DXY:


On the H4, with RSI moving along an ascending trendline and prices moving along the ascending trendline, we have a bullish bias that bullish momentum will carry prices to 1st resistance at 105.794 where the swing high resistance and 161.8% fibonacci extension are. Once we have upside confirmation, we would expect bullish momentum to carry prices to 2nd resistance at 107.265 in line with 161.8% fibonacci extension, 78.6% fibonacci projection and 78.6% fibonacci projection. Alternatively, price may drop to 1st support at 103.401 where the horizontal swing low support and 50% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 105.794
  • H4 time frame, 1st support at 103.401

XAU/USD (GOLD):

On the H4, with prices moving below the ichimoku indicator and along a descending trendline, we have a bearish bias that prices will drop to our 1st support at 1805.14 where the horizontal swing low support and 78.6% fibonacci retracement are. Once we have downside confirmation, we would expect bearish momentum to carry price to 2nd support at 1786.95 in line with swing low support, 61.8% fibonacci projection and 100% fibonacci projection. Alternatively, price could rise to our 1st resistance  at 1829.18 in line with overlap resistance. 

Areas of consideration: 

  • H4 time frame, 1st Resistance at 1829.18
  • H4 time frame, 1st Support at 1805.14

GBP/USD:

On the H4, with prices reversing off the ichimoku resistance, we have a bearish bias that price will drop from our 1st resistance at 1.21657 where the horizontal overlap resistance and 38.2% fibonacci retracement are to our 1st support at 1.19313 where the horizontal swing low support and 61.8% fibonacci projection are. Alternatively, price could rise above 1st resistance structure and head to 2nd resistance at 1.24327 in line with the 61.8% fibonacci projection, 78.6% fibonacci retracement and pullback resistance.

Areas of consideration:

  • H4 1st resistance at 1.21657
  • H4 1st support at 1.19313

USD/CHF:

On the H4, with price moving below the ichimoku cloud , we have a bearish bias that price will continue to drop from the 1st resistance at 0.96375 in line with the horizontal pullback resistance and 23.6% Fibonacci retracement to the 1st support at 0.94968 in line with the horizontal swing low support. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance where the 38.2% Fibonacci retracement and pullback resistance is.

Areas of consideration

  • 1st support level at  0.94968
  • 1st resistance level at 0.96375

EUR/USD :

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from the 1st resistance at 1.04709 in line with the pullback resistance and 38.2% fibonacci retracement to the 1st support at 1.03541 in line with multiple swing lows and the 61.8% fibonacci projection. Alternatively, price may break resistance an rise to the 2nd resistance at 1.06007 in line with the swing high and 61.8% fibonacci projection and 61.8% fibonacci retracement.

Areas of consideration :

  • H4 1st resistance at 1.04709
  • H4 1st support at 1.03541

USD/JPY:

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise to our 1st resistance at 136.765 where the swing high resistance and 61.8% fibonacci projection are. Once there is upside confirmation, we would expect bullish momentum to carry price to our 2nd resistance at 140.818 where the 61.8% fibonacci projection is . Alternatively, price may drop to 1st support at 134.225 in line with the swing low support, 100% fibonacci projection and 23.6% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance at 136.765
  • H4 time frame, 1st support at 134.225

AUD/USD:

On the H4, with price moving below the ichimoku cloud , we have a bearish bias that price will continue to drop from the 1st resistance at 0.69303 in line with the 50% fibonacci retracement to the 1st support at 0.68296 in line with the horizontal swing low and 61.8% Fibonacci projection .Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 0.70484 in line with the overlap resistance, 78.6% Fibonacci projection and 50% Fibonacci retracement .

Areas of consideration 

  • H4 1st resistance at 0.68296
  • H4 1st support at 0.69303

NZD/USD:

On the H4, with price bouncing off the confluence area at the 1st support, we have a bullish bias that price will rise from the 1st support at 0.61978 at the multiple swing lows in line with the 161.8% fibonacci extension and 78.6% fibonacci projection to the 1st resistance at 0.63252 in line with the swing high and 61.8% fibonacci retracement. Alternatively, price may break the support structure at 1st support and drop to the 2nd support at 0.61616 in line with the -61.8% fibonacci expansion and 61.8% fibonacci projection.

Areas of consideration:

  • H4 time frame, 1st support at  0.61978 
  • H4 time frame, 1st resistance at 0.63252

USD/CAD:

On the H4, with price recent break of the ichimoku cloud , we have a bearish bias that price will continue to drop from the 1st resistance at 1.29124 in line with the horizontal pullback resistance and 38.2% Fibonacci retracement  to the 1st support at 1.28224 in line with the 50% Fibonacci retracement and horizontal swing low support. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 1.30077 where the 78.6% Fibonacci retracement and horizontal swing high resistance is.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.29124
  • H4 time frame, 1st support at 1.28224

OIL: 

On the H4, with price expected to break the ichimoku cloud , we have a bearish bias that price will continue to drop from the 1st resistance at 106.58 in line with the horizontal pullback resistance to the 1st support at 101.55 in line with the 61.8% Fibonacci projection and horizontal swing low support. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 111.14 where the horizontal pullback resistance is.

Areas of consideration:

  • H4 time frame, 1st resistance of 106.58
  • H4 time frame, 1st support of 101.55

Dow Jones Industrial Average:

On the H4, with price moving along an ascending channel and ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 30862 where the horizontal pullback support and 38.2% Fibonacci retracement are to our 1st resistance at 31866 in line with the horizontal swing high resistance and 61.8% fibonacci retracement. Alternatively, price may break 1st support and head for 2nd support at 30149 where the horizontal swing low support and 78.6% fibonacci retracement are. Take note we are waiting for the break of the 1st resistance to confirm the bullish move. 

Areas of consideration:

  • H4 time frame, 1st resistance of 31866
  • H4 time frame, 1st support of 30862

The accuracy, completeness and timeliness of the information contained on this site cannot be guaranteed. IC Markets does not warranty, guarantee or make any representations, or assume any liability regarding financial results based on the use of the information in the site.

News, views, opinions, recommendations and other information obtained from sources outside of www.icmarkets.com.au, used in this site are believed to be reliable, but we cannot guarantee their accuracy or completeness. All such information is subject to change at any time without notice. IC Markets assumes no responsibility for the content of any linked site.

The fact that such links may exist does not indicate approval or endorsement of any material contained on any linked site. IC Markets is not liable for any harm caused by the transmission, through accessing the services or information on this site, of a computer virus, or other computer code or programming device that might be used to access, delete, damage, disable, disrupt or otherwise impede in any manner, the operation of the site or of any user’s software, hardware, data or property.

 

 



Source: IC Markets Blog