20th June 2022 Monday: Technical Outlook and Review

IC Markets No Comments

DXY:


On the H4, with prices moving above the ichimoku indicator and along the ascending trendline, we have a bullish bias that price will rise to our 1st resistance at 105.620 where the 61.8% fibonacci projection and swing high resistance are from our 1st support at 104.635 in line with the horizontal pullback support and 23.6% fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 103.954 where the horizontal pullback support and 61.8% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance at 105.620
  • H4 time frame, 1st support at 104.635

XAU/USD (GOLD):

On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that prices will drop from our 1st resistance at 1856.84 where the horizontal swing high resistance and 100% fibonacci projection are to our 1st support  at 1807.93 in line with swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1874.20 in line with swing high resistance and 78.6% fibonacci projection.

Areas of consideration: 

  • H4 time frame, 1st Resistance at 1856.84
  • H4 time frame, 1st Support at 1807.93

 

GBP/USD:

On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 1.22313 where the horizontal overlap resistance and 23.6% fibonacci retracement are to our 1st support at 1.19360 in line with the 61.8% fibonacci projection and swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.24022 where the horizontal overlap resistance, 61.8% fibonacci projection and 61.8% fibonacci retracement are.

Areas of consideration:

  • H4 1st resistance at 1.22313
  • H4 1st support at 1.19360

USD/CHF:

On the H4, with price expected to bounce off the stochastics indicator, we have a bullish bias that price will rise from our 1st support at 0.96474 where the horizontal pullback support and 78.6% Fibonacci retracement is to our 1st resistance at 0.98879 in line with the horizontal pullback resistance and 61.8% Fibonacci retracement. Alternatively, price may break structure and head for 2nd support where the horizontal swing low support is. 

Areas of consideration

  • 1st support level at 0.96474
  • 1st resistance level at  0.98879

EUR/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 1.04959 in line with the 100% fibonacci projection and pullback resistance to the 1st support at 1.03579 in line with the 61.89% fibonacci projection and horizontal swing low. Alternatively price may reverse off the 1st resistance and rise to the 2nd resistance at 1.05603 in line with the swing high and 50% fibonacci retracement.

Areas of consideration :

  • H4 1st resistance at 1.04959 
  • H4 1st support at 1.03579

USD/JPY:

On the H4, with price approaching and expected to reverse off stochastic indicator, we have a bearish bias that price will drop from our 1st resistance at 135.536 in line with the swing high resistance and 61.8% fibonacci projection to our 1st support at 131.607 in line with the swing low support,78.6% fibonacci projection and 50% fibonacci retracement . Alternatively, price may break 1st resistance structure and head for 2nd resistance at 138.846 where the 161.8% fibonacci extension and 78.6% fibonacci projection are.

Areas of consideration:

  • H4 time frame, 1st resistance at 135.536
  • H4 time frame, 1st support at 131.607

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 overlap resistance at 0.69489 in line with the 61.8% fibonacci projection and 23.6% fibonacci retracement to the 1st support at 0.68339 in line with the 61.8% fibonacci projection and horizontal swing low. Alternatively price may reverse off the 1st resistance and rise to the 2nd resistance at 0.69765 in line with the pullback resistanc

Areas of consideration 

  • H4 1st resistance at 0.69489
  • H4 1st support at 0.6833

NZD/USD:

On the H4, we have a bullish bias that price will continue to rise from the 1st overlap support at 0.62918 in line with the 23.6% fibonacci retracement to the 1st resistance at 0.62451 in line with the 61.8% fibonacci projection at the overlap resistance. Alternatively, price may drop form the 1st support to 2nd support at 0.62020 in line with 78.6% fibonacci projection and horizontal swing low. 

Areas of consideration:

  • H4 time frame, 1st support at 0.62918
  • H4 time frame, 1st resistance at 0.62451

USD/CAD:

On the H4, with price expected to reverse off the stochastics indicator, we have a bearish bias that price will rise from our 1st resistance where the horizontal swing high resistance and 161.8% Fibonacci projection is to our 1st support at 1.29780 in line with the horizontal pullback support and 50% Fibonacci retracement. Alternatively, price may head for 2nd resistance where the 61.8% Fibonacci projection is. 

Areas of consideration:

  • H4 time frame, 1st resistance at 1.30780
  • H4 time frame, 1st support at 1.29780

OIL: 

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will rise from our 1st resistance at 112.51 where the horizontal swing low support is to our 1st resistance at 103.71 in line with the horizontal swing low support. Alternatively, price may head for 2nd resistance where the horizontal pullback resistance and 50% Fibonacci retracement is. Take note that we are waiting for the break of 1st resistance to confirm the bearish continuation.

Areas of consideration:

  • H4 time frame, 1st resistance of 112.51
  • H4 time frame, 1st support of 103.71

Dow Jones Industrial Average:

On the H4, with price expected to bounce off the stochastics indicator, we have a bullish bias that price will rise from our 1st support at 29839 where the 127.2% Fibonacci extension is to our 1st resistance at 30795 in line with the horizontal pullback support. Alternatively, price may break structure and head for 2nd support where the 161.8% Fibonacci extension is. 

Areas of consideration : 

  • H4 time frame, 1st resistance at 30795
  • H4 time frame, 1st support at 29839

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