{"id":51788,"date":"2022-01-21T15:20:26","date_gmt":"2022-01-21T04:20:26","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=51788"},"modified":"2022-01-21T15:20:26","modified_gmt":"2022-01-21T04:20:26","slug":"friday-21st-january-2022-technical-outlook-and-review","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/friday-21st-january-2022-technical-outlook-and-review\/","title":{"rendered":"Friday 21st January 2022 : Technical Outlook and Review"},"content":{"rendered":"

DXY:<\/span><\/h2>\n

On the weekly, prices have recently broken out of our descending trendline. We are expecting prices to dip from our 1st resistance at 95.818 in line with 61.8% Fibonacci extension and 50% Fibonacci retracement towards our 1st support at 95.426 in line with 38.2% Fibonacci retracement. RSI is at a level where dips previously occurred.<\/span><\/p>\n

On the daily, prices are consolidating in a triangle pattern. We see potential for prices for a drop from our 1st resistance at 95.818 in line with 61.8% Fibonacci extension towards our 1st support at 95.158 in line with 50% Fibonacci retracement. Our bearish bias is further supported by RSI being close to levels where dips occurred previously and also prices passing through our ichimoku cloud support.<\/span><\/p>\n

On the H4 timeframe, prices are abiding to a descending trendline and are on bearish momentum. We would expect a dip from our 1st resistance at 95.818 in line with 61.8% and 78.6% Fibonacci retracement towards our 1st support at 95.426 in line with 38.2% Fibonacci retracement. RSI is at a level where dips occurred previously and also ichimoku clouds are showing further bearish momentum.<\/span><\/p>\n

Areas of consideration:<\/b><\/p>\n

H4 time frame, 1st resistance at 95.827<\/span><\/p>\n

H4 time frame, 1st support at 95.426<\/span><\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

XAU\/USD (GOLD):<\/span><\/h2>\n

On the weekly, prices are consolidating in a triangle and have the potential to dip from our 1st resistance at 1848.842 in line with 61.8% Fibonacci extension and 78.6% Fibonacci retracement towards our 1st support at 1784.333 in line with 61.8% Fibonacci retracement. RSI are at levels where dips previously occurred.<\/span><\/p>\n

On the daily, prices are consolidating in a triangle. We see potential for further bullish continuation from 1st support at 1828.775 in line with 38.2% Fibonacci retracement towards our 1st resistance at 1849.77 in line with 61.8% Fibonacci extension and 78.6% Fibonacci retracement.\u00a0 Our bias is further supported by the RSI at a level where bounces previously occurred.<\/span><\/p>\n

On the H4 chart, prices are consolidating in a parallel channel. We see potential for prices to dip from our 1st support at 1828.354 in line with the area of Fibonacci confluences towards our 1st support at 1828.354 in line with 23.6% Fibonacci retracement. RSI is at a level where dips previously occurred. Alternatively, breaking our 1st resistance will find prices climbing further towards our 2nd resistance at 1864.473 in line with 127.2% Fibonacci extension which is our next level of strong resistance.<\/span><\/p>\n

Areas of consideration:<\/b><\/p>\n

4h 1st support at 1828.354<\/span><\/p>\n

4h 1st resistance at 1811.423<\/span><\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

GBP\/USD<\/span><\/h2>\n

On the weekly chart price in between 1st resistance of 1.42498\u00a0 which is in line with 100% Fibonacci projection, 50% Fibonacci retracement and 1st support of 1.31885 which is in line with 38.2% Fibonacci retracement and 61.8% fibonacci projection. Price can potentially go to the 1st resistance level of 1.42498 which is the graphical swing high level. Our bullish bias is supported by the ichimoku cloud indicator.\u00a0<\/span><\/p>\n

On the daily chart , price is abiding by the descending trendline and near 1st resistance level of 1.37179 which is also 127.2% Fibonacci projection and 78.6% Fibonacci retracement. Price can potentially dip to the 1st support of 1.34172 which is also 50% Fibonacci retracement.\u00a0 Our bearish bias is supported by the stochastic indicator as it is near resistance level.<\/span><\/p>\n

On the H4 chart, price has recently broken out of the ascending trendline and near 1st support level of 1.35746 which is also 50% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially dip to the 2nd support of 1.34640 which is 127.2% Fibonacci projection and 50% Fibonacci retracement. Our bearish bias is supported by the ichimoku cloud indicator as price is trading below it.\u00a0<\/span><\/p>\n

Areas of consideration<\/span><\/p>\n