Technical Outlook and Review - Tuesday, February 7, 2023
USD/JPY: Bullish Bias Emerges with Price Above Ichimoku Cloud - Key Resistance & Support Levels
USD/JPY:
Overall bias: Bullish
Based on H4 chart, price crossing above the Ichimoku cloud indicates a bullish market
Possible scenarios:
Price continues towards 1st resistance at 134.632 (overlap resistance)
Price retests 1st support at 130.812 (overlap support and 50% Fibonacci line)
Areas of consideration:
H4 time frame, 1st resistance at 134.632
H4 time frame, 1st support at 130.812
DXY:
Overall bias: Bullish
Based on H4 chart, price crossing above the Ichimoku cloud indicates a bullish market
Possible scenarios:
Price continues towards 1st resistance at 105.631 (previous swing high)
Price retests 1st support at 102.439 (50% Fibonacci line and overlap support)
Areas of consideration:
H4 time frame, 1st resistance at 105.631
H4 time frame, 1st support at 102.439
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Technical Analysis of Forex Market: AUD/USD, and NZD/USD on February 7th, 2023
AUD/USD:
Bearish bias due to price being below the Ichimoku cloud and ascending trend line broken
Potential resistance: 0.71363 (recent swing high)
Potential support: 0.68768 (50% Fibonacci retracement)
Potential support: 0.66382 (overlap and recent swing low)
NZD/USD:
Bearish bias due to price being below the Ichimoku cloud and ascending trend line broken
Potential resistance: None mentioned
Potential support: 0.62100 (recent overlap swing low)
Potential support: 0.60179 (overlap support)
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Technical Analysis of XAU/USD, EUR/USD and GBP/USD: Bearish Bias
XAU/USD (GOLD):
Overall bias: Bearish
Based on H4 chart, price being below the Ichimoku cloud indicates a bearish market
Possible scenarios:
Price continues towards 1st support at 1824.515 (overlap support)
Price retests 1st resistance at 1901.430 (overlap resistance and 38.2% Fibonacci line)
Areas of consideration:
H4 time frame, 1st resistance at 1901.430
H4 time frame, 1st support at 1824.515
EUR/USD:
Overall bias: Bearish
Based on H4 chart, price crossing below the Ichimoku cloud indicates a bearish market
Possible scenarios:
Price continues towards 1st support at 1.06952 (overlap support)
Price retests 1st resistance at 1.08459 (overlap resistance and 23.6% Fibonacci line)
Areas of consideration:
H4 1st resistance at 1.08459
H4 1st support at 1.06952
GBP/USD:
Overall bias: Bearish
Based on H4 chart, price crossing below the Ichimoku cloud indicates a bearish market
Possible scenarios:
Price continues towards 1st support at 1.18410 (previous swing low)
Price retests 1st resistance at 1.21116 (overlap resistance and 23.6% Fibonacci line)
Areas of consideration:
H4 1st resistance at 1.21116
H4 1st support at 1.18410
GBP/USD trend analysis - Tuesday, February 7, 2023 shows resistance at 1.21116 (overlap resistance and 23.6% Fibonacci line)
XAU/USD technical analysis for February 7, 2023 shows resistance at 1901.430 (overlap resistance and 38.2% Fibonacci line)
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Disclaimer: The information contained in this article is for general informational purposes only. It does not take into account the reader's personal financial circumstances, investment objectives or needs. Before making any investment decision, the reader should seek independent advice from a professional financial advisor. The information contained in this article is based on data and sources believed to be accurate and reliable as of the date written, but no representation or warranty is made as to its accuracy, completeness, or reliability. The author and the publisher shall not be liable for any loss or damage of any nature arising from the use of this article. The opinions expressed in this article are the author's own and do not reflect the opinions of any organization they may be affiliated with. The information contained in this article is not investment advice and should not be taken as such. This article is not a recommendation to buy, sell or hold any particular financial instrument. Please note that past performance is not a guarantee of future results.