ICMarket

Monday 18th November 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 rise toward the 1st resistance

Pivot: 106.38
Supporting reasons: Identified as pullback support, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 104.58
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support once more.

1st resistance: 108.20
Supporting reasons: Identified as a swing-high resistance close to 100% Fibonacci projection, indicating a potential area that could halt any further upward movement.

EUR/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 1.0461
Supporting reasons: Identified as a swing-low support that aligns close to a 100% Fibonacci projection, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.0319

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

1st resistance: 1.0614
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

EUR/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 161.81
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 157.89

Supporting reasons: Identified as overlap support that aligns close to 78.6% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 166.66
Supporting reasons: Identified as aswing high resistance, indicating a potential area that could halt any further upward movement.

EUR/GBP:

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: 0.8387
Supporting reasons: Identified as a pullback resistance close to 61.8% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.8279
Supporting reasons: Identified as a swing-low support, indicating a potential level where price could find support once again.

1st resistance: 0.8445
Supporting reasons: Identified as an overlap resistance that aligns close to 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

GBP/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 1.2564
Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.2321

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

1st resistance: 1.2861
Supporting reasons: Identified as a pullback 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 bounce off the pivot to rise toward the 1st resistance.

Pivot: 193.54
Supporting reasons: Identified as an overlap support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 188.30

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

1st resistance: 200.62
Supporting reasons: Identified as a pullback resistance that aligns, indicating a potential area that could halt any further upward movement.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price has made a bearish reversal off the pivot and could potentially fall towards the 1st support.

Pivot: 0.8892
Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area where selling interests could intensify.

1st support: 0.8726
Supporting reasons: Identified as pullback support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 0.0947
Supporting reasons: Identified as an overlap resistance that aligns with a 78.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bearish reversal off the pivot and potentially drop towards the 1st support.

Pivot: 157.72
Supporting reasons: Identified as a pullback esistance that aligns close to a 78.6% Fibonacci retracement, indicating a potential area where selling interests could intensify.

1st support: 151.78
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once again.

1st resistance: 161.68
Supporting reasons: Identified as a 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 could fall towards the pivot and potentially make a bullish bounce off this level to rise toward the 1st resistance.

Pivot: 1.3953
Supporting reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 50% retracements, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 1.3837
Supporting reasons: Identified as a swing-low support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 1.4093
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: 0.6558
Supporting reasons: Identified as a pullback resistance that aligns with a 23.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.6448
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 again.

1st resistance: 0.6678
Supporting reasons: Identified as a swing-high resistance that aligns close to a 50% 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: 0.5923
Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.5844
Supporting reasons: Identified as a swing-low support, suggesting a key support area where price could find support once more.

1st resistance: 0.6023
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.

US30 (DJIA):

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 towards the 1st resistance.

Pivot: 43,330.76

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

1st support: 41,777.16

Supporting reasons: Identified as a swing-low support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 44,319.85

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

DE40 (DAX):

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: 18,971.60
Supporting reasons: Identified as an overlap, indicating a potential level where buying interests could pick up to stage a rebound.

1st support: 18,247.90
Supporting reasons: Identified as a swing-low support that aligns close to a 50% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 19,663.70
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.

US500 (S&P 500): 

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 towards the 1st resistance.

Pivot: 5,867.40

Supporting reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 23.6% and the 50% retracements, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 5,703.70
Supporting reasons: Identified as a swing-low support that aligns with a 50% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 6,013.20
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 98,433.50
Supporting reasons: Identified as a resistance that aligns with a 100% Fibonacci projection, indicating a potential area where selling pressures could intensify.

1st support: 87,356.67
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where price could find support more.

1st resistance: 112,015.30
Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

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 pull back towards the 1st support.

Pivot: 3,374.82
Supporting reasons: Identified as a swing-high resistance, indicating a potential area where selling pressures could intensify.

1st support: 2,877.00
Supporting reasons: Identified as a pullback support that aligns close to 50% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 3,546.63
Supporting reasons: Identified as a swing-high resistance that aligns close to 78.6% 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 towards the 1st support.

Pivot: 69.53
Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 66.66
Supporting reasons: Identified as a swing-low support, indicating a key level where price could find support once again.

1st resistance: 72.31
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 reversal off the pivot to drop towards the 1st support.

Pivot: 2606.47
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 2525.90

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

1st resistance: 2675.09
Supporting reasons: Identified as pullback resistance, indicating a potential area that could halt any further upward movement.

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