ICMarket

Friday 4th October 2024: Technical Outlook and Review

DXY (US Dollar Index):


Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially make a: Bearish reaction off pivot and drop to 1st support.

Pivot: 102.34
Supporting reasons: Pullback resistance and 161.80% Fibonacci Extension, indicating this level may act as a significant resistance point.

1st support: 101.46
Supporting reasons: Pullback support, suggesting this level could provide a strong point of support if the price declines.

1st resistance: 103.08
Supporting reasons: An overlap resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

EUR/USD:


Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 1.10
Supporting reasons: Multi-swing low support, indicating this level may act as a significant support point.

1st support: 1.09
Supporting reasons: An overlap support with 127.20% Fibonacci Extension, suggesting this level could provide strong support if the price declines.

1st resistance: 1.11
Supporting reasons: An overlap resistance with 38.20% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

EUR/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 160.71
Supporting reasons: Pullback support, indicating this level may act as a significant support point.

1st support: 158.28
Supporting reasons: An overlap support close to 61.8% Fibonacci retracement, suggesting this level could provide a strong point of support if the price declines.

1st resistance: 163.78
Supporting reasons: Multi-swing high resistance, marking a level where the price may face selling pressure if it rises.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could potentially make a: Bullish bounce off pivot and head towards 1st resistance.

Pivot: 0.8359
Supporting reasons: A pullback support, suggesting this level could act as a significant resistance point.

1st support: 0.8316
Supporting reasons: Multi-swing low support, indicating this level may provide a strong point of support if the price declines.

1st resistance: 0.8453
Supporting reasons: An overlap resistance close to 50% Fibonacci retracement, marking a level where the price might face selling pressure if it attempts to rise.

GBP/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 1.3316
Supporting reasons: An overlap support and 78.6% Fibonacci Retracement, suggesting this level could act as a significant resistance point.

1st support: 1.2941
Supporting reasons: An overlap support and 61.8% Fibonacci Retracement, indicating this level may provide strong support if the price declines.

1st resistance: 1.3229
Supporting reasons: A pullback resistance and 38.2% Fibonacci retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

GBP/JPY:


Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a: Bearish reaction off pivot and drop to 1st support.

Pivot: 193.10
Supporting reasons: Pullback resistance, indicating this level may act as a significant resistance point.

1st support: 190.07
Supporting reasons: Multi-swing low support with 50% Fibonacci Retracement, suggesting this level could provide strong support if the price declines.

1st resistance: 195.96
Supporting reasons: Swing high resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8511
Supporting reasons: An overlap support, indicating this level may act as a significant support point.

1st support: 0.8405
Supporting reasons: Multi-swing low support, suggesting this level could provide strong support if the price declines.

1st resistance: 0.8622
Supporting reasons: Pullback resistance and 61.80% Fibonacci Retracement, marking a level where the price might face selling pressure if it attempts to rise.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 147.00
Supporting reasons: Multi-swing high resistance and 61.80% Fibonacci Retracement, indicating this level could act as a significant resistance point.

1st support: 145.03
Supporting reasons: Pullback support, suggesting this level may provide a strong point of support if the price declines.

1st resistance: 147.87
Supporting reasons: 127.20% Fibonacci Extension, marking a level where the price might encounter selling pressure if it attempts to rise.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 1.3568
Supporting reasons: Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 61.8% retracement and the 78.6% projection, suggesting a potential area where selling pressures could intensify.

1st support: 1.3473
Supporting reasons: Identified as a pullback support, indicating a key level where price has found support recently.

1st resistance: 1.3635
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 0.6807
Supporting reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 38.2% retracements, indicating a potential level where buying interests could pick up to stage a rebound.

1st support: 0.6749
Supporting reasons: Identified as an overlap support that aligns with a 61.8% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 0.6937
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could rise towards the pivot and potentially make a bearish reversal off this level to fall towards the 1st support.

Pivot: 0.6254

Supporting reasons: Identified as an overlap resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.6155
Supporting reasons: Identified as an overlap support that aligns close to a 78.6% retracement indicating a potential level where price could find support again.

1st resistance: 0.6304
Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 41,855.66

Supporting reasons: Identified as an overlap support, suggesting a potential area where buying interests could pick up to stage a rebound. 

1st support: 41,432.30

Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 42,654.55

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

DE40 (DAX):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 18,886.10
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a rebound..

1st support: 18,715.40
Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 19,185.10
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

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: 5,669.89
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 stage a rebound.

1st support: 5,600.60
Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 5,767.00
Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 59,421.33
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 minor rebound.

1st support: 57,935.37
Supporting reasons: Identified as an overlap support that aligns with a 61.8% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 63,092.43
Supporting reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 2,439.98
Supporting reasons: Identified as an overlap resistance, suggesting a potential level where selling pressures could intensify.

1st support: 2,271.00
Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 2,536.45
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.

WTI/USD (Oil):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price is rising towards the pivot and could potentially make a bullish break above this level to climb towards the 1st resistance.

Pivot: 74.91
Supporting reasons: Identified as an overlap resistance where the strong bullish momentum could cause price to break above this level and climb higher.

1st support: 73.03
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: 77.53
Supporting reasons: Identified as a swing-high resistance that aligns close to a 161.8% Fibonacci extension, 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 1st support.

Pivot: 2660.47
Supporting reasons: An overlap resistance and 61.80% Fibonacci Retracement, indicating this level could act as a significant resistance point.

1st support: 2632.25
Supporting reasons: An overlap support and 78.60% Fibonacci Retracement, suggesting this level may provide strong support if the price declines.

1st resistance: 2685.54
Supporting reasons: Swing high resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

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