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Monday 6th February 2023 : Technical Outlook and Review

USD/JPY:

Looking at the H4 chart, my overall bias for USDJPY is bullish due to the current price crossing above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect the price to possibly continue heading towards the 1st resistance at 129.204, where the overlap resistance is. In an alternate scenario, price could possibly head back down to retest the 1st support at 128.082, where the previous swing low is.

Areas of consideration:

  • H4 time frame, 1st resistance at 129.204
  • H4 time frame, 1st support at 128.082

DXY:

Looking at the Daily chart, my overall bias for DXY is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect the price to possibly continue heading towards the 1st support at 99.241, where the 61.8% Fibonacci line and overlap support is. In an alternative scenario, price could head back up to retest the 1st resistance at 103.463, where the overlap resistance is.

Areas of consideration:

  • H4 time frame, 1st resistance at 103.463
  • H4 time frame, 1st support at 99.241

EUR/USD:

Looking at the H4 chart, my overall bias for EURUSD is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market structure. If this bearish momentum continues, expect the price to possibly continue heading towards the 1st support at 1.06952, where the overlap support is. In an alternate scenario, price could possibly head back up to retest the 1st resistance at 1.08459, where the overlap resistance and 23.6% Fibonacci line is.

Areas of consideration :

  • H4 1st resistance at 1.08459
  • H4 1st support at 1.06952

 GBP/USD:

Looking at the H4 chart, my overall bias for GBPUSD is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect the price to possibly continue to head  towards the 1st support at 1.18410, where the previous swing low is. In an alternate scenario, price could head back up to retest the 1st resistance line at 1.21116 where the overlap resistance and 23.6% Fibonacci line is.

Areas of consideration:

  • H4  1st resistance at 1.21116
  • H4  1st support at 1.18410

USD/CHF:

Looking at the H4 chart, my overall bias for USDCHF is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market.  If the current bullish trend continues, expect the price to possibly break the 1st resistance at 0.92882, where the previous swing high is, before heading towards the 2nd resistance at 0.93609 where the intermediate high is. In an alternative scenario, price could possibly head back down to retest the 1st support at 0.90591, where the recent swing low is.

Areas of consideration

  • H4 1st support at 0.90591
  • H4 1st resistance at 0.92882
  • H4 2nd resistance at 0.93609

XAU/USD (GOLD):

Looking at the H4 chart, my overall bias for XAUUSD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect the price to possibly continue heading towards the 1st support at 1824.515 where the overlap support is. In an alternative scenario, price could possibly head back up to retest the 1st resistance at 1901.430, where the overlap resistance and 38.2% Fibonacci line is.

Areas of consideration: 

  • H4 time frame, 1st resistance at 1901.430
  • H4 time frame, 1st support at 1824.515

AUD/USD:

Looking at the H4 chart, my overall bias for AUDUSD is bearish due to the current price is below the Ichimoku cloud, and the ascending trend line has been broken, indicating a change of market structure. 

The 1st support is at 0.68768 which in line with the 50% Fibonacci retracement. The 2nd support is at 0.66382 which is  the overlap and recent swing low. 

In an alternate scenario, the price could possibly go back up towards the 1st resistance  level at 0.71363 which is the recent swing high.

Areas of consideration

  • H4. 1st resistance at 0.71363
  • H4, 1st support at 0.68768
  • H4, 2nd support at 0.66382

NZD/USD:

Looking at the H4 chart, my overall bias for NZDUSD is bearish, as the current price is below the Ichimoku Cloud, and the ascending trend line has been broken, indicating a change of market structure. Expecting the price  go down towards the 1st support at 0.62100 which is the recent overlap swing low. The 2nd support is at 0.60179 which is in line with 50% Fibonacci retracement. 

In an alternate scenario, price could possibly up towards the 1st resistance level at 0.65158 which is the recent overlap swing high. 

Areas of consideration:

  • H4 time frame, 2nd resistance at 0.65576
  • H4 time frame, 1st resistance at  0.65158
  • H4 time frame, 1st support at  0.64147
  • H4 time frame, 2nd support at  0.62106

USD/CAD:

Looking at the H4 chart, my overall bias for USDCAD is slightly bearish, as there is a descending trend line. Expecting the current price is head down towards the 1st support at 1.33014. The 2nd support is at 1.32369 which is the previous swing low. 

In an alternative scenario, the price could possibly head up to the 1st resistance at 1.34678 which is the recent swing high and also in line with the 50% Fibonacci retracement. The 2nd resistance is at 1.36933 which the previous swing high. 

Areas of consideration:

  • H4 time frame,  2nd  resistance at 1.36933
  • H4 time frame,  1st resistance at 1.34678
  • H4 time frame, 1st support at  1.33014
  • H4 time frame, 2nd support at 1.32369

OIL: 

Looking at the H4 chart, my overall bias for BOC is bearish.as the current price is below the Ichimoku cloud, and a descending channel  add confluence to my bias. Expecting the pricehead down towards the 1st support level at 77.836, before it heads down to the 2nd support at 75.827 which is the recent swing low.  

In an alternate scenario, the price could possibly head up  towards the 1st resistance level at 88.867 which is the recent swing high.

Areas of consideration:

  • H4 time frame, 1st resistance at  88.867
  • H4 time frame,1st support at 77.836 
  • H4 time frame, 2nd support at 75.827

Dow Jones Industrial Average:


On the H4 chart, the overall bias for DJI is bullish. To add confluence to this, the price is crossing above the Ichimoku cloud which indicates a bullish market. If this bullish momentum continues, expect the price to possibly continue heading towards the 1st resistance line at 34342.32, where the recent swing high is. In an alternative scenario, price could possibly head back down towards the 1st support at 32581.97, slightly above where the 38.2% Fibonacci line is. 

Areas of consideration:

  • H4 time frame, 1st support at 32581.97
  • H4 time frame, 1st Resistance at 34342.32

DAX:


Looking at the H4 chart, my overall bias for DAX is bullish due to the current price crossing above the Ichimoku cloud, indicating a bullish market.  If this bullish momentum continues, expect the price to possibly head towards the 1st resistance line at 15590, where the recent high is. In an alternative scenario, price could possibly head down to retest the 1st support at 15290, where the overlap support is.

Areas of consideration:

  • H4 time frame, 1st resistance is at 15590
  • H4 time frame, 1st support is at 15290

ETHUSD:


Looking at the H4 chart, my overall bias for ETHUSD is slightly bullish,  the strong ascending trend line has been created. Expecting the price to break  the 1st resistance line at 1683.95  which is the recent swing high, before it heads towards the 2nd resistance 1784.57.

In an alternate scenario, the price may go down to the 1st support at 1508.30 which is the recent swing low.  

Areas of consideration:

  • H4 time frame, 2nd resistance of 1784.57
  • H4 time frame, 1st resistance of 1683.95
  • H4 time frame, 1st support at 1508.30

BTCUSD:


Looking at the H4 chart, my overall bias for BTCUSD is bullish. An ascending channel was created, expecting the price to break the 1st resistance line at 24234.83 which is the recent overlap resistance, before heading towards the 2nd resistance at 24942.70 which is the previous swing high. 

In  an alternative scenario, the price could possibly head down to the 1st support  at 22763.33 which is the overlap support. 

 Areas of consideration:

  • H4 time frame,  2nd resistance 24942.70
  • H4 time frame,  1st  resistance 24234.83
  • H4 time frame, 1st support at 22763.33

S&P 500:

Looking at the H4 chart, my overall bias for S&P500 is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect the price to possibly break the 1st resistance at 4180.00, where the previous swing high is., before heading towards the 2nd resistance at 4327.50 where the previous swing high is, In an alternative scenario, price could possibly head back down to retest the 1st support at 4091.75, where the 50% Fibonacci line is.

Areas of consideration:

  • H4 time frame, 1st support at 4091.75
  • H4 time frame, 1st resistance at 44180.00
  • H4 time frame, 2nd resistance at 4327.50

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