ICMarket

Wednesday 24th April 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 105.74

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

1st support: 105.08

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a temporary halt or bounce in the bearish movement.

1st resistance: 106.37

Supporting reasons: Multi-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/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

PIvot: 1.0680

Supporting reasons: Pullback support, indicating a level where buying interest might emerge, potentially providing a foundation for a bounce in the bullish movement.

1st support: 1.0640

Supporting reasons: An Overlap support, suggesting a level where buyers have previously stepped in to support the price, potentially acting as a foundation for further upward movement.

1st resistance: 1.0729

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

EUR/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: 165.97

Supporting reasons: 127.20% Fibonacci Extension level, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or continuation of the bullish momentum.

1st support: 165.18

Supporting reasons: Pullback support, representing a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the upward movement.

1st resistance: 166.98

Supporting reasons: 161.80% Fibonacci Extension level, suggesting a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bullish trend.

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.8586

Supporting reasons: Pullback support combined with the 50% Fibonacci Retracement level, indicating a significant level where buyers might step in to support the price, potentially providing a foundation for a bounce or continuation of the bullish momentum.

1st support: 0.8549

Supporting reasons: An Overlap support combined with the 78.60% Fibonacci Retracement level, suggesting a level where buyers have previously intervened to support the price, potentially acting as a foundation for further upward movement.

1st resistance: 0.8622

Supporting reasons: Pullback resistance, representing a level where selling pressure might intensify, potentially acting as a barrier to further upward movement.

GBP/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 1.2528

Supporting reasons: Pullback resistance combined with the 127.20% Fibonacci Extension, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or continuation of the bullish momentum.

1st support: 1.2419

Supporting reasons: Pullback support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the downward movement.

1st resistance: 1.2596

Supporting reasons: Pullback resistance combined with the 161.80% Fibonacci Extension, 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.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 193.37

Supporting reasons: Multi-swing high resistance combined with the 127.20% Fibonacci Extension, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or continuation of the bearish momentum.

1st support: 191.74

Supporting reasons: Pullback support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the downward movement.

1st resistance: 194.42

Supporting reasons: The 161.80% Fibonacci Extension represents 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: Neutral

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

1st support: 0.9057

Supporting reasons: An Overlap support, indicating a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the momentum.

1st resistance: 0.9145

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 neutral 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: 154.77

Supporting reasons: Multi-swing high resistance, indicating a level where selling pressure might intensify, potentially leading to a reversal or continuation of the bullish momentum.

1st support: 153.36

Supporting reasons: Pullback support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bullish momentum.

1st resistance: 155.46

Supporting reasons: 161.80% Fibonacci Extension level, representing a significant resistance where selling pressure might increase. Additionally, RSI is displaying bearish divergence versus price, suggesting that a reversal might occur soon.

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 1.3668

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where price could find a solid foundation for potential price stabilization or a rebound.

1st support: 1.3628

Supporting reasons: Identified as a pullback 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: 1.3738

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

AUD/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.6500

Supporting reasons: Previously functioned as a pullback resistance which now has been broken.

1st support: 0.6461

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

1st resistance: 0.6550

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

NZD/USD

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.5930

Supporting reasons: Previously functioned as a pullback resistance which now has been broken.

1st support: 0.5883

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

1st resistance: 0.5974

Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, marking a barrier that has previously capped upward movements.

US30 (DJIA):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish reaction through the pivot and rise towards the 1st resistance

Pivot: 38,546.69

Supporting reasons: Acts as a potential breakout level where the strong bullish momentum could drive price above this level.

1st support: 38,025.73

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 movement.

1st resistance: 39,042.57

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

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 18,152.00

Supporting reasons: Previously functioned as a pullback resistance which now has been broken and could serve as a pullback support.

1st support: 17,901.10

Supporting reasons: Acts 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 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: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 5,069.96

Supporting reasons: Previously functioned as a pullback resistance which now has been broken and could serve as a pullback support.

1st support: 5,005.87

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 to halt further downward movement.

1st resistance: 5,117.30

Supporting reasons: Marked by a pullback resistance that aligns close to a 50% Fibonacci retracement level, 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 off this level to drop towards the 1st support

Pivot: 67,959.86

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where price could face strong selling pressures and potentially stall around this level before reversing to drop lower.

1st support: 64,549.56

Supporting reasons: Acts 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: 71,123.59

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 off this level to drop towards the 1st support

Pivot: 3,256.52

Supporting reasons: Acts as a pullback support that aligns close to a 50% Fibonacci retracement level, suggesting a significant area where price could face strong selling pressures and potentially stall around this level before reversing to drop lower.

1st support: 2,945.02

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

1st resistance: 3,436.46

Supporting reasons: Identified as an overlap resistance that aligns close to 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 has made a bullish reaction off the pivot and could potentially rise towards the 1st resistance

Pivot: 81.86

Supporting reasons: Acts as a pullback support, suggesting a significant area where price has previously found support to provide a strong foundation for a potential rebound.

1st support: 80.62

Supporting reasons: Identified as a pullback support that aligns close to 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 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 continuation towards 1st support.

Pivot: 2329.97

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

1st support: 2266.23

Supporting reasons: An Overlap support combined with the 161.80% Fibonacci Extension, suggesting a 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 resistance: 2363.42

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

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