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Tuesday 12th March 2024: Technical Outlook and Review

DXY:

The DXY (Dollar Index) chart exhibits bullish momentum, hinting at a potential bullish rebound around the pivot level and subsequent movement towards the 1st resistance. The pivot at 102.86 serves as significant overlap support, indicating potential buyer intervention for a bullish bounce, with the 1st support at 101.86 reinforcing this pattern.

On the resistance side, the 1st resistance at 103.64, accompanied by the 50% Fibonacci Retracement, could obstruct upward movement due to heightened selling pressure. Further resistance is observed at 102.98, supported by the 23.60% Fibonacci Retracement, potentially amplifying selling pressure in that particular zone.

EUR/USD:

The EUR/USD chart suggests a bullish outlook, with potential for a bullish rebound at the pivot level, leading towards the 1st resistance. The pivot at 1.0897 serves as significant pullback support, indicating a possible area where buyers might intervene for a bullish bounce. Additionally, the 1st support at 1.0800, accompanied by the 61.80% Fibonacci Retracement, further reinforces this support level.

On the upside, the 1st resistance at 1.0981 signifies a notable swing high resistance, potentially acting as a barrier to further upward movement. This resistance level suggests a historical area where selling pressure may intensify, potentially limiting bullish momentum.

EUR/JPY:

The EUR/JPY chart currently demonstrates bullish momentum, suggesting a potential continuation of the upward trend. Several key levels support the possibility of a bullish movement towards the 1st resistance.

The pivot level at 160.221 serves as a pullback support and aligns with the 61.80% Fibonacci Retracement, indicating a significant historical level where buying interest could emerge. Additionally, the 1st support at 158.143 corresponds to a swing low support, reinforcing its significance as a potential area of demand where buyers might step in.

On the resistance side, the 1st resistance level at 161.853 is identified as a pullback resistance, suggesting a historical barrier to further upward movement.

EUR/GBP:

The EUR/GBP  chart currently indicates a potential shift in direction from bearish to bullish momentum, suggesting a possible bullish continuation towards the 1st resistance level. Despite the overall bearish momentum, several factors contribute to the possibility of a bullish movement.

The pivot level at 0.85038 acts as a swing low support, indicating a significant historical level where buying interest has been observed in the past. Furthermore, the 1st support at 0.84034 also aligns with a swing low support, reinforcing its importance as a level where buyers may step in to drive prices higher.

On the resistance side, the 1st resistance level at 0.85684 corresponds to the 38.20% Fibonacci Retracement level, suggesting a potential barrier to upward movement. This level may attract selling interest, but if breached, it could signal further bullish momentum.

GBP/USD:

The GBP/USD chart indicates a bullish sentiment, suggesting a potential bullish rebound at the pivot level, leading towards the 1st resistance. The pivot at 1.2759 serves as significant pullback support, notably coinciding with the 50% Fibonacci Retracement level, indicating a potential area where buyers could intervene for a bullish bounce. Additionally, the 1st support at 1.2673, supported by the 78.60% Fibonacci Retracement, reinforces this support level.

On the upside, the 1st resistance at 1.2893 signifies a notable swing high resistance, potentially acting as a barrier to further upward movement. This resistance level suggests a historical area where selling pressure may intensify, potentially limiting bullish momentum.

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GBP/JPY:

The GBP/JPY chart indicates a bullish momentum, indicating a potential continuation of the upward trend. Several factors contribute to this bullish sentiment and support the possibility of further upward movement towards the 1st resistance level.

The pivot level at 187.588 serves as a significant point of pullback support, coinciding with the 61.80% Fibonacci Retracement level. This suggests that historical buying interest has been observed at this level, potentially indicating strong support for further bullish momentum.

Additionally, the 1st support at 185.525 aligns with a swing low support, further reinforcing its significance as a potential area where buyers may enter the market.

On the resistance side, the 1st resistance level at 189.930 is identified as a point of pullback resistance. This suggests that historical selling pressure has been encountered at this level, potentially acting as a barrier to further upward movement.

USD/CHF:

The USD/CHF chart suggests a bearish outlook, indicating a potential bearish reaction at the pivot level with a move towards the 1st support. The pivot at 0.8779 presents significant overlap resistance, potentially triggering selling pressure and prompting a bearish reaction.

Conversely, the 1st support at 0.8719 serves as an important level of overlap support, potentially attracting buying interest and acting as a barrier against further downward movement.

On the upside, the 1st resistance at 0.8822 represents another significant level of overlap resistance, potentially limiting bullish momentum and reinforcing the bearish sentiment.

USD/JPY:

The USD/JPY chart indicates a bearish sentiment, with a potential bearish reaction at the pivot level and a move towards the 1st support. The pivot at 147.83 serves as significant pullback resistance, potentially triggering selling pressure and leading to a bearish response.

Conversely, the 1st support at 146.05 represents an important level of overlap support, potentially attracting buying interest and acting as a barrier against further downward movement.

On the upside, the 1st resistance at 149.30 presents another significant level of pullback resistance, potentially limiting bullish momentum and reinforcing the bearish outlook.

USD/CAD:

The USD/CAD chart currently exhibits a neutral bias. In this context, there is a potential scenario for price to fluctuate between the pivot and the 1st resistance.

The pivot level at 1.3436 is identified as a pullback support where price could potentially bounce off to climb higher. Higher up, the 1st resistance level at 1.3606 is identified as an overlap resistance that aligns close to the 61.80% Fibonacci Retracement level, further highlighting its importance as a potential resistance zone.

To the downside, the 1st support level at 1.3372 is marked as a pullback support, reinforcing its significance as a key support level.

AUD/USD:

The AUD/USD chart currently exhibits an overall bullish momentum. In this context, there is a potential scenario for price to rise towards the pivot point and potentially reverse around this level to drop towards the 1st support.

The pivot level at 0.6650 is identified as an overlap resistance that aligns with the 50.00% Fibonacci Retracement level where price could potentially reverse from to drop lower. The 1st support level at 0.6558 is marked as an overlap support that aligns close to the 61.80% Fibonacci Retracement level, reinforcing its significance as a key support level.

On the resistance side, the 1st resistance level at 0.6723 is identified as a pullback resistance that aligns close to the 61.80% Fibonacci Retracement level, potentially limiting any further upward movement.

NZD/USD

The NZD/USD chart currently exhibits an overall bullish momentum. In this context, there is a potential scenario for price to rise towards the pivot point and potentially reverse around this level to drop towards the 1st support.

The pivot level at 0.6205 is identified as an overlap resistance that aligns with the 50.00% Fibonacci Retracement level where price could potentially reverse from to drop lower. The 1st support level at 0.6126 is marked as a pullback support that aligns with the 61.80% Fibonacci Retracement level, reinforcing its significance as a key support level.

On the resistance side, the 1st resistance level at 0.6270 is identified as a pullback resistance, potentially limiting any further upward movement.

DJ30:

The DJ30 chart currently demonstrates bullish momentum, suggesting a potential continuation of the upward trend. Several factors contribute to this bullish sentiment and support the possibility of further upward movement towards the 1st resistance level.

The pivot level at 37812.84 serves as a significant point of pullback support, coinciding with the 23.60% Fibonacci Retracement level. This suggests that historical buying interest has been observed at this level, potentially indicating strong support for further bullish momentum.

Additionally, the 1st support at 36820.50 further reinforces the potential for bullish movement. This level also aligns with pullback support, indicating a historical level where buyers may enter the market.

On the resistance side, the 1st resistance level at 39298.57 is identified as a swing high resistance. This suggests that historical selling pressure has been encountered at this level, potentially acting as a barrier to further upward movement.

GER40:

The GER40 chart currently exhibits bullish momentum, indicating a potential continuation of the upward trend. Several factors contribute to this bullish sentiment and support the possibility of further upward movement towards the 1st resistance level.

The pivot level at 17668.69 is significant as it serves as swing low support and coincides with the 23.60% Fibonacci Retracement level. This suggests that historical buying interest has been observed at this level, potentially indicating strong support for further bullish momentum.

Additionally, the 1st support at 17018.20 further reinforces the potential for bullish movement. This level aligns with an overlap support and the 50% Fibonacci Retracement level, indicating a historical level where buyers may enter the market.

On the resistance side, the 1st resistance level at 17903.05 is identified as a swing high resistance. This suggests that historical selling pressure has been encountered at this level, potentially acting as a barrier to further upward movement.

US500: 

The US500 chart currently demonstrates bullish momentum, indicating a potential continuation of the upward trend. Several factors contribute to this bullish sentiment and support the possibility of further upward movement towards the 1st resistance level.

The pivot level at 5051.99 serves as an overlap support, suggesting a significant historical level where buying interest has been observed. Additionally, the 1st support at 4930.60 aligns with another overlap support and coincides with the 23.60% Fibonacci Retracement level, further reinforcing its significance as a potential area of support.

On the resistance side, the 1st resistance level at 5187.95 is identified as a swing high resistance. This level also aligns with the 127.20% Fibonacci Extension and the 100% Fibonacci Projection, indicating a historical barrier to upward movement.

BTC/USD:

The BTC/USD chart currently exhibits bullish momentum, indicating a potential continuation of the upward trend. Several factors contribute to this bullish sentiment, supporting the possibility of further upward movement towards the 1st resistance level.

The pivot level at 68972.72 serves as a pullback support, suggesting a significant historical level where buying interest has been observed. Additionally, the 1st support at 63466.93000 aligns with another pullback support, further reinforcing its significance as a potential area of support.

On the resistance side, the 1st resistance level at 83863.36 is identified as a key barrier to further upward movement. This level also coincides with the 127.20% Fibonacci Extension, indicating a strong resistance zone.

ETH/USD: 

The ETH/USD chart currently demonstrates bullish momentum, indicating a potential continuation of the upward trend. Several factors contribute to this bullish sentiment, supporting the possibility of further upward movement towards the 1st resistance level.

The pivot level at 3959.27 serves as an overlap support, suggesting a significant historical level where buying interest has previously emerged. Additionally, the 1st support at 3554.76 aligns with a pullback support, further reinforcing its significance as a potential area of support.

On the resistance side, the 1st resistance level at 4816.08 is identified as a swing high resistance, suggesting a historical barrier to further upward movement.

WTI/USD:

The WTI (West Texas Intermediate) chart currently demonstrates an overall bearish momentum. However, there is a potential scenario for price to bounce off the pivot level and rise towards the 1st resistance.

The pivot level at 77.21 is identified as a pullback support that aligns close to the 78.60% Fibonacci Retracement level. Higher up, the 1st resistance level at 80.04 is identified as a pullback resistance that aligns with the 78.60% Fibonacci Retracement level, further reinforcing its significance as a potential barrier to further bullish movement.

To the downside, the 1st support level at 75.84 is marked as a pullback support that aligns close to the 50.00% Fibonacci Retracement level, reinforcing its significance as a key support level.

XAU/USD (GOLD):

The XAU/USD chart suggests a potential bearish move, with a likely reaction at the pivot leading to a drop towards the 1st support. The pivot at 2192.48 signifies notable pullback resistance, supported by the 61.80% Fibonacci Projection and the 127.20% Fibonacci Extension, indicating a strong resistance zone.

On the other hand, the 1st support at 2144.17 serves as significant pullback support, potentially attracting buying interest and acting as a barrier against further downward movement.

Regarding resistance, the 1st resistance at 2239.66 presents a formidable barrier, reinforced by the 78.60% Fibonacci Projection and the 161.80% Fibonacci Extension

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