ICMarket

Thursday 24th 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: 104.79
Supporting reasons: Identified as an overlap resistance with 78.6% Fibonacci retracement, indicating this level may act as a significant resistance point.

1st support: 103.87
Supporting reasons: Identified as an overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 106.04
Supporting reasons: Identified as a multi-swing high 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 bounce off pivot and head towards 1st resistance.

Pivot: 1.0777
Supporting reasons: Identified as an overlap support close to 78.6% Fibonacci retracement and 161.8% Fibonacci extension, indicating this level may act as a significant support point.

1st support: 1.0669
Supporting reasons: Identified as a swing low support, suggesting this level could provide strong support if the price declines.

1st resistance: 1.0871
Supporting reasons: Identified as an overlap resistance, 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: Bearish

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

Pivot: 163.49
Supporting reasons: Identified as pullback support, indicating this level may act as support during price fluctuations.

1st support: 160.85
Supporting reasons: Identified as an overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 166.38
Supporting reasons: Identified as a pullback resistance, indicating this level may act as a significant resistance point where selling pressure could arise.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8359
Supporting reasons: Identified as an overlap resistance aligned with 127.2% Fibonacci extension and 50% Fibonacci retracement, indicating potential resistance where price may encounter selling pressure.

1st support: 0.8325
Supporting reasons: Identified as a pullback support, suggesting this level could provide strong support if the price declines.

1st resistance: 0.8394
Supporting reasons: Identified as a multi-swing high resistance, marking a possible level where the price might face resistance.

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: 1.2885
Supporting reasons: Identified as a pullback resistance close to 127.2% Fibonacci extension and 78.6% Fibonacci projection, indicating this level may act as a significant support point.

1st support: 1.2721

Supporting reasons: Identified as pullback support close to 161.8% Fibonacci extension, suggesting this level could provide strong support if the price declines.

1st resistance: 1.2990
Supporting reasons: Identified as an overlap resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

GBP/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: 196.01

Supporting reasons: Identified as a pullback support, indicating this level may act as a significant support point.

1st support: 193.15

Supporting reasons: Identified as an overlap support, indicating this level could act as a strong support point.

1st resistance: 199.26

Supporting reasons: Identified as an overlap resistance, marking a level where the price might face selling pressure if it rises.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 0.8669
Supporting reasons: Identified as multi-swing high resistance with 78.6% Fibonacci retracement, indicating this level may provide significant resistance during price fluctuations.

1st support: 0.8608
Supporting reasons: Identified as an overlap support with 23.6% Fibonacci retracement, suggesting this level could offer strong support if the price declines.

1st resistance: 0.8731
Supporting reasons: Identified as a swing high resistance, indicating a potential resistance level where selling pressure may arise.

Additionally, bearish divergence indicates that the trend is weakening, and the upward direction will soon reverse.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 153.38
Supporting reasons: Identified as pullback resistance, indicating this level may act as a significant resistance during retracements.

1st support: 149.38
Supporting reasons: Identified as an overlap support, suggesting this level could provide additional support if the price moves lower.

1st resistance: 155.67
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressure may emerge.

USD/CAD:

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: 1.3797
Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, indicating a potential level where buying interests could pick up to stage a rebound.

1st support: 1.3764
Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement, indicating a key level where price could find support.

1st resistance: 1.3849
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

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: 0.6651
Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 0.6589
Supporting reasons: Identified as a swing-low support, indicating a potential level where price could find support once again.

1st resistance: 0.6693
Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

NZD/USD

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: 0.6025

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

1st support: 0.5981
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.

1st resistance: 0.6074
Supporting reasons: Identified as an overlap resistance that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 61.8% retracements, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

Price is trading close to the pivot and could potentially make a bullish bounce to rise towards the 1st resistance.

Pivot: 42,410.05

Supporting reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. a 61.8% retracement and a 161.8% extension, indicating a potential level where buying interests could pick up to stage a rebound.

1st support: 41,895.87

Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support once more.

1st resistance: 42,747.66

Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

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: 19,292.10
Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement, indicating a potential level where buying interests could pick up to stage a rebound.

1st support: 19,182.10
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.

1st resistance: 19,543.90
Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement, 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: 5,767.00
Supporting reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 50% retracements, indicating a potential level where buying interests could pick up to stage a rebound.

1st support: 5,690.60
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 5,872.60
Supporting reasons: Identified as a multi-swing-high resistance level that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

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: 68,062.66
Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 66,088.70
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 69,406.52
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

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: 2,593.88
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 2,493.39
Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 2,652.84
Supporting reasons: Identified as a pullback 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: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 72.48
Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 71.22
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 73.75
Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):


Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 2739.51
Supporting reasons: Identified as a pullback resistance, aligned with the 61.8 Fibonacci retracement indicating this level could act as a significant resistance during price fluctuations.

1st support: 2685
Supporting reasons: Identified as pullback support close to 50% Fibonacci retracement and 161.8% Fibonacci extension, suggesting this level could offer strong support if the price declines.

1st resistance: 2758.59
Supporting reasons: Identified as a swing high resistance, indicating this level may act as a key resistance point where selling pressure could emerge.

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