ICMarket

Tuesday 9th April 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 103.99

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci projection level, indicating a key level where buying interest might intensify, suggesting a solid foundation for a potential upward movement within the context of the overall bullish trend.

1st support: 103.45

Supporting reasons: Known as an overlap support that aligns with a confluence of Fibonacci levels i.e. the 100% projection and the 161.8% extension levels, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound, reinforcing the bullish momentum.

1st resistance: 104.72

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

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 1.0874

Supporting reasons: Acts asn overlap resistance, indicating a key level where selling pressure might intensify, suggesting a potential turning point for the price to continue its downward movement.

1st support: 1.0802

Supporting reasons: Known as an overlap support that aligns with a 50% Fibonacci retracement level, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound within the context of the bearish movement.

1st resistance: 1.0916

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

EUR/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 165.17

Supporting reasons: Acts as swing-high resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% projection and the 127.2% extension levels, indicating a key level where selling pressures have historically been strong, suggesting a solid foundation for a potential bearish reversal.

1st support: 164.38

Supporting reasons: Known as a pullback support, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound, reinforcing the bullish momentum.

1st resistance: 165.76

Supporting reasons: Marked by a resistance that aligns with a confluence of Fibonacci levels i.e. the 100% projection and the 161.8% extension levels, indicating a significant barrier that could cap upward movements.

EUR/GBP:

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: 0.8586

Supporting reasons: Acts as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, indicating a key level where selling pressures might intensify, suggesting a potential turning point for the price to reverse and drop lower.

1st support: 0.8560

Supporting reasons: Known as an overlap support that aligns close to a 50% Fibonacci retracement level, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound.

1st resistance: 0.8602

Supporting reasons: Identified as a swing-high resistance, marking a significant barrier that has capped previous upward movements.

GBP/USD:

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: 1.2674

Supporting reasons: Acts as an overlap resistance that aligns with a 50% Fibonacci retracement level indicating a key level where selling pressures might intensify, suggesting a potential turning point for the price to reverse and drop lower.

1st support: 1.2578

Supporting reasons: Known as an overlap support that aligns with a 78.6% Fibonacci retracement level suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound.

1st resistance: 1.2755

Supporting reasons: Identified as an overlap resistance, marking a significant barrier that has capped previous upward movements.

GBP/JPY:

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: 192.41

Supporting reasons: Acts as a pullback support that aligns with a 78.6% Fibonacci projection level indicating a key level where selling pressures might intensify, suggesting a potential turning point for the price to reverse and drop lower.

1st support: 191.46

Supporting reasons: Known as an overlap support suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound.

1st resistance: 193.38

Supporting reasons: Marked by a swing-high resistance, marking a significant barrier that has capped previous upward movements.

USD/CHF:

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: 0.9068

Supporting reasons: Acts as an overlap resistance that aligns with a 78.6% Fibonacci retracement level indicating a key level where selling pressures might intensify, suggesting a potential turning point for the price to reverse and drop lower.

1st support: 0.9006

Supporting reasons: Known as a pullback support, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound.

1st resistance: 0.9094

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

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price could potentially fluctuate between the 1st resistance and the 1st support to extend the range-bound price action as observed in recent weeks

1st support: 150.84

Supporting reasons: Identified as an overlap support suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilisation or a minor rebound, reinforcing the neutral bias.

1st resistance: 151.96

Supporting reasons: Marked by a pullback resistance that aligns with a 127.2% Fibonacci extension level, marking a significant barrier that has capped previous upward movements.

USD/CAD:

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: 1.3571

Supporting reasons: Acts as an overlap support where price has found strong buying interest recently.

1st support: 1.3523

Supporting reasons: Identified as a pullback support, suggesting a significant area where the market has previously found strong buying interest and could provide a foundation for potential price stabilization.

1st resistance: 1.3611

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

AUD/USD:

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 lower toward the 1st support

Pivot: 0.6616

Supporting reasons: Acts as a pullback resistance, suggesting a potential area where selling pressures have increased recently.

1st support: 0.6562

Supporting reasons: Acts as a pullback support that aligns close to a 50% 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: 0.6639

Supporting reasons: Identified as a multi-swing-high, marking a significant barrier that has previously capped upward movements.

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.6049

Supporting reasons: Acts as a pullback resistance that aligns with a 61.8% Fibonacci retracement, where selling pressures have picked up in recent weeks.

1st support: 0.5995

Supporting reasons: Acts as a pullback support, suggesting a potential area for price stabilization or a minor rebound within the bearish context.

1st resistance: 0.6094

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, marking a significant barrier that could cap further upward movements.

US30 (DJIA):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 39,042.57

Supporting reasons: Acts as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level where price has found strong selling pressures recently.

1st support: 38,560.25

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 movement.

1st resistance: 39,412.72

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a potential barrier that could cap further upward movements.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 18,082.30

Supporting reasons: Identified as a pullback support, suggesting a potential zone where price has found strong buying interest in recent weeks.

1st support: 17,899.30

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 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 that aligns with a 61.8% Fibonacci retracement level that could potentially function as a significant barrier that could cap further upward movements.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 5,140.35

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level  where buying interest has increased in recent weeks.

1st support: 5,102.10

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, providing a solid foundation to halt further downward movement.

1st resistance: 5,248.37

Supporting reasons: Marked by a pullback resistance that aligns with a 78.6% Fibonacci retracement level, which could function as a potential barrier and cap further upward movements.

BTC/USD (Bitcoin):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 72,414.25

Supporting reasons: Acts as a pullback resistance where selling pressures have increased recently.

1st support: 65,364.07

Supporting reasons: Acts as a pullback support that aligns with a 100% Fibonacci projection level, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation for potential price stabilization or a rebound.

1st resistance: 73,843.75

Supporting reasons: Marked by a pullback resistance at the all-time high, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price has made a bullish breakout through the pivot and could potentially rise towards the 1st resistance

Pivot: 3,661.29

Supporting reasons: Previously acted as a pullback resistance and could now potentially function as a pullback support as price has made a bullish breakout above this level.

1st support: 3,260.75

Supporting reasons: Identified as a pullback support suggesting a significant area where price has previously found support, providing a strong foundation to halt further downward movements.

1st resistance: 3,927.31

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

WTI/USD (Oil):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 85.69

Supporting reasons: Marked by a pullback support that aligns close to a 23.6% Fibonacci retracement level, indicating a significant level where buying interest has increased recently.

1st support: 83.52

Supporting reasons: Identified as an overlap support that aligns with a 38.2% 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 movements.

1st resistance: 87.77

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

XAU/USD (GOLD):

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 2,354.03

Supporting reasons: Marked by a pullback resistance at the all-time high that aligns with a confluence of Fibonacci levels i.e. the 78.6% projection and the 161.8% extension, indicating a significant level where selling pressures might intensify to suggest a potential turning point for the price to reverse and drop lower.

1st support: 2,330.47

Supporting reasons: Known as an overlap support suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a rebound to resume the bullish momentum.

1st resistance: 2,366.44

Supporting reasons: Marked by a resistance that aligns with a 100% Fibonacci projection level, indicating a significant barrier that could cap upward movements.

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. 

Latest

General Market Analysis
General Market Analysis 02/05/2024

By IC Markets

Ex Dividends Indices
Ex-Dividend 02/05/2024

By IC Markets

General Market Analysis
General Market Analysis 01/05/2024

By IC Markets