ICMarket

Monday 23rd September 2024: Technical Outlook and Review

DXY (US Dollar Index):


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: 101.77
Supporting reasons: An overlap resistance, suggesting this level may act as resistance where the price could face selling pressure.

1st support: 100.61
Supporting reasons: Multi-swing low support, indicating this level might provide strong support if the price moves lower.

1st resistance: 102.56
Supporting reasons: Pullback resistance with 38.20% Fibonacci Retracement, suggesting this level could act as resistance if the price attempts to rise.

EUR/USD:


Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.1192
Supporting reasons: Multi-swing high resistance, suggesting this level could act as significant resistance if the price moves lower.

1st support: 1.1000
Supporting reasons: An overlap support with 50% Fibonacci Retracement, indicating this level may provide a point of support if the price declines.

1st resistance: 1.1275
Supporting reasons: Swing high resistance with 127.20% Fibonacci Extension and 61.80% Fibonacci Retracement, suggesting this level may face strong resistance with Fibonacci confluence.

EUR/JPY:


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: 162.66
Supporting reasons: Swing high resistance with 78.60% Fibonacci Projection, indicating this level could act as a significant resistance point.

1st support: 155.99
Supporting reasons: Swing low support, suggesting this level may provide a strong point of support if the price declines.

1st resistance: 164.59
Supporting reasons: Pullback resistance with 50% Fibonacci Retracement and 100% Fibonacci Projection, indicating strong resistance with Fibonacci confluence.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8387
Supporting reasons: Pullback resistance, indicating this level could act as a strong resistance point.

1st support: 0.8339
Supporting reasons: Swing low support, suggesting this level might provide significant support if the price continues to decline.

1st resistance: 0.8446
Supporting reasons: Multi-swing high resistance with 38.20% Fibonacci Retracement, indicating a level where the price might face resistance if it attempts to rise.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.3372
Supporting reasons: An overlap resistance with 61.80% Fibonacci Projection and 161.80% Fibonacci Extension, indicating Fibonacci confluence at this level.

1st support: 1.3260
Supporting reasons: Pullback support, suggesting this level might provide significant support if the price declines.

1st resistance: 1.3595
Supporting reasons: Swing high resistance with 100% Fibonacci Projection, indicating a key resistance level if the price attempts to rise.

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: 192.98
Supporting reasons: Swing high resistance with 50% Fibonacci Retracement and 78.60% Fibonacci Projection, indicating Fibonacci confluence at this level.

1st support: 184.48
Supporting reasons: Swing low support with 61.80% Fibonacci Retracement, suggesting this level might act as significant support if the price declines.

1st resistance: 197.74
Supporting reasons: Pullback resistance with 50% Fibonacci Retracement and 100% Fibonacci Projection, indicating a strong resistance level if the price rises.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8537
Supporting reasons: Multi-swing high resistance, indicating this level could act as a strong resistance where the price might face selling pressure.

1st support: 0.8409
Supporting reasons: Multi-swing low support, suggesting this level might provide a significant point of support if the price moves downward.

1st resistance: 0.8729
Supporting reasons: An overlap resistance, which could act as a significant barrier if the price attempts to rise.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish break through the pivot and rise to 1st resistance.

Pivot: 143.76
Supporting reasons: Pullback support, suggesting that the price may find support at this level and potentially continue upward.

1st support: 140.25
Supporting reasons: Multi-swing low support, indicating this level might act as a significant support point if the price moves downward.

1st resistance: 150.90
Supporting reasons: Pullback resistance, which could be a key resistance level if the price continues to rise.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 1.3614
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, suggesting a potential area where selling pressures could intensify. The presence of a bearish Ichimoku Cloud adds further significance to the strength of this resistance zone.

1st support: 1.3439
Supporting reasons: Identified as a swing-low support, indicating a key level where price has found strong support at the end of August.

1st resistance: 1.3784
Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 0.6846
Supporting reasons: Identified as a swing-high resistance, suggesting a potential area where selling pressures could intensify.

1st support: 0.6798
Supporting reasons: Identified as a pullback support, indicating a key level where price could find support.

1st resistance: 0.6892
Supporting reasons: Identified as a multi-swing-high resistance that aligns close to a confluence of Fibonacci levels i.e. the 61.8% projection and the 127.2% extension, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction:  Bearish
Overall momentum of the chart: Bullish

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

Pivot: 0.6257

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

1st support: 0.6123
Supporting reasons: Identified as a swing-low support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price has found support in mid-September.

1st resistance: 0.6339
Supporting reasons: Identified as a swing-high resistance that aligns close to a 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price is rising towards the pivot and could potentially make a bullish break above this level to rise towards the 1st resistance.

Pivot: 42,061.26
Supporting reasons: Identified as a resistance area that aligns close to a confluence of Fibonacci levels i.e. the 61.8% projection and the 127.2% extension, but the strong bullish momentum is suggesting a bullish break above this resistance zone.

1st support: 41,580.87

Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support.

1st resistance: 42,596.32

Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% projection and the 161.8% extension, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

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 pull back towards the 1st support.

Pivot: 18,971.60
Supporting reasons: Identified as a multi-swing–high resistance that aligns close to a 127.2% Fibonacci extension, suggesting a potential area where selling pressures could intensify.

1st support: 18,544.40
Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 19,541.34
Supporting reasons: Identified as a resistance that aligns with a 161.80% Fibonacci extension, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price is rising towards the pivot and could potentially make a bullish break above this level to rise towards the 1st resistance.

Pivot: 5,714.33
Supporting reasons: Identified as a resistance area that aligns close to a confluence of Fibonacci levels i.e. the 61.8% projection and the 127.2% extension, but the strong bullish momentum is suggesting a bullish break above this resistance zone.

1st support: 5,553.24
Supporting reasons: Identified as an overlap support, indicating a key level where price could find support.

1st resistance: 5,831.35
Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% projection and the 161.8% extension, indicating a potential area that could halt any 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: 64,315.38
Supporting reasons: Identified as a swing-high resistance that aligns close to a 78.6% Fibonacci projection, suggesting a potential level where selling pressures could intensify.

1st support: 58,210.92
Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, indicating a key level where price has found support in mid-September.

1st resistance: 68,173.09
Supporting reasons: Identified as a multi-swing-high resistance that aligns close to a confluence of Fibonacci levels i.e. the 100% projection and the 127.2% extension, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

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: 2,811.75
Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement, suggesting a potential level where selling pressures could intensify. The presence of a bearish Ichimoku Cloud adds further significance to the strength of this resistance zone.

1st support: 2,223.09
Supporting reasons: Identified as a swing-low support that aligns with a 78.6% Fibonacci retracement, indicating a potential level where price has found support in early September.

1st resistance: 3,353.53
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 73.14
Supporting reasons: Identified as pullback support that aligns close to a 61.8% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a rebound. The presence of a descending trendline and the bearish Ichimoku Cloud add further significance to the strength of this resistance zone.

1st support: 66.66
Supporting reasons: Identified as a swing-low support, indicating a key level where price has found support in mid-September.

1st resistance: 78.08
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 2639.50
Supporting reasons: 100% Fibonacci Projection, suggesting this level could act as a significant resistance point.

1st support: 2469.71
Supporting reasons: An overlap support and 50% Fibonacci Retracement, indicating that this level might provide a strong support if the price declines.

1st resistance: 2716.33
Supporting reasons: 100% Fibonacci Projection, which could be a key resistance level if the price rises.

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