27th June 2022 Monday: Technical Outlook and Review

IC Markets No Comments

DXY:


On the H4, with prices expected to bounce off ichimoku support 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 moving above the ichimoku indicator, 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 0.95561 where the horizontal swing low support is to our 1st resistance at 0.97232  in line with the horizontal swing high resistance and 38.2% Fibonacci retracement. Alternatively, price may break structure and head for 2nd support where the 127.2% Fibonacci extension is. 

Areas of consideration

  • 1st support level at 0.95561
  • 1st resistance level at 0.97232

EUR/USD :

On the H4, with price moving in an ascending trendline and above the ichimoku cloud, we have a bullish bias that price will continue to rise from the 1st support at 1.05652 in line with the pullback support  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 in line with the 61.8% fibonacci projection.

Areas of consideration :

  • H4 1st resistance at 1.07859
  • H4 1st support at 1.05652 

USD/JPY:


On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise to our 1st resistance at 135.649 where the pullback resistance is. Once there is upside confirmation, we would expect bullish momentum to carry price to our 2nd resistance at 140.818 where the 100% fibonacci projection and 61.8% fibonacci projection are . Alternatively, price may drop to 1st support at 131.540 in line with the swing low support, 100% fibonacci projection and 50% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance at 135.649
  • H4 time frame, 1st support at 131.540

AUD/USD:

On the H4, with price breaking the descending trendline, we have a bullish bias that price will continue to rise from the 1st support at 0.68786 at the swing low to the 1st resistance at 0.70674 in line with the swing high and 78.6% Fibonacci projection and 50% Fibonacci retracement. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 0.68323 in line with the horizontal swing low and 61.8% Fibonacci projection.  

Areas of consideration 

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

NZD/USD:

On the H4, with price breaking the descending trendline, we have a bullish bias that price will continue to rise from the 1st support at 0.62462 in line with the pullback support and 78.6% fibonacci retracement to the 1st resistance at 0.63955 in line with the swing high and 50% fibonacci retracement and 78.6% fiboancci projection. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 0.62022 at the horizontal swing low.

Areas of consideration:

  • H4 time frame, 1st support at  0.62462
  • H4 time frame, 1st resistance at 0.63955

USD/CAD:

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 1.28647 where the horizontal swing low support and 38.2% Fibonacci retracement is to our 1st resistance at 1.30128  in line with the horizontal swing high resistance. Alternatively, price may break structure and head for 2nd support where the horizontal pullback support and 61.8% Fibonacci retracement. 

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 and 61.8% Fibonacci retracement 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 106.93
  • H4 time frame, 1st support of 99.00

Dow Jones Industrial Average:

On the H4, with price breaking the ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 31528 where the 50% Fibonacci retracement is to our 1st resistance at 32622  in line with the horizontal pullback resistance and 78.6% Fibonacci retracement. Alternatively, price may break structure and head for 2nd support where the horizontal pullback support. 

Areas of consideration : 

  • H4 time frame, 1st resistance at 32622
  • H4 time frame, 1st support at 31528

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