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Friday 19th April 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Factors contributing to the momentum is that price is: Above the bullish Ichimoku cloud

Price could potentially make a: Bullish continuation towards 1st resistance

Pivot: 105.94

Supporting reasons: An Overlap support, indicating a significant level where buying interest might be present, potentially providing a foundation for further upside movement.

1st support: 105.10

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bullish momentum.

1st resistance: 106.89

Supporting reasons: An Overlap resistance combined with a 161.80% Fibonacci Extension, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bullish trend.

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Factors contributing to the momentum is that price is: Below the bearish Ichimoku cloud

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

Pivot: 1.0610

Supporting reasons: Pullback resistance, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bearish momentum.

1st support: 1.0550

Supporting reasons: 161.80% Fibonacci Extension, representing a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bearish momentum.

1st resistance: 1.0689

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

EUR/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

PIvot: 163.57

Supporting reasons: Pullback resistance, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bearish momentum.

1st support: 162.53

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bearish momentum.

1st resistance: 165.14

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a: Bullish continuation towards 1st resistance

Pivot: 0.8549

Supporting reasons: An Overlap support combined with a 38.20% Fibonacci Retracement, indicating a significant level where buying interest might be present, potentially providing a foundation for further upside movement.

1st support: 0.8531

Supporting reasons: Multi-swing low support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bullish momentum.

1st resistance: 0.8582

Supporting reasons: Multi-swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bullish trend.

GBP/USD:

Instrument: GBP/USD

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 1.2424

Supporting reasons: Pullback resistance, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bearish momentum.

1st support: 1.2338

Supporting reasons: Multi-swing low support combined with a 161.80% Fibonacci Extension, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bearish momentum.

1st resistance: 1.2484

Supporting reasons: Multi-swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 191.58

Supporting reasons: Pullback resistance, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bearish momentum.

1st support: 190.08

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bearish momentum.

1st resistance: 192.79

Supporting reasons: Multi-swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.9089

Supporting reasons: Pullback resistance, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bearish momentum.

1st support: 0.9024

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bearish momentum.

1st resistance: 0.9148

Supporting reasons: Multi-swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 154.81

Supporting reasons: Multi-swing high resistance, indicating a level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bullish momentum, supported by the 78.60% Fibonacci Projection.

1st support: 151.93

Supporting reasons: Pullback support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bearish momentum.

1st resistance: 157.04

Supporting reasons: 100% Fibonacci Projection, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bullish trend.

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 1.3828

Supporting reasons: Acts as a pullback resistance that aligns close to a 78.6% Fibonacci projection level, suggesting an area where price could potentially stall and pull back before resuming the uptrend.

1st support: 1.3753

Supporting reasons: Identified as a pullback support, suggesting an area where price could find strong buying interest to provide a foundation for potential price stabilization.

1st resistance: 1.3888

Supporting reasons: Identified as a swing-high resistance that aligns close to a 127.2% Fibonacci extension level, marking a significant barrier that could cap further upward movements.

AUD/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price has broken below the pivot and could potentially drop towards the 1st support

Pivot: 0.6397

Supporting reasons: Previously functioned as a pullback support which now has been broken due to the strong bearish momentum.

1st support: 0.6348

Supporting reasons: Acts as a swing-low support, suggesting a significant area where price has previously found strong support and could provide a basis to halt further downward movement.

1st resistance: 0.6447

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: Bearish

Price has broken below the pivot and could potentially drop towards the 1st support

Pivot: 0.5863

Supporting reasons: Previously functioned as a pullback support which now has been broken due to the strong bearish momentum.

1st support: 0.5779

Supporting reasons: Acts as a swing-low support, suggesting a potential area for price stabilization or a minor rebound within the bearish context.

1st resistance: 0.5930

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

US30 (DJIA):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price has broken below the pivot and could potentially drop towards the 1st support

Pivot: 37,672.13

Supporting reasons: Previously functioned as a pullback support which now has been broken due to the strong bearish momentum.

1st support: 37,164.30

Supporting reasons: Identified as a pullback 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: 38,025.73

Supporting reasons: Identified as a pullback resistance, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price has broken below the pivot and could potentially drop towards the 1st support

Pivot: 17,666.40

Supporting reasons: Previously functioned as a pullback support which now has been broken due to the strong bearish momentum.

1st support: 17,431.30

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, 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: 17,901.10

Supporting reasons: Identified as a pullback resistance that aligns with 23.6% Fibonacci retracement level, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price has broken below the pivot and could potentially drop towards the 1st support

Pivot: 4,953.70

Supporting reasons: Previously functioned as a pullback support which now has been broken due to the strong bearish momentum.

1st support: 4,848.25

Supporting reasons: Acts as a pullback support suggesting a significant area where price has previously found strong buying interest, providing a solid foundation to halt further downward movement.

1st resistance: 5,006.20

Supporting reasons: Marked by a pullback resistance, which could function as a potential barrier and cap any upward movements.

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price could potentially make a bullish reaction off the pivot and rise towards the 1st resistance

Pivot: 59,525.62

Supporting reasons: Acts as a pullback support that aligns with the 61.8% Fibonacci retracement and the 161.8% Fibonacci extension levels, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation for potential price stabilization or a rebound

1st support: 52,866.49

Supporting reasons: Acts as a pullback support, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation for potential price stabilization or a rebound.

1st resistance: 64,275.47

Supporting reasons: Marked by a pullback resistance that aligns close to a 38.2% Fibonacci retracement, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price could potentially make a bullish reaction off the pivot and rise towards the 1st resistance

Pivot: 2,847.25

Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement level suggesting a significant area where price has previously found support, providing a strong foundation for a potential rebound.

1st support: 2,685.96

Supporting reasons: Identified as an overlap support that aligns close to a 78.6% Fibonacci retracement level suggesting a significant area where price has previously found support, providing a strong foundation to halt further downward movements.

1st resistance: 3,111.04

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

WTI/USD (Oil):

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: 82.68

Supporting reasons: Previously functioned as an overlap resistance which now has been broken due to the strong bullish momentum.

1st support: 81.01

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation to halt further downward movements.

1st resistance: 87.77

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

XAU/USD (GOLD):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a: Bullish bounce off pivot and heads towards 1st resistance

Pivot: 2404.73

Supporting reasons: Pullback resistance, indicating a level where selling pressure might intensify, potentially providing a barrier to further upside movement.

1st support: 2363.29

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bullish momentum.

1st resistance: 2431.00

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.

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