ICMarket

Friday 23rd August 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 101.01
Supporting reasons: Identified as swing low support, indicating a potential area where buyers could enter the market, leading to a bullish bounce.

1st support: 100.45
Supporting reasons: Supported by the 61.80% Fibonacci Projection, highlighting a significant level where the price might find support if it falls below the pivot.

1st resistance: 102.16
Supporting reasons: Marked as pullback resistance, reinforced by the 50% Fibonacci Retracement, suggesting an area where the price might encounter selling pressure, potentially reversing the bullish move.

EUR/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.1177
Supporting reasons: Identified as swing high resistance, indicating a potential area where the price may face selling pressure and reverse.

1st support: 1.1045
Supporting reasons: Marked by pullback support, reinforced by the 61.80% Fibonacci Retracement, suggesting a significant level where the price might find support after a bearish move.

1st resistance: 1.1251
Supporting reasons: Another swing high resistance, indicating a historical point where previous rallies faced selling pressure or reversed.

EUR/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: 159.35
Supporting reasons: Identified as an overlap support and 50% Fibonacci Retracement, indicating a potential level where buyers may enter the market.

1st support: 155.86
Supporting reasons: Identified as swing low support and 78.60% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 163.80
Supporting reasons: Identified as multi-swing high resistance, indicating a historical point where previous rallies have faced selling pressure or 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 the 1st support.

Pivot: 0.8509
Supporting reasons: Identified as pullback resistance, suggesting a level where the price may face selling pressure after a minor upward move.

1st support: 0.8454
Supporting reasons: Marked as pullback support and reinforced by the 78.60% Fibonacci Retracement, indicating a significant area where the price may find support.

1st resistance: 0.8544
Supporting reasons: Identified as swing high resistance, indicating a potential area where the price may reverse after a bullish move.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially make a bearish reaction off the pivot and drop to the 1st support.

Pivot: 1.3126
Supporting reasons: Identified as swing high resistance, indicating a potential area where the price may face selling pressure and reverse.

1st support: 1.2944
Supporting reasons: Marked as an overlap support level, reinforced by the 38.20% Fibonacci Retracement, suggesting a significant level where the price might find support after a bearish move.

1st resistance: 1.3275
Supporting reasons: Another swing high resistance, indicating a historical point where previous rallies faced selling pressure or reversed.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 191.90
Supporting reasons: Identified as multi-swing high resistance, reinforced by the 61.80% Fibonacci Retracement, indicating a level where the price may encounter selling pressure.

1st support: 189.24
Supporting reasons: Marked as an overlap support, suggesting an area where the price may find support after a decline.

1st resistance: 195.97
Supporting reasons: Identified as pullback resistance, reinforced by the 78.60% Fibonacci Retracement, indicating a potential level where the price may face resistance after a bullish correction.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.8502
Supporting reasons: Identified as an overlap support level, reinforced by the 78.60% Fibonacci Retracement, indicating a potential area where the price may find support and reverse upwards.

1st support: 0.8425
Supporting reasons: Marked as swing low support, suggesting a significant level where previous declines found support.

1st resistance: 0.8620
Supporting reasons: Identified as pullback resistance, indicating a potential area where the price may face selling pressure after a bullish move.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 144.62
Supporting reasons: Identified as pullback support, reinforced by the 61.80% Fibonacci Retracement and 100% Fibonacci Projection, indicating a confluence that strengthens this level as a potential area for a bullish reversal.

1st support: 141.73
Supporting reasons: Identified as a swing low support, suggesting a key level where the price might find strong buying interest.

1st resistance: 149.36
Supporting reasons: Identified as swing high resistance, indicating a significant level where the price might encounter selling pressure.

USD/CAD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 1.3560
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.3466
Supporting reasons: Identified as a pullback support that aligns close to a 127.2% Fibonacci extension level, indicating a potential area where price could find strong support.

1st resistance: 1.3636
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement level, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 0.6752
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 0.6701
Supporting reasons: Identified as an overlap support, suggesting a potential area where price could find support.

1st resistance: 0.6790
Supporting reasons: Identified as a swing-high resistance, indicating a significant area that could halt further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 0.6167
Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify.

1st support: 0.6125
Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement level, suggesting a potential area where price could find strong support.

1st resistance: 0.6216
Supporting reasons: Identified as a swing-high resistance that aligns with a 127.2% Fibonacci extension level, indicating a significant area that could halt further upward movement.

US30 (DJIA):

Potential Direction: Bearish

Overall Momentum of the Chart: Bullish

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

Pivot: 41,042.19

Supporting reasons: Identified as a pullback resistance, suggesting a potential area where selling pressures could intensify.

1st Support: 40,475.26

Supporting Reasons: Identified as an overlap support, suggesting a potential area where price could find support.

1st Resistance: 41,352.92

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: Bearish

Overall Momentum of the Chart: Bullish

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

Pivot: 18,593.70

Supporting reasons: Identified as a pullback resistance, suggesting a potential area where selling pressures could intensify.

1st Support: 18,250.70

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

1st Resistance: 18,760.10

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: Bullish

Price has made a bullish bounce off the pivot and could potentially rise towards the 1st resistance.

Pivot: 5,561.63

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

1st support: 5,496.71

Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement level, suggesting a potential area where price could find support.

1st resistance: 5,669.89

Supporting reasons: Identified as a swing-high resistance that aligns close to a 127.2% extension Fibonacci level, suggesting a critical area that could halt further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 61,687.65

Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st support: 57,039.06

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

1st resistance: 65,483.09

Supporting reasons: Identified as an overlap resistance that aligns with a 78.6% Fibonacci retracement level, indicating a potential barrier that could halt further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 2,523.64

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

1st Support: 2,289.04

Supporting Reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, indicating a potential area where price could find support.

1st Resistance: 2,805.94

Supporting Reasons: Identified as a pullback resistance  that aligns with a 50% Fibonacci retracement level, indicating a historical barrier where that could halt further upward movement.

WTI/USD (Oil):

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 drop towards the 1st support.

Pivot: 75.38

Supporting Reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement level, suggesting a potential area where selling pressures could intensify to resume the downtrend. The presence of the bearish Ichimoku Cloud adds further significance to the strength of this resistance zone.

1st Support: 72.61

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

1st Resistance: 77.32

Supporting Reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, 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: 2498.86
Supporting reasons: Identified as pullback resistance, indicating a level where the price may encounter selling pressure after a temporary recovery.

1st support: 2458.29
Supporting reasons: Marked as pullback support, suggesting an area where the price may find support after declining from the pivot.

1st resistance: 2531.92
Supporting reasons: Identified as swing high resistance, indicating a potential level where the price may face resistance if it attempts a rally.

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