ICMarket

Thursday 26th 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 pivot and drop to 1st support.

Pivot: 101.31
Supporting reasons: An Overlap resistance, suggesting this level could act as a key resistance point.

1st support: 100.24
Supporting reasons: Swing low support, indicating a potential support level where the price might find buying interest.

1st resistance: 102.30
Supporting reasons: Pullback resistance and 127.20% Fibonacci Extension, marking a significant resistance level 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 pivot and drop to 1st support.

Pivot: 1.1176
Supporting reasons: Pullback resistance, indicating a potential resistance level where the price might encounter selling pressure.

1st support: 1.1072
Supporting reasons: An Overlap support and 61.80% Fibonacci Retracement, suggesting this level could act as a support point where the price might find buying interest.

1st resistance: 1.1215
Supporting reasons: Swing high resistance, marking a key resistance level where the price may face resistance if it rises.

EUR/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a: Bullish continuation towards 1st resistance.

Pivot: 159.94
Supporting reasons: An Overlap support, suggesting this level could act as a support point where the price may find buying interest.

1st support: 158.41
Supporting reasons: An Overlap support, indicating this level might also provide support if the price drops below the pivot.

1st resistance: 162.74
Supporting reasons: Multi-swing high resistance and 161.80% Fibonacci Extension, marking a significant resistance level where the price could face resistance.

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: 0.8385
Supporting reasons: Pullback resistance and 50% Fibonacci Retracement, suggesting this level might act as a resistance where the price could face downward pressure.

1st support: 0.8321
Supporting reasons: Swing low support, indicating this level could provide a point of support if the price continues to drop.

1st resistance: 0.8453
Supporting reasons: An Overlap resistance, implying that this level might act as a significant resistance if the price attempts to rise.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.3429
Supporting reasons: 161.80% Fibonacci Extension, indicating this level might act as a significant resistance where the price could face downward pressure.

1st support: 1.3262
Supporting reasons: An Overlap support, suggesting this level could provide a point of support if the price continues to drop.

1st resistance: 1.3680
Supporting reasons: An Overlap resistance, implying that this level could act as a significant resistance if the price attempts to rise.

GBP/JPY:


Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 193.30
Supporting reasons: Multi-swing high resistance, indicating this level could act as a significant resistance point where the price might face selling pressure.

1st support: 189.24
Supporting reasons: An Overlap support and 38.20% Fibonacci Retracement, suggesting this level may provide support if the price drops below the pivot.

1st resistance: 195.96
Supporting reasons: Pullback resistance and 127.20% Fibonacci Extension, marking a strong resistance level where the price could encounter resistance.

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: 0.8564
Supporting reasons: Pullback resistance, 50% Fibonacci Retracement, and 161.80% Fibonacci Extension, indicating Fibonacci confluence suggesting this level might act as a significant resistance.

1st support: 0.8402
Supporting reasons: Multi-swing low support, providing a potential area where the price could find support if it falls below the pivot.

1st resistance: 0.8692
Supporting reasons: An Overlap resistance, marking a level where the price could encounter resistance if it rises.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a: Bullish continuation towards 1st resistance.

Pivot: 142.84
Supporting reasons: An overlap support, indicating this level might act as a key support where the price could find buying interest.

1st support: 141.06
Supporting reasons: An overlap support, suggesting this level could provide additional support if the price moves below the pivot.

1st resistance: 145.43
Supporting reasons: Pullback resistance and 78.60% Fibonacci Retracement, indicating that this level might face resistance as the price advances.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price has made a bearish reversal close to the pivot and could potentially fall towards the 1st support.

Pivot: 1.3492
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 to resume the downtrend.

1st support: 1.3419
Supporting reasons: Identified as a swing-low support that aligns with a 127.2% Fibonacci extension, indicating a key level where price has found support recently.

1st resistance: 1.3545
Supporting reasons: Identified as an overlap resistance that aligns close to a 50% 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 is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.

Pivot: 0.6897
Supporting reasons: Identified as a swing-high resistance that aligns with a 61.8% Fibonacci projection, indicating a potential level where selling pressures could intensify.

1st support: 0.6794
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 0.6943
Supporting reasons: Identified as a resistance that aligns with a 100% Fibonacci projection, indicating a potential area that could halt any further upward movement.

NZD/USD

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: 0.6254

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

1st support: 0.6175
Supporting reasons: Identified as a pullback support, indicating a potential level where price has found support in the past.

1st resistance: 0.6353
Supporting reasons: Identified as a swing-high resistance that aligns with a 78.6% Fibonacci projection, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

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: 41,855.66
Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st support: 41,590.34

Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, 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 fall towards the 1st support.

Pivot: 19,049.50
Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, suggesting a potential area where selling pressures could intensify.

1st support: 18,653.80
Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 19,212.50
Supporting reasons: Identified as a resistance that aligns with 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.

US500 (S&P 500): 

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 5,730.70
Supporting reasons: Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 61.8% projection and the 127.2% extension, which now could be broken due to the strong bullish momentum.

1st support: 5,653.70
Supporting reasons: Identified as a pullback support, indicating a potential 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: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 62,723.05
Supporting reasons: Identified as an overlap support, suggesting a potential level where buying interests could pick up to stage a rebound.

1st support: 61,198.85
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 64,376.72
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 2,575.58
Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement, suggesting a potential level where buying interests could pick up to resume the uptrend.

1st support: 2,457.10
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 2,671.88
Supporting reasons: Identified as an overlap resistance that aligns close to a 78.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 69.89
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a rebound.

1st support: 68.13
Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement, indicating a key level where price has found support in the past.

1st resistance: 72.61
Supporting reasons: Identified as an overlap 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 continuation towards 1st support

Pivot: 2665.11
Supporting reasons: Swing high resistance and 100% Fibonacci Projection, suggesting this level could act as significant resistance.

1st support: 2601.49
Supporting reasons: Pullback support, indicating this level might serve as a potential support area if the price drops.

1st resistance: 2715.19
Supporting reasons: 1000% Fibonacci Projection, marking a potential resistance level if the price continues to rise.

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