29th June 2022 Wednesday: 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 127.2% fibonacci extension, 50% fibonacci retracement and swing low support are, after price has dropped to the 1st support level, to our 1st resistance at 105.794 in line with the horizontal swing high resistance. Take note of intermediate support at 103.870 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 105.794
  • H4 time frame, 1st support at 103.425

XAU/USD (GOLD):

On the H4, with prices moving below the ichimoku indicator and along a descending trendline, we have a bearish bias that prices will drop to our 1st support at 1804.98 where the horizontal swing low support, 161.8% fibonacci extension and 78.6% fibonacci projection are. Once we have downside confirmation, we would expect bearish momentum to carry price to 2nd support at 1787.12 in line with swing low support and 100% fibonacci projection. Alternatively, price could rise to our 1st resistance  at 1822.17 in line with overlap resistance. 

Areas of consideration: 

  • H4 time frame, 1st Resistance at 1822.17
  • H4 time frame, 1st Support at 1804.98

GBP/USD:

On the H4, with prices expected to bounce off the stochastic support, we have a bullish bias that price will drop and 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 at 0.94144 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 H4, with price recently breaking the ascending trendline, we have a bearish bias that price will continue to drop from the 1st resistance at 1.06047 at the pullback resistance in line with the 61.8% fibonacci projection and 61.8% fibonacci retracement to the 1st support at 1.03541 in line with the multiple horizontal swing lows. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 1.07814 at the horizontal swing high in line with the 50% fibonacci retracement and 100% Fibonacci projection.

Areas of consideration :

  • H4 1st resistance at 1.06047
  • H4 1st support at 1.03541 

USD/JPY:

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will drop and rise from our 1st support at 135.649 where the pullback resistance and 23.6% fibonacci retracement are to the intermediate resistance level at 136.785 where the swing high resistance is. Once there is upside confirmation, we would expect bullish momentum to carry price to our 1st resistance at 140.818 where the 100% fibonacci projection and 61.8% fibonacci projection are . Alternatively, price may break 1st support structure and drop to 2nd support at 131.375 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 140.818
  • H4 time frame, 1st support at 135.649

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 resistance at 0.69303 in line with the 50% fibonacci retracement to the 1st support at 0.68296 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 0.70484 in line with the overlap resistance, 78.6% Fibonacci projection and 50% Fibonacci retracement .

Areas of consideration 

  • H4 1st resistance at 0.68296
  • H4 1st support at 0.69303

NZD/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 0.63959 in line with the two 61.8% fibonacci projections and 50% fibonacci retracement to the 1st support 0.61978 in line with the swing low. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 0.65518 at the multiple swing highs and 38.2% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st support at  0.61978
  • H4 time frame, 1st resistance at 0.63959

USD/CAD:

 

On the H4, with price bouncing off the stochastic support, we have a bullish bias that price will rise from our 1st support at 1.28647 where the horizontal pullback support is to our 1st resistance at 1.30128  in line with the horizontal swing high resistance, 100% fibonacci projection and 78.6% fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 1.27189 where the horizontal overlap support, 61.8% fibonacci projection and 61.8% Fibonacci retracement are.

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 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 and 78.6% fibonacci retracement. Alternatively, price may break 1st support and head for 2nd support at 30862 where the horizontal overlap support and 50% fibonacci retracement are.

Areas of consideration:

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

 

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