26th May 2022 Thursday: Technical Outlook and Review

IC Markets No Comments

DXY:


On the H4, with prices below the ichimoku indicator and past the bollinger band’s basis line in a downtrend, we have a bearish bias that price will drop to our 1st support at 101.560 where the horizontal swing low support, 127.2% Fibonacci extension and 50% Fibonacci retracement are from our 1st resistance at 102.348 in line with the horizontal overlap resistance and 23.6% fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 102.738 where the horizontal pullback resistance and 38.2% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 102.348
  • H4 time frame, 1st support at 101.560

XAU/USD (GOLD): 

On the H4, with prices moving above the ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 1853.94 where the horizontal overlap support is to our 1st resistance at 1884.14 in line with the horizontal swing high resistance and 78.6% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 1832.57 where the horizontal overlap support, 61.8% fibonacci retracement and 61.8% fibonacci projection.

Areas of consideration: 

  • H4 time frame, 1st Resistance at 1884.14
  • H4 time frame, 1st Support at 1853.94

GBP/USD:

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 1.24854 where the horizontal swing low support and 23.6% fibonacci retracement to our 1st resistance at 1.26302 in line with the 50% Fibonacci retracement, 100% fibonacci projectiohn and swing high resistance. Alternatively, price may break 1st support structure and head for 2nd support at 1.23931 where the horizontal overlap support and 50% Fibonacci retracement are.

Areas of consideration:

  • H4 1st resistance at 1.26302
  • H4 1st support at 1.24854

USD/CHF:

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop to our 1st support at 0.95223 where the 61.8% Fibonacci retracement is from our 1st resistance at 0.96673 in line with the pullback resistance. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 0.97525 where the swing high resistance is.

Areas of consideration

  • 1st support level at 0.95223
  • 1st resistance level at  0.96673

EUR/USD :

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 1.07719 where the 50% Fibonacci retracement is from our 1st support at 1.06421 in line with the pullback support. Alternatively, price may break 1st support structure and head for 2nd support at 1.05926 where the horizontal pullback support is.

Areas of consideration :

  • H4 1st resistance at 1.07719
  • H4 1st support at 1.06421

USD/JPY:

On the H4, with prices moving below the ichimoku indicator and the stochastic indicator moving in a downtrend channel, we have a bearish bias that price will drop from our 1st resistance at 127.699 where the horizontal overlap resistance and 23.6% fibonacci retracement are to our 1st support at 127.028 in line with the overlap support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 128.070 where the horizontal overlap resistance, 38.2% fibonacci retracement and 38.2% Fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 127.699
  • H4 time frame, 1st support at 127.028

AUD/USD:

On the H4, with price moving above the ichimoku cloud and price breakout from the descending trendline, we have a bullish bias that price will rise to our 1st resistance at 0.72568 where the 50% Fibonacci retracement is from our 1st support at 0.70495 in line with the horizontal pullback support. Alternatively, price may break structure and head for 2nd support at 0.69518 where the horizontal pullback support is.

Areas of consideration 

  • H4 1st resistance at 0.72568
  • H4 1st support at 0.70495

NZD/USD:

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 0.65455 where the 38.2% Fibonacci retracement and swing high resistance are from our 1st support at 0.64103 in line with the pullback support. Take note of intermediary support at 0.63729 where the overlap support is. Alternatively, price may break structure and head for 2nd support at 0.62926 where the swing low support is.

Areas of consideration:

  • H4 time frame, 1st support at 0.64103
  • H4 time frame, 1st resistance at 0.65455

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 overlap resistance and 38.2% Fibonacci retracement is to our 1st support at 1.27122 in line with the swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.29667 where the horizontal overlap resistance and 61.8% Fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.29039
  • H4 time frame, 1st support at 1.27122

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 115.33 where the swing high resistance is from our 1st support at 108.99 in line with the swing low support, 38.2% fibonacci retracement and 61.8%% fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 104.47 where the horizontal swing low support,  50% fibonacci retracement and 61.8%% fibonacci retracement is.

Areas of consideration:

  • H4 time frame, 1st resistance of 115.33
  • H4 time frame, 1st support of 108.99

Dow Jones Industrial Average:


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 32696 where the swing high resistance is from our 1st support at 31886 in line with the pullback support, 78.6% fibonacci retracement and 61.8%% fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 31491 where the horizontal swing low support is.

Areas of consideration : 

  • H4 time frame, 1st resistance at 31886
  • H4 time frame, 1st support at  30723

 

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