Daily Market Analysis and Trading Forex Signals Wednesday 8th December 2021

To assist you make a good day trading selection, we’ll cover the newest forex market analysis. Here we help traders make trades, we must know how to trade first, and now we will cover how to interpret candlesticks and analyse chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…

 

 

 

 

DXY:

On the weekly, prices are on a bullish momentum and abiding to our bullish trendline. We see potential for prices to dip from our 1st resistance at 96.093 which is an area of Fibonacci confluences towards our 1st support at 93.437 which is a graphical overlap. Technical indicators are showing bullish momentum.

On the daily, prices are on a bullish momentum and abiding to a bullish trendline. We see potential for prices to retest our 1st support at 95.716 in line with 38.2% Fibonacci retracement and 127.2% Fibonacci extension  towards 1st resistance at 96.818 in line with 200% Fibonacci Projection. Technical indicators are showing bullish momentum.

On the H4 timeframe, prices are consolidating in a triangle and we see the potential for prices to continue to climb towards our 1st resistance at 96.476 in line with 61.8% Fibonacci extension and 100% Fibonacci retracement. Technical indicators are showing bullish momentum. Alternatively, breaking our 1st support will find prices dipping towards our 2nd support at 95.849 in line with 78.6% Fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance at 96.476
  • H4 time frame, 1st support at 96.117

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XAU/USD (GOLD):

On the weekly, prices are consolidating in a triangle and have the potential to climb towards our 1st resistance at 1867.73 in line with 61.8% Fibonacci retracement. Technical indicators are showing bullish momentum.

On the daily, prices are consolidating in a triangle. We see potential for prices to climb from our 1st support at 1774.34 in line with 61.8% Fibonacci retracement towards our  1st resistance at 1804.61 in line with 38.2% Fibonacci retracement. Technical indicators are showing bullish momentum.

On the H4 chart, prices are consolidating in a triangle. We see potential for prices to climb from our 1st support at 1774.79 in line with 61.8% Fibonacci retracement towards our 1st resistance at 1790.76 which is an area of Fibonacci confluences. Technical indicators are showing bullish momentum. Alternatively, breaking our 1st resistance will find prices climbing higher towards our 2nd resistance at 1797.1 in line with 127.2% Fibonacci extension.

Areas of consideration:

4h 1st support at 1774.79

4h 1st resistance at 1790.76

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GBP/USD

On the weekly chart , price is trading in a descending channel and  near the first resistance of 1.33498 which is also 61.8% Fibonacci retracement. Price can potentially dip to the first support level of 1.27153 which is also 50% Fibonacci retracement and 78.6% Fibonacci projection. Our bearish bias is supported by the ichimoku cloud indicator as price is trading below the ichimoku cloud.

On the daily chart price is trading on a descending trendline and  near the first support level of 1.31675 which is 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Price can potentially go to the first resistance level of 1.34197 which is also 38.2% Fibonacci retracement and 61.8% Fibonacci projection.  Our bullish bias is supported by the stochastic indicator as it is currently near support level.

On the H4 chart, price is near 1st support level of 1.31873 which is also 38.2% Fibonacci retracement and 127.2% Fibonacci projection. Price can potentially go to the first resistance level of 1.34128 which is also 78.6% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is supported by the RSI indicator as it is abiding by the ascending trendline.

Areas of consideration :

  • H4 1st support of 1.31873
  • H4 first resistance of 1.34128

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USD/CHF:

On the Weekly timeframe, price is reacting in a triangle pattern.  Traders should wait for the price to swing higher or lower before entering. On the Daily timeframe, we can expect an overall bullish momentum. Price could bounce from 1st Support in line with 78.6% Fibonacci retracement and 78.6% FIbonacci projection towards 1st Resistance in line with 78.6% Fibonacci retracement and 61.8% Fibonacci projection. Our bullish bias is further supported by the stochastics indicator where the %D line is abiding to the ascending trendline. Traders should wait for price to swing higher or lower before entering.

On the H4 timeframe, we can expect price to drop from 1st Resistance in line with 38.2% Fibonacci retracement toward 1st Support in line with 100% Fibonacci projection and 127.2% Fibonacci extension. Our bearish bias is further supported by the RSI indicator abiding to the descending trendline resistance. Traders should wait for prices to swing higher or lower before entering. Traders should wait for price to swing higher or lower to enter.

Areas of consideration:

  • Watch 1st Support at 0.91761
  • Watch 1st Resistance at 0.92640

 

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EUR/USD :

On the weekly chart price is near the first resistance level of 1.13819 which is also 23.6% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially dip to the first support level of 1.09765 which is also 78.6% Fibonacci projection. Our bearish bias is supported by the ichimoku cloud indicator as price is trading below the clouds.

On the daily chart, price is abiding by the descending trendline and near the first resistance level of 1.13787 which is also 38.2% Fibonacci retracement and 100% Fibonacci projection. Price can potentially dip to the first support level of 1.11337 which is also 61.8% Fibonacci projection. Our bearish bias is supported by the ichimoku cloud indicator as price is trading below it.

On the H4 chart price is abiding by the descending trendline and near the first resistance level of 1.13718 which is also 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Price can potentially dip to the first support level of 1.11877 which is also 127.2% Fibonacci retracement. Our bearish bias is supported by the stochastic indicator as it is near resistance level.

Areas of considerations :

  • H4 1st resistance : 13718
  • H4 first support : 1.11877

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USD/JPY:

On the Weekly timeframe, we can see that price touched 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, we can expect price to drop from 1st Resistance in line with 38.2% Fibonacci retracement towards 1st Support in line with 50% Fibonacci retracement and 161.8% Fibonacci projection. Our bearish bias is further supported by the MACD indicator where the signal line crosses above the MACD line.

On the H4 timeframe, price broke out of the ascending trendline support, signifying a bearish momentum.  We can expect the price to drop from 1st Resistance in line with 50% Fibonacci retracement to the 1st Support in line with 127.7% Fibonacci projection,horizontal support and 100% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.

Areas of consideration:

  • H4 1st resistance level 113.339
  • H4 1st support level 112.740

 

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AUD/USD:

On the weekly, we can now expect the price to bounce from the 1st Support in line with 61.8% Fibonacci projection, 38.2 % FIbonacci retracement and 127.2% Fibonacci extensions. Our bullish bias is further supported by the RSI indicator abiding to an ascending trendline. On the Daily, we can expect price to bounce from 1st Support in line with 38.2% Fibonacci retracement towards 1st Resistance in line with 61.8% FIbonacci projection and 61.8% Fibonacci retracement.

On the H4, price has broken out of the descending trendline resistance, signifying bullish momentum. We can expect price to bounce from 1st Support in line with 23.6% Fibonacci retracement towards 1st Resistance in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the EMA period 50 acting as a support.

Areas of consideration:

  • H4 1st Support level 0.71247
  • H4 1st resistance level 0.72303

 

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NZD/USD:

On the weekly, prices have recently experienced a major dip. We see potential for a bounce at 1st support at 0.68007 in line with 38.2% Fibonacci retracement and 161.8% Fibonacci Projection towards 1st resistance at 0.71569 in line with 50% Fibonacci retracement and 78.6% 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 0.65395 in line with 50% and 200% Fibonacci projection.

On the daily, prices are on a bearish momentum. We see potential for prices to dip from our 1st resistance at 0.6865 towards our 1st support at 0.68007 in line with 127.2% Fibonacci retracement and 161.8% Fibonacci projection. As technical indicators are showing bearish momentum.

On the H4 timeframe, prices are on a bearish momentum. We see potential for prices to dip from our 1st resistance at 0.68061 towards our 1st support at 0.67366 in line with 100% Fibonacci retracement. If prices breaks our 1st support, prices can potentially dip further towards our 2nd support at 0.66870 in line with 161.8% Fibonacci projection.

Areas of consideration:

  • H4 time frame, 1st resistance at 0.68061
  • H4 time frame, 1st support at 0.67366

 

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USD/CAD:

On the weekly, with price moving below the ichimoku cloud, we have a bearish bias that price will drop to 1st support at 1.23427 in line with the graphical swing low support from 1st resistance at 1.28652 in line with the graphical overlap resistance. Alternatively, we may see price break 1st resistance and head for 2nd resistance at 1.33505 in line with the 50% Fibonacci retracement and horizontal overlap resistance.

On the daily,with price moving above the ichimoku cloud, we have a bullish bias that price will rise from 1st support at 1.26246 in line with the graphical overlap support and 38.2% Fibonacci retracement to 1st resistance  at 1.28294 in line with the graphical swing high resistance. Alternatively, we may see price break 1st support and head for 2nd support at 1.24429 in line with the 78.6% Fibonacci retracement and horizontal swing low support.

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop to 1st support at 1.26227 in line with the graphical overlap support and 50% Fibonacci retracement from 1st resistance at 1.27586 in line with the graphical overlap resistance and 61.8% Fibonacci retracement. Alternatively, we may see price break 1st resistance and head for 2nd resistance at 1.28485 in line with the horizontal swing high resistance.

Areas of consideration:

  • H4 time frame, support at 26227
  • H4 time frame, resistance at 27586

 

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OIL:

On the weekly, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from 1st support at 70.27 in line with the graphical swing low support and 127.2% Fibonacci extension to 1st resistance  at 85.75 in line with the graphical swing high resistance and 161.8% Fibonacci extension. Alternatively, we may see price break 1st support and head for 2nd support at 58.47 in line with the horizontal overlap support.

On the daily, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from 1st support at 72.48 in line with the graphical overlap support and 38.2% Fibonacci retracement to 1st resistance  at 76.42 in line with the graphical swing high resistance and 61.8% Fibonacci retracement. Alternatively, we may see price break 1st support and head for 2nd support at 67.8 in line with the horizontal swing low support and 78.6% Fibonacci retracement.

On the H4 timeframe, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from 1st support at 72.54 in line with the graphical overlap support and 38.2% Fibonacci retracement to 1st resistance  at 78.27 in line with the graphical overlap resistance and 78.6% Fibonacci retracement. Alternatively, we may see price break 1st support and head for 2nd support at 67.7 in line with the horizontal swing low support and 78.6% Fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance of 27
  • H4 time frame, 1st support of 54

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Dow Jones Industrial Average:

On the weekly, with price approaching the support of the stochastics indicator, we have a bullish bias that price will rise from 1st support at 34568 in line with the graphical swing low support to 1st resistance  at 36649 in line with the graphical swing high resistance and two 161.8% Fibonacci extension levels. Alternatively, we may see price break 1st support and head for 2nd support at 32522 in line with the 127.2% Fibonacci extension level.

On the daily, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from 1st support at 35008  in line with the graphical overlap support and 38.2% Fibonacci retracement to 1st resistance  at 36165  in line with the graphical swing high resistance and 78.6% Fibonacci retracement. Alternatively, we may see price break 1st support and head for 2nd support at 34015 in line with the horizontal swing low support.

On the H4, with approaching the resistance of the stochastics indicator and the horizontal graphical level,  we have a bearish bias that price will drop to 1st support at 35503 in line with the horizontal overlap support and 23.6% Fibonacci retracement  from 1st resistance at 35863 in line with the 78.6% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 36062 in line with the horizontal swing high resistance.

  • 4H resistance at 35863
  • 4H support at 35503

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