ICMarket

Tuesday 24th September 2024: 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 pivot and head towards 1st resistance.

Pivot: 100.94
Supporting reasons: Pullback support, indicating that this level could act as a support where the price might rebound.

1st support: 100.54
Supporting reasons: Multi-swing low support, suggesting this level might provide additional support if the price drops.

1st resistance: 101.39
Supporting reasons: An overlap resistance and 78.60% Fibonacci Retracement, showing that this level could be a significant resistance point.

EUR/USD:


Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.1145
Supporting reasons: An overlap resistance and 61.80% Fibonacci Retracement, indicating this level could act as significant resistance.

1st support: 1.1072
Supporting reasons: An overlap support, suggesting this level might provide a point of support where the price could find buying interest.

1st resistance: 1.1188
Supporting reasons: Swing high resistance, showing a significant level where the price might encounter resistance if it attempts to rise.

EUR/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a: Bullish bounce off the pivot and head towards 1st resistance.

Pivot: 158.61
Supporting reasons: Pullback support and 50% Fibonacci Projection, suggesting this level might provide support for a bullish move.

1st support: 155.47
Supporting reasons: Multi-swing low support, indicating this level could act as a strong point of support if the price drops below the pivot.

1st resistance: 161.57
Supporting reasons: Pullback resistance and 78.60% Fibonacci Retracement, indicating this level might face significant resistance if the price rises.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

Price could potentially make a: Bullish bounce off the pivot and head towards 1st resistance.

Pivot: 0.8302
Supporting reasons: Swing low support, indicating that this level might provide support for a bullish move.

1st support: 0.8249
Supporting reasons: Swing low support and 100% Fibonacci Projection, suggesting this level might offer significant support if the price drops below the pivot.

1st resistance: 0.8385
Supporting reasons: An Overlap resistance, indicating this level might act as a strong resistance point if the price moves higher.

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: 1.3365
Supporting reasons: 127.20% Fibonacci Extension, suggesting this level may act as a resistance point where the price could react bearishly.

1st support: 1.3267
Supporting reasons: An Overlap support and 23.60% Fibonacci Retracement, indicating this level might provide strong support if the price moves lower.

1st resistance: 1.3397
Supporting reasons: 161.80% Fibonacci Extension, suggesting this level could be a significant resistance point if the price attempts to rise.

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: 192.05
Supporting reasons: An Overlap resistance, indicating this level might act as a strong resistance where a bearish reaction could occur.

1st support: 189.19
Supporting reasons: An Overlap support and 38.20% Fibonacci Retracement, suggesting this level could provide significant support if the price moves lower.

1st resistance: 195.96
Supporting reasons: Pullback resistance and 127.20% Fibonacci Extension, indicating this level may serve as a strong resistance if the price attempts to rise.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8515
Supporting reasons: Multi-swing high resistance and 78.60% Fibonacci Retracement, suggesting this level could act as a strong resistance where the price might face selling pressure.

1st support: 0.8430
Supporting reasons: Multi-swing low support, indicating this level could provide significant support if the price drops further.

1st resistance: 0.8564
Supporting reasons: Pullback resistance, implying that this level might act as a resistance if the price attempts to rise.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 143.51
Supporting reasons: An overlap support, suggesting that this level could act as a significant support where the price may find buying interest.

1st support: 142.16
Supporting reasons: An overlap support, indicating this level might also provide support if the price declines further.

1st resistance: 145.43
Supporting reasons: Pullback resistance, with 78.60% Fibonacci Retracement and 161.80% Fibonacci Extension indicating a confluence of Fibonacci levels where the price could face resistance.

USD/CAD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 1.3492
Supporting reasons: Identified as a multi-swing-low support that aligns close to a 78.6% Fibonacci retracement, suggesting a potential area where buying interests could pick up once more to stage a rebound.

1st support: 1.3439
Supporting reasons: Identified as a swing-low support, indicating a key level where price has found strong support at the end of August.

1st resistance: 1.3568
Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could rise towards the pivot and potentially make a bullish break above this level to rise towards the 1st resistance.

Pivot: 0.6859
Supporting reasons: Identified as a swing-high resistance where the strong bullish momentum could cause price to break above this level to rise higher.

1st support: 0.6794
Supporting reasons: Identified as an overlap support, indicating a key level where price has found support recently.

1st resistance: 0.6921
Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.

NZD/USD

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: 0.6294

Supporting reasons: Identified as a swing-high resistance that aligns with a 127.2% Fibonacci extension, suggesting a potential area where selling pressures could intensify.

1st support: 0.6221
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where price has found support recently.

1st resistance: 0.6345
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.

US30 (DJIA):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 42,143.61
Supporting reasons: Identified as a pullback resistance, suggesting a potential area where selling pressures could intensify.

1st support: 41,590.34

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

1st resistance: 42,596.32

Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% projection and the 161.8% extension, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 18,653.80
Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st support: 18,424.10
Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 19,049.50
Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, 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 has made a bearish reversal off the pivot and could potentially pull back towards the 1st support.

Pivot: 5,730.70
Supporting reasons: Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 61.8% projection and the 127.2% extension, suggesting a potential area where selling pressures could intensify.

1st support: 5,602.00
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 5,831.35
Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% projection and the 161.8% extension, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 61,198.85
Supporting reasons: Identified as a pullback support, suggesting a potential level where buying interests could pick up to resume the uptrend.

1st support: 57,494.54
Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 64,376.72
Supporting reasons: Identified as a multi-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: Bullish

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

Pivot: 2,575.58
Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement, suggesting a potential level where buying interests could pick up to resume the uptrend.

1st support: 2,457.10
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 2,671.88
Supporting reasons: Identified as an overlap resistance that aligns close to a 78.6% 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: 72.61
Supporting reasons: Identified as an overlap resistance, suggesting a potential level where selling pressures could intensify.

1st support: 69.89
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 75.38
Supporting reasons: Identified as an overlap resistance that aligns close to a 78.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

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: 2632.07
Supporting reasons: Swing high resistance, suggesting that this level may act as a resistance where the price could encounter selling pressure.

1st support: 2600.30
Supporting reasons: Pullback support with 38.20% Fibonacci Retracement, indicating this level might provide a point of support if the price declines further.

1st resistance: 2561.58
Supporting reasons: 100% Fibonacci Projection, indicating a significant level where the price might face resistance if it moves up.

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