ICMarket

Monday 6th May 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 through the pivot (Downside Confirmation) and drop towards the 1st support

PIvot: 105.02

Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement level. Bearish momentum could pick up should price break cleanly under this level.

1st support: 104.09

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, representing a level where buyers could potentially intervene to support the price.

1st resistance: 106.30

Supporting reasons: Marked by a pullback resistance that aligns close to 61.8% Fibonacci projection level, acting as a potential barrier to further upside movement.

EUR/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price has made a bullish reaction through the pivot and could potentially rise towards the 1st resistance

Pivot: 1.0743

Supporting reasons: Price has made a bullish reaction through the pivot and could potentially rise towards the 1st resistance.

1st support: 1.0664

Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement level, indicating a level where buyers might step in to support the price.

1st resistance: 1.0862

Supporting reasons: Marked as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, representing a level where selling pressures intensified in the past and could potentially act as a barrier to further upside movement.

EUR/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price has made a bullish reaction off the pivot and could potentially rise towards the 1st resistance

Pivot: 164.51

Supporting reasons: Identified as a pullback support where buying interests have increased recently.

1st support: 162.79

Supporting reasons: Acts as a pullback support that aligns with a 78.6% Fibonacci retracement level, suggesting another level where buyers have previously intervened to support the price.

1st resistance: 167.08

Supporting reasons: Marked by an overlap resistance that aligns with a 38.2% Fibonacci retracement level, representing a level where selling pressures have intensified in the past and could potentially act as a barrier to further upside movement.

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could rise towards the pivot and potentially make a bullish reaction through this level to rise towards the 1st resistance

Pivot: 0.8582

Supporting reasons: Identified as a level where a potential bullish breakout could take place.

1st support: 0.8532

Supporting reasons: Acts as a pullback support where price has previously found strong support and could halt further downward movements.

1st resistance: 0.8626

Supporting reasons: Acts as a pullback resistance, representing a level where selling pressures have increased in the past and could potentially act as a barrier to further upside movement.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could rise towards the pivot (Upside Confirmation) and potentially make a bullish reaction through this level to rise towards the 1st resistance

Pivot: 1.2554

Supporting reasons: Identified as a level where a potential bullish breakout could take place.

1st support: 1.2482

Supporting reasons: Identified as an overlap support that aligns close to a 50.0% Fibonacci retracement level, indicating a level where buyers might step in to support the price.

1st resistance: 1.2677

Supporting reasons: Marked as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, representing a level where selling pressures intensified in the past and could potentially act as a barrier to further upside movement.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support

Pivot: 193.38

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

1st support: 190.17

Supporting reasons: Acts as a pullback support that aligns close to a 78.6% Fibonacci retracement level, indicating a level where buyers might step in to support the price.

1st resistance: 197.12

Supporting reasons: Marked by a pullback resistance, representing a level where selling pressures have increased recently to potentially act as a barrier to further upside movement.

USD/CHF:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 0.8999

Supporting reasons: Acts as a pullback support that aligns close to a 23.6% Fibonacci retracement level where buying interests could pick up.

1st support: 0.8870

Supporting reasons: Acts as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting a level where buyers might step in to support the price to halt further downward movements.

1st resistance: 0.9147

Supporting reasons: Identified as a pullback resistance, representing a level where selling pressures have historically increased and could potentially act as a barrier to further upside movement.

USD/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 151.94

Supporting reasons: Acts a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 38.2% and the 61.8% retracement levels, suggesting an area where buying interests could pick up.

1st support: 146.42

Supporting reasons: Acts as a pullback support, indicating a level where buyers might step in to support the price.

1st resistance: 156.32

Supporting reasons: Marked by a pullback resistance that aligns with a 50% Fibonacci retracement level, representing a level where selling pressures could increase to potentially act as a barrier to further upside movement.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 1.3600

Supporting reasons: Acts as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area where buying interests could increase.

1st support: 1.3491

Supporting reasons: Identified as a pullback support, suggesting an area where price has previously found strong buying interest to potentially halt any further downward movement.

1st resistance: 1.3777

Supporting reasons: Identified as a pullback resistance, marking a significant barrier that could cap further upward movements.

AUD/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price is rising towards the pivot and could has made a bearish reaction off this level to drop towards the 1st support

Pivot: 0.6677

Supporting reasons: Acts a pullback resistance that aligns with a 61.8% Fibonacci retracement level, where selling pressures have intensified in the past.

1st support: 0.6565

Supporting reasons: Acts as a pullback support, suggesting a significant area where price has previously found strong support and could provide a basis to halt further downward movement.

1st resistance: 0.6762

Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement level , marking a barrier that has previously capped upward movements.

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price is rising towards the pivot and could has made a bearish reaction off this level to drop towards the 1st support

Pivot: 0.6059

Supporting reasons: Acts a pullback resistance that aligns close to a 61.8% Fibonacci retracement level where selling pressures have intensified in the past.

1st support: 0.5974

Supporting reasons: Acts as an overlap support, suggesting a potential area where price has previously found strong support and could provide a basis to halt further downward movement.

1st resistance: 0.6176

Supporting reasons: Identified as a pullback resistance, marking a barrier that has previously capped upward movements.

US30 (DJIA):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price has made a bullish reaction through the pivot and could potentially rise towards the 1st resistance

Pivot: 38,563.21

Supporting reasons: Identified as a level where a potential bullish breakout could take place.

1st support: 37,696.44

Supporting reasons: Identified as a pullback support, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation to halt further downward movement.

1st resistance: 39,911.02

Supporting reasons: Identified as a pullback resistance that is close to the all-time high, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price could fall towards the pivot and potentially make a bullish reaction to rise higher towards the 1st resistance

Pivot: 17,737.30

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where buying interests has increased recently.

1st support: 17,004.20

Supporting reasons: Acts as an overlap support that aligns close to a 78.6% Fibonacci retracement level, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation to halt further downward movement.

1st resistance: 18,534.90

Supporting reasons: Identified as a pullback resistance that is close to the all-time high, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price has made a bullish reaction off the pivot and could potentially rise towards the the 1st resistance

Pivot: 5,025.41

Supporting reasons: Acts as a pullback support that aligns close to a 23.6% Fibonacci retracement level, suggesting a significant area where selling pressures  have intensified recently.

1st support: 4,841.50

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where price has previously found strong buying interest and could halt further downward movements.

1st resistance: 5,266.56

Supporting reasons: Marked by a pullback resistance that is close to the all-time high, which could function as a potential barrier and cap any upward movements.

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could make a bullish reaction through the pivot (Upside Confirmation) and potentially rise towards the 1st resistance

Pivot: 64,346.25

Supporting reasons: Identified as a level where a potential bullish breakout could take place.

1st support: 58,252.12

Supporting reasons: Acts as a pullback support, suggesting an area where buying interests could pick up to halt further downward movements.

1st resistance: 68,934.51

Supporting reasons: Marked by an overlap resistance that aligns with a 78.6% Fibonacci retracement level, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support

Pivot: 3,283.31

Supporting reasons: Acts as an overlap resistance that aligns with a 50% Fibonacci retracement level, suggesting an area where selling pressures could intensify.

1st support: 2,951.92

Supporting reasons: Identified as a pullback support, suggesting a significant area where price has previously found support and could provide a strong foundation to halt further downward movements.

1st resistance: 3,687.36

Supporting reasons: Identified as a pullback resistance, marking a significant barrier that could cap further upward movements.

WTI/USD (Oil):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 76.53

Supporting reasons: Acts as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area where price has recently found support to provide a strong foundation for a potential rebound.

1st support: 72.31

Supporting reasons: Identified as a pullback support, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation to halt further downward movements.

1st resistance: 81.38

Supporting reasons: Identified as a pullback resistance, marking a significant barrier that could cap further upward movements.

XAU/USD (GOLD):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 2,285.17

Supporting reasons: Acts as a pullback support where buying interests have increased recently.

1st support: 2,189.01

Supporting reasons: Acts as a pullback support that aligns close to a 50% Fibonacci retracement level, indicating a level where buyers might step in to support the price.

1st resistance: 2,358.70

Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, suggesting a significant level where selling pressures might intensify.

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