18th May 2022 Wednesday: Technical Outlook and Review

IC Markets No Comments

DXY:


On the H4, with MACD moving in a bearish momentum, we have a bearish bias that price will drop to our 1st support at 102.501 where the horizontal swing low support and 161.8% Fibonacci extension is from our 1st resistance at 103.615 in line with the horizontal pullback resistance. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 104.884 where the horizontal swing high resistance is.

Areas of consideration:

  • H4 time frame, 1st resistance at 103.615
  • H4 time frame, 1st support at 102.501

XAU/USD (GOLD):

On the H4, with price moving below the ichimoku, we have a bearish bias that price will drop from our 1st resistance at 1832.689 where the horizontal swing high resistance and 38.2% Fibonacci retracement is to our 1st support at 1798.411 in line with the horizontal swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1858.022 where the horizontal swing high resistance is.

Areas of consideration: 

  • H4 time frame, 1st Resistance at 1832.689
  • H4 time frame, 1st Support at 1798.411

 

GBP/USD:

On the H4, with price moving above the ichimoku and the recent breakthrough in our descending trendline, we have a bullish bias that price will rise from our 1st support at 1.23982 where the 23.60% Fibonacci retracement and horizontal overlap support is to our 1st resistance at 1.26283 in line with the horizontal swing high resistance. Alternatively, price may break 1st support structure and head for 2nd support at 1.22751 where the horizontal pullback support and 61.8% Fibonacci retracement is.

Areas of consideration:

  • H4 1st resistance at 1.26283
  • H4 1st support at 1.23982

USD/CHF:

On the H4, with price moving above our ichimoku cloud, we have a bullish bias that price will riseto our 1st resistance at 1.00497 where the 61.8% Fibonacci projection and swing high resistance is from our 1st support at 0.98848 in line with the horizontal overlap support and 50% fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support where the horizontal pullback resistance is.

Areas of consideration

  • 1st support level at 0.98848
  • 1st resistance level at 1.0049

EUR/USD :

On the H4, with price moving below the ichimoku, we have a bearish bias that price will drop from our 1st resistance at 1.05753 where the horizontal pullback resistance and 78.6% Fibonacci retracement is to our 1st support at 1.05070 in line with the overlap support. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the horizontal swing high resistance is

Areas of consideration :

  • H4 1st resistance at 1.05753
  • H4 1st support at 1.05070 

USD/JPY:

On the H4, with the MACD moving in a bullish momentum, we have a bullish bias that price will rise from our 1st support at 128.996 where the 38.2% Fibonacci retracement and horizontal overlap support is to our 1st resistance at 129.603 in line with the horizontal swing high resistance. Alternatively, price may break 1st support structure and head for 2nd support at 128.070 where the horizontal swing low support is.

Areas of consideration:

  • H4 time frame, 1st resistance at 129.603
  • H4 time frame, 1st support at 128.996

AUD/USD:

On the H4, with price expected to reverse off the ichimoku cloud resistance, we have a bearish bias that price will drop from our 1st resistance at 0.70191 where the pullback resistance and 50% Fibonacci retracement is to our 1st support at 0.68870 in line with the swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the 61.8% Fibonacci retracement is.

Areas of consideration 

  • H4 1st resistance at 0.70191
  • H4 1st support at 0.68870

NZD/USD:

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 0.63779 where the50% Fibonacci retracement and horizontal pullback resistance is to our 1st support at 0.62276 in line with the horizontal swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 0.64352 in line with 61.8% Fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st support at 0.62276
  • H4 time frame, 1st resistance at 0.63779

USD/CAD:

On the H4, with price moving below the ichimoku, we have a bearish bias that price will drop from our 1st resistance at 1.29160 where the horizontal pullback resistance is to our 1st support at 1.27195 in line with the swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the horizontal swing high resistance is.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.29160
  • H4 time frame, 1st support at 1.27195

OIL: 

On the H4, with price expected to reverse off the stochastics indicator resistance, we have a bearish bias that price will drop from our 1st resistance at 111.36 where the 23.6% Fibonacci retracement is to our 1st support at 106.51 in line with the 50% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the 127.2% Fibonacci extension.

Areas of consideration:

  • H4 time frame, 1st resistance of 111.36 
  • H4 time frame, 1st support of 106.51

Dow Jones Industrial Average:

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 32553 where the 50% Fibonacci retracement is to our 1st support at 31294 in line with the swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the 78.6% Fibonacci retracement.

Areas of consideration : 

  • H4 time frame, 1st resistance at 32553
  • H4 time frame, 1st support at   31294

 

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