ICMarket

25th May 2022 Wednesday: Technical Outlook and Review

DXY:


On the H4, with prices below the ichimoku indicator, we have a bearish bias that price will drop to our 1st support at 101.560 where the horizontal swing low support, 127.2% Fibonacci extension and 50% Fibonacci retracement are from our 1st resistance at 102.348 in line with the horizontal pullback resistance. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 102.738 where the horizontal pullback resistance is.

Areas of consideration:

  • H4 time frame, 1st resistance at 102.348
  • H4 time frame, 1st support at 101.560

XAU/USD (GOLD):

On the H4, with prices moving above the ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 1853.94 where the horizontal overlap support is to our 1st resistance at 1884.14 in line with the horizontal swing high resistance and 78.6% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 1832.57 where the horizontal overlap support, 38.2% fibonacci retracement and 61.8% fibonacci projection.

Areas of consideration: 

  • H4 time frame, 1st Resistance at 1884.14
  • H4 time frame, 1st Support at 1853.94

GBP/USD:

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 1.25009 where the horizontal overlap support is to our 1st resistance at 1.25889 in line with the 78.6% Fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 1.23967 where the horizontal overlap support and 61.8% Fibonacci retracement are.

Areas of consideration:

  • H4 1st resistance at 1.25889
  • H4 1st support at 1.25009

USD/CHF:

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop to our 1st support at 0.95223 where the 61.8% Fibonacci retracement is from our 1st resistance at 0.96673 in line with the pullback resistance. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 0.97525 where the swing high resistance is.

Areas of consideration

  • 1st support level at 0.95223
  • 1st resistance level at  0.96673

EUR/USD :

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 1.07719 where the 50% Fibonacci retracement is from our 1st support at 1.06421 in line with the pullback support. Alternatively, price may break 1st support structure and head for 2nd support at 1.05926 where the horizontal pullback support is.

Areas of consideration :

  • H4 1st resistance at 1.07719
  • H4 1st support at 1.06421

USD/JPY:

On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 127.027 where the horizontal overlap resistance is to our 1st support at 126.108 in line with the 78.6% Fibonacci projection, pullback support and 100% fibonacci projection. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 128.099 where the horizontal overlap resistance and 38.2% Fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 127.027
  • H4 time frame, 1st support at 126.108

AUD/USD:

On the H4, with price moving above the ichimoku cloud and price breakout from the descending trendline, we have a bullish bias that price will rise to our 1st resistance at 0.72568 where the 50% Fibonacci retracement is from our 1st support at 0.70495 in line with the horizontal pullback support. Alternatively, price may break structure and head for 2nd support at 0.69518 where the horizontal pullback support is.

Areas of consideration 

  • H4 1st resistance at 0.72568
  • H4 1st support at 0.70495

NZD/USD:

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 0.65455 where the 38.2% Fibonacci retracement and swing high resistance are from our 1st support at 0.64103 in line with the pullback support. Take note of intermediary support at 0.63729 where the overlap support is. Alternatively, price may break structure and head for 2nd support at 0.62926 where the swing low support is.

Areas of consideration:

  • H4 time frame, 1st support at 0.64103
  • H4 time frame, 1st resistance at 0.65455

USD/CAD:

On the H4, with price moving below the ichimoku, we have a bearish bias that price will drop from our 1st resistance at 1.29039 where the horizontal overlap resistance and 38.2% Fibonacci retracement is to our 1st support at 1.27122 in line with the swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.29667 where the horizontal overlap resistance and 61.8% Fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.29039
  • H4 time frame, 1st support at 1.27122

OIL: 

On the H4, with price expected to bounce off the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 115.33 where the swing high resistance is from our 1st support at 108.99 in line with the swing low support, 38.2% fibonacci retracement and 61.8%% fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 104.47 where the horizontal swing low support,  50% fibonacci retracement and 61.8%% fibonacci retracement is.

Areas of consideration:

  • H4 time frame, 1st resistance of 115.33
  • H4 time frame, 1st support of 108.99

Dow Jones Industrial Average:

On the H4, with price moving below the ichimoku indicator, we have a bearish bias that price will drop to our 1st support at 30723 where the 127.2% Fibonacci extension and swing low support from our 1st resistance at 31886 in line with the horizontal swing high resistance 78.6% fibonacci projection and 61.8% fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 32696 where the horizontal swing high resistance is.

Areas of consideration : 

  • H4 time frame, 1st resistance at 31886
  • H4 time frame, 1st support at  30723

 

The accuracy, completeness and timeliness of the information contained on this site cannot be guaranteed. IC Markets does not warranty, guarantee or make any representations, or assume any liability regarding financial results based on the use of the information in the site.

News, views, opinions, recommendations and other information obtained from sources outside of www.icmarkets.com.au, used in this site are believed to be reliable, but we cannot guarantee their accuracy or completeness. All such information is subject to change at any time without notice. IC Markets assumes no responsibility for the content of any linked site.

The fact that such links may exist does not indicate approval or endorsement of any material contained on any linked site. IC Markets is not liable for any harm caused by the transmission, through accessing the services or information on this site, of a computer virus, or other computer code or programming device that might be used to access, delete, damage, disable, disrupt or otherwise impede in any manner, the operation of the site or of any user’s software, hardware, data or property.