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DXY:
On the weekly, prices are consolidating in a parallel channel. We see potential for prices to dip from our 1st resistance at 95.843 which is an area of Fibonacci confluences towards our 1st support at 93.437 in line with 38.2% Fibonacci retracement. Technical indicators are showing potential for downside.
On the daily, prices are on a bullish momentum and abiding to a bullish trendline. We see potential for prices to dip from our 1st resistance at 95.412 which is an area of Fibonacci confluences towards 1st support at 94.618 in line with 127.2% Fibonacci extension. Technical indicators are showing potential for downside towards the ichimoku clouds.
On the H4 timeframe, prices are on a bullish momentum and abiding to a daily ascending trendline. We see the potential for prices to continue to climb towards our 1st resistance at 95.190 in line with 161.8% Fibonacci extension and 161.8% Fibonacci projection. Technical indicators are showing bullish momentum. Alternatively, prices might retest our 1st support at 94.538 which is a graphical overlap.
Areas of consideration:
- H4 time frame, 1st resistance at 95.471
- H4 time frame, 1st support at 94.715
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XAU/USD (GOLD):
On the weekly, prices have broken out of our triangle and have the potential to climb towards our 1st resistance at 1923.98 which is an area of Fibonacci confluences. Technical indicators are showing bullish momentum.
On the daily, prices are consolidating in a triangle. We see potential for prices to dip from our 1st resistance at 1863.36 in line with 200% and 127.2% Fibonacci extension towards our intermediate support at 1809.94 in line with 50% Fibonacci retracement. Technical indicators are showing potential for downside.
On the H4 chart, prices are abiding to our daily bearish trendline. We see potential for prices to dip from our 1st resistance at 1868.51 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension towards our 1st support at 1845.2 which is an area of Fibonacci confluences. Technical indicators are showing bearish momentum. Alternatively, breaking our 1st resistance will find prices climbing further towards our 2nd resistance at 1882.32 in line with 127.2% Fibonacci extension.
Areas of consideration:
- 4h 1st support at 1833.95
- 4h 1st resistance at 1867.89
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EUR/USD:
On the weekly chart price is trading in a bearish channel and is at the first support level of 1.14396 which is also 50% Fibonacci retracement and 100% Fibonacci projection. Price can potentially dip to the 2nd support level of 1.11772 of 61.8% projection. Our bearish bias is supported by the ichimoku cloud indicator as price is trading above it.
On the daily chart price is near the first support level of 1.14356 which is also 61.8% Fibonacci projection. Price can potentially do a short bounce to the first resistance level of 50% Fibonacci retracement and 100% Fibonacci projection. Our bullish bias is supported by technical indicators.
On the daily chart price is near the first support level of 1.14397 which is also the weekly support level. Price can potentially do a short bounce to the first resistance level of 1.15143 . Our bullish bias is supported by stochastic as it is near the support level.
Areas of consideration :
Weekly support – 1.14356
H4 first resistance – 1.15143
H4 2nd support – 1.14204
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USD/CHF:
On the Weekly timeframe, we can see that price is reacting at the 1st Support in line with 61.8% Fibonacci projection. We can expect the price to have a bullish movement towards 1st Resistance in line with 61.8% Fibonacci projection and 50% Fibonacci retracement. Our short-term bullish bias is further supported by the stochastic indicator where the %K line is abiding to the ascending trendline. On the Daily timeframe, price is in the middle and is likely to push higher towards the 1st Resistance in line with 61.8% Fibonacci projection.
In reference to yesterday’s analysis, price indeed bounced and hit our 1st resistance at 0.92487. On the H4 timeframe, we can see that price have broken out of the descending trendline resistance, signifying a bullish momentum. We can expect price to bounce from 1st Support in line with 23.6% Fibonacci retracement towards 1st Resistance in line with 78.6%Fibonacci retracement and 161.8% Fibonacci projection. Our bullish bias is further supported by the RSI indicator where it is abiding to the ascending trendline.
Areas of consideration:
- Watch 1st Support at 0.92033
- Watch 1st Resistance at 0.92487
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GBP/USD:
On the weekly chart , price is trading in a downward channel and near the first support of 1.33604 which is also 61.8% Fibonacci retracement and can potentially go to the first resistance of 1.42470 which is 78.6% Fibonacci projection and 61.8% Fibonacci retracement . The first resistance is also the graphical swing high level.
On the daily chart, price is trading in a descending channel and is near the first support level of 1.32844 which is 100% Fibonacci projection and 61.8% Fibonacci retracement. Price can bounce from the first support to the first resistance of 1.36983 which is 78.6% Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is supported by a stochastic indicator as it is near support level.
On the H4 chart, price iis trading in a descending trendline and near the first resistance level of 1.34204 which is also 78.6% Fibonacci projection and 23.6% Fibonacci retracement. Price can potentially dip to the first support level of 1.3310 which is our 100% Fibonacci projection and 61.8% Fibonacci retracement. Our bearish bias is supported by the ichimoku cloud indicator.
Areas of consideration:
H4 first resistance – 1.34204
H4 first support – 1.33100
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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 Support. We can now expect price to drop from 1st Resistance in line with the previous swing high. Our short-term bearish bias is further supported by the stochastic indicator where the %K line is approaching the resistance.
On the H4 timeframe, price broke out of the descending trendline resistance, signifying a bullish momentum. We can expect price to bounce from 1st Support in line with descending trendline resistance turned support towards the 1st resistance in line with 127.2% FIbonacci retracement. Our bullish bias is further supported by the MACD indicator where the MACD line crossed above the signal line.
Areas of consideration:
- H4 1st resistance level 114.628
- H4 1st support level 114.061
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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, we can see that price broke past the ascending trendline support, signifying a bearish trend momentum. However, we can expect a short-term bullish bounce from the 1st Support in line with 100% Fibonacci projection and 78.6% Fibonacci retracement towards 1st Resistance in line with 23.6% Fibonacci retracement. Our short-term bullish bias is further supported by the stochastic indicator where the %K line bounced at the support level.
Areas of consideration:
- H4 1st resistance level 0.73552
- H4 1st support level 0.72523
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NZD/USD:
On the weekly, prices are on a bullish momentum. We see potential for a bounce at 1st support at 0.69794 in line with 23.6% Fibonacci retracement towards 1st resistance at 61.8% Fibonacci retracement. Technical indicators are showing bullish momentum. Alternatively, if prices break our 1st support, we might find it dipping towards our 2nd support at 0.69794 in line with 61.8% and 78.6% Fibonacci retracement.
On the daily, prices are consolidating in a channel. We see potential for prices to dip from our 1st resistance at 0.70388 towards our 1st support at 0.69147 in line with 78.6% Fibonacci retracement and 100% Fibonacci extension. As technical indicators are showing mixed signals, we prefer to remain neutral for now.
On the H4 timeframe, prices are on a bearish momentum. We see potential for prices to dip towards our 1st support at 0.69824. If prices breaks our 1st support, prices can potentially dip further towards our 2nd support at 0.69166 in line with 78.6% Fibonacci retracement and 100% Fibonacci retracement.
Areas of consideration:
- H4 time frame, 1st resistance at 0.70263
- H4 time frame, 1st support at 0.69824
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USD/CAD:
On the Weekly timeframe, price is testing and reacting below long term moving average and also 61.8% Fibonacci retracement level at 1.25969. 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 1.20290 in line with our horizontal swing low support. Alternatively, it may break 1st resistance and head for 2nd resistance at 1.29764 in line with the 38.2% Fibonacci retracement.
On the Daily, price has been testing our 1st resistance at 1.25972 in line with the 50% and 61.8% Fibonacci retracement and graphical overlap resistance. With price moving below our ichimoku indicator, we have a bearish bias that price may possibly break 1st support at 1.24378 in line with 50% Fibonacci retracement and head for 2nd support at 1.23124 in line with the 127.2% Fibonacci projection and graphical swing low support. Alternatively, it may rise to 1st resistance at 1.24092 in line with our graphical overlap resistance.
On the H4, with price approaching resistance on the stochastics indicator and the graphical resistance at 1.26028 in line with the 61.8% Fibonacci retracement at 1st resistance, we have a bearish bias that price will to 1st support at 1.24935 in line with the graphical swing overlap support and 38.2% Fibonacci retracement and possibly to 2nd support at 1.24100 in line with the horizontal swing low support and 61.8% Fibonacci retracement. Alternatively, we may see price break 1st resistance structure and head for 2nd resistance at 1.257083 in line with the 100% Fibonacci projection level and horizontal overlap resistance.
Areas of consideration:
- H4 time frame, support at 24935
- H4 time frame, resistance at 24935
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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 ichimoku cloud, we are likely to see price move further up to the 1st resistance at 82.5 in line with the 127.2% and 161.8% Fibonacci extension and possibly to 2nd resistance at 92.76 in line with the 161.8% Fibonacci retracement from 1st support at 79.3 in line with 38.6% Fibonacci retracement. Otherwise it may head to 2nd support first at 75.70 in line with the 50% Fibonacci retracement.
On the H4 timeframe,with price bouncing off the stochastics support level, we are expecting a bullish rise to our 1st resistance at 83.86 in line with the 50% Fibonacci retracement level from 1st support at 82.48 in line with our horizontal overlap support, 78.6% Fibonacci retracement level. Alternatively, price may break 1st support and head for 2nd support at 80.23 in line with our 127.2% Fibonacci projection levels.
Areas of consideration:
- H4 time frame, 1st resistance of 86
- H4 time frame, 1st support of 48
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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 37350 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 35492 in line with the 78.6% Fibonacci retracement and horizontal overlap support from 1st resistance at 36452 in line with our horizontal swing high resistance. Alternatively, price may break 1st resistance and head for 2nd resistance at 37021.
On the H4, with price testing the support on the ichimoku cloud and the horizontal swing low support at 1st support in line with the 61.8% Fibonacci retracement at 35910, we are biased that price will rise from here to 1st resistance at 36572 in line with 61.8% and 100% Fibonacci projection. Alternatively, we may see price break 1st support and head for 2nd support at 35538 in line with graphical swing low.
Areas of consideration:
- 4H resistance at 36572
- 4H support at 35910
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