ICMarket

Wednesday 25th September 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 pivot and drop to 1st support.

Pivot: 100.54
Supporting reasons: Pullback resistance, suggesting that this level might act as a resistance where the price could face downward pressure.

1st support: 99.93
Supporting reasons: 127.20% Fibonacci Extension, indicating a significant level where the price might find support if it drops.

1st resistance: 101.24
Supporting reasons: An Overlap resistance, suggesting this level could act as a barrier if the price tries to rise.

EUR/USD:


Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially make a: Bearish break off pivot and drop towards 1st support.

Pivot: 1.1195
Supporting reasons: Multi-swing high resistance, indicating a significant level where the price might face downward pressure.

1st support: 1.1124
Supporting reasons: Pullback support, suggesting this level might provide support if the price moves lower.

1st resistance: 1.1257
Supporting reasons: 161.80% Fibonacci Extension, indicating this level could act as a strong resistance if the price attempts to rise.

EUR/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 158.61
Supporting reasons: Pullback support and 50% Fibonacci Projection, suggesting this level might provide support for a bullish move.

1st support: 155.47
Supporting reasons: Multi-swing low support, indicating this level could act as a strong point of support if the price drops below the pivot.

1st resistance: 161.57
Supporting reasons: Pullback resistance and 78.60% Fibonacci Retracement, indicating this level might face significant resistance if the price rises.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: Price is below the bearish Ichimoku cloud.

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

Pivot: 0.8385
Supporting reasons: Pullback resistance and 50% Fibonacci Retracement, suggesting this level might act as a resistance where the price could face downward pressure.

1st support: 0.8321
Supporting reasons: Swing low support, indicating this level could provide a point of support if the price continues to drop.

1st resistance: 0.8453
Supporting reasons: An Overlap resistance, implying that this level might act as a significant resistance if the price attempts to rise.

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: 1.3429
Supporting reasons: 161.80% Fibonacci Extension, indicating this level might act as a significant resistance where the price could face downward pressure.

1st support: 1.3262
Supporting reasons: An Overlap support, suggesting this level could provide a point of support if the price continues to drop.

1st resistance: 1.3680
Supporting reasons: An Overlap resistance, implying that this level could act as a significant resistance if the price attempts to rise.

GBP/JPY:


Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially make a: Bearish continuation towards 1st support.

Pivot: 193.30
Supporting reasons: Multi-swing high resistance, indicating this level might act as a strong resistance point.

1st support: 189.24
Supporting reasons: An Overlap support with 38.20% Fibonacci Retracement, suggesting this level could provide significant support if the price drops.

1st resistance: 195.96
Supporting reasons: Pullback resistance with 127.20% Fibonacci Extension, indicating this level might act as a strong resistance if the price attempts to rise.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a: Bearish continuation towards 1st support.

Pivot: 0.8515
Supporting reasons: Multi-swing high resistance and 78.60% Fibonacci Retracement, suggesting this level could act as a strong resistance where the price might face selling pressure.

1st support: 0.8430
Supporting reasons: A swing low support, indicating this level could provide significant support if the price drops further.

1st resistance: 0.8564
Supporting reasons: Pullback resistance and 50% Fibonacci Retracement, indicating that this level might act as a resistance if the price attempts to rise.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a: Bullish continuation towards 1st resistance.

Pivot: 142.84
Supporting reasons: An overlap support, indicating this level might act as a key support where the price could find buying interest.

1st support: 141.06
Supporting reasons: An overlap support, suggesting this level could provide additional support if the price moves below the pivot.

1st resistance: 145.43
Supporting reasons: Pullback resistance and 78.60% Fibonacci Retracement, indicating that this level might face resistance as the price advances.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.3492
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, suggesting a potential area where selling pressures could intensify to resume the downtrend.

1st support: 1.3419
Supporting reasons: Identified as a swing-low support, indicating a key level where price has found support recently.

1st resistance: 1.3545
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.

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: 0.6859
Supporting reasons: Identified as a pullback support, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 0.6794
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 0.6921
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.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 0.6357

Supporting reasons: Identified as a swing-high resistance that aligns close to a 161.8% Fibonacci extension, suggesting a potential area where selling pressures could intensify.

1st support: 0.6292
Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 0.6402
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 42,178.61
Supporting reasons: Identified as a pullback resistance which now could be broken due to the strong bullish momentum.

1st support: 41,590.34

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

1st resistance: 42,596.32

Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% projection and the 161.8% extension, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 18,653.80
Supporting reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. the 50% retracement and the 100% projection, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st support: 18,424.10
Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 19,049.50
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.

US500 (S&P 500): 

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 5,730.70
Supporting reasons:  Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 61.8% projection and the 127.2% extension, which now could be broken due to the strong bullish momentum.

1st support: 5,653.70
Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 5,831.35
Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% projection and the 161.8% extension, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 64,376.72
Supporting reasons: Identified as a multi-swing-high resistance, suggesting a potential level where selling pressures could intensify.

1st support: 62,723.05
Supporting reasons: Identified as an overlap support, indicating a key level where price has found support recently.

1st resistance: 67,053.33
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

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: 2,575.58
Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement, suggesting a potential level where buying interests could pick up to resume the uptrend.

1st support: 2,457.10
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 2,671.88
Supporting reasons: Identified as an overlap resistance that aligns close to a 78.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

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: 72.61
Supporting reasons: Identified as an overlap resistance, suggesting a potential level where selling pressures could intensify.

1st support: 69.89
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 75.38
Supporting reasons: Identified as an overlap resistance that aligns close to a 78.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

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: 2665.11
Supporting reasons: Swing high resistance and 100% Fibonacci Projection, suggesting this level could act as significant resistance.

1st support: 2601.49
Supporting reasons: Pullback support, indicating this level might serve as a potential support area if the price drops.

1st resistance: 2785.47
Supporting reasons: 78.60% Fibonacci Projection, marking a potential resistance level if the price continues to rise.

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