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What To Trade Today: Friday 29th October: Technical Outlook and Review

Elan Posh 0

DXY:

On the weekly, prices are consolidating in a parallel channel. We see prices testing at our intermediate resistance at 93.535 and has the potential to climb higher towards our 1st resistance at 94.742 in line with 127.2% Fibonacci extension. Technical indicators are showing bullish momentum. Alternatively, breaking our channel might find prices dipping towards our 1st support at 92.090 in line with 50% Fibonacci retracement.

On the daily, prices are on a bullish momentum. Prices are currently testing our 1st support at 93.394 which is an area of Fibonacci confluences and ascending trendline and has the potential to bounce towards our 1st resistance at 94.579 in line with 100% Fibonacci retracement. Technical indicators are showing bullish momentum. Alternatively, breaking the bullish trendline might find prices dipping further towards our 2nd support at 92.809 which is a graphical overlap.

On the H4 timeframe, prices are consolidating in a bearish channel. We see potential for further downside towards our 1st support at 93.221 which is an area of Fibonacci confluences. Technical indicators are showing bearish momentum. Alternatively, prices might retest our 1st resistance at 93.493 in line with 23.6% Fibonacci retracement before dipping again.

Areas of consideration:

  • H4 time frame, 1st resistance at 93.493
  • H4 time frame, 1st support at 93.221

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XAU/USD (GOLD):

On the weekly, prices are consolidating in a triangle and testing our intermediate resistance at 1786.99 and has the potential to dip further towards our 1st support at 1669.45 which is an area of Fibonacci confluences. Technical indicators are showing bearish momentum.

On the daily, prices are on a bullish momentum and are testing our intermediate resistance at 1797.13. We see potential for further upside towards our 1st resistance at 1832.15 in line with 78.6% and 100% Fibonacci retracement. Technical indicators are showing bullish momentum.

On the H4 chart, prices are consolidating in a triangle and are experiencing a squeeze at our intermediate resistance at 1797.13 in line with 61.8% Fibonacci retracement. As technical indicators are showing mixed signals right now, we prefer to remain neutral for now.

Areas of consideration:

  • 4h 1st support at 1784.4
  • 4h intermediate resistance at 1797.13
  • 4h 1st resistance at 1808.59

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EUR/USD:

On the weekly chart price has recently bounced from the first support level of 1.14505 which is also 127.2% Fibonacci projection and 50% Fibonacci retracement. Price can then potentially go to the first resistance of 1.18967 which is 50% Fibonacci  Retracement and 61.8% Fibonacci projection. Our bullish bias is supported by the stochastic indicator may price may reverse off it.

On the daily chart price is near the first resistance of 1.17511 which is 100% Fibonacci projection . Price may react off it and dip to the first support level of 1.15256 which is 161.8% Fibonacci projection and 50% Fibonacci retracement. Our bearish bias is supported by the ichimoku cloud indicator as price is trading under it.

On the H4 chart, price is at the first resistance of 1.16848 which is 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Price can potentially reverse from that level dipping to the first support level of 1.16227 which is 38.2% Fibonacci retracement and 78.6% Fibonacci projection Our bearish bias is supported by the stochastic indicator as it is currently on resistance level.

Areas of consideration:

H4 first resistance – 1.16848

H4 first support – 1.16227

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USD/CHF:

On the weekly, price is holding above ascending trendline support however, it is also at the descending trendline resistance, price might bounce up and push towards the descending trendline resistance as the stochastic indicator showing %K line abiding to the ascending trendline support. Price is also between 1st resistance at 0.95124 and 1st support at 0.90262. Traders should watch these levels closely for a break to see prices swing higher or drop lower. On the Daily, price is seen to have a short-term bullish momentum. We can expect price to bounce off from the 1st Support in line with 100% Fibonacci projection and ascending trendline support. Our short-term bullish bias is further supported by the stochastic indicator where the %K line bounced off at the support level.

On the H4, price is seen to be at the daily support level. We can expect the price to bounce towards the 1st resistance in line with 23.6% Fibonacci retracement and 100% Fibonacci projection. Our short-term bullish bias is further supported by the stochastic indicator where the %K line bounced off at the support level.

Areas of consideration:

  • Watch 1st Support at 0.91039
  • Watch 1st Resistance at 0.91887

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GBP/USD:

On the weekly chart price has recently bounced off the first support level of 1.35319 which is also 23.6% Fibonacci retracement. Price can potentially rise to 1.42417 which is 78.6% Fibonacci projection and 50% Fibonacci retracement. Our bullish bias is supported by the ichimoku cloud indicator as the price is trading above it.

On the daily chart, price is trading between first support and first resistance level.  However Stochastic recently showed a divergence and price can potentially dip to the first support level of 1.36648 which is also 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is supported by the stochastic indicator.

On the daily chart, price has recently broken out from the ascending channel and has retested at the first resistance level of 1.38072. Price can potentially dip to the first support level of 1.37201 which is also 23.6% Fibonacci retracement and 78.6% Fibonacci projection. Our bearish bias is supported by RSI as price may reverse off the resistance level.

 

Areas of consideration :

H4 1st support – 1.37201

H4 first resistance – 1.38072

 

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USD/JPY

On the Weekly timeframe, we can see that price is approaching the 1st resistance in line with horizontal swing highs and 127.2% FIbonacci Retracement and 161.8% Fibonacci Projection. We can expect the price to drop from the 1st Resistance towards the 1st Support in line with 61.8% Fibonacci projection and 50% Fibonacci retracement. Our short-term bearish momentum is further supported by the stochastic %K line holding below the descending trendline resistance and bearish divergence spotted. On the Daily timeframe, in reference to last week’s analysis, price indeed dropped from the 1st Resistance in line with 127.2% Fibonacci projection and weekly resistance. We are expecting price to push further down to the 1st Support in line with 127.2% Fibonacci projection and 61.8% Fibonacci retracement. Our short-term bearish bias is further supported by the stochastics %K line that touched the resistance level and dropped.

On the H4 timeframe, price broke out of the ascending trendline support showing an overall bearish momentum, however, we can expect price to make a small bounce to the 1st Resistance in line with 61.8% Fibonacci projection due to the strong 1st Support in line with 23.6% Fibonacci retracement and 78.6% Fibonacci projection, where price tested many times and failed to break through. Our short-term bullish bias is further supported by the RSI indicator where it bounced off at the support level.

Areas of consideration:

  • H4 1st resistance level 113.898
  • H4 1st support level 113.242

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AUD/USD:

On the weekly, price is  the 1st Resistance in line with price is expected to push towards the 1st support in line with previous swing low. Our bearish bias is further supported by the RSI indicator abiding to a descending trendline. On the Daily, the price is at the 1st Resistance, we can expect price to drop fromrish bias is further supported by the RSI indicator abiding to a descending trendline. On the Daily, the price is at the 1st Resistance, we can expect price to drop from there in line with 61.8% Fibonacci retracement and 100% Fibonacci projection towards the 1st Support in line with 61.8% Fibonacci projection and previous swing low.

On the H4, in reference to yesterday’s analysis, price indeed pushed up to 1st Resistance. We can expect the price to drop from 1st Resistance in line with 78.6% FIbonacci projection towards 1st Support in line with 61.8% Fibonacci projection and 50% Fibonacci retracement. Our short-term bearish bias is further supported by the RSI indicator where it is approaching the resistance level.

Areas of consideration:

  • H4 1st resistance level 0.75479
  • H4 1st support level 0.75053

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NZD/USD:

On the weekly, prices are on a bullish momentum. We see prices currently testing our intermediate resistance at 0.71821 in line with 61.8% Fibonacci retracement. Technical indicators are showing bullish momentum. Alternatively, a trend reversal might find prices moving towards our 1st support at 0.67721.

On the daily, prices are consolidating in a parallel channel. We see the potential for prices to make a pullback towards our 1st support at 0.71028 in line with 38.2% Fibonacci retracement. Technical indicators are showing bullish momentum.

On the H4 timeframe, prices are on a bullish momentum. We see the potential for prices to climb higher towards our 1st resistance at 0.72185 in line with 100% Fibonacci extension.Technical indicators showing bullish momentum.

Areas of consideration:

  • H4 time frame, 1st resistance at 0.72185
  • H4 time frame, 1st support at 0.71702

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USD/CAD:

On the Weekly timeframe, price tested and reacted below long term moving average and also both 38.2% Fibonacci retracement level at 1.29764. As long as the price is holding below this level, we could potentially see the price facing further bearish pressure in the long term or at least to 1st support at 1.2090 in line with our horizontal swing low support.

On the Daily, price has been testing our 1st support at 1.22887 in line with 127.2% Fibonacci extension and graphical overlap support for a few days. With price moving below our moving average and ichimoku indicator, we have a bearish bias that price may possibly break 1st support and head for 2nd support at 1.22101 in line with the 78.6% Fibonacci retracement and graphical overlap support. Alternatively, it may rise to 1st resistance at 1.24092 in line with our graphical overlap resistance.

On the H4, with stochastics bouncing off support, we are expecting to see price climb to 1st resistance at 1.23743 in line with the graphical overlap resistance from 1st support at 1.23304 in line with the 61.8% Fibonacci retracement and confluent to our graphical swing low support. Price may break 1st resistance and head for 2nd resistance at 1.24018. Alternatively, it may break 1st support and head for 2nd support at 1.24018  in line with 78.6% Fibonacci retracement

Areas of consideration:

  • H4 time frame, support at 23304
  • H4 time frame, resistance at 23743

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OIL:

On Weekly timeframe, we are likely to see price drop from the 1st resistance at 86.26 in line with the 127.2% Fibonacci retracement to 1st support at 77.77. Otherwise, price may break 1st resistance and make a new high at 2nd resistance at 96.36. Our bearish bias can be supported by the resistance on the stochastic indicator.

On the Daily timeframe, as price is holding above the moving average, we are likely to see price move further up to the 2nd resistance at 92.76 in line with the 161.8% Fibonacci retracement. Otherwise it may head to 1st support first at 79.30 in line with the 38.2% Fibonacci retracement.

On the H4 timeframe,with price approaching the stochastic trend line, we are expecting to see price drop from 1st resistance at 85.34 in line with the 78.6% Fibonacci retracement to 1st support at 82.49 in line with graphical swing low support. Alternatively, we may see price break 1st resistance and rise to 2nd resistance at 86.49 in line with the horizontal swing high resistance.

Areas of consideration:

  • H4 time frame, 1st resistance of 76
  • H4 time frame, 1st support of 49

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Dow Jones Industrial Average:

On the Weekly, price has been trading sideways between our 1st support at 37270 in line with the 23.6% Fibonacci retracement and 1st resistance at 37021 in line with a 161.8% Fibonacci extension and 100% Fibonacci projection. As there are no good risk reward levels, we prefer to remain neutral at this current juncture.

On the Daily chart, with stochastic showing that price has reached a resistance, we are expecting to see price fall to 1st support at 35079 in line with the 38.2% Fibonacci retracement and horizontal overlap support  from 1st resistance at 35844 in line with our 161.8% Fibonacci extension. Do take note that it may just fall to the intermediary support at 35492 and rise up from there to 1st resistance.

On the H4, with price bouncing off the ascending trendline on the stochastic indicator, we are expecting for price to rise to 1st support at 35635 in line with 50% Fibonacci retracement to 1st resistance at 35796 in line with the 78.6% Fibonacci retracement confluence to graphical swing high resistance and possibly rise to 2nd resistance in line with the higher swing high resistance at 35893. Alternatively, we may see price break 1st support and head for 2nd support at 35575 in line with the 78.6% Fibonacci retracement.

Areas of consideration:

  • 4H resistance at 35796
  • 4H support at 35635

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