ICMarket

Wednesday 17th April 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 toward 1st resistance

Pivot: 105.96

Supporting reasons: An Overlap support, indicating a significant level where buyers might step in to support the price, potentially leading to a reversal or temporary halt in the bullish momentum.

1st support: 105.09

Supporting reasons: An Overlap support with a 61.80% Fibonacci Projection, suggesting a significant level where buyers might enter the market, potentially providing support for the price or a temporary reversal within the context of the overall bullish trend.

1st resistance: 106.85

Supporting reasons: An Overlap resistance with a 100% Fibonacci Projection, indicating a level where selling pressure might intensify, potentially acting as a barrier to further upside movement within the context of the overall bullish momentum.

EUR/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could potentially make a bullish bounce off pivot and heads toward 1st resistance

Pivot: 1.0614

Supporting reasons: Swing low support with a 161.80% Fibonacci Extension and 78.60% Fibonacci Projection indicating Fibonacci confluence, suggesting a significant level where buying pressure might intensify, potentially leading to a reversal or temporary halt in the bearish momentum.

1st support: 1.0526

Supporting reasons: Swing low support, indicating a level where buyers might step in to support the price, potentially providing a foundation for a minor rebound within the context of the overall bearish trend.

1st resistance: 1.0696

Supporting reasons: Pullback resistance with a 38.20% Fibonacci Retracement, representing a level where selling pressure might intensify, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

EUR/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation towards 1st support

Pivot: 164.62

Supporting reasons: An Overlap support, indicating a significant level where selling pressure might intensify, potentially leading to a continuation of the bearish trend.

1st support: 163.58

Supporting reasons: Pullback support with a 50% Fibonacci Retracement, suggesting a level where buyers might step in to support the price temporarily within the context of the overall bearish momentum.

1st resistance: 165.34

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

EUR/GBP:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.8559

Supporting reasons: Pullback resistance with a 50% Fibonacci Retracement, indicating a significant level where selling pressure might intensify, potentially leading to a continuation of the bearish trend.

1st support: 0.8537

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a minor rebound within the context of the overall bearish trend.

1st resistance: 0.8568

Supporting reasons: An Overlap resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 1.2428

Supporting reasons: Multi-swing low support, indicating a significant level where buyers might step in to support the price, potentially leading to a reversal or temporary halt in the bearish momentum.

1st support: 1.2385

Supporting reasons: 161.80% Fibonacci Extension, suggesting a level where buyers might enter the market, potentially providing support for the price or a temporary reversal within the context of the overall bearish trend.

1st resistance: 1.2499

Supporting reasons: An Overlap resistance, representing a level where selling pressure might intensify, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 192.79

Supporting reasons: Multi-swing high resistance, indicating a significant level where selling pressure might intensify, potentially leading to a bearish breakout.

1st support: 191.58

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a minor rebound within the context of the overall bearish momentum.

1st resistance: 193.54

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

USD/CHF:

Potential Direction: Neutral

Overall momentum of the chart: Bullish

Price could potentially make a: Fluctuation between the 1st resistance and 1st support level.

1st support: 0.9089

Supporting reasons: Overlap support, indicating a significant level where buyers might step in to support the price, potentially leading to a bounce or temporary halt in the bullish momentum.

1st resistance: 0.9148

Supporting reasons: Multi-swing high resistance, representing a level where selling pressure might intensify, potentially acting as a barrier to further upside movement within the context of the overall bullish trend.

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 154.81

Supporting reasons: 78.60% Fibonacci Projection, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or continuation of the bullish trend.

1st support: 151.93

Supporting reasons: Pullback support, suggesting a level where buyers might step in to support the price temporarily within the context of the overall bullish momentum.

1st resistance: 157.04

Supporting reasons: 100% Fibonacci Projection, representing a level where the price might encounter selling pressure, potentially acting as a barrier to further upside movement within the context of the overall bullish momentum.

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 1.3832

Supporting reasons: Acts as a swing-high resistance where price has previously found strong resistance.

1st support: 1.3733

Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where price could find strong buying interest to provide a foundation for potential price stabilization.

1st resistance: 1.3888

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

AUD/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.6452

Supporting reasons: Previously functioned as a pullback support which now has been broken, suggesting further downward momentum.

1st support: 0.6348

Supporting reasons: Acts as a swing-low support, suggesting a significant area where price has previously found strong support and could provide a basis to halt further downward movement.

1st resistance: 0.6488

Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement level, marking a barrier that has previously capped upward movements.

NZD/USD

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 0.5863

Supporting reasons: Acts as a swing-low support, highlighting a significant area where price has previously found strong support.

1st support: 0.5799

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

1st resistance: 0.5944

Supporting reasons: Identified as an overlap resistance that aligns with a 38.2% Fibonacci retracement level, marking a barrier that has previously capped upward movements.

US30 (DJIA):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 37,672.13

Supporting reasons: Acts as a pullback support where buying interest has increased recently.

1st support: 37,164.30

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: 38,315.01

Supporting reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement level, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could make a weak bullish reaction off the pivot and potentially rise towards the 1st resistance before resuming the longer-term downtrend

Pivot: 17,666.40

Supporting reasons: Acts as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting a level where buying interest has increased in recent weeks.

1st support: 17,431.30

Supporting reasons: Acts 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: 17,855.70

Supporting reasons: Identified as an overlap resistance that could potentially function as a barrier that could cap any upward movements.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could make a weak bullish reaction off the pivot and potentially rise towards the 1st resistance before resuming the longer-term downtrend

Pivot: 5,054.60

Supporting reasons: Acts as a pullback support where buying interest has increased in recent weeks.

1st support: 4,953.70

Supporting reasons: Acts as a pullback support suggesting a significant area where price has previously found strong buying interest, providing a solid foundation to halt further downward movement.

1st resistance: 5,115.50

Supporting reasons: Marked by a pullback resistance, which could function as a potential barrier and cap any upward movements.

BTC/USD (Bitcoin):

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: 61,498.75

Supporting reasons: Acts as a pullback support where price has reversed strongly in the past to rise higher.

1st support: 59,233.37

Supporting reasons: Acts as a pullback support that aligns close to the 61.8% Fibonacci retracement and the 161.8% Fibonacci extension levels, 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: 66,701.11

Supporting reasons: Marked by a pullback resistance, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 3,032.85

Supporting reasons: Acts as an overlap support where price has reversed strongly in the past to rise higher.

1st support: 2,847.25

Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement level suggesting a significant area where price has previously found support, providing a strong foundation to halt further downward movements.

1st resistance: 3,436.46

Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% 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 could make a bullish reaction off the pivot and potentially rise towards the 1st resistance

Pivot: 84.99

Supporting reasons: Marked by a pullback support, indicating a significant level where buying interest has increased recently.

1st support: 83.52

Supporting reasons: Identified as an overlap support that aligns close to 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 potentially make a bearish reaction off pivot and drop to 1st support

Pivot: 2386.02

Supporting reasons: An Overlap resistance, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or continuation of the bullish trend.

1st support: 2364.44

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a minor rebound within the context of the overall bullish momentum.

1st resistance: 2404.39

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bullish trend.

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