ICMarket

Thursday 2 January 2025: 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 the pivot and rise towards the 1st resistance.

Pivot: 108.28
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 107.56
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.

1st resistance: 109.13
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.

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 1.0385
Supporting reasons: Identified as a pullback resistance that aligns with the 38.2% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 1.0333

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

1st resistance: 1.0441
Supporting reasons:  Identified as a multi-swing-high resistance that aligns close to the 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

EUR/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 162.15
Supporting reasons: Identified as an overlap support. indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 160.14

Supporting reasons: Identified as a swing-low support that aligns close to a 50% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 164.89
Supporting reasons: Identified as a multi-swing-high resistance, indicating a strong level of resistance.

EUR/GBP:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 0.8303
Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify.

1st support: 0.8224

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

1st resistance: 0.8325
Supporting reasons: Identified as a multi- swing-high resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 1.2486
Supporting reasons: Identified as a multi-swing-low support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.2399

Supporting reasons: Identified as a support that aligns with a 127.2% Fibonacci extension, indicating a potential level where price could stabilize.

1st resistance: 1.2601
Supporting reasons: Identified as a multi-swing-high resistance that aligns with a 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 has made a bullish bounce off the pivot and could potentially rise towards the 1st resistance.

Pivot: 195.88
Supporting reasons: Identified as an overlap support, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 194.71
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 198.63
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any further upward movement.

USD/CHF:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.9020
Supporting reasons: Identified as an overlap support that aligns close to the 38.2% Fibonacci retracement, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 0.8914

Supporting reasons: Identified as a swing-low support that aligns close to a 50% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 0.9105
Supporting reasons: Identified as a pullback resistance that aligns close to a 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

USD/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 156.07
Supporting reasons: Identified as a multi-swing-low support that aligns close to a 23.6% Fibonacci retracement, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 154.41
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: 158.03
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 1.4344

Supporting reasons: Identified as a multi-swing-low support that aligns with a 23.6% Fibonacci retracement, indicating a potential level where buying interests could pick up to stage a rebound.

1st support: 1.4239
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, indicating a key level where price could find support once again.

1st resistance: 1.4449
Supporting reasons: Identified as a multi-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 could rise towards the pivot and potentially make a bearish reversal off this level to fall towards the 1st support.

Pivot: 0.6213

Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify. The presence of a red Ichimoku Cloud adds further significance to the strength of the bearish momentum.

1st support: 0.6171
Supporting reasons: Identified as a support that aligns with a confluence of Fibonacci levels i.e. a 100% projection and a 161.8% extension, suggesting a potential area where price could stabilize.

1st resistance: 0.6265
Supporting reasons: Identified as a pullback resistance that aligns with a 23.6% 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: 0.5617

Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify. The presence of a red Ichimoku Cloud adds further significance to the strength of the bearish momentum.

1st support: 0.5582
Supporting reasons: Identified as a support that aligns with a 161.8% Fibonacci extension, suggesting a key support area where price could stabilize.

1st resistance: 0.5662
Supporting reasons: Identified as a pullback resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 42,084.74

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

1st support: 41,766.26

Supporting reasons: Identified as a multi-swing support that aligns close to a 127.2% Fibonacci extension, indicating a potential level where price could find support once again.

1st resistance: 42,991.45

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

DE40 (DAX):

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: 19,989.60
Supporting reasons:  Identified as an overlap resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 19,681.50

Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement, indicating a key level where price could find support more.

1st resistance: 20,197.50
Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 5,8673.70

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

1st support: 5,818.40

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

1st resistance: 5,933.20
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

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: 91,691.21

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

1st support: 86,424.63
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 99,328.25
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.

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: 3,219.55

Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 3,028.93
Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 3,528.21
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.

WTI/USD (Oil):

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: 72.85
Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 71.27
Supporting reasons: Identified as an overlap support, indicating a key level where price could find support once more.

1st resistance: 74.85
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 2,637.38
Supporting reasons: Identified as an overlap resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 2,585.31

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

1st resistance: 2,672.86

Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

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