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Friday 5th November: Technical Outlook and Review

Elan Posh 0

Our Daily Market Analysis is a multi-layered approach to identifying the highest probability price patterns for a broad range of financial instruments including NYSE, NASDAQ, AMEX, Options, and Futures. Our proven formula identifies major momentum breaks, anticipates reversals, and defines the potential for significant future price movement. The Daily Market Analysis also includes our proprietary indicators which better identify entry opportunities and improve your ability to make profitable decisions.

DXY:

On the weekly timeframe, prices are consolidating in a bullish channel. We see the potential for prices to climb higher towards our 1st resistance at 94.742 in line with the 127.2% Fibonacci extension. Technical indicators are showing bullish momentum. Alternatively, if prices retest our intermediate support at 93.535, it might reverse towards our 1st support at 92.090 in line with 50% Fibonacci retracement.

On a daily, prices are on bullish momentum. We see the potential for a small pullback from our 1st resistance at 94.742 in line with 127.2% Fibonacci extension towards our 1st support at 93.437 which is an area of Fibonacci confluences and in line with our ascending trendline before prices climb further. Technical indicators are showing bullish momentum.

On the H4 timeframe, prices are on bullish momentum. Prices to retest our intermediate support at 94.133 in line with 50% Fibonacci retracement and watch the level for any potential reversals. Technical indicators are showing bullish momentum. If prices break our intermediate support at 94.133, it might dip towards our 1st support at 93.826.

Areas of consideration:

  • H4 time frame, 1st resistance at 94.542
  • H4 time frame, intermediate support at 94.133

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XAU/USD (GOLD):

On the Weekly, prices are consolidating in a triangle and are currently testing at our intermediate resistance. Prices have the potential to dip from our intermediate resistance in line with 61.8% Fibonacci retracement towards our 1st support at 1669.45 in line with 50% and 61.8% Fibonacci retracement. Technical indicators are showing bearish momentum. Alternatively, prices might climb towards our 1st resistance at 1923.98 in line with 50% and 61.8% Fibonacci retracement.

On the Daily, prices have recently reversed off our intermediate resistance at 1796.05 in line with 61.8% Fibonacci retracement. As technical indicators are showing mixed signals, we prefer to remain neutral for now.

On the H4 chart, prices have recently broken our triangle and are hovering in the middle of our 1st support at 1786.45 and 1st resistance at 1808.59. As technical indicators are showing mixed signals, we prefer to remain neutral for now.

Areas of consideration:

  • 4h 1st support at 1786.45
  • 4h 1st resistance at 1808.59

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EUR/USD:

On the weekly chart, the price is near the first support level of 1.14505 which is also 50% Fibonacci retracement and 127.2% Fibonacci projection. Price can potentially bounce from the first support to the first resistance level of 1.18967 which is 50% Fibonacci retracement and 61.8% Fibonacci projection. Our bullish bias is supported by technical indicators.

On the daily chart, the price is at the first support level of 1.15439 which is also 161.8% Fibonacci projection and 50% Fibonacci retracement. If the price were to break the first support level, it can potentially dip to the 2nd support level of 1.141 which is 78.6% Fibonacci retracement. Our bearish bias is supported by the Ichimoku cloud indicator as the price is trading under it.

On the daily chart, the price has recently bounced from the first support level of 1.15378 which is also the graphical swing low level. Price can potentially go up to the first resistance level of 1.15770 which is 23.6% Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is supported by the stochastic indicator as it is near the support level.

 

Areas of consideration :

H4 1st support – 1.15378

H4 2nd support – 1.5243

H4 1st resistance  – 1.15770

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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 by 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 the 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 timeframe,  price is now abiding by a descending trendline resistance, signifying bearish momentum. We can now expect the price to make a drop from the 1st resistance in line with 78.6% Fibonacci retracement and 78.6 % Fibonacci projection towards the 1st Support in line with 78.6% Fibonacci projection. Our bearish bias is further supported by the RSI indicator where it is at the descending trendline resistance.

Areas of consideration:

  • Watch 1st Support at 0.90909
  • Watch 1st Resistance at 0.91522

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GBP/USD:

On the weekly chart, the price is hovering near the first support level of 1.34691 which is 23.6% Fibonacci retracement. Price can potentially bounce from first support level to first resistance of 1.42417 which is also 78.6% Fibonacci projection and 50% Fibonacci retracement. Our bullish bias is further supported by the Ichimoku cloud indicator.

On the daily chart, the price is trading in a descending trendline and is near the first support level of 1.34147 which is also 50% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially bounce from the first support level to that of the first resistance of 1.36648 which is also 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Our bullish bias is supported by a stochastic indicator as it is near the support level.

On the H4 chart, the price is at the first support level of 1.34835 which is a 78.6% Fibonacci retracement level. Price can potentially dip to the 2nd support level of 1.34116 which is also the graphical swing low level.  Our bullish bias is supported by the Ichimoku cloud indicator and EMA as the price is trading below it.

Areas of consideration:

H4 first support – 1.34835

H4 first resistance  – 1.35299

H4 second support – 1.34116

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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, about last week’s analysis, price indeed dropped from the 1st Resistance in line with 127.2% Fibonacci projection and weekly resistance. We are expecting the 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 is currently reacting in a triangle and a bullish pennant pattern. We can expect the price to bounce from 1st support in line with 88% Fibonacci retracement and 78.6% Fibonacci projection towards the 1st Resistance level in line with 61.8% Fibonacci projection. Our short-term bullish bias is further supported by RSI approaching the support level.

Areas of consideration:

  • H4 1st resistance level 114.024
  • H4 1st support level 113.613

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AUD/USD:

About last week’s analysis, on the weekly, price indeed dropped from the 1st Resistance in line with 61.8% Fibonacci projection and 127.2% Fibonacci retracement towards the 1st support in line with 127.2% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is further supported by the RSI indicator abiding by a descending trendline… On the Daily, the price is at the 1st Resistance, we can expect the 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. Our bearish bias is further supported by the stochastic indicator where the %K line dropped from the resistance level.

On the H4, we can see that price broke past the ascending trendline support, signifying a bearish trend momentum. We can expect the price to make a short-term bullish bounce from the 1st Support in line with the 50% Fibonacci retracement and 61.8% Fibonacci projection towards the 1st Resistance in line with 50% Fibonacci retracement. Our short-term bullish support is further supported by a stochastic indicator where the %K line is at the support level.

Areas of consideration:

  • H4 1st resistance level 0.74581
  • H4 1st support level 0.73815

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NZD/USD:

On the weekly, prices are consolidating in a triangle and have recently reversed off our intermediate resistance at 0.71984 in line with 61.8% Fibonacci retracement. We see the potential for prices to dip towards our 1st support at 0.69154 in line with 23.6% Fibonacci retracement. Technical indicators are showing bearish momentum.

On a daily, prices are consolidating in a bullish channel. We see potential prices to bounce at our 1st support at 0.70371in line with 50%, 61.8% Fibonacci retracement, and 200% Fibonacci projection. Technical indicators are showing bullish momentum.

On the H4 timeframe, prices have recently tested our 1st support at 0.70794 which is an area of Fibonacci confluences and has the potential for further dips towards our 2nd support at 0.70237 in line with 61.8% Fibonacci retracement and 161.8% Fibonacci extension. Technical indicators are showing bearish momentum.

Areas of consideration:

  • H4 time frame, 1st resistance at 0.72052
  • H4 time frame, 1st support at 0.70794

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USD/CAD:

On the Weekly timeframe, the 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, the 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 the price moving below our moving average and Ichimoku indicator, we have a bearish bias that price may 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 price approaching both our graphical swing high resistance and the resistance on the stochastics indicator, we are expecting to see a price dip from 1st resistance at 1.24667 in line with the 127.2% Fibonacci extension to 1st support at 1.24319  in line with the 23.6%  Fibonacci retracement levels and graphical overlap resistance and possibly to our 2nd support at 1.24077 in line with the 38.6 Fibonacci retracement and graphical overlap support. Alternatively, we may see a price break structure at 1st resistance and head for  2nd resistance at 1.24964 in line with our graphical swing high resistance.

Areas of consideration:

  • H4 time frame, support at 24319
  • H4 time frame, resistance at 24667

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OIL:

On the Weekly timeframe, we are likely to see prices drop from the 1st resistance at 86.26 in line with the 127.2% Fibonacci retracement to 1st support at 77.77. Otherwise, the 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 the price is holding above the moving average, we are likely to see the 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 moving below the Ichimoku cloud, we are expecting a bearish continuation from our 1st resistance at 82.51 in line with the 50% Fibonacci retracement level to 1st support at 80.18 in line with our horizontal swing low support and 127.2% Fibonacci extension level and possibly our 2nd support at 78.97 in line with our 161.8% Fibonacci extension levels and graphical swing low support. Alternatively, the price may break the 1st resistance structure and head for the 2nd resistance at 83.92 which is in line with our swing high resistance.

Areas of consideration:

  • H4 time frame, 1st resistance of 14
  • H4 time frame, 1st support of 37

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Dow Jones Industrial Average:

On the Weekly, the 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 from 1st resistance at 36124 in line with the 127.2% Fibonacci extension and the 161.8% Fibonacci extension level and horizontal overlap support to 1st support at 35492 in line with our 61.8% Fibonacci retracement. Alternatively, the price may break the 1st resistance structure and head for 2nd resistance at 37021 in line with the weekly resistance.

On the H4, with price approaching the resistance of the stochastics indicator indicating a reversal, we are biased that price will dip from 1st resistance at 36148  in line with two 161.8% Fibonacci extension level and 61.8% Fibonacci projection level to 1st support at 35975 in line with the 61.8% Fibonacci retracement level. Alternatively, we may see price break 1st resistance and head for 2nd resistance at 36276 in line with 127.2% Fibonacci extensions and 100% Fibonacci projection.

Areas of consideration:

  • 4H resistance at 36148
  • 4H support at 35975

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Buy Sell 


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Daily Super Signals (Hit Take Profit targets: TP1 is 100% accurate, TP2 is 100% accurate, TP3 is 85% accurate)

 

 

 

 


 
 
 
 

Buy Sell 


United States's wealthiest traders share their secret trading strategy in the Extreme FX Wealth eBook. Register now and download! 

0.0 pips spreads | 500:1 leverage

Daily Super Signals (Hit Take Profit targets: TP1 is 100% accurate, TP2 is 100% accurate, TP3 is 85% accurate)

 

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