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Friday 6th September 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off the pivot and drop to the 1st support.

Pivot: 2505.56
Supporting reasons: An overlap resistance, aligned with the 50% Fibonacci Retracement, indicating potential selling pressure at this level.

1st support: 2472.86
Supporting reasons: An overlap support, marking a significant area where previous declines have found support.

1st resistance: 2530.26
Supporting reasons: Multi-swing high resistance, suggesting a potential area where the price may face resistance after rallies.

EUR/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation towards the 1st resistance.

Pivot: 1.1072
Supporting reasons: An overlap support, indicating a key level where price has shown buying interest.

1st support: 1.1021
Supporting reasons: Another overlap support level, suggesting an area where buyers might step in to prevent further declines.

1st resistance: 1.1150
Supporting reasons: Pullback resistance, aligned with the 78.60% Fibonacci Retracement, indicating a potential area where price may face resistance after an upward move.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off the pivot and drop to the 1st support.

Pivot: 160.34
Supporting reasons: Identified as pullback resistance, reinforced by the 38.20% Fibonacci Retracement, indicating a potential level where selling pressure could re-enter.

1st support: 158.90
Supporting reasons: Recognized as an overlap support, suggesting a strong area where previous declines have found a floor.

1st resistance: 161.98
Supporting reasons: Marked as pullback resistance, supported by the 78.60% Fibonacci Retracement, where prior upward movements have been halted.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off the pivot and drop to 1st support.

Pivot: 0.8453
Supporting reasons: Identified as pullback support, reinforced by the 23.60% Fibonacci Retracement, indicating a potential area where the price might stall before continuing downward.

1st support: 0.8384
Supporting reasons: Marked as swing low support, suggesting a significant area where previous declines have found a buying interest.

1st resistance: 0.8490
Supporting reasons: Recognized as pullback resistance, supported by the 38.20% Fibonacci Retracement, indicating a potential level where the price may face selling pressure if it retraces upward.

GBP/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation towards the 1st resistance.

Pivot: 1.3148
Supporting reasons: An overlap support, suggesting a key level where price has found previous buying interest.

1st support: 1.3117
Supporting reasons: Another overlap support level, indicating an area where buyers may step in to prevent further declines.

1st resistance: 1.3226
Supporting reasons: An overlap resistance, aligned with the 78.60% Fibonacci Retracement, indicating a potential area where price may face selling pressure during the upward move.

GBP/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation towards the 1st resistance.

Pivot: 1.3148
Supporting reasons: An overlap support, suggesting a key level where price has found previous buying interest.

1st support: 1.3117
Supporting reasons: Another overlap support level, indicating an area where buyers may step in to prevent further declines.

1st resistance: 1.3226
Supporting reasons: An overlap resistance, aligned with the 78.60% Fibonacci Retracement, indicating a potential area where price may face selling pressure during the upward move.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off the pivot and drop to the 1st support.

Pivot: 0.8455

Supporting reasons: Pullback resistance, indicating a key level where price may face selling pressure.

1st support: 0.8405

Supporting reasons: Swing low support, suggesting a key level where price may find buying interest to prevent further declines.

1st resistance: 0.8528

Supporting reasons: Multi-swing high resistance, aligned with the 38.20% Fibonacci Retracement, indicating a potential area where price may face resistance during an upward move.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off the pivot and drop to the 1st support.

Pivot: 143.89
Supporting reasons: An overlap resistance, aligned with the 50% Fibonacci Retracement, suggesting a key level where price may face selling pressure.

1st support: 142.23
Supporting reasons: Swing low support, aligned with the 127.20% Fibonacci Extension, indicating a potential level where price may find buying interest to prevent further declines.

1st resistance: 143.89
Supporting reasons: An overlap resistance, aligned with the 38.20% Fibonacci Retracement, suggesting a potential area where price may face resistance during any upward move.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off the pivot and drop to the 1st support.

Pivot: 1.3504
Supporting reasons: An overlap resistance, suggesting a key level where price may face selling pressure.

1st support: 1.3441
Supporting reasons: Swing low support, indicating a potential area where price may find buying interest to prevent further declines.

1st resistance: 1.3560
Supporting reasons: An overlap resistance, aligned with the 38.20% Fibonacci Retracement, indicating a potential area where price may face resistance during an upward move.

AUD/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off the pivot and drop to the 1st support.

Pivot: 0.6753
Supporting reasons: Pullback resistance, aligned with the 50% Fibonacci Retracement, suggesting a key level where price may face selling pressure.

1st support: 0.6687
Supporting reasons: An overlap support, indicating a potential level where price may find buying interest to prevent further declines.

1st resistance: 0.6796
Supporting reasons: An overlap resistance, suggesting a potential area where price may encounter resistance during an upward move.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum is that price is: Below the bearish Ichimoku cloud

Price could potentially make a bearish reaction off the pivot and drop to 1st support.

Pivot: 0.6234
Supporting reasons: An overlap resistance, aligned with the 50% Fibonacci Retracement, suggesting a key level where price may face selling pressure.

1st support: 0.6163
Supporting reasons: Pullback support, indicating a potential level where price may find buying interest to prevent further declines.

1st resistance: 0.6272
Supporting reasons: Swing high resistance, aligned with the 78.60% Fibonacci Retracement, suggesting a potential area where price may face resistance during an upward move.

US30 (DJIA):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation towards 1st support.

Pivot: 40878.77
Supporting reasons: An overlap support, suggesting a key level where price may face selling pressure.

1st support: 40457.18
Supporting reasons: An overlap support, aligned with the 38.20% Fibonacci Retracement and 161.80% Fibonacci Extension, indicating Fibonacci confluence where price may find significant buying interest.

1st resistance: 41243.10
Supporting reasons: Pullback resistance, suggesting a potential area where price may face selling pressure during an upward move.

DE40 (DAX):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off the pivot and drop to 1st support.

Pivot: 18713.85
Supporting reasons: An overlap resistance, aligned with the 38.20% Fibonacci Retracement, suggesting a key level where price may face selling pressure.

1st support: 18267.06
Supporting reasons: Pullback support, aligned with the 38.20% Fibonacci Retracement, indicating a potential level where price may find buying interest to prevent further declines.

1st resistance: 18971.60
Supporting reasons: Multi-swing high resistance, suggesting a potential area where price may face resistance during an upward move.

US500 (S&P 500): 

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation towards 1st support.

Pivot: 5560.55
Supporting reasons: An overlap resistance, suggesting a key level where price may face selling pressure.

1st support: 5417.10
Supporting reasons: An overlap support, indicating a potential level where price may find buying interest to prevent further declines.

1st resistance: 5653.04
Supporting reasons: Multi-swing high resistance, suggesting a potential area where price may encounter resistance during an upward move.

BTC/USD (Bitcoin):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off the pivot and drop to 1st support.

Pivot: 57267.99
Supporting reasons: An overlap support, aligned with the 50% Fibonacci Retracement, suggesting a key level where price may face selling pressure.

1st support: 55638.25
Supporting reasons: Swing low support, indicating a potential level where price may find buying interest to prevent further declines.

1st resistance: 58435.24
Supporting reasons: An overlap resistance, suggesting a potential area where price may face resistance during an upward move.

ETH/USD (Ethereum):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off the pivot and drop to 1st support.

Pivot: 3422.56
Supporting reasons: Pullback resistance, aligned with the 50% Fibonacci Retracement, suggesting a key level where price may face selling pressure.

1st support: 2336.96
Supporting reasons: Multi-swing low support, indicating a potential level where price may find buying interest to prevent further declines.

1st resistance: 2536.29
Supporting reasons: An overlap resistance, suggesting a potential area where price may encounter resistance during an upward move.

WTI/USD (Oil):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

Price could potentially make a bullish bounce off the pivot and head towards 1st resistance.

Pivot: 68.74
Supporting reasons: Swing low support, aligned with the 161.80% Fibonacci Extension, suggesting a potential level where price might bounce back.

1st support: 67.71
Supporting reasons: Swing low support, indicating a potential level where price might find buying interest to prevent further declines.

1st resistance: 72.58
Supporting reasons: Pullback resistance, suggesting a key level where price might face selling pressure during an upward move.

XAU/USD (GOLD):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation towards 1st resistance.

Pivot: 2504.56
Supporting reasons: An overlap support, suggesting a key level where price may find buying interest.

1st support: 2472.86
Supporting reasons: An overlap support, indicating a potential level where price might prevent further declines.

1st resistance: 2530.26
Supporting reasons: Multi-swing high resistance, suggesting a key level where price may face selling pressure during an upward move.

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