ICMarket

Monday 16th December 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially make a bearish continuation toward the 1st support

Pivot: 107.04

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

1st support: 105.20
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.

1st resistance: 109.31
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

EUR/USD:

Potential Direction: Neutral

Overall momentum of the chart: Bearish

Price could fluctuate between the 1st resistance and 1st support level.

1st support: 1.0418

Supporting reasons: Identified as a swing low, indicating a potential level where price could find support once more.

1st resistance: 1.0614
Supporting reasons:  Identified as an overlap resistance close to the 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially make a bearish reaction off the pivot and drop toward the 1st support 

Pivot: 163.84
Supporting reasons: Identified as a pullback resistance close to the 78.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 158.62

Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.

1st resistance: 168.23
Supporting reasons: Identified as a pullback resistance close to the 78.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

EUR/GBP:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off the pivot and drop toward the 1st support 

Pivot: 0.8355
Supporting reasons: Identified as an overlap resistance close to the 61.8% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.8267

Supporting reasons:  Identified as a pullback support, indicating a potential level where price could find support once more.

1st resistance: 0.8444
Supporting reasons: Identified as a multi-swing high resistance, indicating a potential area that could halt any further upward movement.

GBP/USD:

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: 1.2604

Supporting reasons: Identified as a pullback support that aligns with the 61.8% Fibonacci retracement, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 1.2426

Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support once more.

1st resistance: 1.2807
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bearish reaction off the pivot and drop toward the 1st support 

Pivot: 195.86
Supporting reasons: Identified as a pullback resistance close to the 61.8% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 188.04
Supporting reasons: Identified as an overlap support, indicating a key level where price could find support once more.

1st resistance: 199.86
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bearish reaction off the pivot and drop toward the 1st support 

Pivot: 0.8942
Supporting reasons: Identified as a swing high resistance, indicating a potential area where selling pressures could intensify.

1st support: 0.8732

Supporting reasons: Identified as an overlap support that aligns with the 38.2% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 0.9036
Supporting reasons: Identified as a swing-high resistance that is close to 78.6% Fibonacci retracement and the 127.2% Fibonacci extension, indicating a strong level of resistance 

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bearish reaction off the pivot and drop toward the 1st support 

Pivot: 154.45
Supporting reasons: Identified as a pullback resistance close to the 78.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 151.54
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support once again.

1st resistance: 157.62
Supporting reasons: Identified as a pullback resistance close to the 78.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

USD/CAD:

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: 1.4093

Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to resume the uptrend. The presence of the green Ichimoku Cloud adds further significance to the strength of the bullish momentum.

1st support: 1.3946
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 1.4233
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

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: 0.6448

Supporting reasons: Identified as an overlap resistance, 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: 0.6349
Supporting reasons: Identified as a multi-swing-low support, suggesting a key support area where price could find support once again.

1st resistance: 0.6537
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.

NZD/USD

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: 0.5830

Supporting reasons: Identified as a pullback resistance that aligns close to a 23.6% 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: 0.5706
Supporting reasons: Identified as a support that aligns with a 127.2% Fibonacci extension, suggesting a key support area where price could find support.

1st resistance: 0.5911
Supporting reasons: Identified as an overlap resistance that aligns close to a confluence of Fibonacci levels i.e. the 23.6% and 50% retracements, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 44,327.75

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

1st support: 43,308.85

Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 45,042.77

Supporting reasons: Identified as a swing high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 20,476.10
Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection, indicating a potential area where selling pressures could intensify.

1st support: 19,661.79

Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a key level where price could find support.

1st resistance: 20,900.23
Supporting reasons: Identified as a resistance that aligns with a 78.6% Fibonacci projection, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

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: 6,056.50

Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to resume the uptrend. The presence of the green Ichimoku Cloud adds further significance to the strength of the bullish momentum.

1st support: 5,872.60

Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 6,147.73
Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 107,261.75

Supporting reasons: Identified as a resistance that aligns with a 100% Fibonacci projection, indicating a potential area where selling pressures could intensify.

1st support: 91,855.25
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once again.

1st resistance: 111,666.00
Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 4,032.94

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

1st support: 3,540.71
Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 4,417.34
Supporting reasons:  Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

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: 70.06
Supporting reasons: Identified as an overlap support, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 66.66
Supporting reasons: Identified as a multis-swing-low support, indicating a key level where price could find support once again.

1st resistance: 72.73
Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off the pivot and drop toward the 1st support, indicating a bearish trend, sustained selling pressure, and overall bearish sentiment.

Pivot: 2653.38
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 2530.58

Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support.

1st resistance: 2715.67

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

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