ICMarket

Friday 20th September 2024: Technical Outlook and Review

DXY (US Dollar Index):


Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 100.52
Supporting reasons: Multi-swing low support, suggesting this level could provide support and a potential bounce.

1st support: 99.98
Supporting reasons: Swing low support, 161.80% Fibonacci Extension, indicating this level might offer additional support if the price drops below the pivot.

1st resistance: 101.38
Supporting reasons: An overlap resistance, implying this level may act as a significant barrier where the price could face resistance.

EUR/USD:


Potential Direction: Bullish
Overall momentum of the chart: Bullish
Factors contributing to the momentum: Price is above the bullish Ichimoku cloud

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

Pivot: 1.1121
Supporting reasons: An overlap support, indicating this level could act as a supportive area for the price.

1st support: 1.1073
Supporting reasons: Swing low support and 61.80% Fibonacci Retracement, suggesting this level might offer strong support if the price declines.

1st resistance: 1.1201
Supporting reasons: Multi-swing high resistance and 161.80% Fibonacci Extension, indicating this level could present significant resistance if the price rises.

EUR/JPY:


Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially make a: Bearish continuation towards the 1st support.

Pivot: 159.96
Supporting reasons: An overlap resistance and 61.80% Fibonacci Retracement, suggesting this level could act as a significant resistance.

1st support: 158.28
Supporting reasons: An overlap support, indicating this level might provide a point of support if the price moves lower.

1st resistance: 162.00
Supporting reasons: Pullback resistance, suggesting this level could be a significant resistance if the price attempts to rise.

EUR/GBP:

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: 0.8413
Supporting reasons: Pullback resistance, suggesting this level might act as a significant resistance.

1st support: 0.8382
Supporting reasons: 78.60% Fibonacci Projection and 127.20% Fibonacci Extension, indicating a confluence of Fibonacci levels providing strong support.

1st resistance: 0.8430
Supporting reasons: Pullback resistance, indicating this level could act as a resistance if the price rises.

GBP/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 1.3228
Supporting reasons: An overlap support, suggesting this level may act as a strong support where the price could find buying interest.

1st support: 1.3152
Supporting reasons: An overlap support, providing a level where the price might find additional support if it drops below the pivot.

1st resistance: 1.3327
Supporting reasons: Swing high resistance, with 127.20% Fibonacci Extension and 78.60% Fibonacci Projection, indicating Fibonacci confluence that could act as a significant resistance level.

GBP/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 188.89
Supporting reasons: Pullback support, with 23.60% Fibonacci Retracement, suggesting this level might act as a support where the price could find buying interest.

1st support: 186.63
Supporting reasons: Pullback support, indicating this level could provide additional support if the price drops below the pivot.

1st resistance: 191.42
Supporting reasons: Pullback resistance, with 78.60% Fibonacci Retracement, indicating this level may act as a significant resistance if the price attempts to rise.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a: Bearish continuation towards the 1st support.

Pivot: 0.8473
Supporting reasons: Pullback resistance, suggesting this level may act as a resistance where the price could encounter selling pressure.

1st support: 0.8430
Supporting reasons: Multi-swing low support, indicating this level might provide a significant point of support if the price drops below the pivot.

1st resistance: 0.8516
Supporting reasons: An overlap resistance with 78.60% Fibonacci Retracement, indicating this level could be a strong resistance if the price attempts to rise.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 142.38
Supporting reasons: Pullback support and 38.20% Fibonacci Retracement, suggesting this level may act as a support where the price could bounce.

1st support: 141.05
Supporting reasons: An overlap support with 61.80% Fibonacci Retracement, indicating this level might provide additional support if the price drops below the pivot.

1st resistance: 143.70
Supporting reasons: An overlap resistance, suggesting this level could act as a strong resistance if the price rises.

USD/CAD:

Potential Direction: Bullish
Overall momentum of the chart: Neutral

Price has made a bullish bounce off the pivot and could potentially rise towards the 1st resistance.

Pivot: 1.3546
Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.3492
Supporting reasons: Identified as a swing-low support that aligns close to a 78.6% Fibonacci retracement, indicating a key level where price has found strong support recently.

1st resistance: 1.3636
Supporting reasons: Identified as a swing-high resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bullish
Overall momentum of the chart: Neutral

Price could fall towards the pivot and potentially bounce off this level to rise towards the 1st resistance.

Pivot: 0.6731
Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a rebound.

1st support: 0.6642
Supporting reasons: Identified as an overlap support, indicating a key level where price has found strong support in the past.

1st resistance: 0.6827
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bullish
Overall momentum of the chart: Neutral

Price could fall towards the pivot and potentially bounce off this level to rise towards the 1st resistance.

Pivot: 0.6174

Supporting reasons:  Identified as a swing-low support that aligns close to a 61.8% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a rebound.

1st support: 0.6124
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price has found support in the past.

1st resistance: 0.6256
Supporting reasons: Identified as a swing-high resistance that aligns with a 78.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 41,737.31
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st support: 41,056.42

Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 42,533.15

Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% projection and the 161.8% extension, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 18,767.90
Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st support: 18,424.10
Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 19,212.50
Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 5,669.89
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, suggesting a potential area where buying interests could pick up to resume the uptrend

1st support: 5,598.77
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price could find support.

1st resistance: 5,830.73
Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% projection and the 161.8% extension, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.

Pivot: 64,376.72
Supporting reasons: Identified as a swing-high resistance, suggesting a potential level where selling pressures could intensify.

1st support: 61,198.85
Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement, indicating a key level where price could find support.

1st resistance: 67,053.33
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

Price is falling towards the pivot and could potentially bounce off this level to rise towards the 1st resistance.

Pivot: 2,382.63
Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a rebound.

1st support: 2,271.00
Supporting reasons: Identified as a multi-swing-low support, indicating a potential level where price has recently found support.

1st resistance: 2,536.45
Supporting reasons: Identified as a swing-high resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 69.89
Supporting reasons: Identified as pullback support that aligns with a 38.2% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a rebound.

1st support: 68.13
Supporting reasons: Identified as an overlap support that aligns with a 61.8% Fibonacci retracement, indicating a key level where price has found support in the past.

1st resistance: 72.61
Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a: Bearish continuation towards the 1st support.

Pivot: 2591.74

Supporting reasons: A multi swing high resistance, suggesting this level may act as a resistance where the price could encounter selling pressure.

1st support: 2554.78
Supporting reasons: A swing low support, 38.20% Fibonacci Retracement, indicating this level might provide support where the price could find buying interest.

1st resistance: 2614
Supporting reasons: 127.20% Fibonacci Extension, implying this level may act as a significant barrier if the price attempts to rise.

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