ICMarket

Tuesday 5th November 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 toward the 1st support

Pivot: 10400

Supporting reasons: Identified as overlap resistance close to 50% Fibonacci retracement, indicating a potential level where selling interests could pick up to resume the downtrend.

1st support: 103.36

Supporting reasons: Identified as a pullback support which aligns with the 161.8% Fibonacci extension, suggesting a strong support level if the price moves downward.

1st resistance: 104.56

Supporting reasons: Identified as a swing high resistance, indicating a level where the price may encounter selling pressure if it rises.

Additionally, when the price remains below the Ichimoku cloud, it’s typically seen as a strong bearish signal, indicating downward momentum.

EUR/USD:


Potential Direction: Bullish 

Overall momentum of the chart: Bearish

Price could potentially make a bounce off the pivot and rise toward the 1st resistance 

Pivot: 1.0840
Supporting reasons: Identified as pullback support close to 50% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 1.0772
Supporting reasons: Identified as multi-swing low support, suggesting a strong support level if the price moves downward.

1st resistance: 1.0905
Supporting reasons: Identified as overlap resistance, indicating a level where the price may encounter selling pressure if it rises.

Additionally, when the price remains above the Ichimoku cloud, it’s typically seen as a strong bullish signal, indicating upward momentum.

EUR/JPY:

Potential Direction: Neutral
Overall momentum of the chart: Bullish

Price could potentially fluctuate between the 1st resistance and 1st support level.

1st support: 164.92
Supporting reasons: Identified as an overlap support, indicating a potential level where price could again find support.

1st resistance: 166.70
Supporting reasons: Identified as a swing- high resistance, indicating a potential area that could halt any further upward movement.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance

Pivot: 0.8348
Supporting reasons: Identified as overlap support close to 61.8% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend

1st support: 0.8307
Supporting reasons: Identified as multi swing support, suggesting a strong support level if the price moves downward.

1st resistance: 0.8419
Supporting reasons: Identified as overlap resistance, indicating a level where the price may encounter selling pressure if it rises.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance 

Pivot: 1.2914

Supporting reasons: Identified as pullback support close to 50$ Fibonacci retracement, indicating a potential area where buying pressures could intensify.

1st support: 1.2843

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

1st resistance: 1.3035
Supporting reasons: Identified as overlap resistance, indicating a potential area that could halt any further upward movement.

GBP/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation toward the 1st resistance

Pivot: 195.43
Supporting reasons: Identified as overlap support, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 193.50

Supporting reasons: Identified as overlap support close to 61.8% Fibonacci retracement, indicating a potential level where price could find support again.

1st resistance: 198.27

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

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.8645
Supporting reasons: Identified as overlap resistance, indicating a potential area where selling interests could pick up to stage a rebound.

1st support: 0.8609
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.

1st resistance: 0.8607
Supporting reasons: Identified as multi swing high resistance, indicating a potential area that could halt any further upward movement.

Additionally, when the price remains below the Ichimoku cloud, it’s typically seen as a strong bearish signal, indicating downward momentum.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 152.82
Supporting reasons: Identified as overlap resistance close to 50% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the downtrend

1st support: 151.65
Supporting reasons: Identified as multi-swing low support that aligns close to 50% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 153.82
Supporting reasons: Identified as multi-swing high resistance, indicating a potential area that could halt any further upward movement.

USD/CAD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 1.3880
Supporting reasons: Identified as an overlap support, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 1.3815
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a key level where price could find support once again.

1st resistance: 1.3953
Supporting reasons: Identified as a 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 an overlap resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.6580
Supporting reasons: Identified as an overlap support, suggesting a key support area where price could find support once again.

1st resistance: 0.6712
Supporting reasons: Identified as a swing-high resistance that aligns close to a 38.2% 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: 0.6048
Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.5957
Supporting reasons: Identified as a swing-low support that aligns close to a 161.8% Fibonacci extension, suggesting a key support area where price could find support once more.

1st resistance: 0.6118
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

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: 41,579.82

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

1st support: 41,211.59

Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 42,100.18

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

DE40 (DAX):

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: 18,949.40
Supporting reasons: Identified as a multi-swing-low support that aligns with a 50% Fibonacci retracement, indicating a potential level where buying interests could pick up to stage a minor rebound.

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

1st resistance: 19,292.10
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.

US500 (S&P 500): 

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: 5,671.20

Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where buying interests could pick up to stage a minor rebound.

1st support: 5,622.40
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 5,771.00
Supporting reasons: Identified as an overlap resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

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: 69,023.42
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 66,130.52
Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 71,821.84
Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% 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 could rise towards the pivot and potentially make a bearish reversal off this level to fall towards the 1st support.

Pivot: 2,433.80
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: 2,367.03
Supporting reasons: Identified as a multi-swing-low support, indicating a potential level where price could find support once again.

1st resistance: 2,496.94
Supporting reasons: Identified as an overlap resistance that aligns with a 38.2% 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 could rise towards the pivot and potentially make a bearish reversal off this level to fall toward the 1st support.

Pivot: 72.65
Supporting reasons: Identified as overlap resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 69.07
Supporting reasons: Identified as an overlap support, indicating a key level where price could find support once more.

1st resistance: 76.34
Supporting reasons: Identified as a swing-high resistance that aligns close to a 78.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):


Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance

Pivot: 2721.15
Supporting reasons: Identified as multi swing low support, which aligns with the 38.2% Fibonacci retracement indicating a potential area where buying pressures could intensify.

1st support: 2585.33

Supporting reasons: Identified as pullback support that aligns with 61.8% Fibonacci retracement indicating a potential level where price could find support once more.

1st resistance: 2751.37
Supporting reasons: Identified as overlap resistance, indicating a potential area that could halt any further upward movement.

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