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Monday 01st November: Technical Outlook and Review

Elan Posh 0

DXY:

On the H4 timeframe, prices have broken out of our channel and are on a bullish momentum. We see potentially a slight pullback towards our intermediate support at 94.054 in line with our 23.6% Fibonacci retracement and higher towards our 1st resistance at 94.220 in line with 38.2% Fibonacci retracement. Technical indicators are showing bullish momentum. Alternatively, breaking our 1st resistance may find prices climbing higher towards our 2nd resistance at 94.765 in line with 127.2% and 61.8% Fibonacci retracement which is a daily resistance.

Areas of consideration:

  • H4 time frame, 1st resistance at 94.220
  • H4 time frame, intermediate support at 93.735

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XAU/USD (GOLD):

On the H4 chart, prices have recently broken our triangle and are on a bearish momentum. We see the possibility of prices dipping from our intermediate resistance at 1786.47 in line with 38.2% Fibonacci retracement towards our 1st support at 1776.66 in line with 127.2% Fibonacci extension and 38.2% Fibonacci retracement. Technical indicators are showing bearish momentum. Alternatively, if prices break our intermediate resistance, we might find it retesting our bullish trendline and 1st resistance at 1800.52 in line with 78.2% Fibonacci retracement.

Areas of consideration:

  • 4h 1st support at 1776.66
  • 4h intermediate resistance at 1786.34
  • 4h 1st resistance at 1800.52

 

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EUR/USD:

On the H4 chart , price is near the graphical swing low level of 1.15247. Price can potentially bounce from the first support to the first resistance level of 1.16178 which is also 50% Fibonacci retracement and 78.6% Fibonacci projection .  Our bullish bias is supported by stochastic as it is currently near its support level.  Alternatively if price were to break the first resistance, it can potentially go to the 2nd resistance of 1.16601 which is 78.6% Fibonacci projection and 127.2% Fibonacci retracement .

Areas of consideration :

1st support – 1.15247

1st resistance – 1.16178

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USD/CHF:

In reference to last week’s analysis, the price indeed bounced up to the 1st resistance. On the H4 timeframe, price is abiding to the descending trendline resistance, signifying a bearish continuation. We can expect price to drop from 1st resistance in line with 23.6% Fibonacci retracement and 78.6% Fibonacci projection towards the 1st Support in line with 61.8% Fibonacci projection and 78.6% Fibonacci retracement. Our bearish bias is further supported by the Ichimoku cloud acting as a strong resistance.

Areas of consideration:

  • Watch 1st Support at 0.91039
  • Watch 1st Resistance at 0.91717

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GBP/USD:

On the 4h chart price is near the first support level of 1.36726 which is 38.2% Fibonacci retracement and 161.8% Fibonacci projection. Price can potentially bounce from here to the first resistance level of 1.38139 which is also 78.6% projection. Our bullish bias is supported by the stochastic indicator which shows that it is near support level. Alternatively if price were to break the first support, it can potentially dip to the 2nd support level which is in line with 50% Fibonacci retracement level and 61.8% Fibonacci projection.

 

Areas of consideration :

1st support – 1.36726

1st resistance – 1.38139

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USD/JPY

On the H4 timeframe, price broke out of the ascending trendline support showing an overall bearish momentum. We are expecting price to drop from the 1st resistance in line with 100% Fibonacci projection towards the 1st Support in line with -27.2% Fibonacci extension, 38.2% Fibonacci projection and 100% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %K line touched the resistance level.

Areas of consideration:

  • H4 1st resistance level 114.203
  • H4 1st support level 113.242

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AUD/USD:

On the H4, in reference to last week’s analysis, price indeed dropped down to the 1st Support at 0.75053. We can expect the price to drop from 1st support in line with 50% Fibonacci retracement and 61.8% Fibonacci projection towards 1st Resistance in line with horizontal swing high. Our bullish bias is further supported by the ascending trendline support and the Ichimoku cloud acting as a strong support.

Areas of consideration:

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

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NZD/USD:

On the H4 timeframe, prices are on a bullish momentum and are currently hovering around our 1st support at 0.71565 in line with 50% Fibonacci retracement. 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. Alternatively, prices might dip towards our 2nd support at 0.70874 in line with 38.2% and 50% Fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance at 0.72185
  • H4 time frame, 1st support at 0.71565

 

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USD/CAD:

On the H4, with price on a downwards trend on the RSI indicator and showing that it is respecting the RSI trend line’s resistance, we are expecting to see price dip from 1st resistance at 1.23996 in line with the 78.6% Fibonacci retracement  to 1st support at 1.23571 in line with the 50%  Fibonacci retracement levels and possibly even 2nd support at 1.23423 in line with the 61.8% Fibonacci retracement levels. Alternatively, we may see price break 1st resistance structure and head for 2nd resistance at 1.24276 in line with our horizontal swing high resistance.

Areas of consideration:

  • H4 time frame, support at 23571
  • H4 time frame, resistance at 23996

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OIL:

On the H4 timeframe,with price recently breaking the ichimoku structure to the bearish side, we are expecting to see price dip to 1st support at 82.49 in line with our last horizontal swing low support and possible our 2nd support at 81.26 in line with our 161.8% Fibonacci extension levels. Alternatively, price may rise to 1st resistance 84.62 in line with our last horizontal swing resistance and dip from there to 1st support.

Areas of consideration:

  • H4 time frame, 1st resistance of 62
  • H4 time frame, 1st support of 49

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Dow Jones Industrial Average:

On the H4, price has broken the last horizontal swing high structure, making a new support at 35893. As long as price stays above this support, backed by the ichimoku indicator where it is showing more bullish momentum, we are expecting to see price head for 1st resistance at 36050 in line with the 127.2% and 61.8% Fibonacci extension levels, making a new high. Otherwise, we may see price dip from here to 1st support or possibly even 2nd support at 35808 in line with the 38.2% Fibonacci retracement level.

Areas of consideration:

  • 4H resistance at 36050
  • 4H support at 35893

 

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