ICMarket

Tuesday 1st October 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 pivot and drop to 1st support.

Pivot: 101.02
Supporting reasons: Multi-swing high resistance, indicating this level could act as a significant resistance point.

1st support: 100.20
Supporting reasons: Multi-swing low support, suggesting this level may provide a strong point of support if the price declines.

1st resistance: 101.86
Supporting reasons: Multi-swing high resistance, marking a level where the price might encounter resistance if it attempts to rise.

EUR/USD:


Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.1144
Supporting reasons: Pullback support, indicating this level may act as a significant resistance point.

1st support: 1.1077
Supporting reasons: An overlap support with 61.80% Fibonacci Retracement and 161.80% Fibonacci Extension, indicating a confluence of Fibonacci levels that could provide strong support.

1st resistance: 1.1208
Supporting reasons: Swing high resistance, marking a level where the price might encounter selling pressure if it rises.

EUR/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a: Bullish continuation towards 1st resistance.

Pivot: 158.45
Supporting reasons: An overlap support, indicating this level may act as a significant support point.

1st support: 155.52
Supporting reasons: Multi-swing low support, suggesting this level could provide a strong point of support if the price declines.

1st resistance: 162.75
Supporting reasons: Multi-swing high resistance, marking a level where the price may face selling pressure if it rises.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: Price is below the bearish Ichimoku cloud.

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

Pivot: 0.8388
Supporting reasons: An overlap resistance and 23.60% Fibonacci Retracement, suggesting this level could act as a significant resistance point.

1st support: 0.8316
Supporting reasons: Multi-swing low support, indicating this level may provide a strong point of support if the price declines.

1st resistance: 0.8453
Supporting reasons: An overlap resistance, marking a level where the price might face selling pressure if it attempts to rise.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a: Bearish continuation towards 1st support.

Pivot: 1.3426
Supporting reasons: Multi-swing high resistance, indicating this level could act as a significant resistance point.

1st support: 1.3326
Supporting reasons: An overlap support, suggesting this level may provide a strong point of support if the price declines.

1st resistance: 1.3467
Supporting reasons: 161.80% Fibonacci Extension, marking a level where the price might face resistance if it attempts to rise.

GBP/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: 198.33
Supporting reasons: Pullback resistance and 61.80% Fibonacci retracement, indicating this level could act as a significant resistance point.

1st support: 189.81
Supporting reasons: An overlap support and 50% Fibonacci Retracement, suggesting this level may provide a strong point of support if the price declines.

1st resistance: 195.98
Supporting reasons: Swing high resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

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: 0.8481
Supporting reasons: Swing high resistance and 61.80% Fibonacci Retracement, indicating this level could act as a significant resistance point.

1st support: 0.8404
Supporting reasons: Multi-swing low support, suggesting this level may provide a strong point of support if the price declines.

1st resistance: 0.8544
Supporting reasons: Multi-swing high resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

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: 144.65
Supporting reasons: Pullback resistance and 61.80% Fibonacci Retracement, indicating this level could act as a significant resistance point.

1st support: 142.15
Supporting reasons: Multi-swing low support, suggesting this level may provide a strong point of support if the price declines.

1st resistance: 147.18
Supporting reasons: Multi-swing high resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 1.3545
Supporting reasons: Identified as an overlap resistance that aligns with a confluence of Fibonacci levels i.e. a 50% retracement and a 61.8% projection, suggesting a potential area where selling pressures could intensify. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.

1st support: 1.3463
Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 1.3635
Supporting reasons: Identified as a swing-high resistance that aligns with a 100% Fibonacci projection, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 0.6993
Supporting reasons: Identified as an overlap resistance that aligns with a 78.6% Fibonacci projection, indicating a potential level where selling pressures could intensify.

1st support: 0.6895
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 0.7136
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 0.6402

Supporting reasons: Identified as a swing-high resistance that aligns close to a 61.8% Fibonacci projection, suggesting a potential level where selling pressures could intensify.

1st support: 0.6254
Supporting reasons: Identified as an overlap support that aligns close to a 50% retracement indicating a potential level where price could find support.

1st resistance: 0.6530
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 42,654.55
Supporting reasons: Identified as a swing-high resistance that aligns with a confluence of Fibonacci levels i.e. a 78.6% projection and a 161.8% extension, suggesting a potential area where selling pressures could intensify.

1st support: 41,855.66

Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support.

1st resistance: 43,214.73

Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. a 100% projection and a 161.8% extension, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 19,478.30
Supporting reasons: Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. two 161.8% extensions, suggesting a potential area where selling pressures could intensify.

1st support: 19,241.10
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a key level where price could find support.

1st resistance: 19,740.39
Supporting reasons: Identified as a resistance that aligns with a 78.6% Fibonacci projection, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 5,832.00
Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. a 78.6% projection and a 127.2% extension, suggesting a potential area where selling pressures could intensify.

1st support: 5,669.89
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 5,951.18
Supporting reasons: Identified as a resistance that aligns with a 100% Fibonacci projection, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

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: 62,643.28
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, suggesting a potential level where buying interests could pick up to resume the uptrend.

1st support: 59,388.63
Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 66,136.49
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 2,562.83
Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a rebound.

1st support: 2,454.11
Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 2,701.76
Supporting reasons: Identified as a multis-wing-high resistance, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

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: 68.13
Supporting reasons: Identified as an overlap support, suggesting a potential level where buying interests could pick up to stage a rebound.

1st support: 66.04
Supporting reasons: Identified as a swing-low support, indicating a key level where price has found support in the past.

1st resistance: 71.24
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.

XAU/USD (GOLD):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 2645.00
Supporting reasons: Pullback resistance, suggesting this level could act as a significant resistance point.

1st support: 2600.00
Supporting reasons: Pullback support with 38.20% and 61.80% Fibonacci Retracement, indicating a confluence of Fibonacci levels that may provide strong support.

1st resistance: 2685.58
Supporting reasons: Swing high resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

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