18th August 2022 Thursday: Technical Outlook and Review

IC Markets No Comments

USD/JPY:

On the H4 chart, prices seem to have pulled back a little but the overall trend is still bearish biased. Price has broken the intermediate resistance at 133.908 which is the 50% Fibonacci retracement and is now testing the first resistance at 135.605 where the previous swing high. 61.8% fibonacci retracement and 78.6% projection sits.If the bearish momentum continues it will pull back to test the first support at 131.711 where the 78.6% retracement and 100% projection sits

Areas of consideration:

  • H4 time frame, 1st resistance at 135.605
  • H4 time frame, 1st support at 131.711

DXY:

On the H4, prices seem to be moving in an ascending trend and is in a bullish momentum. Price is now around the first resistance at 106.945 where the 50% Fibonacci retracement and the previous swing high sits. We’re looking for price to test the first resistance again and if price continues with bullish momentum, it will test the second resistance at 107.453 where the 61.8% fibonacci retracement sits. If fails to break the first resistance, it will pull back to test the first support at 104.635 where the 78.6% retracement is and subsequently the second support at 103.697 which is the previous swing low

Areas of consideration:

  • H4 time frame, 1st resistance at 106.945
  • H4 time frame, 1st support at 104.635

EUR/USD :

On the H4, prices have broken the ascending trend and are below the ichimoku indicator, we are bearish bias. Prices have ascended slightly but we’re looking for a pull back to test the first support at 1.0108 where the 61.8% Fibonacci retracement sits. If prices continue in the bearish momentum, it will test the second support at 0.9948. Alternatively price could go back to test the first resistance at 1.0363 where the 61.8% Fibonacci retracement sits and then the second resistance at 1.0465

Areas of consideration :

  • H4 1st resistance at 1.0363
  • H4 1st support at 1.0108

GBP/USD:

On the H4, prices seem to be in a bearish momentum. It is currently testing the 50% Fibonacci retracement and if the bearish momentum continues, it will pull prices to our first support 1.2025 where our swing low sits. If prices pull back further it will test the second support at 1.1767 where our 78.6% Fibonacci projection sits. Alternatively price could hit resistance at 1.2275 around the 78.6% projection and the first resistance at 1.2403 where the swing high sits

Areas of consideration:

  • H4 1st resistance at 1.2275
  • H4 1st support at 1.2025

 

USD/CHF:

On the H4, with prices moving below the ichimoku cloud and along the descending trend, we are bearish bias that the price will continue with the bearish momentum. Price is now testing at the 61.8%% Fibonacci retracement and it may rise to test the first resistance at 0.9542 again. If bearish momentum continues, it should pull back to test at the intermediate support at 0.9468 where the previous swing low is then the first support at 0.9369 where the 61.8% projection and 127.2% extension sits

Areas of consideration

  • H4 1st support at 0.9369 
  • H4 1st resistance at 0.9542

XAU/USD (GOLD):

On the H4, with prices breaking the ascending trendline and MACD indicators are below zero,  we have a bearish bias that the price may drop from the 1st support at 1758.317, which is in line with the overlap support to the 2nd support at 1729.489, which is in line with the pullback support and 61.8% fibonacci retracement. Alternatively, the price may rise to the 1st resistance at 1802.402, which is in line with the 61.8% fibonacci retracement and swing high.

Areas of consideration: 

  • H4 time frame,  1st support at 1758.317
  • H4 time frame,   2nd support at 1729.489

AUD/USD:

On the H4, with the MACD indicators  are under zero, the price breaking the ascending channel and below the ichimoku cloud, we have a bearish bias that price may drop from the 1st support at 0.69131, where the 50% fibonacci retracement and pullback support are to the 2nd support at 0.67980, which is in line with the swing low and 78.6% fibonacci retracement.  Alternatively, the price may  rise to the 1st resistance at 0.70254 which is in line with 50% fibonacci retracement.

Areas of consideration 

  • H4 1st support at  0.69131,
  • H4 2nd support at 0.67980

NZD/USD:

On the H4, with the price moving within the descending channel and below ichimoku cloud, we have a bearish bias that the price may drop to the 1st support at 0.62151, which is in line with the 61.8% fibonacci retracement  and pervious swing lows, if the price continue dropping, the price may drop to the 2nd support at 0.61411, which is in line with the swing low and 78.6% fibonacci retracement. Alternatively, the price may rise to the 1st resistance at 0.63086, where the previous swing highs are.

Areas of consideration:

  • H4 time frame,  1st support at 0.62151
  • H4 time frame, 2nd support at 0.61411

USD/CAD:

On the H4, with the MACD indicators above zero, the price is above the ichimoku cloud and MA, we have a bullish bias that the price may rise to the 1st resistance at 1.29444, which is the overlap resistance. If the price breaks the 1st resistance, it may rise to the 2nd resistance at 1.29890, where the swing high, -27.2% fibonacci expansion and 50% fibonacci retracement are. Alternatively, the piece may drop to the 1st support at 1.28324, where the swing low and 50% fibonacci retracement are. IF the price breaks the 1st support, we can expect the price drop down to the 2nd support at 1.27292, which is  in line with the swing low. Take note the intermediate support at 1.27861, the price tested many times in this area.

Areas of consideration:

  • H4 time frame,  1st resistance at 1.29444
  • H4 time frame, 2nd resistance at 1.29890

OIL:

On the H4, with price moving within the descending channel, below ichimoku cloud and the MACD indicators are under zero, we have a bearish bias that the price may drop from our 1st support at 93.456, which is in line with the swing low and 61.8% fibonacci projection to the 2nd support at 90.681, which is in line with the 78.6% fibonacci projection. Otherwise, as the DIF is almost breaking the signal line, and the price is touching the upper boundary of the channel, if the price break the 1st resistance at 96.205, where the overlap resistance is , we can expect the price rise to the 2nd resistance at 98.770, where the 50% fibonacci retracement is.

Areas of consideration:

  • H4 time frame,  1st support at 93.456
  • H4 time frame, 2nd support at 90.681

Or

  • H4 time frame, 1st resistance at 96.205
  • H4 time frame, 2nd resistance at 98.770

Dow Jones Industrial Average:

On the H4, with price moving above the ichimoku indicator and along an ascending trendline, we have a bullish bias that price will rise to 1st resistance at 34127 where the pullback resistance is. Once there is upside confirmation that price has broken 1st resistance structure, we would expect bullish momentum to carry price to 2nd resistance at 35526 where the swing high resistance, 161.8% fibonacci extension and -61.8% fibonacci expansion are. Alternatively, price could drop to 1st support at 33493 where the pullback support, 61.8% fibonacci projection and 23.6% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance of 34127
  • H4 time frame, 1st support at 33493

DAX:

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise to the 1st resistance at 13683.48 where the pullback resistance is. Once there is upside confirmation of price breaking the 1st resistance structure, we would expect price to rise to 2nd resistance at 14221.23 in line with 100% fibonacci projection and 78.6% fibonacci retracement. Take note of intermediate resistance at 13948.80 where the swing high resistance and 61.8% fibonacci projection are. Alternatively, price could drop to 1st support at 13378.95 where the overlap support, -27.2% fibonacci expansion, 127.2% fibonacci extension and 38.2% fibonacci retracement are

Areas of consideration:

  • H4 time frame, 1st resistance of  13683.48
  • H4 time frame, 1st support at 13378.95

 

ETHUSD:

On the H4, with price moving within an ascending channel and bouncing off the ichimoku support, we have a bullish bias that price will rise to the 1st resistance at 1916.72 where the pullback resistance is. Once there is upside confirmation that price has broken 1st resistance structure, we would expect bullish momentum to carry price to 2nd resistance at 2015.54 where the swing high resistance is. Alternatively, price could drop to 1st support at 1792.30 where the overlap support, 38.2% fibonacci retracement and 100% fibonacci projection are.

Areas of consideration:

  • H4 time frame, 1st resistance of 1916.72
  • H4 time frame, 1st support at 1792.30

BTCUSD:

On the H4, with price breaking out of a bullish channel and moving below the ichimoku indicator, we have a bearish bias that price will drop to 1st support at 22560.82 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection are. Once we have downside confirmation of price breaking 1st support structure,we would expect bearish momentum to carry price to 2nd support at 20708.23 where the -61.8% fibonacci expansion, 161.8% fibonacci extension and swing low support are. Alternatively, price could rise to 1st resistance at 24703.69 where the pullback resistance, 50% fibonacci retracement and 61.8% fibonacci projection are. 

Areas of consideration:

  • H4 time frame, 1st resistance of 24703.69
  • H4 time frame, 1st support at 22560.82

S&P 500:

On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that the price will rise to 1st resistance at 4278.78 where the overlap resistance is. Once there is upside confirmation that price has broken the 1st resistance structure, we would expect bullish momentum to carry price to 2nd resistance at 4420.02 where the pullback resistance, 78.6% fibonacci retracement and -61.8% fibonacci expansion are. Alternatively, price could drop to 1st support at 4182.68 where the pullback support, 78.6% fibonacci projection and 23.6% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance of 4278.78
  • H4 time frame, 1st support at 4182.68

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.