ICMarket

Wednesday 3rd April 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 104.20

Supporting reasons: Acts as an Overlap support with a 50% Fibonacci Retracement, indicating a key level where buying interest might intensify, suggesting a solid foundation for a potential upward movement within the context of the overall bullish trend.

1st support: 103.56

Supporting reasons: Known as Pullback support with a 78.60% Fibonacci Retracement, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound.

1st resistance: 104.99

Supporting reasons: Identified as Multi-swing high resistance, marking a significant barrier that has capped previous upward movements.

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 1.0787

Supporting reasons: Acts as Pullback resistance with a 38.20% Fibonacci Retracement, indicating a key level where selling pressure might intensify, suggesting a potential turning point for the price to continue its downward movement.

1st support: 1.0725

Supporting reasons: Known as an Overlap support, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound within the context of a bearish move.

1st resistance: 1.0842

Supporting reasons: Identified as an Overlap resistance, marking a significant barrier that has capped previous upward movements.

EUR/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: 163.42

Supporting reasons: Acts as an Overlap resistance with a 50% Fibonacci Retracement, indicating a key level where selling pressure might intensify, suggesting a potential turning point for the price to reverse and move downwards within the context of the overall bearish trend.

1st support: 162.53

Supporting reasons: Known as Pullback support, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound within the context of a bearish move.

1st resistance: 164.41

Supporting reasons: Identified as Multi-swing high resistance, marking a significant barrier that has capped previous upward movements. 

EUR/GBP:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.8569

Supporting reasons: Acts as an Overlap resistance, indicating a key level where selling pressure might intensify, suggesting a potential turning point for the price to reverse and move downwards within the context of the overall bearish trend.

1st support: 0.8547

Supporting reasons: Known as Pullback support, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound within the context of a bearish move.

1st resistance: 0.8586

Supporting reasons: Identified as Multi-swing high resistance, marking a significant barrier that has capped previous upward movements.

GBP/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 1.2589

Supporting reasons: Acts as Pullback resistance, indicating a key level where selling pressure might intensify, suggesting a potential turning point for the price to continue its downward movement within the context of the overall bearish trend.

1st support: 1.2526

Supporting reasons: Known as Swing low support, suggesting a significant area where the market has previously found support, providing a foundation for potential price stabilization or a minor rebound, reinforcing the bearish outlook.

1st resistance: 1.2652

Supporting reasons: Identified as Multi-swing high resistance, marking a significant barrier that has capped previous upward movements.

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: 190.68

Supporting reasons: Acts as an Overlap resistance, indicating a key level where selling pressure might intensify, suggesting a potential turning point for the price to reverse and move downwards within the context of the overall bearish trend.

1st support: 189.70

Supporting reasons: Known as an Overlap support, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound within the context of a bearish move.

1st resistance: 191.49

Supporting reasons: Identified as Multi-swing high resistance, marking a significant barrier that has capped previous upward movements. 

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 0.9108

Supporting reasons: Acts as Pullback resistance, a critical level where selling pressure might intensify, indicating a potential turning point for the price to reverse and move downwards despite the prevailing bullish trend.

1st support: 0.8898

Supporting reasons: Known as Pullback support, suggesting a significant area where the market has previously found support, providing a foundation for potential price stabilization or a minor rebound within the context of a bearish move.

1st resistance: 0.9224

Supporting reasons: Identified as Swing high resistance, marking a significant barrier that has capped previous upward movements.

USD/JPY:

Potential Direction: Neutral

Overall momentum of the chart: Neutral

Price could potentially: Fluctuate between the 1st resistance and 1st support level.

1st support: 150.84

Supporting reasons: Acts as an Overlap support, indicating a key level where buying interest has historically been strong, suggesting a solid foundation for potential price stabilization or a rebound if it retreats from higher levels.

1st resistance: 151.96

Supporting reasons: Identified as Multi-swing high resistance with a 127.20% Fibonacci Extension, marking a significant barrier that has capped previous upward movements.

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price could potentially make a bearish drop towards the 1st support

1st support: 1.3523

Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization.

1st resistance: 1.3613

Supporting reasons: Identified as a multi-swing-high resistance, marking a significant barrier that could cap further upward movements.

AUD/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price has reacted off the pivot and could potentially make a bearish drop towards the 1st support

Pivot: 0.6517

Supporting reasons: Acts as pullback resistance, suggesting a potential barrier against further upward movement.

1st support: 0.6480

Supporting reasons: Acts as a swing-low support, suggesting a significant area where price has previously found strong support, providing a basis for a potential price stabilization or a minor rebound.

1st resistance: 0.6534

Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement level, marking a significant barrier that has previously capped upward movements. 

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish break below the pivot and drop to 1st support

Pivot: 0.5943

Supporting reasons: Acts as a pullback support where price could potentially break under to extend the bearish continuation.

1st support: 0.5915

Supporting reasons: Acts as a pullback support that aligns with a 100% Fibonacci projection level, suggesting a potential area for price stabilization or a minor rebound within the bearish context.

1st resistance: 0.5992

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

US30 (DJIA):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price could potentially break below the pivot and make a bearish continuation towards the 1st support

Pivot: 39,078.84

Supporting reasons: Acts as a pullback support where price could potentially break under to extend the bearish continuation.

1st support: 38,693.81

Supporting reasons: Identified as a pullback support, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation for potential price stabilization or a rebound.

1st resistance: 39,329.55

Supporting reasons: Identified as a pullback resistance, indicating a potential barrier that could cap further upward movements.

DE40 (DAX):

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price has made a bearish reaction off the pivot and could potentially drop towards the 1st support

Pivot: 18,567.67

Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci projection level, suggesting a potential zone where price could face selling pressures and make a bearish reaction.

1st support: 18,037.52

Supporting reasons: Acts as an overlap support that aligns close to a 23.6% Fibonacci retracement level, suggesting a significant area where price has previously found strong buying interest and could provice a solid foundation for a potential price stabilization or a rebound.

1st resistance: 18,837.43

Supporting reasons: Marked by a 100% Fibonacci Projection, indicating a significant barrier that could cap further upward movements. Overcoming this level would underscore the strength of the bullish momentum.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price could potentially make a bullish bounce and rise towards the 1st resistance

Pivot: 5,189.10

Supporting reasons: Acts as an overlap support where buying interest could be strong, suggesting a solid foundation for a potential price stabilization or a rebound.

1st support: 5,115.50

Supporting reasons: Acts as a pullback support that aligns close to a 50% Fibonacci retracement level suggesting a significant area where price has previously found strong buying interest, providing a solid foundation should price beyond the pivot.

1st resistance: 5,282.06

Supporting reasons: Marked by a pullback resistance at the all-time high, indicating a significant barrier that could cap further upward movements.

BTC/USD (Bitcoin):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

1st support: 61,521.91

Supporting reasons: Acts as a swing-low support that aligns with a confluence of Fibonacci levels i.e. a 50% retracement and a 78.6% projection levels, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation for potential price stabilization or a rebound in the event of a pullback.

1st resistance: 71,672.15

Supporting reasons: Marked by a pullback resistance, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price could potentially make a bullish bounce off the pivot and rise towards the 1st resistance

Pivot: 3,233.72

Supporting reasons: Acts as a pullback support that aligns close to a 78.6% Fibonacci retracement level indicating a key level where buying interest has historically been strong, suggesting a solid foundation for a potential price stabilization or a rebound.

1st support: 3,111.04

Supporting reasons: Identified as a swing-low support suggesting a significant area where price has previously found support, providing a strong foundation for further downward movements.

1st resistance: 3,661.29

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

WTI/USD (Oil):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation towards the pivot and stall around this region

Pivot: 86.67

Supporting reasons: Marked by an overlap resistance that aligns close to a 78.6% Fibonacci projection level, indicating a significant level where selling pressure might intensify.

1st support: 83.52

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 for potential price stabilization or a rebound.

1st resistance: 89.26

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

XAU/USD (GOLD):

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 2287.93

Supporting reasons: Acts as Swing high resistance with a 161.80% Fibonacci Extension and a 61.80% Fibonacci Projection, indicating a significant level where selling pressure might intensify, suggesting a potential turning point for the price to continue its downward movement within the context of an overall bullish trend.

1st support: 2223.26

Supporting reasons: Known as Pullback support, suggesting a significant area where the market has previously found support, providing a foundation for potential price stabilization or a minor rebound within the bearish movement.

1st resistance: 2312.46

Supporting reasons: Marked by a 78.60% Fibonacci Projection, indicating a significant barrier that could cap upward movements.

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