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Tuesday 31st January 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 level at 131.592, where the 61.8% Fibonacci line is. In an alternate scenario, price could possibly head back down to retest the 1st support at 129.000, where the overlap support is.

Areas of consideration:

  • H4 time frame, 1st resistance at 131.592
  • H4 time frame, 1st support at 129.000

DXY:

Looking at the H4 chart, my overall bias for DXY 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 101.300, where the previous swing low is. In an alternative scenario, price could head back up to retest the 1st resistance at 103.463, where the overlap resistance and 50% Fibonacci line is.

Areas of consideration:

  • H4 time frame, 1st resistance at 103.463
  • H4 time frame, 1st support at 101.300

EUR/USD:

Looking at the H4 chart, my overall bias for EURUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market structure. To add confluence to this bias, price is also within an ascending channel. If this bullish momentum continues, expect the price to possibly continue heading towards the 1st resistance at 1.09445, where the 50% Fibonacci line is. In an alternate scenario, price could possibly head back down to retest the 1st support level at 1.07763, where the 38.2% Fibonacci line is.

Areas of consideration :

  • H4 1st resistance at 1.09445
  • H4 1st support at 1.07763

 GBP/USD:

Looking at the H4 chart, my overall bias for GBPUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect price to possibly continue heading towards the 1st resistance line at 1.24465, where the previous swing high is. In an alternate scenario, price could possibly head back down and retest the 1st support at 1.22889, where the 23.6% Fibonacci line is.

Areas of consideration:

  • H4  1st resistance at 1.24465
  • H4  1st support at 1.22889

USD/CHF:

Looking at the H4 chart, my overall bias for USDCHF is bullish due to the current price crossing above the Ichimoku cloud, indicating a bullish market.  If the current bullish trend continues, expect the price to possibly head back up to retest the 1st resistance at 0.92673, where the 61.8% Fibonacci line is. In an alternative scenario, price could possibly continue to head towards the 1st support at 0.91588, where the 61.8% Fibonacci line is.

Areas of consideration

  • H4 1st support at 0.91588
  • H4 1st resistance at 0.92673

XAU/USD (GOLD):

Looking at the H4 chart, my overall bias for XAUUSD 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 continue heading towards the 1st resistance at 1949.260, where the recent swing high is. In an alternative scenario, price could possibly head back down to break the 1st support at 1921.450 where the 50% Fibonacci line is, before heading towards the 2nd support at 1899.685, where the overlap support and recent low is.

Areas of consideration: 

  • H4 time frame, 1st resistance at 1949.260
  • H4 time frame, 1st support at 1921.450
  • H4 time frame, 2nd support at 1899.685

AUD/USD:

Looking at the H4 chart, my overall bias for AUDUSD is bullish due to the current price being above the Ichimoku cloud, However, the price breaking the ascending trend line, and head into the cloud.

If this price momentum continues, expect price to trade lower to the 61.8% Fibonacci level at 0.69800.  And heading towards the  1st support level is at 0.68774 and 2nd support is at 0.67156. 

In an alternate scenario, the price could possibly go back up towards the 1st resistance level at 0.71356 which is recent swing high, and the 2nd resistance is at 0.72637.

Areas of consideration

  • H4 , 2nd resistance at 0.72637.
  • H4. 1st resistance at 0.71357
  • H4, 1st support at 0.68774
  • H4, 2nd support at 0.67156 

NZD/USD:

Looking at the H4 chart, my overall bias for NZDUSD is  slightly bullish due to the current price is slightly  above the Ichimoku cloud, indicating a slightly bullish market. To add confluence to this bias, there is an ascending trend line, however, the price is break this trend line, and it seems the price is retesring at the 1st support level at 0.64481 which is in line with 50% Fibonacci line. If this price momentum continues, expect price to possibly head down  towards the 1st support at 0.63627  which is the recent swing low. 

 In an alternate scenario, price could possibly head back down towards the 1st reisitacne level at 0.65301 which is the recent swing high.. 2nd resistance is tya 0.65305 which is the previous  swing lhigh. 

Areas of consideration:

  • H4 time frame, 2nd resistance at 0.65743
  • H4 time frame, 1st resistance at  0.65305
  • H4 time frame, 1st support at  0.64481
  • H4 time frame, 2nd support at 0.63637

USD/CAD:

Looking at the H4 chart, my overall bias for USDCAD is bearish,  however, the price seems to be breaking the descending trendline and heading towards the ichimoku cloud, possibility having a cross over. This might potentially indicate a shift to bullish market structure.If this price momentum continues, expect the price to possibly continue heading towards the 1st resistance at 1.34109 which is in line with the 61.8% Fibonacci line. 2nd resistance is at 1.35197 which is the recent swing high. 

In an alternative scenario, price could possibly head down to the 1st support at 1.33010 which is the recent swing low.  If the price continue to head down, it might down to the 2nd support at 1.32365.

Areas of consideration:

  • H4 time frame,  2nd resistance at  1.35197
  • H4 time frame,  1st resistance at 1.34109 
  • H4 time frame, 1st support at  1.33010
  • H4 time frame, 2nd support at 1.32365.

OIL: 

Looking at the H4 chart, my overall bias for BOC is slightly beraish. As the price seems to be breaking the rising trendline and now is  below the ichimoku cloud. The price may head down toward the 1st support at 83.936 which is the recent swing low and 61.8% Fibonacci line.  2nd support is at 82.117.

In an alternate scenario, price could possibly head up  towards the 1st resistance level at 88.885 hwoch is the recent swing high, 2nd resistance is at 89.727 which is the previous swing high. 

Areas of consideration:

  • H4 time frame, 2nd resistance at 89.727.
  • H4 time frame, 1st resistance at  88.885
  • H4 time frame,1st support at 83.936,
  • H4 time frame, 2nd support at 82.117

Dow Jones Industrial Average:


On the Daily 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 Daily 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 16274, where the previous swing high is. In an alternative scenario, price could possibly head down to retest the 1st support at 14597, where the 50% Fibonacci line is.

Areas of consideration:

  • H4 time frame, 1st resistance is at 16274
  • H4 time frame, 1st support is at 14597

ETHUSD:


Looking at the H4 chart, my overall bias for ETHUSD is slightly bullish, even though the current price is below the Ichimoku cloud and the strong ascending trend has been broken. , the price has been retested at the 1st support at 1531.33 which is the recent swing low. If the price breaks the 1st support, it might head down to the 2nd support at 1509.50 which is the previous swing low. 

In an alternate scenario, the price may rise up to the 1st resistance line at 1675.39 which is the recent swing high. 

Areas of consideration:

  • H4 time frame, 1st resistance of 1675.39
  • H4 time frame, 1st support at 1531.33
  • H4 time frame, 2nd support at  1509.50

BTCUSD:


Looking at the H4 chart, my overall bias for BTCUSD is slightly bullish. Even though the ascending channel has been broken, the price has been retested at 1st support level at 22283.04. If the price breaks through  the 1st support level, it might head down towards the 2nd support level at 20567.41 which is the previous swing low.   

In  an alternative scenario, the price could possibly head back up the 1st resistance at 23921.48 which  is the previous swing high. 

 Areas of consideration:

  • H4 time frame,  1st resistance 23921.48
  • H4 time frame, 1st support at 22283.04
  • H4 time frame, 2nd support a  20567.41

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 continue heading towards the 1st resistance at 4119.97, where the 78.6% Fibonacci line is. In an alternative scenario, price could possibly head back down to break the 1st support at 3888.39, where the 50% Fibonacci line is, before heading towards the 2nd support at 3764.49, where the recent swing low is.

Areas of consideration:

  • H4 time frame, 1st support at 3888.39
  • H4 time frame, 2nd support at 3764.49
  • H4 time frame, 1st resistance at 4119.97

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