ICMarket

Friday 17th May 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 pivot and drop to 1st support

Pivot: 104.88

Supporting reasons: Identified as a pullback support, with confluence from the 50% and 38.20% Fibonacci Retracement levels, indicating a significant area where selling pressure may intensify, potentially leading to a bearish reaction.

1st support: 104.02

Supporting reasons: Recognized as a multi-swing low support, indicating a historical level where buying interest has emerged, potentially acting as a support for downward movement.

1st resistance: 105.55

Supporting reasons: Noted as an overlap resistance, suggesting a significant area where selling pressure may be present, potentially hindering further upward movement.

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 1.0893

Supporting reasons: Identified as an overlap resistance with Fibonacci confluence from the 78.60% Fibonacci Retracement and Projection levels, suggesting a significant area where selling pressure may intensify, potentially leading to a bearish continuation.

1st support: 1.0811

Supporting reasons: Recognized as a pullback support with confluence from the 38.20% Fibonacci Retracement, indicating a level where buying interest may emerge, potentially acting as a support for downward movement.

1st resistance: 1.0949

Supporting reasons: Noted as a multi-swing high resistance, suggesting a historical level where selling pressure may be present, potentially hindering further upward movement.

EUR/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: 170.61

Supporting reasons: Identified as a pivot with Fibonacci confluence from the 61.80% Fibonacci Projection and 161.80% Fibonacci Extension, indicating a significant area where selling pressure may intensify, potentially leading to a bearish reaction.

1st support: 167.36

Supporting reasons: Recognized as an overlap support, suggesting a historical level where buying interest has emerged, potentially acting as a support for downward movement.

1st resistance: 171.66

Supporting reasons: Noted as a swing high resistance, indicating a significant historical level where selling pressure may be present, potentially hindering further upward movement.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

In the potential bullish scenario, price could potentially make a bullish bounce off the pivot and head towards the 1st resistance.

Pivot: 0.8569
Supporting reasons: Identified as pullback support, coinciding with the 61.80% Fibonacci Retracement level.

1st support: 0.8547
Supporting reasons: Identified as an overlap support level, aligned with the 78.60% Fibonacci Retracement level.

1st resistance: 0.8590
Supporting reasons: Identified as an overlap resistance level.

GBP/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 1.2695

Supporting reasons: Identified as an overlap resistance with a 127.20% Fibonacci Extension, indicating a significant area where selling pressure may intensify, potentially leading to a bearish continuation.

1st support: 1.2606

Supporting reasons: Recognized as a pullback support, suggesting a level where buying interest may emerge, potentially acting as a support for downward movement.

1st resistance: 1.2796

Supporting reasons: Noted as a swing high resistance, indicating a significant historical level where selling pressure may be present, potentially hindering further upward movement.

GBP/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: 198.00

Supporting reasons: Identified as a pivot with confluence from the swing high resistance and the 161.80% Fibonacci Extension, indicating a significant area where selling pressure may intensify, potentially leading to a bearish reaction.

1st support: 195.54

Supporting reasons: Recognized as an overlap support, suggesting a historical level where buying interest has emerged, potentially acting as a support for downward movement.

1st resistance: 200.55

Supporting reasons: Noted as a swing high resistance, indicating a significant historical level where selling pressure may be present, potentially hindering further upward movement.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.9098

Supporting reasons: Identified as an overlap resistance with confluence from the 50% Fibonacci Retracement, indicating a significant area where selling pressure may intensify, potentially leading to a bearish reaction.

1st support: 0.8987

Supporting reasons: Recognized as a multi-swing low support, suggesting a historical level where buying interest has emerged, potentially acting as a support for downward movement.

1st resistance: 0.9151

Supporting reasons: Noted as a pullback resistance, suggesting a level where selling pressure may intensify, potentially hindering further upward movement.

USD/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: 156.78

Supporting reasons: Identified as a pivot with confluence from the swing high resistance, indicating a significant area where selling pressure may intensify, potentially leading to a bearish reaction.

1st support: 153.63

Supporting reasons: Recognized as a swing low support, suggesting a historical level where buying interest has emerged, potentially acting as a support for downward movement.

1st resistance: 158.43

Supporting reasons: Noted as a multi-swing high resistance, indicating a significant historical level where selling pressure may be present, potentially hindering further upward movement.

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 1.3628

Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement level, suggesting a significant area where price could stall and reverse to resume the downtrend.

1st support: 1.3562

Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement level, suggesting an area where price has found strong buying interests in the past to potentially halt any further downward movement.

1st resistance: 1.3687

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: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.6648

Supporting reasons: Acts as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up.

1st support: 0.6593

Supporting reasons: Acts as a pullback support that aligns with a 78.6% Fibonacci retracement level, suggesting a significant area where price has found strong support recently to provide a basis to halt further downward movement.

1st resistance: 0.6712

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

NZD/USD

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.6098

Supporting reasons: Acts as a pullback support, suggesting an area where buying interests could pick up.

1st support: 0.6037

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

1st resistance: 0.6139

Supporting reasons: Identified as an overlap resistance that aligns with a 78.6% Fibonacci retracement level, marking a barrier that has previously capped upward movements.

US30 (DJIA):

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: 39,993.29

Supporting reasons: Identified as a pullback resistance that aligns close to the all-time high, suggesting an area where price could stall and reverse to pull back towards the 1st support.

1st support: 39,637.89

Supporting reasons: Identified as a pullback support, suggesting a significant area where price could find strong buying interest to provide a solid foundation to halt further downward movement.

1st resistance: 40,535.30

Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection level, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 18,704.90

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

1st support: 18,528.90

Supporting reasons: Acts as a pullback support that aligns close to a 23.6% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movement.

1st resistance: 18,933.70

Supporting reasons: Identified as a pullback resistance that aligns close to the all-time high, 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 is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 5,276.06

Supporting reasons: Identified as a pullback support; suggesting an area where buying interests could pick up to stage a rebound in price.

1st support: 5,203.86

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

1st resistance: 5,379.39

Supporting reasons: Acts as a resistance that aligns with a 127.2% Fibonacci extension level, suggesting a significant area where selling pressures could intensify.

BTC/USD (Bitcoin):

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: 64,518.28

Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a rebound in price.

1st support: 63,145.82

Supporting reasons: Acts as a pullback 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: 66,831.34

Supporting reasons: Marked by an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, 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: 3,048.22

Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, suggesting an area where selling pressures have intensified in the past.

1st support: 2,863.34

Supporting reasons: Identified as a pullback support, suggesting a significant area which could provide a strong foundation to halt further downward movements.

1st resistance: 3,179.69

Supporting reasons: Identified as a pullback resistance, marking a significant barrier that could cap further upward movements.

WTI/USD (Oil):

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: 80.10

Supporting reasons: Acts as a pullback resistance that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where selling pressures have intensified recently. The presence of a bearish Ichimoku cloud also adds further significance to a major resistance zone.

1st support: 77.18

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: 81.88

Supporting reasons: Identified as an overlap resistance that aligns with 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: Bullish

Price could potentially make a: Bearish break off pivot and drop towards 1st support

Pivot: 2374.00

Supporting reasons: Identified as a pullback resistance, suggesting a level where selling pressure may intensify, potentially leading to a bearish break.

1st support: 2352.00

Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a support for downward movement.

1st resistance: 2409.71

Supporting reasons: Noted as a swing high resistance, indicating a significant historical level where selling pressure may be present, potentially hindering further upward movement. Additionally, RSI is displaying bearish divergence versus price, suggesting a rapid decline in price may occur.

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