DXY:

On the H4 timeframe, prices are on a bullish momentum and consolidating in a parallel channel. We see potential for prices to experience a pullback from our 1st resistance at 96.974 in line with 200% Fibonacci projection towards our 1st support at 96.423 in line with 127.2% Fibonacci extension and 61.8% Fibonacci retracement. Stochastics are at a level where dips previously happened.

Areas of consideration:

  • H4 time frame, 1st resistance at 96.974
  • H4 time frame, 1st support at 96.423

XAU/USD (GOLD):

On the H4 chart, prices are consolidating in a daily triangle. We see the potential for a climb from our 1st support at 1782.03 which is an area of Fibonacci confluences towards our 1st resistance at 1801.27 which is an area of Fibonacci confluences. Technical indicators are showing bullish momentum. Breaking our 1st resistance might find prices climbing higher towards our 2nd resistance at 1833.95 in line with 50% and 38.2% Fibonacci retracement.

Areas of consideration:

  • 4h 1st support at 1782.03
  • 4h 1st resistance at 1801.27

EUR/USD:

Price is trading in a descending channel and is near the first resistance level of 1.2717 which is also 23.6% Fibonacci retracement and 61.8% Fibonacci projection. Price can potentially dip to the first support level of 1.11428 which is also the graphical support level. Our bearish bias is supported by the ichimoku cloud indicator as price is trading below it.

Areas of consideration :

1st resistance – 1.2717

1st support – 1.11428

USD/CHF:

On the H4 timeframe, price is abiding to the ascending trendline support, signifying an overall bullish momentum. We can expect that price would bounce from the 1st Support in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection towards 1st Resistance in line with 100% Fibonacci projection. Our bullish bias is further supported by the Ichimoku cloud indicator where price is holding above it.

Areas of consideration:

  • Watch 1st Support at 0.93263
  • Watch 1st Resistance at 0.93910

GBP/USD:

Price is trading in a descending channel and near the first resistance level of 1.33444 which is also 100% Fibonacci projection and 61.8% Fibonacci retracement. Price can potentially go to the second resistance level of 1.36881 which is also 38.2% Fibonacci retracement and 78.6% Fibonacci projection. Our bearish bias is supported by the stochastic indicator as it is at support level.

Areas of consideration:

2nd resistance – 1.36881

1st support – 1.31487

1st resistance – 1.33444

USD/JPY

On the H4 timeframe, we can now expect price to drop from 1st Resistance in line with 78.6% Fibonacci projection and horizontal swing high towards 1st Support in line with 61.8% Fibonacci projection and 38.2% 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 115.305
  • H4 1st support level 114.740

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 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 0.72317
  • H4 1st support level 0.71716

NZD/USD:

On the H4 timeframe, prices are on a bearish momentum, however, we see potential for a bounce at 0.68558 in line with 100% Fibonacci extension to retest 1st resistance at 0.69318 which is an area of Fibonacci confluences. RSI is at a level where bounces previously happened. Breaking 1st resistance will find prices climbing towards our 2nd resistance at 0.69795 in line with 38.2% and 61.8% Fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance at 0.69318
  • H4 time frame, 1st support at 0.68558

USD/CAD:

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from 1st support at 1.26479 in line with the graphical overlap support and 38.2% Fibonacci retracement and possibly to 2nd support at 1.25505 in line with the graphical swing low support and 78.6% Fibonacci retracement to 1st resistance at 1.27659 in line with the horizontal swing high resistance and 78.6% Fibonacci retracement level. Alternatively, we may see price break 1st resistance structure and head for 2nd resistance at 1.28515 in line with the horizontal swing high resistance.

Areas of consideration:

  • H4 time frame, support at 26479
  • H4 time frame, resistance at 27659

OIL:

On the H4 timeframe, with price approaching the resistance on the stochastics indicator and the horizontal graphical level, we have a bias that price will drop to 1st support at 79.6  in line with the 61.8% Fibonacci retracement  and horizontal overlap support and possible to 2nd support at 76.96 in line with the 161.8% Fibonacci extension and horizontal swing low support from 1st resistance at 82.91  in line with the horizontal swing high resistance. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 85.46 in line with the 161.8% Fibonacci extension and horizontal swing high resistance.

Areas of consideration:

  • H4 time frame, 1st resistance of 91
  • H4 time frame, 1st support of 6

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 35888 in line with the 50% Fibonacci retracement and horizontal overlap resistance to 1st support at 35513 in line with the horizontal swing low support and 127.2% Fibonacci projection and possibly to 2nd support at 35319 in line with the 161.8% Fibonacci projection and horizontal overlap support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 36082  in line with the78.6% Fibonacci retracement.

  • 4H resistance at 35888
  • 4H support at 35513

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Source: IC Markets Blog