ICMarket

Friday 7th March 2025: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish 

Overall momentum of the chart: Bearish

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

Pivot: 103.98
Supporting reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. the 61.8% retracement, the 100% projection and the 127.2% extension, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 102.32
Supporting reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 78.6% retracement and the 161.8% extension, indicating a potential area where the price could stabilize once again.

1st resistance: 105.26
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential level that could cap further upward movement.

EUR/USD:

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 toward the 1st support.

Pivot: 1.0930
Supporting reasons: Identified as a swing-high resistance, indicating a potential area where selling pressure could intensify.

1st support: 1.0698
Supporting reasons: Identified as a pullback support, indicating a potential area where the price could stabilize once more.

1st resistance: 1.1085
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 fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 159.01
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 resume the uptrend.

1st support: 158.10
Supporting reasons: Identified as a pullback support, indicating a potential area where the price could stabilize once again.

1st resistance: 161.18
Supporting reasons: Identified as a multi-swing-high resistance,  indicating a potential area that could halt any further upward movement.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price has made a bullish reversal close to the pivot and could potentially rise towards the 1st resistance.

Pivot: 0.8355
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 0.8319
Supporting reasons: Identified as a pullback support, indicating a potential area where the price could stabilize once more.

1st resistance: 0.8425
Supporting reasons: Identified as a pullback resistance that aligns with the 78.6% Fibonacci retracement, indicating a potential level that could cap further upward movement.

GBP/USD:

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 towards the 1st resistance.

Pivot: 1.2860
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 1.2721
Supporting reasons: Identified as an overlap support, acting as a potential level where the price could stabilize once again.

1st resistance: 1.3047
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential level that could cap further upward movement.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 191.05
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 188.57
Supporting reasons: Identified as a swing-low support, indicating a potential level where the price could stabilize once more.

1st resistance: 192.32
Supporting reasons: Identified as a swing-high resistance, indicating a potential level that could cap further upward movement.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8914
Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify.

1st support: 0.8749
Supporting reasons: Identified as a swing-low support that aligns with a 100% Fibonacci projection, indicating a potential level where the price could stabilize once again.

1st resistance: 0.9031
Supporting reasons: Identified as a swing-high resistance, indicating a potential level that could cap further upward movement.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 148.24
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 146.96
Supporting reasons: Identified as a pullback support that aligns with a 161.8% Fibonacci extension, suggesting a potential area where the price could stabilize once more.

1st resistance: 149.98
Supporting reasons: Identified as a swing-high resistance, indicating a potential level that could cap further upward movement.

USD/CAD:

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: 1.4359

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

1st support: 1.4243
Supporting reasons: Identified as an overlap support that aligns close to a 78.6% Fibonacci retracement, indicating a key level where the price could stabilize once more.

1st resistance: 1.4537
Supporting reasons: Identified as a multi-swing-high resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

AUD/USD:

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: 0.6355

Supporting reasons: Identified as an overlap resistance that aligns close to a 78.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.6270

Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, suggesting a potential area where the price could stabilize once again.

1st resistance: 0.6401
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.5693

Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 0.5665

Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, suggesting a potential area where the price could stabilize once more.

1st resistance: 0.5761

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

US30 (DJIA):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 42,455.02

Supporting reasons: Identified as a multi-swing-low support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 41,674.92

Supporting reasons: Identified as a swing-low support, indicating a potential level where the price could stabilize once again.

1st resistance: 43,150.60

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.

DE40 (DAX):

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 23,582.97

Supporting reasons: Identified as a resistance level that aligns with a 127.2% Fibonacci extension, indicating a potential area where selling pressures could intensify.

1st support: 22,937.80

Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement, indicating a key level where the price could stabilize once more.

1st resistance: 23,928.94
Supporting reasons: Identified as a resistance level that aligns with a 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 5,844.90

Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.

1st support: 5,703.70

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

1st resistance: 5,914.80

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

BTC/USD (Bitcoin):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 82,716.92

Supporting reasons: Identified as a swing-low support, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 80,139.21
Supporting reasons: Identified as a swing-low support that aligns close to a 127.2% Fibonacci extension, indicating a potential level where the price could stabilize once more.

1st resistance: 92,463.38
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 2,305.09

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

1st support: 2,000.46
Supporting reasons: Identified as a swing-low support that aligns close to a 127.2% Fibonacci extension, indicating a potential level where the price could stabilize once again.

1st resistance: 2,535.94
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 68.48

Supporting reasons: Identified as an overlap resistance that aligns close to a confluence of Fibonacci levels i.e. the 38.2% and 61.8% retracements, indicating a potential area where selling pressures could intensify. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.

1st support: 65.64
Supporting reasons: Identified as a swing-low support, indicating a key level where the price could stabilize once more.

1st resistance: 70.40
Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):

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: 2,924.34
Supporting reasons: Identified as an overlap resistance that aligns close to the 78.6% Fibonacci retracement, indicating a potential area where selling pressure could intensify.

1st support: 2,872.95
Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement, acting as a potential level where price could stabilize once again.

1st resistance: 2,952.81
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any further upward movement.

The accuracy, completeness and timeliness of the information contained on this site cannot be guaranteed. IC Markets does not warranty, guarantee or make any representations, or assume any liability regarding financial results based on the use of the information in the site.

News, views, opinions, recommendations and other information obtained from sources outside of www.icmarkets.com.au, used in this site are believed to be reliable, but we cannot guarantee their accuracy or completeness. All such information is subject to change at any time without notice. IC Markets assumes no responsibility for the content of any linked site.

The fact that such links may exist does not indicate approval or endorsement of any material contained on any linked site. IC Markets is not liable for any harm caused by the transmission, through accessing the services or information on this site, of a computer virus, or other computer code or programming device that might be used to access, delete, damage, disable, disrupt or otherwise impede in any manner, the operation of the site or of any user’s software, hardware, data or property.