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Friday 22nd December 2023: Technical Outlook and Review

DXY:

The DXY (US Dollar Index) chart currently shows an overall bearish momentum, indicating a potential for price to break under the 1st support and drop towards the 2nd support.

The 1st support level at 101.87 is identified as a multi-swing-low support. Further below, the 2nd support level at 100.67 is noted as a swing-low support that aligns with the 78.60% fibonacci projection level, further reinforcing its importance as a potential key support level.

To the upside, the 1st resistance level at 102.61 is identified as an overlap resistance. Higher up, the 2nd resistance level at 103.20 is also marked as an overlap resistance, suggesting a potential barrier for further upside movement.

EUR/USD:

The EUR/USD chart currently exhibits an overall bullish momentum. However, there is a potential scenario for price to make a bearish reaction off the 1st resistance and drop towards the 1st support, especially if price breaks below the intermediate support.

The 1st resistance level at 1.1006 is identified as a multi-swing-high resistance. Higher up, the 2nd resistance level at 1.1064 is noted as a swing-high resistance, suggesting a potential barrier for further upside movement.

To the downside, the intermediate support level at 1.0939 is identified as a pullback support that aligns with the 61.80% Fibonacci retracement level while the 1st support level at 1.0878 is noted as an overlap support that aligns close to the 50.00% Fibonacci retracement level. Further below, the 2nd support level at 1.0747 is also marked as an overlap support, further reinforcing its importance as a potential key support level.

EUR/JPY:

The EUR/JPY chart currently exhibits a weak bullish sentiment with low confidence, suggesting the potential for a tentative bullish continuation towards the 1st resistance.

The 1st support at 155.62 is considered significant as it represents a pullback support and is associated with the 61.80% Fibonacci Retracement. This level indicates a historical area where buying interest has been present, reinforcing its potential as a crucial support zone. 

Furthermore, the 2nd support at 153.91 is identified as a multi-swing low support, providing an additional layer of potential support for the currency pair.

On the resistance side, the 1st resistance at 158.17 is linked to a pullback resistance and the 61.8% Fibonacci Projection, indicating a level where selling interest could intensify. 

Additionally, the 2nd resistance at 159.16 is associated with an overlap resistance and the 61.80% Fibonacci Retracement, further highlighting potential challenges for the price to surpass these levels.

An intermediate support level at 155.62 is noted, representing an overlap support.

EUR/GBP:

The EUR/GBP chart currently exhibits a bearish overall momentum, indicating the potential for a bearish reaction off the 1st resistance and a subsequent drop to the 1st support.

The 1st support at 0.8650 is considered significant as it represents an overlap support and is associated with the 78.60% Fibonacci Projection. This level indicates a historical area where buying interest has been present, reinforcing its potential as a crucial support zone. 

Additionally, the 2nd support at 0.8602 is identified as a pullback support, providing an additional layer of potential support for the currency pair.

On the resistance side, the 1st resistance at 0.8689 is linked to an overlap resistance and the 61.80% Fibonacci Retracement, indicating a level where selling interest could intensify.

Furthermore, the 2nd resistance at 0.8725 is associated with a pullback resistance and the 78.60% Fibonacci Retracement, further highlighting potential challenges for the price to surpass these levels.

GBP/USD:

The GBP/USD chart currently exhibits a neutral bias. In this context, there is a potential scenario for price to fluctuate between the 1st support and the 1st resistance.

The 1st support level at 1.2612 is identified as an overlap support that aligns with the 61.80% Fibonacci retracement level. Further below, the 2nd support level at 1.2502 is marked as a swing-low support, further reinforcing its importance as a potential key support level.

To the upside, the 1st resistance level at 1.2781 is identified as a multi-swing-high resistance that aligns with the 127.20% Fibonacci extension level. Higher up, the 2nd resistance level at 1.2872 is noted as a pullback resistance that aligns with the 161.80% Fibonacci extension level, suggesting a potential barrier for further upside movement.

GBP/JPY:

The GBP/JPY chart currently displays a bullish overall momentum, indicating the potential for a bullish continuation towards the 1st resistance.

The intermediate support at 180.09 is considered significant, representing a multi-swing low support. This level indicates a historical area where buying interest has been present, reinforcing its potential as a crucial support zone. 

Additionally, the 2nd support at 178.59 is identified as another multi-swing low support and is associated with the 127.20% Fibonacci Extension, providing an additional layer of potential support for the currency pair.

On the resistance side, the 1st resistance at 182.29 is linked to a pullback resistance and the 61.80% Fibonacci Projection, indicating a level where selling interest could intensify. 

Furthermore, the 2nd resistance at 184.05 is associated with a multi-swing high resistance, further highlighting potential challenges for the price to surpass these levels.

USD/CHF:

The USD/CHF chart currently exhibits an overall bearish momentum. In this context, there is a potential scenario for price to make a bearish continuation towards the 1st support.

The 1st support level at 0.8558 is marked as a multi-swing-low support that aligns with the 78.60% Fibonacci projection level. Further below, the 2nd support level at 0.8520 is also noted as a multi-swing-low support that aligns with the 100.00% Fibonacci projection level, further reinforcing its importance as a key support level.

To the upside, the intermediate resistance level at 0.8592 is identified as an overlap resistance while the 1st resistance level at 0.8638 is marked as a pullback resistance. Higher up, the 2nd resistance level at 0.8710 is also noted as a pullback resistance, suggesting a potential barrier for further upside movement.

USD/JPY:

The USD/JPY chart currently exhibits an overall bearish momentum. However, there is a potential for price to make a bullish bounce off the intermediate support.

The intermediate support level at 142.06 is identified as a pullback support that aligns close to the 78.60% Fibonacci retracement level. Further below, the 1st support level at 141.50 is noted as a multi-swing-low support, further reinforcing its importance as a key support level.

To the upside, the 1st resistance level at 144.53 is identified as a pullback resistance. Higher up, the 2nd resistance level at 145.32 is also marked as a pullback resistance that aligns with the 78.60% Fibonacci retracement level, suggesting a potential barrier for further upside movement.

USD/CAD:

The USD/CAD chart currently exhibits an overall bearish momentum, indicating a potential for a drop towards the 1st support.

The 1st support level at 1.3261 is identified as an overlap support. Further below, the 2nd support level at 1.3162 is noted as a multi-swing-low support, further reinforcing its importance as a key support level.

To the upside, the intermediate resistance level at 1.3319 is identified as a pullback resistance. Higher up, the 1st resistance level at 1.3370 is also marked as a pullback resistance, suggesting a potential barrier for further upside movement.

AUD/USD:

The AUD/USD chart currently exhibits an overall bullish momentum. However, there is a potential scenario for price to make a bearish reaction off the 1st resistance and drop towards the 1st support, especially if price breaks below the intermediate support.

The 1st resistance level at 0.6811 is identified as a swing-high resistance that aligns with a confluence of Fibonacci levels i.e. the 161.80% extension and the 78.60% projection levels. Higher up, the 2nd resistance level at 0.6846 is also noted as a swing-high resistance, indicating its potential significance as a barrier for further upward movement.

To the downside, the intermediate support level at 0.6776 is identified as a pullback support while the

1st support level at 0.6730 is noted as an overlap support that aligns with the 23.60% Fibonacci retracement level. Further below, the 2nd support level at 0.6670 is also marked as an overlap support that aligns close to the 50.00% Fibonacci retracement level, further reinforcing its importance as a key support level.

NZD/USD

The NZD/USD chart currently exhibits an overall bullish momentum. However, there is a potential scenario for price to make a bearish reaction off the 1st resistance and drop towards the 1st support.

The 1st resistance level at 0.6307 is identified as a swing-high resistance that aligns with a confluence of Fibonacci levels i.e. the 161.80% extension and the 78.60% projection levels. Higher up, the 2nd resistance level at 0.6402 is also marked as a swing-high resistance, indicating its potential significance as a barrier for further upward movement.

To the downside, the 1st support level at 0.6250 is identified as an overlap support that aligns with the 23.60% Fibonacci retracement level. Further below, the 2nd support level at 0.6182 is also noted as an overlap support that aligns close to the 50.00% Fibonacci retracement level, further reinforcing its importance as a key support level.

DJ30:

The DJ30 chart currently exhibits a weak bearish overall momentum, suggesting a potential scenario for a bearish continuation towards the 1st support.

The 1st support at 37151.74 is considered significant as it represents an overlap support, indicating a historical area where buying interest has been present. 

Additionally, the 2nd support at 36298.13 is identified as another overlap support and is associated with the 23.60% Fibonacci Retracement, providing an additional layer of potential support for the index.

On the resistance side, the 1st resistance at 37808.77 is linked to the 161.80% Fibonacci Extension, indicating a level where selling interest could intensify. 

Furthermore, the intermediate resistance at 37448.85 is associated with a pullback resistance, adding an extra layer of potential resistance for the index.

GER40:

The GER40 chart currently reflects a bullish overall momentum, supported by various factors contributing to the upward price movement. The price is potentially poised for a bullish continuation towards the 1st resistance level. 

The 1st support at 16490.00 plays a crucial role, marked by its significance as an overlap support and its alignment with the 23.60% Fibonacci Retracement and a -27% Fibonacci Expansion. This confluence of factors makes it a robust historical area with buying interest, reinforcing its potential as a strong support level. 

Additionally, the 2nd support at 16062.00 is identified as a pullback support associated with the 38.20% Fibonacci Retracement, providing an additional layer of support for the bullish momentum. The intermediate resistance at 16776.70, acting as a pullback resistance, contributes to the overall bullish narrative.

On the resistance level, the 1st resistance at 16961.70 represents a swing high resistance and is associated with the 127.20% Fibonacci Extension, indicating a potential challenge for the upward price movement.

US500: 



The US500 chart currently demonstrates a bullish overall momentum, with several factors contributing to the upward price movement. The price is anticipated to potentially continue its bullish trajectory towards the 1st resistance level. 

The intermediate support at 4699.2 is considered significant due to its role as a multi-swing low support. This level represents a historical area where buying interest has been notable, adding strength to its potential as a crucial support zone. 

Additionally, the 1st support at 4601.9 is identified as an overlap support and is associated with the 23.60% Fibonacci Retracement, providing an additional layer of potential support for the bullish momentum.

On the resistance side, the 1st resistance at 4771.7 is linked to a swing high resistance, indicating a level where selling interest could intensify. 

Furthermore, the 2nd resistance at 4817.0 is associated with a swing high resistance and the 161.80% Fibonacci Extension, suggesting a potential barrier for the upward price movement. 

BTC/USD:

The BTC/USD chart currently exhibits a bullish overall momentum, indicating a potential scenario for a bullish continuation towards the 1st resistance. 

The 1st support at 40715 holds significance as it represents a swing low support and coincides with the 50% Fibonacci Retracement, emphasizing its role as a critical support level. 

Additionally, the 2nd support at 38437 is identified as an overlap support and is associated with the 78.60% Fibonacci Retracement, providing another layer of substantial support for the ongoing bullish trend.

On the resistance side, the 1st resistance at 44490 is linked to a swing high resistance and aligns with the 100% Fibonacci Retracement, suggesting a potential area where selling interest may intensify. 

Furthermore, the 2nd resistance at 45999 is associated with the 127.20% Fibonacci Extension, indicating a potential barrier for further upward price movement.

An intermediate support level at 43268 is also identified, reinforcing the bullish momentum in the BTCUSD chart.

ETH/USD: 

The ETH/USD chart currently exhibits a bullish overall momentum, suggesting a potential scenario for a bullish continuation towards the 1st resistance. 

The 1st support at 2175.19 is identified as a pullback support indicating a historical area where buying interest has been present.

 Additionally, the 2nd support at 2120.29 is considered a swing low support and aligns with the 61.8% Fibonacci Retracement, adding another layer of potential support for the ongoing bullish trend.

On the resistance side, the 1st resistance at 2317.11 is associated with a swing high resistance, highlighting a potential barrier where selling interest could intensify. 

Furthermore, the 2nd resistance at 2383.94 aligns with another swing high resistance, adding an extra layer of potential resistance for the price.

An intermediate resistance level at 2262.98 is also identified, associated with the pullback resistance. This level may act as a significant hurdle for the price to overcome in its bullish continuation.

WTI/USD:

The WTI chart currently exhibits an overall bullish momentum, suggesting a prevailing uptrend. In this context, there is a potential scenario for price to make a bullish continuation towards the 1st resistance.

The 1st resistance level at 75.35 is identified as an overlap resistance that aligns close to the 61.80% Fibonacci retracement level. Higher up, the 2nd resistance level at 79.40 is noted as a multi-swing-high resistance, further indicating its potential significance as a barrier for further upward movement.

To the downside, the 1st support level at 72.60 is identified as an overlap support that aligns with the 38.20% Fibonacci retracement level. Further below, the 2nd support level at 71.32 is marked as a pullback support, reinforcing its importance as a key support level.

XAU/USD (GOLD):

The XAU/USD chart currently demonstrates a bullish momentum, indicating a potential for price to break above the 1st resistance and make a bullish continuation towards the 2nd resistance.

The 1st resistance level at 2,047.93 is identified as a pullback resistance. Higher up, the 2nd resistance level at 2,087.79 is also marked as a pullback resistance that aligns close to the 61.80% Fibonacci retracement level, further indicating its potential significance as a barrier for further upward movement.

To the downside, the 1st support level at 2,016.90 is identified as an overlap support. Further below, the 2nd support level at 1,976.18 is noted as a pullback support, reinforcing its importance as a key support level.

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