{"id":51818,"date":"2022-01-24T15:01:05","date_gmt":"2022-01-24T04:01:05","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=51818"},"modified":"2022-01-24T15:01:05","modified_gmt":"2022-01-24T04:01:05","slug":"monday-24th-january-2022-technical-outlook-and-review","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/monday-24th-january-2022-technical-outlook-and-review\/","title":{"rendered":"Monday 24th January 2022 : Technical Outlook and Review"},"content":{"rendered":"

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

On the H4 timeframe, prices are consolidating in a triangle pattern and are on bullish momentum. We would expect potentially further bullish continuation from our 1st support at 95.426 in line with 38.2% Fibonacci retracement towards our 1st resistance at 95.843 in line with 61.8% Fibonacci retracement. RSI is showing bullish momentum and prices are trading above our Ichimoku clouds, further supporting our bullish bias.<\/span><\/p>\n

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

H4 time frame, 1st resistance at 95.843<\/span><\/p>\n

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

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

On the H4 chart, prices are on bullish momentum and abiding to our ascending trendline. We would watch for our intermediate level for confirmation in price action. If prices dips below our intermediate level, we would expect it to dip towards our 1st support at 1820.300 in line with 61.8% Fibonacci extension. Alternatively, prices may travel higher towards our 1st resistance at 1847.563 in line with 78.6% Fibonacci retracement. Our bullish bias is further supported by our MA 50 & 200 crosses as well as prices trading above our ichimoku cloud support.\u00a0\u00a0<\/span><\/p>\n

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

4h 1st support at 1820.300<\/span><\/p>\n

4h intermediate resistance at 1829.925<\/span><\/p>\n

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

On the H4 chart price has recently broken out of the ascending trendline and near 1st resistance level of 1.35746 which is also 23.6% Fibonacci retracement. Price can potentially dip to the 1st support level of 1.34640 which is also 100% 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:\u00a0<\/span><\/p>\n