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Wednesday 01st 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 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 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 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 crossing 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 bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. To add confluence to this bias, price has also broken the ascending trend line. If this bearish momentum continues, expect price to possibly break the 1st support at 1.22889, where the 23.6% Fibonacci line is, before heading towards the 2nd support at 1.21841, where the overlap support and 38.2% Fibonacci line is. In an alternate scenario, price could continue to head back up towards the 1st resistance line at 1.24465, where the previous swing high is.

Areas of consideration:

  • H4  1st resistance at 1.24465
  • H4  1st support at 1.22889
  • H4  2nd support at 1.21841

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, which is the overlap support.

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 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 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 38.2% 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. There is an ascending trend line which adds confluence to my bias. 

If this price momentum continues, expect price to heading towards the 1st resistance level at 0.71407.

In an alternate scenario, the price could possibly go back up towards the intermediate support level at 0.69748 which is at 61.8% Fibonacci line. The 1st support is at 0.698711 which is the recnet swing low. 

Areas of consideration

  • H4. 1st resistance at 0.71407
  • H4, intermediate  support at 0.69748
  • H4, 1st support at 0.698711

NZD/USD:

Looking at the H4 chart, my overall bias for NZDUSD is bearish. As the current ascending trendline has been broken, the price is heading towards the 1st support at 0.63625 which is in line with 50% Fibonacci retracement. 

In an alternate scenario, price could possibly head back toward the 1st resistance level at 0.64539. Once the it breaks the 1st resistance level, the price is rise to the 2nd resistance zone at 0.65128.

Areas of consideration:

  • H4 time frame, 2nd resistance at 0.65128
  • H4 time frame, 1st resistance at  0.64539
  • H4 time frame, 1st support at  0.63625

USD/CAD:

Looking at the H4 chart, my overall bias for USDCAD is bearish,  as the current price is trying to break through the 1st support line at 1.33033. There is a descending trend line created. Once the 1st support line was broke, the 2nd support line 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 1.34497 which is the recent swing high. 

Areas of consideration:

  • H4 time frame,  1st resistance at 1.34497
  • H4 time frame, 1st support at  1.33033
  • H4 time frame, 2nd support at 1.32369

OIL: 

Looking at the H4 chart, my overall bias for BOC is slightly bearish. 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 83.120 which is the recent swing low and 50% Fibonacci line, before it heading to the 2nd support is at 77.716.

In an alternate scenario, the price could possibly head up  towards the 1st resistance level at 88.829 which is the recent swing high

Areas of consideration:

  • H4 time frame, 1st resistance at  88.829
  • H4 time frame,1st support at 83.120 ,
  • H4 time frame, 2nd support at 77.716.

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,  the strong ascending trend line has been created. Expecting the price head towards the 1st resistance line at 1681.19 which is the recent swing high.  

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, 1st resistance of 1681.19
  • H4 time frame, 1st support at 1508.30

BTCUSD:


Looking at the H4 chart, my overall bias for BTCUSD is bullish. There is an ascending channel was created, expecting the price head towards the 1st resistance line at 23920.59 whoch is the recent swing high. 

In  an alternative scenario, the price could possibly head down to the 1st support  at 22367.57  before it head towards the 2ns support at 20661.53 which is the previous swing low. 

 Areas of consideration:

  • H4 time frame,  1st resistance 23920.59
  • H4 time frame, 1st support at 22367.57 
  • H4 time frame, 2nd support a 20661.53

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 4109.25, where the recent high is, before heading towards the 2nd resistance at 4180.00, where the previous swing high is. In an alternative scenario, price could possibly head back down to retest the 1st support at 4036.50, where the 38.2% Fibonacci line is.

Areas of consideration:

  • H4 time frame, 1st support at 4036.50
  • H4 time frame, 1st resistance at 4109.25
  • H4 time frame, 1st resistance at 4180.00

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