19th May 2022 Thursday: Technical Outlook and Review

IC Markets No Comments

 

DXY:


On the H4, with prices bouncing off the ichimoku support , we have a bullish bias that price will rise to our 1st resistance at 104.171 where the horizontal pullback resistance, 61.8% Fibonacci projection and 50% Fibonacci retracement is from our 1st support at 103.290 in line with the horizontal swing low support. Alternatively, price may break 1st support structure and head for 2nd support at 102.477 where the horizontal swing low support is.

Areas of consideration:

  • H4 time frame, 1st resistance at 104.171
  • H4 time frame, 1st support at 103.290

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 1821.740 where the horizontal swing high resistance is to our 1st support at 1798.623 in line with the horizontal swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1832.948 where the horizontal swing high resistance and 61.8% Fibonacci projection is.

Areas of consideration: 

  • H4 time frame, 1st Resistance at 1821.740
  • H4 time frame, 1st Support at 1798.623

GBP/USD:

On the H4, with price reversing off the ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 1.23923 where the horizontal overlap support is to our 1st support at 1.22667 in line with the horizontal pullback support, 100% Fibonacci projection and 61.8% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.24961 where the horizontal swing high resistance is.

Areas of consideration:

  • H4 1st resistance at 1.23923
  • H4 1st support at 1.22667

USD/CHF:

On the H4, with price expected to bounce off the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 1.00497 where the 61.8% Fibonacci projection and swing high resistance is from our 1st support at 0.98710 in line with the horizontal swing low 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 0.98710
  • 1st resistance level at 1.00497

 

EUR/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 1.04826 where the 23.6% Fibonacci retracement is to our 1st support at 1.03586 in line with the horizontal 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 1st resistance at 1.04826
  • H4 1st support at 1.03586 

USD/JPY:

On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 128.992 where the 61.8% Fibonacci retracement and horizontal overlap resistance is to our 1st support at 128.188 in line with the horizontal swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 129.604 where the horizontal swing high resistance and 78.6% Fibonacci projection is.

Areas of consideration:

  • H4 time frame, 1st resistance at 128.992
  • H4 time frame, 1st support at 128.188

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 0.70378 where the overlap 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 0.70378
  • 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 0.63769 where the 50% 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 1.29039 where the horizontal pullback resistance is to our 1st support at 1.28034 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 1.29039
  • H4 time frame, 1st support at 1.28034

OIL: 


On the H4, with price expected to bounce off the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 111.36 where the 23.6% Fibonacci retracement from our 1st support at 106.51 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:

  • 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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