05th July 2022 Tuesday: Technical Outlook and Review

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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 1805.45 where the horizontal overlap support and 38.2% fibonacci retracement. Once we have downside confirmation, we would expect bearish momentum to carry price to 2nd support at 1784.52 in line with swing low support and 127.2% fibonacci extension. Alternatively, price could rise to our 1st resistance  at 1829.18 in line with overlap resistance, 61.8% fibonacci retracement and 78.6% fibonacci projection.

Areas of consideration: 

  • H4 time frame, 1st Resistance at 1829.18
  • H4 time frame, 1st Support at 1805.45

GBP/USD:

On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will rise and drop from our 1st resistance at 1.21570 where the horizontal overlap resistance and 50% fibonacci retracement are to our 1st support at 1.19313 where the horizontal swing low support and 100% fibonacci projection are. Alternatively, price could rise above 1st resistance structure and head to 2nd resistance at 1.24065 in line with the swing high resistance and 127.2% fibonacci extension.

Areas of consideration:

  • H4 1st resistance at 1.21570
  • 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 and in a descending trendline, we have a bearish bias that price will continue to drop from the 1st resistance at 1.04882 at the overlap resistance to the 1st support at 1.03483 at the swing low in line with the two 61.8% fibonacci projections. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at the multiple swing high in line with the 61.8% fibonacci retracement. 

Areas of consideration :

  • H4 1st resistance at 1.04882
  • H4 1st support at 1.03483 

USD/JPY:


On the H4, with price moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to our 1st resistance at 136.706 where the swing high resistance and 127.2% fibonacci extension are. Once there is upside confirmation that price has broken past the 1st resistance, we would expect bullish momentum to carry price to our 2nd resistance at 138.539 where the -27.2% fibonacci expansion and 78.6% fibonacci projection are. Alternatively, price may drop to 1st support at 134.292 in line with the swing low support, 23.6% fibonacci retracement and 50% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance at 136.706
  • H4 time frame, 1st support at 134.292

AUD/USD:

On the H4, with price moving in a descending trend channel but in an ascending trendline on the RSI, there is a bullish divergence, and we have a bullish bias that price will rise from the 1st support at 0.68504 at the pullback support to the 1st resistance at 0.70643 at the swing high in line with the 50% fibonacci retracement and 78.6% fibonacci projection. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 0.67665 at the swing low in line with the 78.6% fibonacci projection.

Areas of consideration 

  • H4 1st resistance at  0.70643 
  • H4 1st support at  0.68504 

NZD/USD:

On the H4, with price moving in a descending trend channel but in an ascending trendline on the RSI, there is a bullish divergence, and we have a bullish bias that price will rise from the 1st support at 0.62015 at the pullback support to the 1st resistance at 0.63855 at the swing high in line with the 50% fibonacci retracement and 61.8% fibonacci projection. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 0.61457 at the swing low in line with the two 61.8% fibonacci projections.

Areas of consideration:

  • H4 time frame, 1st support at  0.62015
  • H4 time frame, 1st resistance at 0.63855

USD/CAD:

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 1.28684 in line with the horizontal pullback resistance to the 1st support at 1.27625 in line with the horizontal pullback support and 61.8% Fibonacci retracement. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance where the 50% Fibonacci retracement and swing high resistance is.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.28684
  • H4 time frame, 1st support at .27625

OIL: 


On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 109.36 where the horizontal pullback support and 50% Fibonacci retracement are to our 1st resistance at 114.09 in line with the horizontal swing high resistance. Alternatively, price may break 1st support and head for 2nd support at 104.61 where the horizontal swing low support.

Areas of consideration:

  • H4 time frame, 1st resistance of 109.36
  • H4 time frame, 1st support of 104.41

Dow Jones Industrial Average:

On the H4, with price moving along an ascending channel and expected to break out of the 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

 

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