ICMarket

Wednesday 4th September 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation towards the 1st resistance.

Pivot: 101.18
Supporting reasons: Identified as pullback support, indicating a level where the price has previously retraced and found buying interest, likely supporting further upward movement.

1st support: 100.53
Supporting reasons: Recognized as multi-swing low support, suggesting an area where the price has reversed multiple times in the past, providing strong support.

1st resistance: 102.18
Supporting reasons: Marked as pullback resistance and reinforced by the 61.80% Fibonacci Retracement, indicating a significant level where previous upward moves encountered resistance, which could again act as a barrier to further gains.

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: 1.1069
Supporting reasons: Identified as an overlap resistance and reinforced by the 38.20% Fibonacci Retracement, indicating a level where previous price movements have stalled, suggesting potential resistance to further upward movement.

1st support: 1.1021
Supporting reasons: Recognized as pullback support, strengthened by the 161.80% Fibonacci Extension, indicating a significant level where price might find support after a pullback.

1st resistance: 1.1111
Supporting reasons: Marked as pullback resistance, supported by the 50% Fibonacci Retracement, suggesting a potential barrier where price may encounter selling pressure and 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: 162.00
Supporting reasons: Identified as pullback resistance, suggesting a level where previous upward movements have reversed, indicating potential resistance to further upward movement.

1st support: 159.38
Supporting reasons: Recognized as an overlap support, reinforced by the 127.20% Fibonacci Extension, indicating a significant level where price may find support after a downward movement.

1st resistance: 163.81
Supporting reasons: Marked as swing high resistance, suggesting a historical level where price has previously encountered selling pressure and 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 1st support.

Pivot: 0.8453
Supporting reasons: Identified as pullback support, reinforced by the 23.60% Fibonacci Retracement, indicating a potential area where the price might stall before continuing downward.

1st support: 0.8384
Supporting reasons: Marked as swing low support, suggesting a significant area where previous declines have found a buying interest.

1st resistance: 0.8490
Supporting reasons: Recognized as pullback resistance, supported by the 38.20% Fibonacci Retracement, indicating a potential level where the price may face selling pressure if it retraces upward.

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: 1.3113
Supporting reasons: Identified as an overlap resistance, indicating a level where previous upward movements have faced selling pressure, potentially halting further gains.

1st support: 1.3032
Supporting reasons: Recognized as pullback support, reinforced by the 38.20% Fibonacci Retracement, suggesting a significant level where the price may find support during a downward movement.

1st resistance: 1.3179
Supporting reasons: Marked as an overlap resistance, indicating a historical level where the price has previously encountered resistance and reversed downward.

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: 191.92
Supporting reasons: Identified as pullback resistance, suggesting a level where the price could face selling pressure, limiting further upward movement.

1st support: 187.85
Supporting reasons: Recognized as an overlap support level, reinforced by the 38.20% Fibonacci Retracement, indicating a significant area where the price may find support during a downward move.

1st resistance: 195.99
Supporting reasons: Marked as pullback resistance, indicating a level where previous upward movements have been halted, potentially causing a reversal.

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: 0.8479
Supporting reasons: Identified as an overlap support, indicating a level where previous price movements have found stability and could provide a base for further upward movement.

1st support: 0.8403
Supporting reasons: Recognized as swing low support, suggesting an area where past declines have reversed, potentially acting as a floor for the current trend.

1st resistance: 0.8622
Supporting reasons: Marked as pullback resistance, reinforced by the 61.80% Fibonacci retracement, signaling a potential area where the upward momentum could encounter selling pressure or consolidation.

USD/JPY:

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: 145.06
Supporting reasons: Identified as an overlap support level, reinforced by the 61.80% Fibonacci Retracement, indicating a strong area where the price may find support and potentially initiate an upward movement.

1st support: 143.51
Supporting reasons: Recognized as a multi-swing low support level, suggesting a significant area where the price has previously found support during declines.

1st resistance: 149.32
Supporting reasons: Marked as swing high resistance, indicating a level where the price has previously faced selling pressure, possibly limiting further upward movement.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.3560
Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify. The presence of the bearish0 Ichimoku Cloud adds further significance to this resistance zone.

1st support: 1.3441
Supporting reasons: Identified as a multi-swing-low support, indicating a potential area where price could find strong support.

1st resistance: 1.3616
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, 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 bullish bounce around the pivot and could potentially rise towards the 1st resistance.

Pivot: 0.6699
Supporting reasons: Identified as a swing-low support, indicating a significant area where buying interests could pick up to stage a rebound.

1st support: 0.6642
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, suggesting a potential area where price could find support.

1st resistance: 0.6754
Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement, indicating a significant area that could halt further upward movement.

NZD/USD

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: 0.6124
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a significant area where buying interests could pick up to stage a rebound.

1st support: 0.6080
Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, suggesting a potential area where price could find support.

1st resistance: 0.6197
Supporting reasons: Identified as an overlap resistance, indicating a significant area that could halt further upward movement.

US30 (DJIA):

Potential Direction: Bullish

Overall Momentum of the Chart: Bearish

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

Pivot: 40,875.50

Supporting reasons: Identified as a swing-low support that aligns with a 23.6% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a rebound.

1st Support: 40,467.11

Supporting Reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, suggesting an area where price could find support.

1st Resistance: 41,590.34

Supporting Reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a significant area that could halt further upward movement.

DE40 (DAX):

Potential Direction: Bullish

Overall Momentum of the Chart: Bearish

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

Pivot: 18,593.70

Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a rebound.

1st Support: 18,149.30

Supporting Reasons: Identified as a multis-wing-low support, indicating a potential area where price could find support.

1st Resistance: 18,971.60

Supporting Reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a significant area that could halt further upward movement.

US500 (S&P 500): 

Potential Direction: Bullish

Overall Momentum of the Chart: Bearish

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

Pivot: 5,492.99

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

1st support: 5,402.66

Supporting reasons: Identified as a multi-swing-low support, suggesting a potential area where price could find support.

1st resistance: 5,561.63

Supporting reasons: Identified as an overlap resistance that aligns with a 38.2% Fibonacci retracement, suggesting a critical area that could halt further upward movement.

BTC/USD (Bitcoin):

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: 54,351.19

Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 51,330.62

Supporting reasons: Identified as a swing-low support, indicating a significant area where price has found support in the past.

1st resistance: 59,123.59

Supporting reasons: Identified as a swing-high resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential barrier that could halt further upward movement.

ETH/USD (Ethereum):

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: 2,289.04

Supporting reasons: Identified as a multi-swing-low support that aligns close to a 61.8% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.

1st Support: 2,044.47

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

1st Resistance: 2,575.58

Supporting Reasons: Identified as a multi-swing-high resistance that aligns close to a 50% Fibonacci retracement, indicating a historical barrier where that could halt further upward movement.

WTI/USD (Oil):

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: 69.83

Supporting Reasons: Identified as a swing-low support, suggesting a potential area where buying interests could pick up to stall the decline.

1st Support: 68.29

Supporting Reasons: Identified as a swing-low support, indicating a potential area where price has found support in the past.

1st Resistance: 72.61

Supporting Reasons: Identified as a pullback resistance, 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: 2494.29
Supporting reasons: Identified as a pullback resistance, suggesting this level may act as a barrier to further upward movement, leading to a potential reversal.

1st support: 2473.76
Supporting reasons: Recognized as an overlap support level, reinforced by the 38.20% Fibonacci Retracement and 161.80% Fibonacci Extension, indicating a confluence of support factors that could stabilize the price at this level.

1st resistance: 2526.17
Supporting reasons: Marked as a multi-swing high resistance, indicating a historical area where previous rallies have faced significant selling pressure, possibly preventing further gains.

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