ICMarket

Wednesday 11th December 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially make a bearish continuation toward the 1st support 

Pivot: 106.57

Supporting reasons: Identified as an overlap resistance close to the 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 105.30
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support once more.

1st resistance: 107.57
Supporting reasons: Identified as a swing high resistance that aligns with the 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

EUR/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance.

Pivot: 1.0530

Supporting reasons: Identified as an overlap support, indicating a potential area where buying pressures could intensify.

1st support: 1.0430

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

1st resistance: 1.0711
Supporting reasons:  Identified as a pullback resistance close to the 61.8% Fibonacci retracement and the 100% Fibonacci projection, indicating a strong level of resistance.

EUR/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance.

Pivot: 159.29

Supporting reasons: Identified as a pullback support, indicating a potential area where buying pressures could intensify.

1st support: 157.64

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

1st resistance: 160.52
Supporting reasons: Identified as a pullback resistance close to the 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

EUR/GBP:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.8268
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 0.8229

Supporting reasons: Aligns with the 127.2% Fibonacci extension, indicating a potential level where price could find support once more.

1st resistance: 0.8310
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation toward the 1st resistance. Additionally, the price is above the ascending trendline, indicating bullish momentum in the market.

Pivot: 1.2718

Supporting reasons: Identified as an overlap support, indicating a potential area where buying pressures could intensify.

1st support: 1.2613

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

1st resistance: 1.2833
Supporting reasons: Identified as an overlap resistance close to 61.8% Fibonacci retracement and the 78.6% Fibonacci projection, indicating a strong level of resistance.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 193.92

Supporting reasons: Identified as a pullback resistance close to 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 192.22
Supporting reasons: Identified as a pullback support, indicating a key level where price could find support once more.

1st resistance: 195.64
Supporting reasons: Identified as a pullback resistance close to the 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.8855

Supporting reasons: Identified as an overlap close to the 78.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.8796
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.

1st resistance: 0.8917
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation toward the 1st support 

Pivot: 151.56
Supporting reasons: Identified as an overlap resistance close to the 50%% Fibonacci retracement and the 161.8% Fibonacci extension, indicating a strong level of resistance area where selling pressures could intensify.

1st support: 150.76
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support once again.

1st resistance: 153.41
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 1.4178

Supporting reasons: Identified as a swing-high resistance, indicating an area where selling pressures have intensified. The presence of a bearish RSI divergence adds further strength to the bearish movement.

1st support: 1.4089
Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 1.4231
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.

AUD/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.6372

Supporting reasons: Identified as a swing-low support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 0.6348
Supporting reasons: Identified as a swing-low support that aligns with a 127.2% Fibonacci extension, suggesting a key support area where price could find support once again.

1st resistance: 0.6407
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.5796

Supporting reasons: Identified as a swing-low support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 0.5786
Supporting reasons: Identified as a swing-low support that aligns close to a 127.2% Fibonacci extension, suggesting a key support area where price could find support once more.

1st resistance: 0.5836
Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

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: 44,082.42

Supporting reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. a 50% retracement and a 61.8% projection, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 43,819.07

Supporting reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. a 61.8% retracement and a 78.6% projection, indicating a potential level where price could find support once again.

1st resistance: 44,527.60

Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 20,399.50
Supporting reasons: Identified as a swing-high resistance that aligns with a 61.8% Fibonacci projection, indicating a potential area where selling pressures have intensified.

1st support: 19,688.27

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

1st resistance: 20,900.35
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: 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: 6,026.60

Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 5,968.70

Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 6,099.30
Supporting reasons: Identified as a swing-high resistance that aligns with the all-time high, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

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: 98,093.04

Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 91,732.90
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once again.

1st resistance: 102,934.34
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.

ETH/USD (Ethereum):

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: 3,487.69

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

1st support: 3,288.01
Supporting reasons: Identified as a multi-swing-low support that aligns close to a 78.6% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 3,762.50
Supporting reasons:  Identified as an overlap resistance that aligns close to a 50% 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 is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.

Pivot: 69.77
Supporting reasons: Identified as a pullback resistance that aligns close to a confluence of Fibonacci i.e. a 78.6% retracement and a 100% projection, indicating a potential area where selling pressures could intensify.

1st support:  68.57
Supporting reasons: Identified as an overlap support, indicating a key level where price could find support once again.

1st resistance: 71.49
Supporting reasons: Identified as a swing-high resistance, 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 the pivot and drop toward the 1st support 

Pivot: 2712.99
Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify.

1st support: 2665.57

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

1st resistance: 2758.65

Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any 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.