ICMarket

Monday 30th September 2024: Technical Outlook and Review

DXY (US Dollar Index):


Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: Price is below the bearish Ichimoku cloud.

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

Pivot: 101.02
Supporting reasons: An overlap resistance, suggesting this level could act as a significant resistance point.

1st support: 99.59
Supporting reasons: Swing low support and 161.80% Fibonacci Extension, indicating this level may provide strong support if the price declines further.

1st resistance: 101.94
Supporting reasons: An overlap resistance, marking a level where the price may face selling pressure if it attempts to rise.

EUR/USD:


Potential Direction: Bullish
Overall momentum of the chart: Bullish
Factors contributing to the momentum: Price is in a bullish ascending channel.

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

Pivot: 1.1110
Supporting reasons: An overlap support and 23.60% Fibonacci Retracement, suggesting this level could act as a strong support point.

1st support: 1.0948
Supporting reasons: An overlap support and 50% Fibonacci Retracement, indicating this level may provide additional support if the price declines.

1st resistance: 1.1277
Supporting reasons: Swing high resistance and 127.20% Fibonacci Extension, marking a significant resistance level where the price could face upward pressure.

EUR/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 158.08
Supporting reasons: Pullback support, indicating this level may act as a significant support point.

1st support: 154.53
Supporting reasons: Multi-swing low support, suggesting this level could provide additional support if the price declines.

1st resistance: 164.00
Supporting reasons: Pullback resistance with 50% Fibonacci Projection and 127.20% Fibonacci Extension, indicating a strong level of resistance due to Fibonacci confluence.

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 23.60% Fibonacci Retracement, suggesting this level could act as a significant resistance point.

1st support: 0.8321
Supporting reasons: Multi-swing low support, indicating this level may provide a strong point of support if the price declines.

1st resistance: 0.8488
Supporting reasons: Pullback resistance, marking a level where the price might face selling pressure if it attempts to rise.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.3430
Supporting reasons: Multi-swing high resistance and 161.80% Fibonacci Extension, indicating this level could act as a strong resistance point.

1st support: 1.3266
Supporting reasons: An overlap support, suggesting this level may provide significant support if the price declines.

1st resistance: 1.3614
Supporting reasons: An overlap resistance and 100% Fibonacci Projection, marking a level where the price might face resistance if it attempts to rise.

GBP/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 188.29
Supporting reasons: Pullback support, indicating this level may act as a significant support point for the price.

1st support: 182.96
Supporting reasons: Multi-swing low support, suggesting this level could provide additional support if the price moves lower.

1st resistance: 197.78
Supporting reasons: Pullback resistance and 61.80% Fibonacci Retracement, marking a significant resistance level where the price might face upward pressure.

USD/CHF:

Potential Direction: Neutral
Overall momentum of the chart: Neutral

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

1st support: 0.8393
Supporting reasons: Multi-swing low support, indicating this level may provide a significant point of support if the price declines.

1st resistance: 0.8524
Supporting reasons: Multi-swing high resistance, suggesting this level could act as a significant barrier if the price attempts to rise.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: Price is below the bearish Ichimoku cloud.

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

Pivot: 146.31
Supporting reasons: An overlap resistance, indicating this level could act as a significant resistance point.

1st support: 140.18
Supporting reasons: Multi-swing low support, suggesting this level may provide a strong point of support if the price declines.

1st resistance: 150.91
Supporting reasons: Pullback resistance and 50% Fibonacci Projection, marking a key resistance level where the price could face upward pressure.

USD/CAD:

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: 1.3610
Supporting reasons: Identified as a swing-high resistance that aligns close to a 100% Fibonacci projection, suggesting a potential area where selling pressures could intensify. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.

1st support: 1.3431
Supporting reasons: Identified as a swing-low support, indicating a key level where price has found support recently.

1st resistance: 1.3735
Supporting reasons: Identified as an overlap resistance, 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: 0.6983
Supporting reasons: Identified as an overlap resistance that aligns close to a 78.6% Fibonacci projection, indicating a potential level where selling pressures could intensify.

1st support: 0.6895
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 0.7136
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any 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: 0.6395

Supporting reasons: Identified as a swing-high resistance that aligns close to a 61.8% Fibonacci projection, suggesting a potential level where selling pressures could intensify.

1st support: 0.6339
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 0.6513
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any 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: 43,294.61
Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. a 78.6% projection, a 100% projection and a 161.8% extension, suggesting a potential area where selling pressures could intensify.

1st support: 41,604.84

Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 44,941.39

Supporting reasons: Identified as a resistance that aligns with a 100% Fibonacci projection, indicating a potential area that could halt any 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: 19,736.98
Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. a 61.8% projection and a 78.6% projection, suggesting a potential area where selling pressures could intensify.

1st support: 18,948.60
Supporting reasons: Identified as a pullback support, indicating a key level where price could find support.

1st resistance: 20,180.97
Supporting reasons: Identified as a resistance that aligns with a 100% Fibonacci projection, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

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: 5,832.00
Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. a 78.6% projection and a 127.2% extension, suggesting a potential area where selling pressures could intensify.

1st support: 5,669.89
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 5,953.58
Supporting reasons: Identified as a resistance that aligns with a 100% Fibonacci projection, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 62,951.62
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, suggesting a potential level where buying interests could pick up to resume the uptrend.

1st support: 60,386.23
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support.

1st resistance: 65,851.92
Supporting reasons: Identified as a 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: Bullish

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

Pivot: 2,456.65
Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a rebound.

1st support: 2,223.09
Supporting reasons: Identified as a swing-low support, indicating a potential level where price has found support recently.

1st resistance: 2,805.94
Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 72.31
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 the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.

1st support: 66.34
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price has found support in the past.

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 continuation towards 1st support.

Pivot: 2678.43
Supporting reasons: Swing high resistance and 78.60% Fibonacci Projection, indicating this level could act as a significant resistance point.

1st support: 2480.26
Supporting reasons: An overlap support and 50% Fibonacci Retracement, suggesting this level may provide strong support if the price declines.

1st resistance: 2787.21
Supporting reasons: 78.60% Fibonacci Projection, marking a notable resistance level where the price might face upward pressure.

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