28th June 2022 Tuesday: Technical Outlook and Review

IC Markets No Comments

DXY:


On the H4, with prices expected to bounce off stochastic 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, after price has dropped to the 1st support level, to our 1st resistance at 104.967 in line with the horizontal swing high resistance. Take note of intermediate support at 103.425 where the swing low support is. 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 are.

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 RSI moving in a bullish momentum and along an ascending trendline, we have a bullish bias that prices will rise from to our 1st resistance at 1841.33 where the horizontal swing high resistance and 61.8% fibonacci retracement. Once we have upside confirmation, we would expect bullish momentum to carry price to intermediate resistance level at 1847.24 in line with swing high resistance and 78.6% fibonacci retracement. Should price break through intermediate resistance, we would have a bullish bias that price will rise to 2nd resistance at 1858.11 in line with swing high resistance, 78.6% fibonacci projection and 78.6% fibonacci retracement. Alternatively, price could drop to our 1st support  at 1807.93 in line with swing low support. 

Areas of consideration: 

  • H4 time frame, 1st Resistance at 1841.33
  • 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 1.21657 where the horizontal overlap support and 50% fibonacci retracement are 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 bullish divergence on the RSI, we have a bullish bias that price will rise from our 1st support at 0.95566 where the horizontal swing low support is to our 1st resistance at 0.97231  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  0.95566
  • 1st resistance level at 0.97231

EUR/USD :

On the H4, with price moving in an ascending trendline and above the ichimoku cloud, if price breaks the 1st support at 1.06214, we have a bullish bias that price will continue to rise from the 1st support in line with the overlap support in line with two 61.8% fibonacci projections to the 1st resistance at 1.07814 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 1.04905 at the swing low. 

Areas of consideration :

  • H4 1st resistance at 1.07814
  • H4 1st support at 1.06214

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 .

Take note of the intermediate resistance level at 136.785 where the swing high resistance is. Alternatively, price may drop to 1st support at 131.540 in line with the swing low support, 100% fibonacci projection and 50% fibonacci retracement. Take note of the intermediate support at 134.225 in line with 50% fibonacci retracement and 61.8% fibonacci projection.

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 0.69301 at the pullback support in line with the 23.6% fibonacci retracement to the 1st resistance at 0.70484 in line with the overlap resistance, 78.6% Fibonacci projection and 50% Fibonacci retracement. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 0.68296 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 moving in an ascending trendline, we have a bullish bias that price will continue to rise from the 1st support at 0.62921 in line with the pullback support and 23.6% 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 0.62466 at the 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 ichimoku support, 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 at 1.27189 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 bouncing off the ichimoku cloud, we have a bullish bias that price will continue to rise from the 1st support at 110.86 in line with the pullback support and 38.2% Fibonacci retracement to the 1st resistance at 123.56 at the horizontal swing high in line with the 78.6%  Fibonacci projection. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 106.65 in line with the pullback support and 100%  Fibonacci projection. 

Areas of consideration:

  • H4 time frame, 1st resistance of 123.56
  • H4 time frame, 1st support of 110.86

Dow Jones Industrial Average:


On the H4, with price moving above the ichimoku cloud and along an ascending trendline, we have a bullish bias that price will rise from our 1st support at 31328 where the horizontal pullback support and 23.6% Fibonacci retracement are to our 1st resistance at 32622 in line with the horizontal overlap resistance. Alternatively, price may break 1st support and head for 2nd support at 30994 where the horizontal pullback support and 38.2% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance of 32622
  • H4 time frame, 1st support of 31328

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