaking the 1st support will see prices dipping further to our 2nd area of support at 1681.75, between 61.8% Fibonacci extension and -61.8% Fibonacci retracement. Alternatively, we might see price rebound to the bearish trendline before dipping further.

On the Daily chart, price has dipped below our 20 EMA close to our area of 1st support at 1729.71 in line with 61.8% and 88% Fibonacci retracement. We see the possibility of prices reacting at our 1st support and experience bullish reversal towards 1st resistance at 1833.95 in line with 61.8% Fibonacci retracement and bearish trendline. Technical indicators are forecasting potential trend reversal.

On the H4 chart, price has recently experienced a major pullback and is reacting in between our 1st resistance and 1st support levels. In the short term, we see a likelihood of prices dipping further towards our 1st support at 1741.36 in line with 38% Fibonacci retracement and 161.8% Fibonacci extension. Technical indicators are signalling bearish momentum and potential for further downside. Alternatively, price may rebound to our 1st resistance at 1766.41 in line with 61.8% Fibonacci retracement.

Areas of consideration:

  • 4h 1st support at 1741.36
  • 4h 2nd support 1725.95

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EUR/USD:

Looking at the weekly chart we can see that the price is facing bearish pressure from previous breakdown trendline resistance at 1.18940, in-line with 38.2% Fibonacci retracement. On the Daily chart, price dropped to first support at 1.17190, in-line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension. Price could potentially drop to next support at 1.17190, in-line with 100% Fibonacci retracement and 100% Fibonacci extension.

On the H4 timeframe price dropped from resistance at 1.17885, in-line with 23.6% Fibonacci retracement, 61.8% Fibonacci extension and ascending trendline resistance. Price broke potential head & shoulder neckline and is now flirting within our first support area around 1.17165, in-line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension. We could potentially see the price continue to drop to our next support at 1.16640, in-line with 100% Fibonacci retracement and 161.8% Fibonacci extension.

If price bounces, it could potentially swing towards resistance at 1.17625, in-line with 23.6% Fibonacci retracement and 61.8% Fibonacci extension. The next resistance could potentially be at 1.17885,  in-line with 38.2% Fibonacci retracement, 100% Fibonacci extension and moving averages resistance.

Areas of consideration:

  • H4 time frame, support level at 1.17165 and 1.16640
  • H4 time frame, resistance level at 1.17625 and 1.17885

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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 is consolidating in between the 1st support and resistance. It is seen to have a bullish movement towards the 1st resistance at 0.93683. With stochastics abiding to the ascending trendline, we can see that there is potential bullish movement.

On the H4, price is seen to be reacting in between 1st Resistance at 0.93683 and 1st Support at 0.92413 where we can see a triangle pattern formed, price has broken out of the triangle pattern on the upside and hence, shows a strong bullish momentum. Our bullish bias is further supported by the price holding above the moving average and the MACD indicator where the MACD line crossed above the signal line.

Areas of consideration:

  • Watch 1st resistance at 0.93683
  • Watch 1st support at 0.92413

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GBP/USD:

Looking at the weekly chart, the price has come back above previous support at around 1.35800, in-line with 23.6% Fibonacci retracement and 100% Fibonacci extension. On the Daily time frame, price is consolidating above previous trendline breakout support at 1.37290, in-line with 50% Fibonacci retracement and trendline support. As long as price is above this level, we shall have a slight bullish bias.

On the H4 timeframe, price fell to support at 1.37210, in-line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. As price is on daily support level, we could potentially see a short-term bounce to first resistance at 1.37666, in-line with 23.6% Fibonacci retracement, 61.8% Fibonacci extension and trendline resistances. The next potential resistance could be at 1.38395, in-line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension.

If price drops, it could potentially swing towards first support at 1.36690,  in-line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension.  The next potential support could be at 1.36020,  in-line with 100% Fibonacci retracement, 100% Fibonacci extension and swing low support.

Areas of consideration:

  • H4 time frame, 36690 and 1.36020 support level
  • H4 time frame, 1.37666 and 1.38395 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 108.705 in line with Horizontal Swing Low and  127.2% Fibonacci extension. Otherwise, price might move towards the 2nd resistance at 110.802 in line with 78.6% Fibonacci retracement and 50% Fibonacci extension.

On the H4  timeframe,  price is below the descending threadline resistance and may continue bearish to the 1st support at 109.124 in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension. Our bearish view is further supported by how Stocastic is also testing resistance where price dropped in the past. Otherwise, price may bullish towards the 2nd resistance at 110.306 in line with 78.6% Fibonacci retracement.

Areas of consideration:

  • H4 time frame, 2nd resistance of 110.306
  • H4 time frame, 1st support of 109.124

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AUD/USD:

On the weekly, price is holding above the MA 100 showing bullish momentum, price is expected to push 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 above EMA 34 showing a potential bearish momentum, price bounced off from the first support in line with the 161.8% Fibonacci projection and now looking for a pull back, back to the support level. Our bearish bias is further supported by the MACD indicator where the signal line cross above the MACD line.

On the H4, price is seen to have broken off the descending trendline resistance turned support and price has formed a golden cross. 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 stochastic indicator %K line where it bounces off the support.

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 see potentially a bearish momentum in line with the descending trendline. Stochastics is indicating close to an overbought situation, supporting our bearish view.

On the Daily chart, price has recently retraced to test the bearish trendline several times and is on a downward trend. We foresee potentially a dip further towards our 1st support at 0.69958 with 61.8% Fibonacci extension and 50% Fibonacci retracement. MacD and Ichimoku Clouds are forecasting potential for further downside, supporting our bearish bias.

On the H4 timeframe, price has broken out of the descending channel and has dipped to our first area of support at 0.70256  in line with our 38.2% Fibonacci retracement. We see a possibility of short term bullish rebound before dipping further down towards our 1st and 2nd support at 0.69895 at 50% Fibonacci retracement. Stochastics are showing an oversold situation, forecasting potential short term trend reversal. Alternatively, price can potentially swing towards our 1sd resistance at 0.70874 at 100% Fibonacci extension.

Areas of consideration:

  • H4 time frame, 1st resistance at 70874
  • H4 time frame, 1st support at 0.70256

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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 bounced higher and is now testing 1st resistance at 1.27620. With price holding above moving average, we a possibility of renewed bullish pressure should price break higher than 1st resistance. Otherwise, price may push lower towards 1st support at 1.24934

On the H4, price broke out of previously highlighted triangle pattern to the upside. With price now testing 1st resistance zone at 1.27620, we see a possibility of a short term pullback towards 1st support at 1.26906 before any chance for a renewed push higher. Stochastic is testing resistance where price dropped in the past as well.

Areas of consideration:

  • H4 time frame, resistance at 1.27620

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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 127.2% Fibonacci retracement and 61.8% 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 100% fibonacci extension.

On the Daily timeframe, price is above the ascending trendline support and 1st support at 70.86 in line with 50% Fibonacci retracement and 61.8% fibonacci extension. Price may bullish towards 1st resistance at 77.82 in line with horizontal swing high and 161.8% 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 70.86 in line with 50% Fibonacci retracement and 61.86% fibonacci extension.

Lastly, on the H4 timeframe, price is above ascending trendline support and 1st support at 73.37 in line 38.2% fibonacci retracement and 23.6% Fibonacci extension and may potentially bullish towards the 1st resistance at 77.82 in line with 127.2% Fibonacci retracement and 100% 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 73.37 in line with 38.2% Fibonacci retracement and 23.6% Fibonacci extension.

Areas of consideration:

  • H4 time frame, 1st resistance of 77.82
  • H4 time frame, 1st support of 73.37

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Dow Jones Industrial Average:

On the Weekly, price continues to hold between 1st support at 33270 and 1st resistance at 37770. With price holding above moving average, we still see possible bullish pressure. However with no good levels for entry, we prefer to remain neutral for now.

On the Daily chart, price drifted lower below 1st resistance at 35600. With technical indicators showing room for further bearish momentum, it is possible to see some selling pressure push price lower towards 1st support at 33270. Otherwise, breaking above 1st resistance will see price swing higher towards 2nd resistance at 37770.

On the H4, price traded sideways on Friday and is still holding above 1st support at 34505. We see a possibility where buyers may enter and add to their longs with a possible upside target at 1st resistance at 35199. Stochastics is testing support where price bounced in the past as well. Otherwise, breaking below 1st support will see price drop lower towards 2nd support at 34148.

Areas of consideration:

  • H4 timeframe 1st support 34505

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