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Tuesday 16th November: Technical Outlook and Review

Elan Posh 0

 

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DXY:

On the H4 timeframe, prices are on a bullish momentum. Prices are hovering in between our 1st resistance at 95.471 in line with 127.2%, 200% and 161.8% Fibonacci extension and 1st support at 94.715 in line with 50% Fibonacci retracement. As technical indicators are not showing clear indications, we prefer to remain neutral for now.

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 H4 chart, prices have recently broken out of our ascending trendline and are on bullish momentum. We see potential for prices to climb higher to our 1st resistance at 1869.08. Technical indicators are showing bullish momentum. Alternatively, prices may dip to our 1st support at 1858.67 in line with 23.6% Fibonacci retracement and

Areas of consideration:

● 4h 1st support at 1858.67

● 4h 1st resistance at 1869.08

 

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EUR/USD:

On the H4 chart, price is nearing the first support level of 1.13436 which is also the graphical overlap support level. Price can potentially head to the first resistance level of 1.14629 which is also 61.8% Fibonacci projection and 23.6% Fibonacci retracement. Our bullish bias is supported by the stochastic indicator as it is near support level.

Areas of consideration :

H4 first support – 1.13436

H4 first resistance – 1.14629

 

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 USD/CHF:

In reference to yesterday’s analysis, the 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.However, we can expect price to make a small retracement, and make a drop from 1st Resistance in line with 127.2% FIbonacci retracement towards 1st Support in line with 127.2% Fibonacci projection and 50% Fibonacci retracement. Our short-term bearish bias is further supported by the stochastic indicator where the%K line dropped from the resistance level.

Areas of consideration:

● Watch 1st Support at 0.91858

● Watch 1st Resistance at 0.92487

 

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 GBP/USD:

On the H4 chart, price is trading in a descending trendline. Price is near the first resistance level of 1.34406 which is also 23.6% Fibonacci retracement and 61.8% Fibonacci projection. Price can potentially dip to the first support level of 1.33538 which is also the graphical swing low. Our bearish bias is supported by stochastic indicator as it is near resistance and price is trading below the Ichimoku cloud.

Areas of consideration:

H4 first resistance – 1.34406

H4 first support 1.33538

 

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 USD/JPY:

On the H4 timeframe, price is currently reacting at a horizontal resistance, hence we can expect price to make a short-term bearish drop. We can expect price to drop from 1st Resistance in line with 78.6% Fibonacci retracement towards the 1st Support in line with 100% Fibonacci projection and 38.2% Fibonacci retracement. Our bearish bias is further supported by the stochastic indicator where %K line is approaching the resistance level.

Areas of consideration:

● H4 1st resistance level 114.290

● H4 1st support level 113.752

 

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 AUD/USD:

On the H4, we can see that price is abiding to the descending trendline resistance, signifying a bearish momentum. We can expect price to drop from 1st Resistance in line with 127.2% Fibonacci projection towards the 1st Support in line with the previous swing low and 61.8% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the%K line is approaching the resistance level and price holding below ichimoku cloud.

Areas of consideration:

● H4 1st resistance level 0.73652

● H4 1st support level 0.72796

 

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 NZD/USD:

On the H4 timeframe, prices are on a bullish momentum. We see potential for prices to climb from our 1st support at 0.70485 in line with 50% Fibonacci retracement towards our 1st resistance at 0.70794 which is an area of Fibonacci confluences. Technical indicators are showing bullish momentum. If prices break our 1st support, prices can potentially dip further towards our 2nd support at 0.70103 in line with 61.8% Fibonacci retracement and 161.8% Fibonacci extension.

Areas of consideration:

● H4 time frame, 1st resistance at 0.70794

● H4 time frame, 1st support at 0.70485

 

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 USD/CAD:

On the H4, with price moving above our ichimoku cloud, we have a bullish bias that price will bounce from 1st support at 1.24935 in line with the graphical swing overlap support and 38.2% Fibonacci retracement to our 1st resistance at 1.26028 in line with the horizontal overlap resistance and possibly to 2nd resistance at 1.27083 in line with our horizontal overlap resistance and 100% Fibonacci projection level. Alternatively, we may see price break 1st support structure and head for 2nd support at 1.24100 in line with the 61.8% Fibonacci retracement level and horizontal swing low support.

Areas of consideration:

● H4 time frame, support at 1.24935

● H4 time frame, resistance at 1.26028

 

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 OIL:

On the H4 timeframe,we can see price moving below the ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 82.33 in line with the 38.2% Fibonacci retracement level and horizontal overlap resistance to 1st support at 80.14 in line with our horizontal swing low support, 127.2% Fibonacci extension level. Alternatively, price may break 1st resistance and head for 2nd resistance at 83.86 in line with our 61.8% Fibonacci retracement levels.

Areas of consideration:

● H4 time frame, 1st resistance of 82.33

● H4 time frame, 1st support of 80.14

 

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 Dow Jones Industrial Average:

On the H4, with price testing the support on the ascending trendline and the horizontal overlap support at 1st support in line with the 61.8% Fibonacci retracement at 36039, we are biased that price will rise from here to 1st resistance at 36346 in line with 61.8% and horizontal swing high resistance and possibly to 2nd resistance at 36568 in line with the horizontal swing high resistance. Alternatively, we may see price break 1st support and head for 2nd support at 35854 in line with graphical swing low and 61.8% Fibonacci projection.

Areas of consideration:

● 4H resistance at 36346

● 4H support at 36039

 

 
 
 
 

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