Here’s What To Trade Today: Monday 11th October : Technical Outlook and Review. TRESORFX Daily Trading Signals, Market Tips, Trading Course, Win Every Trade.
DXY:
On the H4 timeframe, DXY is on a bullish momentum. Prices have bounced off our ascending trendline and have the potential to reach our intermediate resistance at 94.411 in line with 61.8% and 78.6% Fibonacci retracement before at pullbacks. Breaking the intermediate resistance will find prices climbing higher towards our 1st resistance at 94.633 in line with 38.2% and 127.2% Fibonacci retracement and also a daily resistance. Technical indicators are showing bullish momentum. Alternatively, prices may dip towards our 1st support at 93.927 in line with 61.8% retracement and graphical swing low.
Areas of consideration:
- H4 time frame, 1st support at 93.927
- H4 time frame, intermediate resistance at 94.411
- H4 time frame 1st resistance at 94.633
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XAU/USD (GOLD):
On the H4 chart, prices appear to be consolidating in a parallel channel. Prices have the potential to climb towards our 1st resistance at 1782.19 which is in line with the top of our ascending channel and graphical overlap, and is also a daily resistance on our daily time frame. Technical indicators are showing bullish momentum. Alternatively, prices break our bullish channel, it might dip towards our 1st support at 1745.43 in line with 61.8% Fibonacci retracement.
Areas of consideration:
- 4h 1st support at 1745.43
- 4h 1st resistance at 1782.17
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EUR/USD:
On the h4 chart , price is trading in a descending trendline. Price is near our first resistance level of 1.15870 which is also our Fibonacci projection of 50% and 78.6% retracement level. Price can potentially fail to break the first resistance level and dip back towards our first support of 1.153109. Alternatively, if price were to break our first resistance it might go to the 2nd resistance level of 1.1609 which is also our Fibonacci projection level of 100% and retracement level of 78.6%. Our short term bearish bias is further supported by our indicators where price is trading under our natural moving average and ichimoku cloud indicators.
Areas of considerations:
- 1st Resistance at 1.5870
- 1st support at 1.5309
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USD/CHF:
On the H4, price is seen to be reacting above the ascending trendline and price is right now in the middle of the 1st Resistance and 1st Support. We can expect price to bounce from the 1st Support in line with 100% Fibonacci Projection and previous swing low towards the 1st Resistance in line with 61.8% Fibonacci retracement and 100% Fibonacci projection.
Areas of consideration:
- Watch 1st Support at 0.92373
- Watch 1st Resistance at 0.93683
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GBP/USD:
On the H4 chart, price has recently bounce from the first support of 1.36024 and is hedging towards the first resistance of 1.37307 which is in level with our Fibonacci retracement of 78.6% and 100% Fibonacci Projection. Alternatively if price were to break our first support of 1.36024, price will dip towards our 2nd support which is in level with our 100% Fibonacci projection and 50% Fibonacci retracement. Our short term bullish bias is supported by our ichimoku cloud indicator as price is above it.
Areas of considerations:
- H4 first support 1.36024
- H4 first resistance 1.37307
- H4 second support 1.35326
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USD/JPY
ON the H4 timeframe, we can see that price is abiding by the ascending trendline, we can expect price to push up to the 1st Resistance in line with 127.2% Fibonacci retracement and 61.8% Fibonacci Projection and drop back down to the 1st Support level in line with 50% Fibonacci retracement and 61.8% Fibonacci projection. Our short-term bearish bias is further supported by the stochastic %K line where it is approaching the resistance level.
Areas of consideration:
- H4 1st resistance level 112.626
- H4 1st support level 111.584
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AUD/USD:
On the H4, price is seen to be holding below the descending trendline resistance, signifying a bearish momentum. Price is approaching the 1st resistance where price is in line with the descending trendline resistance, hence we can expect price to drop from 1st Resistance in line with 61.8% Fibonacci Retracement and 100% Fibonacci projection towards the 1st Support in line with 78.6% Fibonacci Projection and 61.8% Fibonacci Retracement. Our bearish bias is further supported by the RSI indicator where it is reaching the resistance level awaiting for a drop.
Areas of consideration:
- H4 1st resistance level 0.73454
- H4 1st support level 0.72230
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NZD/USD:
On the H4 timeframe, prices are on a bearish momentum. Prices have recently tested our bearish trendline several times and has the potential to bounce towards our 1st support at 0.68797 in line with 78.6% Fibonacci retracement and is a graphical swing low. Technical indicators are showing bearish momentum. Alternatively, if prices break our bearish trendline, it might climb towards our 2nd resistance at 0.68902 in line with 78.6% and 23.6% Fibonacci retracement.
Areas of consideration:
- H4 time frame, 2nd resistance at 69802
- H4 time frame, 1st support 0.68797
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USD/CAD:
On the H4, current price is moving below the ichimoku cloud suggesting a continuation of its bearish movement. Firstly, price may possibly head back to 1st resistance at 124977 in line with the 23.6% Fibonacci retracement which is closer to the existing descending trend line before falling to 1st support at 1.24216 in line with the 100% Fibonacci projection. Otherwise, without even retesting the 1st resistance, we may see price fall straight to 1st support from here.
Areas of consideration:
- H4 time frame, support at 1.24216
- H4 time frame, resistance at 1.24977
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OIL:
On the H4 timeframe, price is at 1st resistance at the 83.37 area in line with 61.8% Fibonacci projection and if it breaks the 1st resistance structure, we may see price head for 2nd resistance at 84.59 in line with the 127.2% fibonacci retracement and 78.6% Fibonacci projection. Otherwise, price may come back down to 1st support at 80.77 in line with the 61.8% fibonacci projection. Our bullish bias is supported by the ichimoku where price is moving nicely above its cloud.
Areas of consideration:
- H4 time frame, 1st resistance of 83.37
- H4 time frame, 1st support of 80.77
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Dow Jones Industrial Average:
On the H4, with a bullish bias, we may expect to see price head to 35033 in line with the 127.2% Fibonacci projection. Possibly even breaking structure at 1st resistance and heading for 2nd resistance at 35508 in line with another 127.2% Fibonacci retracement. Otherwise if price breaks structure at 1st support at 34685 in line with the 23.6% Fibonacci retracement, we may see further bearish movements to 2nd support at 34447 in line with the 50% Fibonacci retracement. Our bullish bias is supported by the ichimoku where price is moving above it.
Areas of consideration:
- 4H resistance at 35033
- 4H support at 34685
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