DXY:

On the H4 timeframe, prices are abiding to a bearish trendline and are on bearish momentum. We further bearish momentum from our 1st resistance at 95.854 in line with 50% Fibonacci retracement towards our 1st support at 95.262 in line 50% Fibonacci retracement towards our 2nd support at 94.701 in line with 61.8% Fibonacci extension and 100% Fibonacci retracement. Prices are passing through our red ichimoku cloud support, further supporting our bearish bias.

Areas of consideration:

  • H4 time frame, 1st resistance at 95.895
  • H4 time frame, 1st support at 95.262

XAU/USD (GOLD):

On the H4, prices are consolidating in a parallel ascending channel and bullish momentum. We see the potential for further bullish momentum from our 1st support at 1829.182 in line with 50% Fibonacci retracement towards our 1st resistance at 1850.357 in line with 78.6% Fibonacci retracement. Prices are trading above ichimoku clouds, our MA and RSI are at levels where bounces occurred previously, further supporting our bullish bias.

Areas of consideration:

  • 4h 1st support at 1829.182
  • 4h 1st resistance at 1818.170

 

GBP/USD

On the H4 chart, price is near 1st resistance level of 1.36049 which is also 61.8% Fibonacci retracement and 61.8% Fibonacci projection.  Price can potentially go to the 2nd resistance level of 1.37413 which is also 61.8% Fibonacci projection and graphical swing high level.  Our bullish bias is supported by the ichimoku cloud indicator as price is trading above it. 

Areas of consideration

  • 1st resistance at 1.36049
  • 1st support at 1.35289

USD/CHF:

On the H4 timeframe, price is abiding to a descending channel, signifying a bearish momentum. Price dropped from the 1st Resistance in line with 50% Fibonacci retracement, 161.8% Fibonacci extension and graphical overlap resistance. We can expect the price to drop to 1st Support in line with the previous swing low and 161.8% Fibonacci projection. Our 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 0.90961
  • Watch 1st Resistance at 0.91809

EUR/USD :

On the H4 chart , price is abiding by an ascending trendline and is near 1st support level of 1.13189  which is also 78.6%  Fibonacci retracement and 127.2% Fibonacci projection. Price can potentially go to the 1st resistance level of 1.14348  which is also 61.8%  Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is supported by the stochastic  indicator as it is at support level 

Areas of consideration:

  • H4 1st resistance at 1.14348
  • H4 1st support at 1.13189

USD/JPY:  

On the H4 timeframe, is abiding to the ascending channel on the daily, signifying an overall bullish momentum. We can now expect price to bounce from 1st Support in line with 78.6% Fibonacci retracement and 78.6% Fibonacci projection towards 1st Resistance in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the stochastic indicator where the %K line is at the support level. 

Areas of consideration:

  • H4 1st resistance level 115.508
  • H4 1st support level 113.921

AUD/USD:  

In reference to this week’s analysis, price indeed bounced nicely at 1st Support.. On the H4, price is reacting within the ascending channel, signifying an overall bullish momentum. Price is approaching the 1st Support, we can expect to see price make a bullish bounce from 1st Support in line with 100% Fibonacci projection, 78.6% Fibonacci retracement and ascending channel support towards 1st Resistance in line with previous swing high and 78.6% Fibonacci projection.  Our short-term bearish bias is further supported by the RSI indicator where it is approaching the support level.  Traders should wait for prices to swing higher or lower before entering. 

Areas of consideration:

  • H4 1st Support level  0.71724
  • H4 1st resistance level 0.73091

NZD/USD:

On the H4,  prices are consolidating in an ascending channel and are on bullish momentum. We see the potential for further bullish continuation from our 1st support at 0.67823 towards our 1st resistance at 0.68367 in line with 61.8% Fibonacci extension. RSI is at levels where bounces occurred previously, further supporting our bullish bias. 

Areas of consideration:

  • H4 time frame, 1st resistance at 0.68367
  • H4 time frame, 1st support at 0.67823

USD/CAD:

On the H4,  with price moving below the ichimoku cloud, we have a bearish bias that price will from from our 1st resistance at 1.25632 which is in line with horizontal overlap resistance and 38.2% Fibonacci retracement  to 1st  support at 1.24604, which is in line with horizontal overlap support and  100% Fibonacci projection level. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.26185, which coincides with horizontal overlap resistance and 61.8% Fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st support at 1.24604
  • H4 time frame, 1st resistance at 1.25479

OIL: 

On the H4,  with price moving above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 90.84 which is in line with horizontal swing high resistance and 127.2% Fibonacci extension level from 1st  support at 86.7, which is in line with horizontal overlap support. Alternatively, price may break 1st support structure and head for 2nd support at 83.86, which coincides with horizontal overlap support and 23.6% Fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance of 90.84
  • H4 time frame, 1st support of 86.7

Dow Jones Industrial Average:

On the H4,  with price moving below the ichimoku cloud, we have a bearish bias that price will from from our 1st resistance at 35252 which is in line with horizontal overlap resistance and 78.6% Fibonacci retracement  to 1st  support at 34750, which is in line with horizontal swing low support and  127.2% Fibonacci extension level. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 35672, which coincides with horizontal overlap resistance and 38.2% Fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance of 35252
  • H4 time frame, 1st support of 34750

 

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Source: IC Markets Blog