ICMarket

Monday 4th November 2024: Technical Outlook and Review

DXY (US Dollar Index):

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: 104.68

Supporting reasons: Identified as overlap resistance close to 78.6% Fibonacci retracement, indicating a potential level where selling interests could pick up to resume the downtrend.

1st support: 103.54

Supporting reasons: Identified as a pullback support which aligns with the 23.68% Fibonacci retracement suggesting a strong support level if the price moves downward.

1st resistance: 106.04

Supporting reasons: Identified as a swing high resistance, indicating a level where the price may encounter selling pressure if it rises.

EUR/USD:


Potential Direction: Bullish 

Overall momentum of the chart: Bearish

Price could potentially make a bounce off the pivot and drop toward the 1st resistance 

Pivot: 1.0782
Supporting reasons: Identified multi-swing low support, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 1.0675
Supporting reasons: Identified as multi-swing low support, suggesting a strong support level if the price moves downward.

1st resistance: 1.0948
Supporting reasons: Identified as a pullback resistance close to 38.2% Fibonacci retracement, indicating a level where the price may encounter selling pressure if it rises.

EUR/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off continuation towards the 1st resistance.

Pivot: 162.85
Supporting reasons: Identified as an overlap support close to 38.2% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 158.53
Supporting reasons: Identified as an overlap support, close to 78.6% Fibonacci retracement, indicating a potential level where price could again find support.

1st resistance: 166.57
Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.

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

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8344
Supporting reasons: Identified as overlap support close to 61.8% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend

1st support: 0.8305
Supporting reasons: Identified as multi swing support, suggesting a strong support level if the price moves downward.

1st resistance: 0.8436
Supporting reasons: Identified as a swing high resistance, indicating a level where the price may encounter selling pressure if it rises.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 1.2807

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

1st support: 1.2613

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

1st resistance: 1.3037
Supporting reasons: Identified as overlap resistance close to 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

GBP/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 194.13
Supporting reasons: Identified as overlap support close to 38.2% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 188.28

Supporting reasons: Identified as pullback support close to 78.6% Fibonacci retracement, indicating a potential level where price could find support again.

1st resistance: 199.71

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

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

USD/CHF:

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: 0.8725
Supporting reasons: Identified as multi-swing high resistance close to 38.2% Fibonacci retracement, indicating a potential area where selling interests could pick up to stage a rebound.

1st support: 0.8526
Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement indicating a potential level where price could find support once more.

1st resistance: 0.8826
Supporting reasons: Identified as pullback back resistance close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 149.37
Supporting reasons: Identified as overlap resistance close t0 38.2% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend

1st support: 144.87
Supporting reasons: Identified as a pullback support that aligns close to a61.8% Fibonacci retracement and 161.8% Fibonacci extension, indicating a potential level where price could find support.

1st resistance: 154.84
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

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

USD/CAD:

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 toward the 1st resistance.

Pivot: 1.3881
Supporting reasons: Identified as an overlap support, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 1.3800
Supporting reasons: Identified as an overlap support, indicating a key level where price could find support once again.

1st resistance: 1.3953
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: 0.6647
Supporting reasons: Identified as an overlap resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.6560
Supporting reasons: Identified as a swing-low support that aligns close to a 127.2% Fibonacci extension, suggesting a key support area where price could find support once more.

1st resistance: 0.6718
Supporting reasons: Identified as an overlap resistance, 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: 0.6048
Supporting reasons: Identified as a pullback resistance that aligns with a 23.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.5957
Supporting reasons: Identified as a swing-low support that aligns close to a 161.8% Fibonacci extension, suggesting a key support area where price could find support once again.

1st resistance: 0.6118
Supporting reasons: Identified as an overlap 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: Bearish

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

Pivot: 42,472.33

Supporting reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 41,579.82

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

1st resistance: 43,339.19

Supporting reasons: Identified as a swing-high resistance at 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: Neutral

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

Pivot: 19,354.80
Supporting reasons: Identified as pullback resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a potential level where selling pressures could intensify.

1st support: 18,949.87
Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement level, indicating a key level where price could find support once again.

1st resistance: 19,663.07
Supporting reasons: Identified as a swing-high resistance that aligns with the all-time high, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

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: 5,805.20

Supporting reasons: Identified as pullback resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a potential level where selling pressures could intensify.

1st support: 5,667.75
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement level, indicating a potential level where price could find support once more.

1st resistance: 5,882.00
Supporting reasons: Identified as a swing-high resistance that aligns with the all-time high, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

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: 66,130.52
Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 60,117.65
Supporting reasons: Identified as a multi-swing-low support, indicating a potential level where price could find support once again.

1st resistance: 72,713.24
Supporting reasons: Identified as a swing-high resistance that aligns with a 61.8% Fibonacci projection, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 2,347.98
Supporting reasons: Identified as a pullback support, indicating a potential level where buying interests could pick up to stage a rebound.

1st support: 2,044.47
Supporting reasons: Identified as a swing-low support, indicating a potential level where price could find support once more.

1st resistance: 2,656.40
Supporting reasons: Identified as a swing-high 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 could rise towards the pivot and potentially make a bearish reversal off this level to fall toward the 1st support.

Pivot: 72.43
Supporting reasons: Identified as overlap resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 67.74
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price could find support once again.

1st resistance: 76.02
Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):


Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 2674
Supporting reasons: Identified as a pullback resistance, which aligns with the 61.8% Fibonacci retracement indicating a potential area where buying pressures could intensify.

1st support: 2586.08

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

1st resistance: 2789.5
Supporting reasons: Identified as swing high resistance, indicating a potential area that could halt any further upward movement.

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