Thursday 01st December 2022: Technical Outlook and Review

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USD/JPY:

The current general bias for USDJPY on the H4 chart is bearish. To add confluence to this, the price is under the Ichimoku cloud which indicates a bearish market. If the bearish momentum continues, expect USDJPY to head towards the 1st support line at 135.004, where the 78.6% Fibonacci line is located. In an alternative scenario, price could go up to retest the 1st resistance line at 138.091, where the 61.8% Fibonacci line and previous low are located.

Areas of consideration:

  • H4 time frame, 1st resistance at 138.091
  • H4 time frame, 1st support at 135.004

DXY:

On the H4 chart, the overall bias for DXY is bearish. To add confluence to this, the price is crossing below the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect the price to continue heading towards the 1st support line at 104.815, where the previous swing low is. In an alternative scenario, price could head back up and retest the 1st resistance line resistance at 106.396, where the 38.2% Fibonacci line lies.

Areas of consideration:

  • H4 time frame, 1st resistance at 106.396
  • H4 time frame, 1st support at 104.815

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. To add confluence to this bias, price has also broken above the ascending trend line. If this bullish momentum continues, expect the price to possibly head towards the 1st resistance at 1.04818, where the previous swing high is located. In an alternate scenario, price could possibly head back down towards the 1st support level at 1.02766, where the 23.6% Fibonacci line is located, before heading towards the 2nd support at 1.00937, where the 50% Fibonacci line is.

Areas of consideration :

  • H4 1st resistance at 1.04818
  • H4 1st support at 1.02766
  • H4 2nd support at 1.00937

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. Expecting price to possibly head towards the 1st resistance line at 1.22770, where the previous swing high is. In an alternative scenario, price could possibly head back down to retest the 1st support line at 1.19008, where the 78.6% Fibonacci line is.

Areas of consideration:

  • H4   1st resistance at 1.22770
  • H4  1st support at 1.19008

 

USD/CHF:

The overall bias for USDCHF on the H4 chart is bearish. In addition, the price is below the Ichimoku cloud, indicating a bearish market. If the current bearish trend continues, expect price to continue heading towards the 1st support line at 0.93706, where the previous swing low is. In an alternative scenario, price could possibly head back up towards the 1st resistance line at 0.94810 where the 78.6% Fibonacci line is.

Areas of consideration

  • H4 1st support at  0.93706
  • H4 1st resistance at 0.94810

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 1786.545, where the previous swing high is located.  In an alternate scenario, price could possibly head back down towards the 1st support level at 1765.050, where the 78.6% Fibonacci line is located.

Areas of consideration: 

  • H4 time frame, 1st resistance at 1786.545
  • H4 time frame, 1st support at 1765.050

AUD/USD:

Looking at the H4 chart, my overall bias for AUDUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. Expecting price to continue heading towards the 1st resistance at 0.69161, where the previous swing high is. In an alternative scenario, price could possibly head back down to retest the 1st support line at 0.67711 where the 61.8% Fibonacci line is. 

Areas of consideration 

  • H4,  1st resistance at 0.69161
  • H4, 1st support at 0.67711

 

NZD/USD:

On the H4 chart, we have a bullish bias with the price moving above the Ichimoku cloud and has broken out of the ascending channel. If this bullish momentum continues, expect the price to head towards the 1st resistance line at 0.63525 where the 88% Fibonacci line is. Alternatively, the price may head back down and retest the 1st support at 0.62092, slightly below where the 78.6% Fibonacci line is

Areas of consideration:

  • H4 time frame,  1st resistance at 0.63525
  • H4 time frame,  1st support at 0.62092

 

USD/CAD:

On the H4 chart, the overall bias for USDCAD is bullish. To add confluence to this, the price is above the Ichimoku cloud which indicates a bullish market. If this bullish momentum continues, expect the price to continue heading towards the 1st resistance at 1.35029, where the 38.2% Fibonacci line is. In an alternative scenario, price could head back down to retest the 1st support at 1.33578, where the 20% Fibonacci line is.

Areas of consideration:

  • H4 time frame,  1st resistance at 1.35029
  • H4 time frame, 1st support at 1.33578

 

OIL: 

Looking at the H4 chart, my overall bias for BCOUSD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect price to possibly break the 1st support at 86.921, where the 127.2% Fibonacci extension line is located. In an alternate scenario, price could possibly head up towards the 1st resistance line at 89.452, where the previous swing low is.

Areas of consideration:

  • H4 time frame,  1st resistance at  89.452
  • H4 time frame, 1st support at   86.921

Dow Jones Industrial Average:

On the H4 chart, the overall bias for DJI is bullish. To add confluence to this, the price is above the Ichimoku cloud which indicates a bullish market. If this bullish momentum continues, expect the price to continue heading towards the 1st resistance line at 35492.22, where the previous swing high is. In an alternative scenario, price could head back down breaking the 1st support line at 34106.01, where the previous swing high is before heading towards the 2nd support at 32490.37, where the 61.8% Fibonacci line is.

Areas of consideration:

  • H4 time frame, 1st support at 34106.01
  • H4 time frame, 2nd support at 32490.37
  • H4 time frame, 1st Resistance at 35492.22

 

DAX:

The H4 chart shows a bullish bias, with price breaking through the descending trendline and rising above the Ichimoku cloud. Price is expected to maintain its bullish momentum and rise to the first resistance level at 14709, where the previous swing high is located. Alternatively, the price could fall to the first support level at 13941, where the previous swing high was.

Areas of consideration:

  • H4 time frame, 1st resistance is at 14709
  • H4 time frame, 1st support is at 13941

ETHUSD:

On the H4 chart, the overall bias for ETHUSD is bearish. However, the price is now above the Ichimoku cloud which might indicate a shift to a bullish market. Expecting price to possibly break the 1st resistance at 1308.21, where the 38.2% Fibonacci line is before heading towards the 2nd resistance line at 1400.48, where the 61.8% Fibonacci line is. In an alternative scenario, price could possibly head back down towards the 1st support at 1071.11, where the previous swing low is. 

Areas of consideration:

  • H4 time frame, 1st resistance of 1308.21
  • H4 time frame, 1st support at 1071.11

 

BTCUSD:

On the H4 chart, the overall bias for BTCUSD is bearish. However, the price is now above the Ichimoku cloud which might indicate a shift to a bullish market. Expecting price to possibly break the 1st resistance at 17246.66, where the 23.6% Fibonacci line is before heading towards the 2nd resistance line at 18173.33, where the previous swing low is. In an alternative scenario, price could possibly head back down towards the 1st support at 15632.00, where the previous swing low is. 

 Areas of consideration:

  • H4 time frame,  1st resistance 17246.66
  • H4 time frame,  1st support at 15632.00

 

S&P 500:

The overall bias for the S&500 on the H4 chart is bullish, with prices above the Ichimoku cloud. If the bullish momentum continues, expect price to head towards the 1st resistance line is at 4177.51, which is the 78.6% Fibonacci line is. In an alternate scenario, price could return to the 1st support line at 4031.44, where the 61.8% Fibonacci line is located.

Areas of consideration:

  • H4 time frame, 1st support at 4031.44
  • H4 time frame, 1st resistance at 4177.51

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