ICMarket

Monday 7th October 2024: Technical Outlook and Review

DXY (US Dollar Index):


Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 103.24
Supporting reasons: An overlap resistance and 50% Fibonacci Retracement, indicating this level could act as a significant resistance point.

1st support: 101.77
Supporting reasons: Pullback support, suggesting this level may provide a strong point of support if the price declines.

1st resistance: 104.68
Supporting reasons: An overlap resistance and 78.60% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

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: 1.1005
Supporting reasons: Pullback resistance, indicating this level could act as a significant resistance point.

1st support: 1.0869
Supporting reasons: Pullback support with 61.80% Fibonacci Retracement and 161.80% Fibonacci Extension, indicating a confluence of Fibonacci levels that may provide strong support.

1st resistance: 1.1110
Supporting reasons: Pullback resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

EUR/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: 164.05
Supporting reasons: An overlap resistance and 50% Fibonacci Retracement, indicating this level could act as a significant resistance point.

1st support: 158.70
Supporting reasons: Multi-swing low support and 61.80% Fibonacci Retracement, suggesting this level may provide strong support if the price declines.

1st resistance: 168.37
Supporting reasons: An overlap resistance and 61.80% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: Price is in a bearish descending channel.

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

Pivot: 0.8407
Supporting reasons: An overlap resistance, indicating this level could act as a significant resistance point.

1st support: 0.8316
Supporting reasons: Multi-swing low support, suggesting this level may provide a strong point of support if the price declines.

1st resistance: 0.8512
Supporting reasons: Pullback resistance and 61.80% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

GBP/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish
Factors contributing to the momentum: Price is above the bullish Ichimoku cloud.

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

Pivot: 1.3008
Supporting reasons: An overlap support with 38.20% and 50% Fibonacci Retracement, indicating a confluence of Fibonacci levels that may provide strong support.

1st support: 1.2807
Supporting reasons: An overlap support, suggesting this level may provide additional support if the price declines.

1st resistance: 1.3315
Supporting reasons: Pullback resistance and 61.80% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it 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: 197.74
Supporting reasons: Pullback resistance with 61.80% Fibonacci Retracement and 100% Fibonacci Projection, indicating a confluence of Fibonacci levels that may act as a significant resistance point.

1st support: 190.12
Supporting reasons: Multi-swing low support and 50% Fibonacci Retracement, suggesting this level may provide a strong point of support if the price declines.

1st resistance: 202.99
Supporting reasons: Pullback resistance and 78.60% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8533
Supporting reasons: Pullback support, indicating this level may act as a significant support point.

1st support: 0.8378
Supporting reasons: Swing low support, suggesting this level could provide strong support if the price declines.

1st resistance: 0.8806
Supporting reasons: Pullback resistance with 61.80% and 50% Fibonacci Retracement, indicating a confluence of Fibonacci levels that may act as a significant resistance point.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 146.90
Supporting reasons: Pullback support, indicating this level may act as a significant support point.

1st support: 141.69
Supporting reasons: An overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 152.71
Supporting reasons: Pullback resistance with 61.80% Fibonacci Retracement and 161.80% Fibonacci Extension, indicating a confluence of Fibonacci levels that may act as a significant resistance point.

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 with a 100% Fibonacci projection, suggesting a potential area where selling pressures could intensify.

1st support: 1.3481
Supporting reasons: Identified as a pullback support, indicating a key level where price has found support recently.

1st resistance: 1.3729
Supporting reasons: Identified as a pullback resistance that aligns close to a 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.

AUD/USD:

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: 0.6740
Supporting reasons: Identified as an overlap support that aligns with a 61.8 Fibonacci retracement, indicating a potential level where buying interests could pick up to stage a rebound.

1st support: 0.6647
Supporting reasons: Identified as a swing-low support that aligns with a 50% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 0.6913
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.6127

Supporting reasons: Identified as a swing-low support that aligns close to a 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound..

1st support: 0.6036
Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement indicating a potential level where price could find support again.

1st resistance: 0.6260
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.

US30 (DJIA):

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: 42,654.55

Supporting reasons: Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. a 78.6% projection and a 161.8% extension, suggesting a potential area where selling pressures could intensify. 

1st support: 41,547.82

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: 43,197.02

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: Neutral

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

Pivot: 19,399.00
Supporting reasons: Identified as a swing-high resistance that aligns with a confluence of Fibonacci levels i.e. a 61.8% projection and a 161.8% extension, suggesting a potential area where selling pressures could intensify.

1st support: 18,922.30
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 19,742.20
Supporting reasons: Identified as a resistance that aligns with a 78.6% 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: Neutral

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

Pivot: 5,831.19
Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. a 78.6% projection and a 161.8% extension, suggesting a potential area where selling pressures could intensify.

1st support: 5,669.89
Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 5,951.96
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: 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: 65,783.37
Supporting reasons: Identified as a swing-high resistance that aligns with a 78.6% Fibonacci retracement, suggesting a potential level where selling pressures could intensify.

1st support: 60,529.00
Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 68,388.74
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: 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.

1st support: 2,293.84
Supporting reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement, indicating a potential level where price could find support once again.

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: Bullish

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

Pivot: 78.08
Supporting reasons: Identified as a swing-high resistance that aligns close to a 61.8% Fibonacci retracement, suggesting a potential level where selling pressures could intensify.

1st support: 72.73
Supporting reasons: Identified as an overlap support, indicating a key level where price could find support.

1st resistance: 80.03
Supporting reasons: Identified as a swing-high resistance that aligns close to a 78.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):

Potential Direction: Neutral
Overall momentum of the chart: Bearish

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

1st support: 2625.81
Supporting reasons: Swing low support, suggesting this level may provide a significant point of support if the price declines.

1st resistance: 2673.54
Supporting reasons: Multi-swing high resistance, indicating this level could act as a significant resistance point if the price attempts to rise.

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