ICMarket

Thursday 16th May 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

Price could potentially experience a bullish bounce off the pivot and move towards the 1st resistance.

Pivot: 104.02
Supporting reasons: Identified as a level of pullback support, indicating a historical area where buying interest has been observed.

1st support: 103.17
Supporting reasons: Recognized as an overlap support level, suggesting a historical area where buyers may step in to support the price.

1st resistance: 104.54
Supporting reasons: Noted as an overlap resistance level, indicating a historical area where selling pressure might increase, potentially acting as a barrier to further upside movement.

EUR/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially experience a bearish reaction off the pivot and drop towards the 1st support.

Pivot: 1.0893
Supporting reasons: Identified as an overlap resistance, reinforced by the 78.60% Fibonacci Retracement and the 78.60% Fibonacci Projection, indicating Fibonacci confluence.

1st support: 1.0811
Supporting reasons: Recognized as an overlap support level, suggesting a historical area where buyers may step in to support the price.

1st resistance: 1.0949
Supporting reasons: Noted as a multi-swing high resistance level, indicating a historical area where selling pressure might increase, potentially acting as a barrier to further upside movement.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially experience a bearish reaction off the pivot and drop towards the 1st support.

Pivot: 168.61
Supporting reasons: Identified as pullback resistance, suggesting a level where selling pressure might intensify.

1st support: 165.35
Supporting reasons: Recognized as pullback support, indicating a level where buyers might step in to support the price.

1st resistance: 169.40
Supporting reasons: Noted as a multi-swing high resistance level, suggesting a historical area where selling pressure might increase, potentially acting as a barrier to further upside movement.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

In the potential bullish scenario, price could potentially make a bullish bounce off the pivot and head towards the 1st resistance.

Pivot: 0.8569
Supporting reasons: Identified as pullback support, coinciding with the 61.80% Fibonacci Retracement level.

1st support: 0.8547
Supporting reasons: Identified as an overlap support level, aligned with the 78.60% Fibonacci Retracement level.

1st resistance: 0.8590
Supporting reasons: Identified as an overlap resistance level.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.2695
Supporting reasons: Identified as an overlap resistance, coinciding with the 127.20% Fibonacci Extension.

1st support: 1.2606
Supporting reasons: Recognized as pullback support, suggesting a level where buyers might step in to support the price.

1st resistance: 1.2796
Supporting reasons: Noted as swing high resistance, indicating a historical area where selling pressure may increase, potentially acting as a barrier to 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 to 1st support.

Pivot: 196.00
Supporting reasons: Identified as pullback resistance.

1st support: 193.92
Supporting reasons: Recognized as an overlap support level, indicating a significant area where buying interest may emerge.

1st resistance: 197.44
Supporting reasons: Noted as swing high resistance, suggesting a historical area where selling pressure may increase.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.9005

Supporting reasons: Identified as a pullback resistance, indicating a level where selling pressure may intensify, potentially causing a bearish reaction.

1st support: 0.8902

Supporting reasons: Recognized as a pullback support, suggesting a level where buying interest may emerge, potentially acting as a support for downward movement.

1st resistance: 0.9096

Supporting reasons: Noted as an overlap resistance, indicating a significant area where selling pressure may be present, potentially hindering further upward movement.

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 154.82

Supporting reasons: Identified as a pullback resistance, suggesting a level where selling pressure may intensify, potentially leading to a bearish reaction.

1st support: 151.94

Supporting reasons: Recognized as an overlap support, indicating a significant historical level where buying interest has emerged, potentially acting as a support for downward movement.

1st resistance: 156.88

Supporting reasons: Noted as an overlap resistance, suggesting a significant area where selling pressure may be present, potentially hindering 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 reaction off this level to drop towards the 1st support.

Pivot: 1.3628

Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement level, suggesting a significant area where price could stall and reverse to resume the downtrend.

1st support: 1.3562

Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement level, suggesting an area where price has found strong buying interests in the past to potentially halt any further downward movement.

1st resistance: 1.3687

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

AUD/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.6648

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up.

1st support: 0.6593

Supporting reasons: Acts as a pullback support that aligns with a 78.6% Fibonacci retracement level, suggesting a significant area where price has found strong support recently to provide a basis to halt further downward movement.

1st resistance: 0.6712

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

NZD/USD

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.6098

Supporting reasons: Acts as a pullback support, suggesting an area where buying interests could pick up.

1st support: 0.6037

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a potential area where price could find strong support to halt further downward movement.

1st resistance: 0.6139

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

US30 (DJIA):

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 39,993.29

Supporting reasons: Identified as a pullback resistance that aligns close to the all-time high, suggesting an area where price could stall and reverse to pull back towards the 1st support.

1st support: 39,637.89

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

1st resistance: 40,599.15

Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection level, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 18,900.90

Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension level, suggesting an area where price could stall and reverse to pull back towards the 1st support.

1st support: 18,704.90

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

1st resistance: 19,298.82

Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. the 61.8% projection and the 161.8% extension levels, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

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: 5,275.81

Supporting reasons: Previously identified as a pullback resistance that aligned close to the all-time high; bullish momentum has caused price to break out of this level.

1st support: 5,203.86

Supporting reasons: Acts as an overlap support, suggesting a significant area where price could find strong buying interest to provide a solid foundation to halt further downward movement.

1st resistance: 5,379.39

Supporting reasons: Acts as a resistance that aligns with a 127.2% Fibonacci extension level, suggesting a significant area where selling pressures could intensify.

BTC/USD (Bitcoin):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 66,831.34

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where selling pressures have intensified in the past.

1st support: 64,518.28

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

1st resistance: 68,515.86

Supporting reasons: Marked by an overlap resistance that aligns close to 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 has made a bearish reaction off the pivot and could potentially drop towards the 1st support.

Pivot: 3,048.22

Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, suggesting an area where selling pressures have intensified in the past.

1st support: 2,863.34

Supporting reasons: Identified as a pullback support, suggesting a significant area which could provide a strong foundation to halt further downward movements.

1st resistance: 3,179.69

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

WTI/USD (Oil):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 80.10

Supporting reasons: Acts as a pullback resistance that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where selling pressures have intensified recently. The presence of a bearish Ichimoku cloud also adds further significance to a major resistance zone.

1st support: 77.18

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

1st resistance: 81.88

Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

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: 2392.49

Supporting reasons: Identified as a 127.20% Fibonacci Extension, indicating a significant level where selling pressure may intensify, potentially leading to a bearish reaction.

1st support: 2372.97

Supporting reasons: Recognized as a pullback support, suggesting a level where buying interest may emerge, potentially acting as a support for downward movement.

1st resistance: 2409.71

Supporting reasons: Noted as a swing high resistance and a 161.80% Fibonacci Extension, indicating a significant area where selling pressure may be present, potentially hindering 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.