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Thursday 30th November 2023: Technical Outlook and Review

DXY:

The DXY (US Dollar Index), the overall momentum of the chart is bearish,  suggesting a potential download movement in price. In this scenario could potentially make a Bearish continuation towards the 1st support.

The 1st support at 102.30 is identified as a pullback support. This suggests that it’s a significant level where buying interest may emerge, potentially providing some support for the US Dollar Index.

The 2nd support at 101.83 is another overlap support level. This adds further significance to this support level, indicating it as a potential area where buyers might become active.

On the resistance side, the 1st resistance at 102.79 is categorized as a pullback resistance. This implies that it’s a level where selling pressure may increase, acting as a potential barrier to further upward price movement for the US Dollar Index.

The 2nd resistance at 103.17 is also noted as a pullback resistance, suggesting it’s another significant level where selling interest could intensify.

Additionally, there is an intermediate support at 102.60, identified as a swing low support. This reinforces the potential support factors for the currency index.

EUR/USD:

The EUR/USD, the overall momentum of the chart is bullish, suggesting a potential upward movement in price. In this scenario, there is a possibility that the price could potentially make a bullish bounce off the 1st support and head towards the 1st resistance.

The 1st support at 1.0964 is identified as a pullback support, and it also coincides with the 38.20% Fibonacci Retracement level. This suggests that it’s a significant level where buying interest may emerge, potentially leading to a bullish bounce for the EUR/USD currency pair.

The 2nd support at 1.08824 is another overlap support level, and it aligns with the 78.60% Fibonacci Retracement. This adds further significance to this support level, indicating it as a potential area where buyers might become active.

On the resistance side, the 1st resistance at 1.1038 is categorized as an overlap resistance, and it also coincides with the 161.80% Fibonacci Extension level. This dual significance suggests that it’s a significant barrier where selling interest could intensify, potentially limiting the upward movement for EUR/USD.

The 2nd resistance at 1.1094 is noted as a pullback resistance, indicating that it’s a level where selling pressure may increase, acting as another potential obstacle to the currency pair’s upward price movement.

EUR/JPY:

The analyzed instrument is EUR/JPY, and the overall momentum of the chart is currently bearish.

There is a potential for the price to make a bearish reaction off the 1st resistance and drop to the 1st support.

The 1st support level is identified at 160.64, and its favorable characteristics include being an overlap support, coinciding with the -27% Fibonacci Expansion, and aligning with the 100% Fibonacci Projection, indicating Fibonacci confluence.

The 2nd support level is situated at 159.96, and its favorable aspect is derived from being a pullback support.

On the resistance side, the 1st resistance is positioned at 161.51, and it is considered significant due to being a pullback resistance.

The 2nd resistance is located at 162.24, and its significance is derived from being an overlap resistance and coinciding with the 38.20% Fibonacci Retracement.

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EUR/GBP:

The analyzed instrument is EUR/GBP, and the overall momentum of the chart is currently bullish.

There is a potential for the price to make a bullish bounce off the 1st support and head towards the 1st resistance.

The 1st support level is identified at 0.8640, and its favorable characteristic is attributed to being a multi-swing low support.

The 2nd support level is situated at 0.8617, and its favorable aspect is derived from being an overlap support.

On the resistance side, the 1st resistance is positioned at 0.8663, and it is considered significant due to being a pullback resistance.

The 2nd resistance is located at 0.8684, and its significance is derived from being an overlap resistance.

GBP/USD:

The GBP/USD, the overall momentum of the chart is neutral. In this scenario, there is a possibility that the Price could potentially fluctuate between the 1st resistance and 1st support level.

The 1st support at 1.264 is identified as a pullback support. This suggests that it’s a significant level where buying interest may emerge, providing support for the GBP/USD currency pair.

The 2nd support at 1.2579 is another overlap support level. This adds further significance to this support level, indicating it as a potential area where buyers might become active.

On the resistance side, the 1st resistance at 1.2727 is categorized as an overlap resistance. This suggests that it’s a significant barrier where selling interest could intensify, potentially limiting the upward movement for GBP/USD.

The 2nd resistance at 1.2824 is also noted as an overlap resistance, adding to the potential resistance factors for the currency pair.

GBP/JPY:

The overall momentum of  GBP/JPY is bearish, indicating a potential continuation of the downward movement in price. There is a possibility that the price could experience a bearish continuation towards the 1st support.

1st support at 186.78: This level is identified as a pullback support, suggesting that it has previously acted as a significant price level where buyers have shown interest. It’s a level to watch for potential bullish reactions or a temporary halt in the bearish momentum.

2nd support at 185.58: The 2nd support level is marked as multi-swing low support, indicating its importance as a potential area of buying interest. Traders may anticipate potential support around this level.

1st resistance at 187.40: This level is characterized as pullback resistance, suggesting that it could be a point where selling p

2nd resistance at 188.17: The 2nd resistance is also noted as pullback resistance, indicating that it’s a level where sellers might be more active in defending their positions.ressure may increase, potentially leading to a continuation of the bearish trend.

USD/CHF:

The USD/CHF, the overall momentum of the chart is bearish,suggesting a potential downward movement in price. In this scenario, there is a possibility that the price could potentially make a rise towards the 1st resistance in the short term before reversing off it and dropping towards the 1st support.

The 1st support at 0.8709 is identified as a multi-swing low support. This suggests that it’s a significant level where buying interest may emerge, providing support for the USD/CHF currency pair.

The 2nd support at 0.8709 is another support level identified as pullback support. This adds further significance to this support level, indicating it as a potential area where buyers might become active.

On the resistance side, the 1st resistance at 0.8758 is categorized as an overlap resistance. This suggests that it’s a significant barrier where selling interest could intensify, potentially acting as a barrier to further upward price movement for USD/CHF.

The 2nd resistance at 0.8797 is noted as a pullback resistance, indicating that it’s a level where selling pressure may increase, acting as another potential obstacle to the currency pair’s upward price movement.

USD/JPY:

The USD/JPY, the overall momentum of the chart is bearish, indicating a downward trend,  suggesting a potential downward movement in price. In this scenario, there is a possibility that the price could potentially make a bearish continuation towards the 1st support.

The 1st support at 146.16 is identified as a swing low support, and it also coincides with the 78.60% Fibonacci Projection. This suggests that it’s a significant level where buying interest may emerge, potentially providing support for the USD/JPY currency pair.

The 2nd support at 144.57 is another swing low support level. This adds further significance to this support level, indicating it as a potential area where buyers might become active.

On the resistance side, the 1st resistance at 147.59 is categorized as an overlap resistance. This suggests that it’s a significant barrier where selling interest could intensify, potentially limiting the upward movement for USD/JPY.

The 2nd resistance at 148.77 is also noted as an overlap resistance, adding to the potential resistance factors for the currency pair.

USD/CAD:

The USD/CAD, the overall momentum of the chart is currently bearish, suggesting a potential downward movement in price. In this scenario, there is a possibility that the price could potentially make a bearish continuation towards the 1st support.

The 1st support at 1.3527 is identified as a pullback support. This suggests that it’s a significant level where buying interest may emerge, providing support for the USD/CAD currency pair.

The 2nd support at 1.3426 is another support level identified as a swing low support. This adds further significance to this support level, indicating it as a potential area where buyers might become active.

On the resistance side, the 1st resistance at 1.3607 is categorized as an overlap resistance. This implies that it’s a significant barrier where selling interest could intensify, potentially limiting the upward movement for USD/CAD.

The 2nd resistance at 1.3663 is also noted as an overlap resistance, adding to the potential resistance factors for the currency pair.

AUD/USD:

AUD/USD, the overall momentum of the chart is currently bullish, suggesting a potential upward movement in price. In this scenario, there is a possibility that the price could potentially make a bullish continuation towards the 1st resistance.

The 1st support at 0.6605 is identified as an overlap support. This suggests that it’s a significant level where buying interest may emerge, providing support for the AUD/USD currency pair.

The 2nd support at 0.6690 is another overlap support level. This adds further significance to this support level, indicating it as a potential area where buyers might become active.

On the resistance side, the 1st resistance at 0.6675 is categorized as a swing high resistance. This implies that it’s a significant barrier where selling interest could intensify, potentially limiting the upward movement for AUD/USD.

The 2nd resistance at 0.6724 is also noted as an overlap resistance, adding to the potential resistance factors for the currency pair.

NZD/USD

The NZD/USD, the overall momentum of the chart is currently bullish, indicating a potential upward movement in the price. In this scenario, there is a possibility that the price could potentially make a bullish continuation towards the 1st resistance.

The 1st support at 0.6130 is identified as an overlap support. This suggests that it’s a significant level where buying interest may emerge, providing support for the NZD/USD currency pair.

The 2nd support at 0.6064 is another overlap support level. This adds further significance to this support level, indicating it as a potential area where buyers might become active.

On the resistance side, the 1st resistance at 0.6274 is categorized as a swing high resistance. This implies that it’s a significant barrier where selling interest could intensify, potentially limiting the upward movement for NZD/USD.

Additionally, there is a 2nd resistance at 0.6232, identified as an overlap resistance, further reinforcing the potential resistance factors for the currency pair.

DJ30:

The DJ30,the momentum of the chart is bullish, suggesting a potential continuation of the upward movement in price. There is a possibility that the price could experience a bullish bounce off the 1st support level and head towards the 1st resistance. 

1st support at 35409.48: This level is identified as a multi-swing low support, indicating that it has previously acted as a significant price level where buyers have stepped in. It is a level to watch for potential bullish reactions or a temporary pause in the upward momentum.

2nd support at 35075.70: The 2nd support level is marked as an overlap support, suggesting that it aligns with historical price data and is likely to be a strong support level. Traders may anticipate strong buying interest around this level.

1st resistance at 35721.09: This level is considered a pullback resistance, indicating that it could be a point where selling pressure may increase, potentially leading to a temporary halt or correction in the bullish trend.

GER40:

The GER40 overall momentum is bearish, suggesting a potential continuation of the downward movement in price. There is a possibility that the price could experience a bearish continuation towards the 1st support.

1st support at 16082.3: This level is identified as a swing low support, indicating that it has previously acted as a significant price level where buyers have shown interest. Traders may anticipate potential buying interest or a temporary pause in the downward momentum around this level.

2nd support at 15970.6: The 2nd support level is marked as a multi-swing low support, suggesting that it aligns with historical price data and is likely to be a strong support level. It may serve as a critical level for traders to watch for potential rebounds or consolidation.

1st resistance at 16206.8: This level is considered a pullback resistance, indicating that it could be a point where selling pressure may increase, potentially leading to a temporary halt or correction in the bearish trend.

2nd resistance at 16420.3: The 2nd resistance level is marked as a swing high resistance, suggesting it has previously acted as a barrier to upward price movements. It could serve as a strong resistance level if the price attempts to move higher.

`US500:

The overall momentum of US500 is weakly bearish with low confidence. There is a potential for a bearish continuation, but the confidence in this bearish move is low.

1st support at 4524.4: This level is identified as an overlap support, indicating that it has previously acted as a significant price level where buyers have shown interest. It may serve as a potential area of support where traders might look for buying opportunities or expect a temporary halt in the downward movement.

2nd support at 4460.7: The 2nd support level is marked as a multi-swing low support, suggesting that it aligns with historical price data and is likely to be a strong support level. It may be considered a critical level for traders to watch for potential rebounds or consolidation.

1st resistance at 4596.8: This level is considered a pullback resistance, indicating that it could be a point where selling pressure may increase, potentially leading to a temporary correction within the bearish trend.

Intermediate support at 4553.3: This level is marked as pullback support, indicating that it may provide support during a potential pullback or correction. Traders might monitor this level for potential buying opportunities.

BTC/USD:

The analyzed instrument is BTC/USD, and the overall momentum of the chart is currently bearish.

There is a potential for the price to make a bearish continuation towards the 1st support.

The 1st support level is identified at 36754, and its favorable characteristic is attributed to being a swing low support, coinciding with the 100% Fibonacci Projection.

The 2nd support level is situated at 35717, and its favorable aspect is derived from being a multi-swing low support.

On the resistance side, the 1st resistance is positioned at 38313, and it is considered significant due to being a multi-swing high resistance.

The 2nd resistance is located at 40057, and its significance is derived from being a swing high resistance.

ETH/USD: 

The analyzed instrument is ETH/USD, and the overall momentum of the chart is currently bearish.

There is a potential for the price to make a bearish continuation towards the 1st support.

The 1st support level is identified at 1985.49, and its favorable characteristic is attributed to being a swing low support, coinciding with the 61.80% Fibonacci Projection.

An intermediate support is also noted at 2023.20, and its significance is derived from being a swing low support, aligning with the 61.80% Fibonacci Retracement.

On the resistance side, the 1st resistance is positioned at 2061.88, and it is considered significant due to being a swing high resistance.

The 2nd resistance is located at 2129.57, and its significance is derived from being a multi-swing high resistance.

WTI/USD:

 The WTI (West Texas Intermediate) crude oil, the overall momentum of the chart is bearish, In this scenario, there is a possibility that the price could potentially make a bearish continuation towards the 1st support.

The 1st support at 74.32 is identified as a multi-swing low support. This suggests that it’s a significant level where buying interest may emerge, potentially providing support for the WTI crude oil market.

The 2nd support at 72.57 is another support level identified as an overlap support. This adds further significance to this support level, indicating it as a potential area where buyers might become active.

On the resistance side, the 1st resistance at 77.97 is categorized as a multi-swing high resistance. This implies that it’s a level where selling pressure may increase, acting as a potential barrier to further upward price movement for WTI crude oil.

The 2nd resistance at 79.94 is noted as a pullback resistance, indicating that it’s a level where selling interest could intensify, potentially limiting the upward movement for the commodity.

Additionally, there is an intermediate support at 75.56, identified as an overlap support and coinciding with the 61.80% Fibonacci Retracement. This reinforces the potential support factors for the commodity.

XAU/USD (GOLD):

The XAU/USD, the overall momentum of the chart is neutrall,  In this scenario, there is a possibility that the price could potentially fluctuate between the 1st resistance and 1st support level.

The 1st support at 2035.79 is identified as an overlap support. This suggests that it’s a significant level where buying interest may emerge, providing support for the Gold market.

The 2nd support at 2020.50 is another support level identified as pullback support. This adds further significance to this support level, indicating it as a potential area where buyers might become active.

On the resistance side, the 1st resistance at 2050.63 is categorized as a swing high resistance, and it also coincides with the 61.80% Fibonacci Projection. This dual significance suggests that it’s a significant barrier where selling interest could intensify, potentially limiting the upward movement for Gold.

The 2nd resistance at 2067.05 is noted as a multi-swing high resistance, indicating another potential obstacle for the precious metal’s upward price movement.

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