Asia - Forex Technical Outlook and Review | 15 December 2023
DXY:
The DXY (US Dollar Index) chart currently shows an overall bearish momentum, indicating a potential for price to make a bearish continuation towards the 1st support.
The 1st support level at 101.46 is identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. the 161.80% extension and the 61.80% projection levels. Further below, the 2nd support level at 100.67 is noted as a swing-low support that aligns with the 78.60% Fibonacci projection level, further reinforcing its importance as a potential key support level.
On the resistance side, the 1st resistance level at 102.64 is identified as an overlap resistance. Higher up, the 2nd resistance level at 103.54 is marked as a pullback resistance, suggesting a potential barrier for further upside movement.
EUR/USD:
The EUR/USD chart currently exhibits an overall bullish momentum. In this context, there is a potential scenario for price to make a bullish continuation towards the 1st resistance.
The 1st resistance level at 1.1008 is identified as a swing-high resistance while the 2nd resistance level at 1.1047 is marked as a pullback resistance that aligns close to the 61.80% Fibonacci projection level, suggesting a potential barrier for further upside movement.
To the downside, the 1st support level at 1.0960 is identified as an overlap support. Further below, the 2nd support level at 1.0882 is also noted as an overlap support, further reinforcing its importance as a potential key support level.
GBP/USD:
The GBP/USD chart currently exhibits an overall bullish momentum. In this context, there is a potential scenario for price to make a bullish continuation towards the 1st resistance.
The 1st resistance level at 1.2792 is identified as a multi-swing-high resistance that aligns with a confluence of Fibonacci levels i.e. the 127.20% extension and the 78.60% projection levels. Higher up, the 2nd resistance level at 1.2872 is marked as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 161.80% extension and the 100.00% projection levels, suggesting a potential barrier for further upside movement.
To the downside, the 1st support level at 1.2720 is identified as an overlap support that aligns with the 23.60% Fibonacci retracement level. Further below, the 2nd support level at 1.2610 is also noted as an overlap support that aligns with the 61.80% Fibonacci retracement level, further reinforcing its importance as a potential key support level.
USD/JPY:
The USD/JPY chart currently exhibits a neutral momentum, indicating a potential for price to fluctuate between the 1st support and the 1st resistance.
The 1st support level at 141.50 is identified as a swing-low support while the 2nd support level at 138.76 is also noted as swing-low support that aligns close to the 161.80% Fibonacci extension level, further reinforcing its importance as a key support level.
On the resistance side, the intermediate resistance level at 142.49 is identified as an overlap resistance while the 1st resistance level at 143.26 is noted as a pullback resistance that aligns close to the 38.20% Fibonacci retracement. Higher up, the 2nd resistance level at 146.62 is identified as a pullback resistance that aligns close to the 61.80% Fibonacci retracement level, suggesting a potential barrier for further upside movement.
USD/CAD:
The USD/CAD chart currently exhibits an overall bearish momentum. In this context, there is a potential scenario for price to make a bearish continuation towards the 1st support.
The 1st support level at 1.3386 is identified as a multi-swing-low support that aligns with a confluence of Fibonacci levels i.e. the 161.80% extension and the 78.60% projection levels. Further below, the 2nd support level at 1.3321 is marked as a pullback support that aligns with the 100.00% Fibonacci projection level, further reinforcing its importance as a key support level.
To the upside, the 1st resistance level at 1.3428 is identified as a pullback resistance while the 2nd resistance level at 1.3489 is also noted as a pullback resistance, suggesting a potential barrier for further upside movement.
AUD/USD:
The AUD/USD chart currently exhibits an overall bullish momentum. In this context, there is a potential scenario for price to make a bullish continuation towards the 1st resistance.
The 1st resistance level at 0.6724 is identified as a swing-high resistance that aligns with a confluence of Fibonacci levels i.e. the 127.20% extension and the 61.80% projection levels. Higher up, the 2nd resistance level at 0.6811 is also marked as a swing-high resistance that aligns with the 78.60% Fibonacci projection level, indicating its potential significance as a barrier for further upward movement.
To the downside, the 1st support level at 0.6676 is identified as a pullback support while the 2nd support level at 0.6613 is also noted as a pullback support, further reinforcing its importance as a key support level
NZD/USD:
The NZD/USD chart currently exhibits an overall bullish momentum. In this context, there is a potential scenario for price to make a bullish continuation towards the 1st resistance.
The 1st resistance level at 0.6255 is identified as a swing-high resistance that aligns with a confluence of Fibonacci levels i.e. the 127.20% extension and the 61.80% projection levels. Higher up, the 2nd resistance level at 0.6303 is also marked as a swing-high resistance that aligns with a confluence of Fibonacci levels i.e. the 161.80% extension and the 78.60% projection levels, indicating its potential significance as a barrier for further upward movement.
To the downside, the 1st support level at 0.6193 is identified as an overlap support that aligns with the 38.20% Fibonacci retracement level while the 2nd support level at 0.6163 is noted as a pullback support that aligns with the 50.00% Fibonacci retracement level, further reinforcing its importance as a key support level.
