ICMarket

Thursday 25th April 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation towards 1st support.

PIvot: 105.92

Supporting reasons: An Overlap resistance, indicating a significant level where selling pressure might intensify, potentially leading to a continuation of the bearish momentum.

1st support: 105.08

Supporting reasons: An Overlap support, with the 50% Fibonacci Retracement and 100% Fibonacci Projection indicating Fibonacci confluence, suggesting a strong level where buyers might intervene to support the price, potentially leading to a bounce or temporary halt in the bearish momentum.

1st resistance: 106.37

Supporting reasons: Multi-swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.

EUR/USD:

Instrument: EUR/USD

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

PIvot: 1.0729

Supporting reasons: An Overlap resistance, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bullish momentum.

1st support: 1.0680

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the upward movement.

1st resistance: 1.0804

Supporting reasons: Pullback resistance, representing a level 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 make a bearish reaction off pivot and drop to 1st support.

PIvot: 166.98 (161.80% Fibonacci Extension)

1st support: 165.18

Supporting reasons: Pullback support, indicating a level where buyers might intervene to support the price, potentially leading to a bounce or temporary halt in the upward movement.

1st resistance: 169.46

Supporting reasons: Swing high resistance, representing a level where selling pressure might intensify, potentially acting as a barrier to further upside movement.

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.8581

Supporting reasons: Overlap support combined with the 50% Fibonacci Retracement, indicating a significant level where buyers might step in to support the price, potentially providing a foundation for a bounce.

1st support: 0.8549

Supporting reasons: An Overlap support combined with the 78.60% Fibonacci Retracement, suggesting a level where buyers have historically intervened to support the price, potentially acting as a foundation for further upward movement.

1st resistance: 0.8622

Supporting reasons: Pullback resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.

GBP/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

PIvot: 1.2528

Supporting reasons: Pullback resistance combined with the 127.20% Fibonacci Extension, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or continuation of the bullish momentum.

1st support: 1.2419

Supporting reasons: Pullback support, representing a level where buyers might step in to support the price, potentially providing a temporary halt in the downward movement.

1st resistance: 1.2596

Supporting reasons: Pullback resistance combined with the 161.80% Fibonacci Extension, suggesting a level where selling pressure might increase, potentially acting as a barrier to further upside movement.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

PIvot: 194.28

Supporting reasons: Multi-swing high resistance combined with the 161.80% Fibonacci Extension, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or continuation of the bullish momentum.

1st support: 192.78

Supporting reasons: Pullback support, representing a level where buyers might step in to support the price, potentially providing a temporary halt in the downward movement.

1st resistance: 195.29

Supporting reasons: Swing high resistance, suggesting a level where selling pressure might increase, potentially acting as a barrier to further upside movement.

USD/CHF:

Potential Direction: Neutral

Overall momentum of the chart: Neutral

Price could potentially make a fluctuation between the 1st resistance and 1st support level.

1st support: 0.9089

Supporting reasons: An Overlap support, indicating a level where buyers might step in to support the price, potentially providing a foundation for a temporary halt in the downward movement.

1st resistance: 0.9145

Supporting reasons: Multi-swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 155.46

Supporting reasons: Multi-swing high resistance, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or continuation of the bullish momentum.

1st support: 154.77

Supporting reasons: Pullback support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the upward movement.

1st resistance: 157.09

Supporting reasons: 100% Fibonacci Projection, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.

USD/CAD:

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: 1.3668

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where price could find a solid foundation for potential price stabilization or a rebound.

1st support: 1.3628

Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where price has previously found strong buying interest to potentially halt any further downward movement.

1st resistance: 1.3738

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

AUD/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.6500

Supporting reasons: Acts a pullback support where price has previously seen strong buying interest.

1st support: 0.6461

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

1st resistance: 0.6550

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, marking a barrier that has previously capped upward movements.

NZD/USD

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.5930

Supporting reasons: Acts an overlap support where price has previously seen strong buying interest.

1st support: 0.5883

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

1st resistance: 0.5974

Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, marking a barrier that has previously capped upward movements.

US30 (DJIA):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 38,546.69

Supporting reasons: Acts as an overlap resistance that aligns close to a 50% Fibonacci retracement, suggesting a significant area where selling pressures have increased in recent weeks.

1st support: 38,025.73

Supporting reasons: Identified as an overlap 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: 39,042.57

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, 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 bounce to rise towards the 1st resistance

Pivot: 17,899.10

Supporting reasons: Acts as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where price could stabilize before rebounding to climb higher.

1st support: 17,507.10

Supporting reasons: Acts as a swing-low 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: 18,240.10

Supporting reasons: Identified as a pullback resistance, 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 could fall towards the pivot and potentially make a bullish bounce to rise towards the 1st resistance

Pivot: 5,004.39

Supporting reasons: Acts as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting a significant area where price could stabilize before rebounding to climb higher.

1st support: 4,946.22

Supporting reasons: Acts as a swing-low 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: 5,092.18

Supporting reasons: Marked by a pullback resistance, which could function as a potential barrier and cap any upward movements.

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 63,619.63

Supporting reasons: Acts as an overlap support that aligns with a 50% Fibonacci retracement level, suggesting a significant area where buying interests have increased recently.

1st support: 61,163.87

Supporting reasons: Acts 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: 66,857.22

Supporting reasons: Marked by a pullback resistance, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 3,106.80

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

1st support: 2,945.02

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: 3,279.74

Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

WTI/USD (Oil):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 83.17

Supporting reasons: Acts as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where price has previously found support to provide a strong foundation for a potential rebound.

1st support: 81.86

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: 85.42

Supporting reasons: Identified as a pullback 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: Bearish

Price could potentially make a bearish continuation towards 1st support.

PIvot: 2337.75

Supporting reasons: An Overlap resistance combined with the 38.20% Fibonacci Retracement, indicating a significant level where selling pressure might intensify, potentially leading to a continuation of the bearish momentum.

1st support: 2295.42

Supporting reasons: Swing low support, representing a level where buyers have previously intervened to support the price, potentially acting as a foundation for a bounce or temporary halt in the downward movement.

1st resistance: 2361.52

Supporting reasons: Pullback resistance combined with the 61.80% Fibonacci Retracement, suggesting a level where selling pressure might increase, potentially acting as a barrier to 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.