Tuesday 7th December 2021 : Technical Outlook and Review

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DXY:

On the H4 timeframe, prices are consolidating in a triangle. We see the potential for prices to continue to climb and break our triangle towards our 1st resistance at 96.479 in line with 100% and 127.2% Fibonacci extension. Technical indicators are showing bullish momentum. Alternatively, breaking our 1st resistance will find prices climbing higher towards 96.667 in line with 200% and 127.2% Fibonacci extension.

Areas of consideration:

  • H4 time frame, 1st resistance at 96.479
  • H4 time frame, 1st support at 96.123

XAU/USD (GOLD):

On the H4 chart, prices are on bullish momentum. We foresee a potential bounce from our 1st support at 1776.11 towards our 1st resistance at 1786.21 which is an area of Fibonacci confluences. Breaking it will find prices climbing higher toward our 2nd resistance at 1794.64 in line with 78.6% Fibonacci retracement.

Areas of consideration:

  • 4h 1st resistance at 1786.21
  • 4h 1st support at 1776.11

GBP/USD

On the H4 chart , price is abiding  a descending trendline and near the first resistance level of 1.32738 which is also  23.6% Fibonacci retracement. Price can potentially dip to the first support level of 1.31683 which is also the graphical overlap support. Our bearish bias is supported by the ichimoku cloud indicator as price is trading below it.

 Areas of consideration :

  • H4 1st resistance at 1.32738
  • H4 1st support at 1.31683

 

USD/CHF

In reference to last week’s analysis, price indeed dropped to 1st Support at 0.91733. On the H4 timeframe, we can expect price to drop from 1st Resistance in line with 161.8% Fibonacci projection and 50% Fibonacci retracement toward 1st Support in line with 38.2% Fibonacci retracement. Our bearish bias is further supported by the Ichimoku cloud indicator where price is holding below it.

Areas of consideration:

  • Watch 1st Support at 0.92249
  • Watch 1st Resistance at 0.92637

EUR/USD :

On the H4 chart price is trading in a descending channel and near the first resistance level of 1.13739 which is also 38.2% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially dip to the first support level of 1.11886 which is also the graphical swing low level. Our bearish bias is supported by the stochastic indicator as it is abiding by the descending trendline.

Areas of consideration :

  • H4 first resistance at 1.13739
  • H4 1st support at 1.11886

USD/JPY

In reference to yesterday’s analysis price indeed bounced to the resistance level @ 113.559. On the H4 timeframe, price broke out of the ascending trendline support, signifying a bearish momentum.  We can expect price to drop from 1st Resistance in line with 100% Fibonacci projection and 38.2% Fibonacci retracement to the 78.6% Fibonacci projection.

Areas of consideration:

  • H4 1st resistance level 113.559
  • H4 1st support level 112.740

AUD/USD:

In reference to last week’s analysis price indeed dropped to 1st Support at 0.70274. On the H4, price is abiding to the descending trendline resistance, signifying bearish momentum. Price dropped below the daily overlap support, we can expect price to drop from 1st Resistance in line with 38.2% FIbonacci retracement and 61.8% Fibonacci projection towards 1st Support in line with 161.8% Fibonacci extension. Our bearish bias is further supported by the Ichimoku cloud indicator acting as a resistance.

Areas of consideration:

  • H4 1st resistance level 0.70615
  • H4 1st support level 0.69940

NZD/USD:

On the H4 timeframe, prices are consolidating in a bearish channel. We see potential for prices to experience a small bounce towards our 1st support at 0.67439 in line with 127.2% Fibonacci extension  towards our 1st resistance at 0.67942 in line with 50% Fibonacci retracement.  If prices break our 1st support, prices can potentially dip further towards our 2nd support at 0.67133 in line with 161.8% Fibonacci extension.

Areas of consideration:

  • H4 time frame, 1st resistance at 0.67942
  • H4 time frame, 1st support at 0.67412

USD/CAD:

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from 1st support at 1.27252 in line with the graphical overlap support and 61.8% Fibonacci retracement to 1st resistance  at 1.28499 in line with the graphical swing high resistance  and 78.6% Fibonacci projection. Alternatively, we may see price break 1st support structure and head for 2nd support at 1.26338 in line with the horizontal overlap support.

Areas of consideration:

  • H4 time frame, support at 27252
  • H4 time frame, resistance at 1.28499

OIL:

On the H4 timeframe, with price is moving on the ascending trendline of the stochastics indicator and the rejecting off the horizontal graphical level, we have a bullish bias that price will rise from 1st support at 65.83  in line with the 161.8% Fibonacci projection and horizontal swing low support to 1st resistance at 77.06 in line with the horizontal overlap resistance and 161.8%Fibonacci projection and possibly to 2nd resistance at 85.41 in line with the 161.8% Fibonacci projection and swing high resistance. Alternatively, price may break 1st support structure and head for 2nd support at 54.66 in line with the horizontal swing low support.

Areas of consideration:

  • H4 time frame, 1st resistance of 77.06
  • H4 time frame, 1st support of 83

Dow Jones Industrial Average:

On the H4, with price breaking the ichimoku indicator and the horizontal graphical level,  we have a bullish bias that price will rise from 1st support at 35256 in line with the horizontal overlap support to 1st resistance at 35593 in line with the 127.2% Fibonacci extension. Alternatively, price may break 1st support structure and head for 2nd support at 34853 in line with the 38.2% Fibonacci retracement.

  • 4H resistance at 35593
  • 4H support at 35256

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