ICMarket

Wednesday 14th August 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 the pivot and drop to the 1st support.

Pivot: 103.07
Supporting reasons: Identified as pullback resistance, reinforced by the 61.80% Fibonacci retracement, indicating a potential area where sellers could enter the market.

1st support: 102.25
Supporting reasons: Identified as swing low support, suggesting a significant area where previous declines have found support.

1st resistance: 104.53
Supporting reasons: Identified as pullback resistance, further supported by the 61.80% Fibonacci retracement, indicating a potential level where previous rallies have faced resistance or reversed.

EUR/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.0996
Supporting reasons: Identified as a multi-swing high resistance, reinforced by the 50% Fibonacci retracement, indicating a potential area where sellers could enter the market.

1st support: 1.0942
Supporting reasons: Identified as pullback support, suggesting a significant area where previous declines have found support.

1st resistance: 1.1043
Supporting reasons: Identified by the 127.20% Fibonacci extension, indicating a potential level where previous rallies may face resistance or reverse.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 162.54
Supporting reasons: Identified as an overlap resistance level, reinforced by the 38.20% Fibonacci retracement, indicating a potential area where sellers could enter the market.

1st support: 157.58
Supporting reasons: Identified as a swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 165.30
Supporting reasons: Identified as an overlap resistance level, reinforced by the 50% Fibonacci retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8583
Supporting reasons: Identified as a pullback resistance level, reinforced by the 50% Fibonacci retracement, indicating a potential area where sellers could enter the market.

1st support: 0.8536
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8618
Supporting reasons: Identified as a multi-swing high resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.2863

Supporting reasons: Identified as an overlap resistance level, reinforced by the 50% Fibonacci retracement, indicating a potential area where sellers could enter the market.

1st support: 1.2804
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.2940
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 190.18
Supporting reasons: Identified as pullback resistance, reinforced by the 38.20% Fibonacci retracement, indicating a potential area where sellers could re-enter the market.

1st support: 184.84
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 195.05
Supporting reasons: Identified as pullback resistance, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8632
Supporting reasons: Identified as an overlap support level, reinforced by the 50% Fibonacci retracement, indicating a potential area where buyers could enter the market.

1st support: 0.8561
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8795
Supporting reasons: Identified as pullback resistance, reinforced by the 78.60% Fibonacci retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 148.47
Supporting reasons: Identified as pullback resistance, reinforced by the 50% Fibonacci retracement, indicating a potential area where sellers could enter the market.

1st support: 145.54
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 152.06
Supporting reasons: Identified as pullback resistance, reinforced by the 78.60% Fibonacci retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.3756
Supporting reasons: Identified as a pullback resistance that aligns with a 23.6% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st support: 1.3699
Supporting reasons: Identified as an overlap support, indicating a potential area where price has recently found support.

1st resistance: 1.3792
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement level, indicating a potential area that could halt any further upward movement. The presence of a bearish Ichimoku Clouds adds further significance to the strength of this resistance zone.

AUD/USD:

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: 0.6566
Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement level, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 0.6513
Supporting reasons: Identified as a pullback support, suggesting a significant area where price has recently found support.

1st resistance: 0.6701
Supporting reasons: Identified as an overlap resistance that aligns with a 78.6% Fibonacci retracement level, indicating a significant area that could halt further upward movement.

NZD/USD

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: 0.5974
Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 0.5913
Supporting reasons: Identified as a pullback support, suggesting a potential area where price could find strong support.

1st resistance: 0.6090
Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement level, indicating a significant area that could halt further upward movement.

US30 (DJIA):

Potential Direction: Bearish

Overall Momentum of the Chart: Neutral

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

Pivot: 39,945.51

Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify. The presence of a bearish Ichimoku Cloud adds further significance to the strength of this resistance zone.

1st Support: 39,261.10

Supporting Reasons: Identified as a pullback support, suggesting a significant area where price has recently found support.

1st Resistance: 40,479.99

Supporting Reasons: Identified as an overlap resistance, indicating a significant area that could halt further upward movement.

DE40 (DAX):

Potential Direction: Bearish

Overall Momentum of the Chart: Neutral

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

Pivot: 17,989.90
Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st Support: 17,628.10

Supporting Reasons: Identified as an overlap support, indicating a significant area where price has recently found support.

1st Resistance: 18,244.50

Supporting Reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement level, indicating a significant area that could halt further upward movement.

US500 (S&P 500): 

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: 5,402.66
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st support: 5,166.20

Supporting reasons: Identified as a pullback support, suggesting a significant area where price has recently found support.

1st resistance: 5,561.63

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, suggesting a critical area that could halt further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 61,687.65

Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st support: 57,743.93

Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement level, indicating a potential area where price could find support. The presence of a bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st resistance: 65,287.40

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, indicating a potential barrier that could halt further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 2,723.26

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

1st Support: 2,341.67

Supporting Reasons: Identified as a pullback support, indicating a potential area where price could find support.

1st Resistance: 2,878.94

Supporting Reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, indicating a historical barrier where that could halt further upward movement.

WTI/USD (Oil):

Potential Direction: Bullish

Overall Momentum of the Chart: Bullish

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

Pivot: 78.82

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

1st Support: 76.44

Supporting Reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, indicating a significant area where price could find support.

1st Resistance: 82.03

Supporting Reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, indicating a potential barrier that could halt 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 to the 1st support.

Pivot: 2470.40
Supporting reasons: Identified as swing high resistance, indicating a potential area where sellers could enter the market.

1st support: 2431.86
Supporting reasons: Identified as pullback support, reinforced by the 50% Fibonacci retracement, suggesting a significant area where previous declines have found support.

1st resistance: 2507.07
Supporting reasons: Supported by the 127.20% Fibonacci extension, indicating a potential level where previous rallies have faced resistance or reversed.

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