ICMarket

Tuesday 30th April 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Factors contributing to the momentum is that price is: In a bearish descending channel

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

PIvot: 105.92

Supporting reasons: Pullback support at the 61.80% Fibonacci Retracement level, indicating a significant level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bearish momentum.

1st support: 104.07

Supporting reasons: Multi-swing low support, representing a level where buyers have previously intervened to support the price.

1st resistance: 106.37

Supporting reasons: Multi-swing high resistance, acting as a barrier to further upside movement within the context of the overall bearish trend.

EUR/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Factors contributing to the momentum is that price is: In a bullish ascending channel

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

Pivot: 1.0680

Supporting reasons: An Overlap support, indicating a significant level where buyers might step in to support the price.

1st support: 1.0638

Supporting reasons: An Overlap support, suggesting another level where buyers have previously intervened to support the price.

1st resistance: 1.0775

Supporting reasons: Pullback resistance at the 61.80% Fibonacci Retracement level, suggesting a level where selling pressure might intensify, potentially acting as a barrier to further upside movement.

EUR/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 165.25

Supporting reasons: Pullback support, indicating a level where buyers might step in to support the price.

1st support: 162.11

Supporting reasons: An Overlap support, suggesting another level where buyers have previously intervened to support the price.

1st resistance: 169.36

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

EUR/GBP:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish break off pivot and drop towards 1st support.

Pivot: 0.8530

Supporting reasons: Pullback resistance, indicating a level where selling pressure might intensify.

1st support: 0.8487

Supporting reasons: 127.20% Fibonacci Extension, suggesting a significant level where buyers might step in to support the price.

1st resistance: 0.8586

Supporting reasons: An Overlap 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: Bearish

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

Pivot: 1.2595

Supporting reasons: Pullback resistance, indicating a level where selling pressure might intensify.

1st support: 1.2482

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price.

1st resistance: 1.2693

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

GBP/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 193.50

Supporting reasons: An Overlap support, indicating a level where buyers might step in to support the price.

1st support: 190.21

Supporting reasons: An Overlap support, suggesting a significant level where buyers have previously shown interest.

1st resistance: 198.02

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

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Strong bearish with high confidence

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

Pivot: 0.9152

Supporting reasons: Multi-swing high resistance, indicating a significant level where selling pressure might intensify.

1st support: 0.8995

Supporting reasons: Multi-swing low support, suggesting a level where buyers might step in to support the price.

1st resistance: 0.9242

Supporting reasons: 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 continuation towards 1st support.

Pivot: 160.19

Supporting reasons: Swing high resistance, coinciding with the 161.80% Fibonacci Extension level.

1st support: 151.94

Supporting reasons: Pullback support, indicating a level where buyers might step in to support the price.

1st resistance: 164.36

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

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 1.3715

Supporting reasons: Acts as an overlap resistance that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where selling pressures could increase.

1st support: 1.3628

Supporting reasons: Identified as an overlap 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: 1.3782

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% 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: 0.6517

Supporting reasons: Acts a pullback support where price has found strong buying interests recently.

1st support: 0.6492

Supporting reasons: Acts as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where price has previously found strong support and could provide a basis to halt further downward movement.

1st resistance: 0.6576

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, marking a barrier that has previously capped upward movements.

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 0.5974

Supporting reasons: Acts an overlap resistance that aligns close to a 50% Fibonacci retracement level where price could potential stall before reversing to drop lower.

1st support: 0.5925

Supporting reasons: Acts as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting a potential area where price has previously found strong support and could provide a basis to halt further downward movement.

1st resistance: 0.6007

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

US30 (DJIA):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 38,563.21

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

1st support: 37,696.44

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, 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: 39,000.73

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

DE40 (DAX):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price could rise towards the pivot and potentially make a bearish reaction to drop towards the 1st support

Pivot: 18,240.10

Supporting reasons: Acts as a pullback resistance, suggesting a significant area where selling pressures have increased in recent weeks.

1st support: 17,804.20

Supporting reasons: Acts as a pullback support that aligns with a 50% Fibonacci retracement level, 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: 18,396.40

Supporting reasons: Identified as a pullback resistance, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price could rise towards the pivot and potentially make a bearish reaction to drop towards the 1st support

Pivot: 5,117.30

Supporting reasons: Acts as an overlap resistance that aligns with a 78.6% Fibonacci projection level, suggesting a significant area where selling pressures could increase.

1st support: 4,994.50

Supporting reasons: Acts as a pullback support, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation for a rebound.

1st resistance: 5,167.12

Supporting reasons: Marked by a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 61.8% retracement and the 100% projection levels, which could function as a potential barrier and cap any upward movements.

BTC/USD (Bitcoin):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price could rise towards the pivot and potentially make a bearish reaction to drop towards the 1st support

Pivot: 64,731.74

Supporting reasons: Acts as a pullback resistance that aligns with a 50% Fibonacci retracement level, suggesting a significant area where selling pressures could increase.

1st support: 61,906.13

Supporting reasons: Acts as a pullback support that aligns close to a 78.6% Fibonacci retracement level, 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: Bearish

Overall momentum of the chart: Neutral

Price could rise towards the pivot and potentially make a bearish reaction to drop towards the 1st support

Pivot: 3,395.42

Supporting reasons: Acts as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where selling pressures could increase.

1st support: 3,111.04

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

1st resistance: 3,583.92

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% 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 is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance

Pivot: 81.87

Supporting reasons: Acts as a pullback 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: 80.465

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 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 reaction off pivot and drop to 1st support.

Pivot: 2343.25

Supporting reasons: An Overlap resistance, coinciding with the 38.20% Fibonacci Retracement level.

1st support: 2265.49

Supporting reasons: An Overlap support, indicating a level where buyers might step in to support the price.

1st resistance: 2407.00

Supporting reasons: Multi-swing high resistance, suggesting a significant level where selling pressure might intensify.

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