DXY:

On the H4 timeframe, prices are on a bullish momentum and consolidating in a parallel channel. We see potential for prices to climb from our 1st support at 96.423 in line with 127.2% and 61.8% Fibonacci extension towards our 1st resistance at 96.974 in line with 200% Fibonacci projection. Technical indicators are showing bullish momentum.  Alternatively, breaking our 1st support might find prices dip towards our 2nd support at 95.595 in line with 38.2% Fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance at 96.974
  • H4 time frame, 1st support at 95.595

XAU/USD (GOLD):

On the H4 chart, prices are consolidating in a triangle. We see potential for a bounce from our 1st support at 1810.26 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension towards our 1st resistance at 1833.95 which is an area of Fibonacci confluences. However, technical indicators are showing bullish momentum. Alternatively, prices may dip towards our 2nd support at 1786.74 in line with 161.8% Fibonacci extension and 78.6% Fibonacci retracement.

Areas of consideration:

  • 4h 1st support at 1802.26
  • 4h 1st resistance at 1833.95

EUR/USD:

Price is trading in a descending channel and is near the first support level of 1.11696 which is also the graphical overlap support. Price can potentially bounce to the first resistance level of 1.13736 which is also 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Our bullish bias is supported by the stochastic indicator as it is near support level.

Areas of consideration :

H4 first support – 1.11696

H4 first resistance – 1.13736

H4 second resistance – 1.14625

USD/CHF:

On the H4 timeframe, price is abiding to the ascending trendline support, signifying an overall bullish momentum. However, price has approached the 1st resistance in line with 61.8% Fibonacci projection and previous swing high hence, we can expect a potential short-term retracement. We can expect price to drop from 1st Resistance towards 1st Support in line with 61.8% Fibonacci projection and 78.6% Fibonacci retracement. Our short-term bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.

Areas of consideration:

  • Watch 1st Support at 0.92675
  • Watch 1st Resistance at 0.93225

GBP/USD:

Price is trading in a descending channel and near first resistance level of 1.35007 which is 23.6% Fibonacci retracement and 61.8% Fibonacci projection.  Price can potentially dip to the first support level of 1.33019 which is also 100% Fibonacci projection. Our bearish bias is supported by the Ichimoku cloud indicator and moving average as price is trading under it.

Areas of consideration :

1st resistance  –  1.35007

2nd resistance – 1.35754

1st support – 1.33019

 

USD/JPY

In reference to yesterday’s analysis, the price indeed touched the 1st Resistance @ 114.943. On the H4 timeframe, we can now expect price to drop from 1st Resistance in line with 61.8% Fibonacci projection and horizontal swing high towards 1st Support in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our short-term bearish bias is further supported by stochastic where %K line is at the resistance level.

Areas of consideration:

  • H4 1st resistance level 114.943
  • H4 1st support level 114.173

AUD/USD:

On the H4, we can see that price broke out of the ascending channel on the daily and abiding to the descending trendline on the H4. We can expect the price to drop from 1st Resistance in line with 78.6% Fibonacci Retracement and 23.6% Fibonacci retracement towards the 1st Support in line with 127.2% Fibonacci projection. Our bearish bias is further supported by the Ichimoku cloud indicator where price is holding below it and it is forming a strong resistance level.

Areas of consideration:

  • H4 1st resistance level 0.72525
  • H4 1st support level 0.71716

NZD/USD:

On the H4 timeframe, prices are on a bearish momentum and abiding to our descending trendline. We see potential for prices to retest 1st resistance at 0.69815 which is an area of Fibonacci confluences and continue the bearish bearish momentum towards our 1st support at 0.69164 in line with 127.2% Fibonacci extension. Technical indicators are showing bearish momentum.

Areas of consideration:

  • H4 time frame, 1st resistance at 0.69815
  • H4 time frame, 1st support at 0.69164

 

USD/CAD:

On the H4, with price expected to reverse off the resistance on the stochastics indicator and the a graphical horizontal level, we have a bearish bias that price will dip to 1st support at 1.26444 in line with the graphical overlap support and possibly to 2nd support at 1.25968 in line with the graphical overlap support from 1st resistance at 1.27244 in line with the horizontal overlap resistance and 100% Fibonacci projection level. Alternatively, we may see price break 1st resistance structure and head for 2nd resistance at 1.27696 in line with the 78.6% Fibonacci retracement level and horizontal swing high resistance.

Areas of consideration:

  • H4 time frame, support at 26444
  • H4 time frame, resistance at 27244

OIL:

On the H4 timeframe, with price moving within the descending channel and moving below the ichimoku indicator, we have a bias that price will drop to 1st support at 77.58 in line with the 161.8% Fibonacci extension and horizontal swing low support and possible to 2nd support at 75.97 in line with the  78.6% Fibonacci retracement and horizontal overlap support from 1st resistance at 80.99  in line with the horizontal overlap resistance and 78.6% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 83.39 in line with the 127.2% Fibonacci projection and horizontal swing high resistance.

Areas of consideration:

  • H4 time frame, 1st resistance of 99
  • H4 time frame, 1st support of 58

Dow Jones Industrial Average:

On the H4, with price moving below the ichimoku cloud, w are bias that price will drop from 1st resistance at 35949 in line with the 78.6% Fibonacci retracement and horizontal overlap resistance to 1st support at 35627 in line with the horizontal swing low support and possibly to 2nd support at 35458 in line with the 127.2% Fibonacci extension and horizontal swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 36165 in line with the 161.8% Fibonacci projection.

  • 4H resistance at 35949
  • 4H support at 35627

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Source: IC Markets Blog