24th June 2022 Friday: Technical Outlook and Review

IC Markets No Comments

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 from our 1st support at 103.425 where the 61.8% fibonacci projection, 50% fibonacci retracement and swing low support are to our 1st resistance at 104.967 in line with the horizontal swing high resistance. Alternatively, price may break 1st support structure and head for 2nd support at 102.790 where the horizontal overlap support and 78.6% fibonacci projection.

Areas of consideration:

  • H4 time frame, 1st resistance at 104.967
  • H4 time frame, 1st support at 103.425

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 1848.25 where the horizontal swing high resistance is 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, -27.2% fibonacci expansion and 100% fibonacci projection.

Areas of consideration: 

  • H4 time frame, 1st Resistance at 1848.25
  • H4 time frame, 1st Support at 1807.93

GBP/USD:

On the H4, with prices expected to bounce off the ichimoku support, we have a bullish bias that price will rise from our 1st support at 1.21846 where the horizontal overlap support,50% fibonacci retracement and 61.8% fibonacci projection to our 1st resistance at 1.24327 in line with the 61.8% fibonacci projection, 78.6% fibonacci retracement and pullback resistance. Alternatively, price may break 1st support structure and head for 2nd support at 1.19313 where the horizontal swing low support is.

Areas of consideration:

  • H4 1st resistance at 1.24327
  • H4 1st support at 1.21846

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 0.95996 where the horizontal pullback support is to our 1st resistance at 0.98008  in line with the horizontal pullback resistance and 50% Fibonacci retracement. Alternatively, price may break structure and head for 2nd support where the 100% Fibonacci projection is. 

Areas of consideration

  • 1st support level at 0.95996
  • 1st resistance level at 0.98008

EUR/USD :

On the H4, with price moving in an ascending trendline, we have a bullish bias that price will continue to rise from the 1st support at 1.04728 in line with the 23.6% fibonacci retracement and swing low to the 1st resistance at 1.07859 at the swing high in line with the 100% fibonacci projection and 50% fibonacci retracement. Alternatively, price may drop from the 1st support to the 2nd support at 1.03586 at the horizontal swing lows.

Areas of consideration :

  • H4 1st resistance at 1.07859
  • H4 1st support at 1.04728

USD/JPY:

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 135.536 in line with the pullback support and 23.6% fibonacci retracement to our 1st resistance at 138.846 where the 161.8% fibonacci extension and 78.6% fibonacci projection are . Alternatively, price may break 1st support structure and head for 2nd support at 131.607 in line with the swing low support,78.6% fibonacci projection and 50% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance at 138.846
  • H4 time frame, 1st support at 135.536

AUD/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 pullback resistance at 0.69846 in line with the 38.2% fibonacci retracement to the 1st support at 0.68323 in line with the horizontal swing low and 61.8% fibonacci projection. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 0.70653 in line with the 50% fibonacci retracement and swing high.

Areas of consideration 

  • H4 1st resistance at 0.69846
  • H4 1st support at 0.68323

NZD/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 0.63623 in line with the 78.6% fibonacci retracement and 61.8% fibonacci projection, to the 1st support at 0.62022 at the horizontal swing low. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 0.63933 in line with the swing high and 50% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st support at 0.62022
  • H4 time frame, 1st resistance at 0.6372

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 61.8% Fibonacci retracement is to our 1st support at 1.28647 in line with the horizontal swing low support and 38.2% Fibonacci retracement. Alternatively, price may head for 2nd resistance where the  horizontal swing high resistance and 161.8% Fibonacci projection is. 

Areas of consideration:

  • H4 time frame, 1st resistance at 1.30128
  • H4 time frame, 1st support at 1.28647

OIL: 

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will rise from our 1st resistance where the horizontal pullback resistance is to our 1st support in line with the horizontal swing low support. Alternatively, price may head for 2nd resistance where the horizontal pullback resistance 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 102.93
  • H4 time frame, 1st support of 99.00

Dow Jones Industrial Average:


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 30795 where the horizontal pullback resistance is to our 1st support at 29748 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. 

Areas of consideration : 

  • H4 time frame, 1st resistance at 30795
  • H4 time frame, 1st support at 29748

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