ICMarket

Friday 10th May 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 105.11

Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting an area where buying interests have increased recently.

1st support: 104.89

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, representing a level where buyers could potentially intervene to support the price.

1st resistance: 105.73

Supporting reasons: Marked by a pullback resistance that aligns with a 61.8% Fibonacci retracement level, acting as a potential barrier to further upside movement.

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price is trading close to the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.

Pivot: 1.0787

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, suggesting an area where selling pressures have intensified recently.

1st support: 1.0728

Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement level, indicating a level where buyers might step in to support the price.

1st resistance: 1.0809

Supporting reasons: Marked as a pullback resistance, representing a level where selling pressures intensified in the past and could potentially act as a barrier to further upside movement.

EUR/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 168.59

Supporting reasons: Identified as a pullback resistance, suggesting an area where selling pressures could intensify.

1st support: 167.13

Supporting reasons: Acts as an overlap support, suggesting another level where buyers have previously intervened to support the price.

1st resistance: 171.60

Supporting reasons: Marked by a swing-high resistance, representing a level where selling pressures have intensified in the past and could potentially act as a barrier to further upside movement.

EUR/GBP:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 0.8613

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, suggesting an area where selling pressures have intensified recently.

1st support: 0.8584

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, where price has previously found strong support and could halt further downward movements.

1st resistance: 0.8642

Supporting reasons: Acts as a swing-high resistance, representing a level where selling pressures have increased in the past and could potentially act as a barrier to further upside movement.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 1.2497

Supporting reasons: Identified as a pullback support, suggesting an area where buying interests could increase.

1st support: 1.2468

Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement level, indicating a level where buyers might step in to support the price.

1st resistance: 1.2558

Supporting reasons: Marked as an overlap resistance that aligns close to a 78.6% Fibonacci retracement level, representing a level where selling pressures intensified in the past and could potentially act as a barrier to further upside movement.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 195.45

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where selling pressures could intensify.

1st support: 193.43

Supporting reasons: Acts as an overlap support, indicating a level where buyers might step in to support the price.

1st resistance: 197.37

Supporting reasons: Marked by a pullback resistance, representing a level where selling pressures have increased recently to potentially act as a barrier to further upside movement.

USD/CHF:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 0.9052

Supporting reasons: Acts as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting an area where buying interests could pick up.

1st support: 0.9019

Supporting reasons: Acts as a pullback support, suggesting a level where buyers might step in to support the price to halt further downward movements.

1st resistance: 0.9094

Supporting reasons: Identified as an overlap resistance, representing a level where selling pressures have historically increased and could potentially act as a barrier to further upside movement.

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price trading close to the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.

Pivot: 155.87

Supporting reasons: Acts as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where selling pressures could intensify.

1st support: 154.37

Supporting reasons: Acts as an overlap support, indicating a level where buyers might step in to support the price.

1st resistance: 157.98

Supporting reasons: Marked by a pullback resistance that represents a level where selling pressures could increase to potentially act as a barrier to further upside movement.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 1.3673

Supporting reasons: Acts as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area where buying interests could increase.

1st support: 1.3628

Supporting reasons: Identified as an overlap support, suggesting an area where price could find strong buying interest to potentially halt any further downward movement.

1st resistance: 1.3732

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

AUD/USD:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 0.6618

Supporting reasons: Acts as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, suggesting an area where selling pressures have intensified recently.

1st support: 0.6562

Supporting reasons: Acts as a pullback support that aligns close to a 50% Fibonacci retracement level, suggesting a significant area where price could find strong support and could provide a basis to halt further downward movement.

1st resistance: 0.6640

Supporting reasons: Identified as a pullback resistance, marking a barrier that has previously capped upward movements.

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 0.6037

Supporting reasons: Acts as a pullback resistance, suggesting an area where selling pressures have intensified recently.

1st support: 0.5979

Supporting reasons: Acts as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting a potential area where price could find strong support and provide a basis to halt further downward movement.

1st resistance: 0.6074

Supporting reasons: Identified as a swing-high resistance, marking a barrier that has previously capped upward movements.

US30 (DJIA):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price is rising towards the pivot and could potentially make a bullish reaction through this level to rise towards the 1st resistance.

Pivot: 39,438.29

Supporting reasons: Identified as a potential bullish breakout level.

1st support: 39,000.73

Supporting reasons: Identified as an overlap support, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation to halt further downward movement.

1st resistance: 39,975.29

Supporting reasons: Identified as a pullback resistance that lies close to the all-time high, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 18,539.83

Supporting reasons: Identified as a potential bullish breakout level.

1st support: 18,396.40

Supporting reasons: Acts as an overlap support, suggesting an area where buying interests could pick up to halt further downward movement.

1st resistance: 18,889.98

Supporting reasons: Identified as a resistance that aligns with the 127.2% Fibonacci extension level, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 5,201.64

Supporting reasons: Identified as a potential bullish breakout level.

1st support: 5,167.12

Supporting reasons: Acts as an overlap support, suggesting a significant area where price could find strong buying interest to halt further downward movements.

1st resistance: 5,276.06

Supporting reasons: Marked by a pullback resistance that is close to the all-time high, which could function as a potential barrier and cap any upward movements.

BTC/USD (Bitcoin):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 63,135.96

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where selling pressures could intensify.

1st support: 61,766.40

Supporting reasons: Acts as an overlap support that aligns with a 61.8% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movements.

1st resistance: 64,566.91

Supporting reasons: Marked by a pullback resistance, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 3,046.12

Supporting reasons: Identified as an overlap resistance that aligns with a 38.2% Fibonacci retracement level, suggesting an area where selling pressures could intensify.

1st support: 2,967.48

Supporting reasons: Identified as a pullback support, suggesting a significant area where price has previously found support and could provide a strong foundation to halt further downward movements.

1st resistance: 3,130.56

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8 Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

WTI/USD (Oil):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 80.10

Supporting reasons: Acts as a pullback resistance that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where price has recently run into selling pressures. In addition, price is also trading under the bearish Ichimoku Cloud.

1st support: 78.24

Supporting reasons: Identified as a pullback support, suggesting a significant area where price has previously found strong buying interest recently and could provide a solid foundation to halt further downward movements.

1st resistance: 81.86

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

XAU/USD (GOLD):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 2,362.18

Supporting reasons: Acts as an overlap resistance that aligns with a 61.8% Fibonacci retracement level, suggesting an area where selling pressures could intensify.

1st support: 2,331.09

Supporting reasons: Acts as an overlap support, indicating a level where buyers might step in to support the price.

1st resistance: 2,410.36

Supporting reasons: Identified as a multi-swing-high resistance that lies close to the all-time high, suggesting a significant level where selling pressures might intensify.

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