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Monday 21st October 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 102.73
Supporting reasons: Identified as a pullback support with 38.2% Fibonacci retracement, indicating this level may act as a significant support point.

1st support: 101.78
Supporting reasons: Identified as a pullback support   with 61.8% Fibonacci retracement, suggesting this level could provide strong support if the price declines.

1st resistance: 104.06
Supporting reasons: Identified as a pullback resistance close to 61.8% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

Additionally, when the price remains above the Ichimoku cloud, it’s typically seen as a strong bullish signal, indicating upward momentum.

EUR/USD:


Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation towards 1st support

Pivot: 1.0949
Supporting reasons: Identified as a pullback resistance close to 38.2% Fibonacci retracement, indicating this level may act as a significant resistance point.

1st support: 1.0824
Supporting reasons: Identified as an overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 1.1006
Supporting reasons: Identified as a pullback resistance with 50% Fibonacci retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

Additionally, when the price remains below the Ichimoku cloud, it’s typically seen as a strong bearish signal, indicating downward momentum.

EUR/JPY:


Potential Direction: bullish
Overall momentum of the chart: Bearish

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

Pivot: 159.55
Supporting reasons: Identified as pullback resistance with 50% Fibonacci retracement, indicating this level may act as resistance during price fluctuations.

1st support: 157.07
Supporting reasons: Identified as pullback support, aligned with the 78% Fibonacci retracement, suggesting this level could provide strong support if the price declines.

1st resistance: 163.81
Supporting reasons: Identified as multi-swing high resistance, indicating this level may act as a significant resistance point where selling pressure could arise.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8366
Supporting reasons: Identified as an overlap resistance aligned with 50% Fibonacci retracement, indicating potential resistance where price may encounter selling pressure.

1st support: 0.8312
Supporting reasons: Identified as multi-swing low support, suggesting this level could provide strong support if the price declines.

1st resistance: 0.8409
Supporting reasons: Identified as an overlap resistance aligned with 38.20% Fibonacci retracement, marking a possible level where the price might face resistance.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.3114
Supporting reasons: Identified as an overlap resistance with 23.6% Fibonacci retracement, indicating this level may act as a significant resistance point.

1st support: 1.2863

Supporting reasons: Identified as pullback support close to 127.2% Fibonacci extension, suggesting this level could provide strong support if the price declines.

1st resistance: 1.3260
Supporting reasons: Identified as a pullback resistance with 61.8% Fibonacci retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

GBP/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 193.12

Supporting reasons: Identified as an overlap support, indicating this level may act as a significant support point.

1st support: 189.14

Supporting reasons: Identified as an overlap support with 50% Fibonacci retracement, indicating this level could act as a strong support point.

1st resistance: 197.55

Supporting reasons: Identified as a pullback resistance, marking a level where the price might face selling pressure if it rises.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 0.8727
Supporting reasons: Identified as overlap support with 38.2% Fibonacci retracement, indicating this level may provide significant resistance during price fluctuations.

1st support: 0.8537
Supporting reasons: Identified as an overlap support, suggesting this level could offer strong support if the price declines.

1st resistance: 0.8887
Supporting reasons: Identified as an overlap resistance, aligned with 61.8% Fibonacci projection indicating a potential resistance level where selling pressure may arise.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 146.85
Supporting reasons: Identified as a pullback support with 38.2% Fibonacci retracement., indicating this level may act as a significant support during retracements.

1st support: 144.79
Supporting reasons: Identified as a pullback support, suggesting this level could provide additional support if the price moves lower.

1st resistance: 151.72
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressure may emerge.

USD/CAD:

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 pull back towards the 1st support.

Pivot: 1.3838
Supporting reasons: Identified as a swing-high resistance, indicating a potential level where selling pressures could intensify.

1st support: 1.3750
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 once more.

1st resistance: 1.3879
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: Neutral

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

Pivot: 0.6757
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 0.6647
Supporting reasons: Identified as a multi-swing-low support, indicating a potential level where price could find support once again.

1st resistance: 0.6824
Supporting reasons: Identified as an overlap resistance that aligns with 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: Neutral

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

Pivot: 0.6119

Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 0.6050
Supporting reasons: Identified as a swing-low support, indicating a potential level where price could find support once more.

1st resistance: 0.6175
Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

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 towards the 1st support.

Pivot: 43,464.09

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

1st support: 42,654.55

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

1st resistance: 43,887.22

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

DE40 (DAX):

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 towards the 1st support.

Pivot: 19,715.42
Supporting reasons: Identified as a resistance zone that aligns close to a confluence of Fibonacci levels i.e. a 61.8% projection and a 127.2% extension, indicating a potential level where selling pressures could intensify.

1st support: 19,399.00
Supporting reasons: Identified as an overlap support, indicating a key level where price could find support once again.

1st resistance: 19,932.98
Supporting reasons: Identified as a resistance zone that aligns close to a confluence of Fibonacci levels i.e. a 78.6% projection and a 161.8% extension, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

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 towards the 1st support.

Pivot: 5,916.53
Supporting reasons: Identified as a resistance level that aligns with a 61.8% Fibonacci projection, indicating a potential level where selling pressures could intensify.

1st support: 5,814.60
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 5,979.24
Supporting reasons: Identified as a resistance level that aligns with a 78.6% Fibonacci projection, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

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: 68,495.41
Supporting reasons: Identified as a pullback support, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 65,851.92
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 71,411.29
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

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: 2,693.28
Supporting reasons: Identified as a pullback support, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 2,439.98
Supporting reasons: Identified as an overlap support that aligns with a 61.8% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 2,871.84
Supporting reasons: Identified as a pullback resistance that aligns close to a confluence of Fibonacci levels i.e. a 50% retracement and a 127.2% extension, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

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: 68.24
Supporting reasons: Identified as a swing-low support, indicating a potential level where buying interests could pick up to stage a rebound.

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

1st resistance: 72.31
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.

XAU/USD (GOLD):


Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially make a bearish reaction off pivot and drop to 1st support.

Pivot: 2735
Supporting reasons: Identified as a resistance, aligned with the 161.8% Fibonacci extension and 61.8% Fibonacci projection, indicating this level could act as a significant resistance during price fluctuations.

1st support: 2672.23
Supporting reasons: Identified as a pullback support, suggesting this level could offer strong support if the price declines.

1st resistance: 2774
Supporting reasons: Aligns with 78.68% Fibonacci projection, indicating this level may act as a key resistance point where selling pressure could emerge.

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