ICMarket

Tuesday 8th October 2024: Technical Outlook and Review

DXY (US Dollar Index):


Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 102.16
Supporting reasons: Pullback support, indicating this level may act as a significant support point.

1st support: 101.17
Supporting reasons: An overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 103.68
Supporting reasons: Pullback resistance with 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 and 23.60% Fibonacci Retracement, indicating this level could act as a significant resistance point.

1st support: 1.0935
Supporting reasons: Pullback support with 161.80% Fibonacci Extension, suggesting this level may provide strong support if the price declines.

1st resistance: 1.1080
Supporting reasons: An overlap resistance with 50% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

EUR/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish
Factors contributing to the momentum: Price is above a major ascending trend line, suggesting further bullish momentum is on the cards.

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

Pivot: 160.90
Supporting reasons: An overlap support, indicating this level may act as a significant support point.

1st support: 158.26
Supporting reasons: An overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 164.87
Supporting reasons: Pullback resistance with 127.20% Fibonacci Extension and 78.60% Fibonacci Projection, indicating a confluence of Fibonacci levels that may act as a significant resistance point.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8358
Supporting reasons: An overlap support, indicating this level may act as a significant support point.

1st support: 0.8311
Supporting reasons: Swing low support, suggesting this level could provide strong support if the price declines.

1st resistance: 0.8454
Supporting reasons: An overlap resistance with 50% Fibonacci Retracement and 127.20% Fibonacci Extension, indicating a confluence of Fibonacci levels that may act as a significant resistance point.

GBP/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: 1.3156
Supporting reasons: An overlap resistance with 23.60% Fibonacci Retracement, indicating this level may act as a significant resistance point.

1st support: 1.3030
Supporting reasons: An overlap support with 50% Fibonacci Retracement, suggesting this level could provide strong support if the price declines.

1st resistance: 1.3259
Supporting reasons: Pullback resistance with 50% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

GBP/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish
Factors contributing to the momentum: Price is above a major ascending trend line, suggesting further bullish momentum is on the cards.

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

Pivot: 193.13
Supporting reasons: An overlap support, indicating this level may act as a significant support point.

1st support: 190.38
Supporting reasons: An overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 195.91
Supporting reasons: An overlap resistance with 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: 0.8518
Supporting reasons: Pullback support, indicating this level may act as a significant support point.

1st support: 0.8401
Supporting reasons: Multi-swing low support, suggesting this level could provide strong support if the price declines.

1st resistance: 0.8622
Supporting reasons: Pullback resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

USD/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: 147.11
Supporting reasons: Pullback support, indicating this level may act as a significant support point.

1st support: 144.32
Supporting reasons: Pullback support, suggesting this level could provide strong support if the price declines.

1st resistance: 149.41
Supporting reasons: Swing high resistance with 61.80% Fibonacci Projection 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: Bullish

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

Pivot: 1.3635
Supporting reasons: Identified as a multi-swing-high resistance that aligns with a 100% Fibonacci projection, suggesting a potential area where selling pressures could intensify.

1st support: 1.3545
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a key level where price could find support.

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: Bearish

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

Pivot: 0.6731
Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where buying interests could pick up to stage a rebound.

1st support: 0.6688
Supporting reasons: Identified as an overlap support that aligns with a 78.6% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 0.6811
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

NZD/USD

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: 0.6114

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

1st support: 0.6081
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 0.6174
Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 41,604.84

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

1st support: 41,056.42

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 42,395.55

Supporting reasons: Identified as a multi-swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

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: 18,886.10
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a rebound. 

1st support: 18,641.20
Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 19,224.30
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 5,669.89
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 stage a rebound. 

1st support: 5,622.40
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 5,767.00
Supporting reasons: Identified as a multi-swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

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: 61,464.29
Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a rebound. 

1st support: 60,117.65
Supporting reasons: Identified as a swing-low support that aligns with a confluence of Fibonacci levels i.e. a 50% retracement and a 61.8% projection, indicating a potential level where price could find support once more.

1st resistance: 63,728.74
Supporting reasons: Identified as a swing-high resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any 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: 2,398.15
Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a rebound. 

1st support: 2,338.65
Supporting reasons: Identified as a swing-low support, indicating a potential level where price could find support once again.

1st resistance: 2,493.39
Supporting reasons: Identified as a swing-high resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

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: 74.18
Supporting reasons: Identified as a pullback 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: 73.03
Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, indicating a key level where price could find support.

1st resistance: 77.85
Supporting reasons: Identified as a swing-high resistance, 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.

The accuracy, completeness and timeliness of the information contained on this site cannot be guaranteed. IC Markets does not warranty, guarantee or make any representations, or assume any liability regarding financial results based on the use of the information in the site.

News, views, opinions, recommendations and other information obtained from sources outside of www.icmarkets.com, used in this site are believed to be reliable, but we cannot guarantee their accuracy or completeness. All such information is subject to change at any time without notice. IC Markets assumes no responsibility for the content of any linked site.

The fact that such links may exist does not indicate approval or endorsement of any material contained on any linked site. IC Markets is not liable for any harm caused by the transmission, through accessing the services or information on this site, of a computer virus, or other computer code or programming device that might be used to access, delete, damage, disable, disrupt or otherwise impede in any manner, the operation of the site or of any user’s software, hardware, data or property. 

Latest

General Market Analysis
General Market Analysis – 25/11/24

By IC Markets Global

Market Analysis
The Week Ahead – Week Commencing 25 November 2024

By IC Markets Global

Ex Dividends Indices
Ex-Dividend 25/11/2024

By IC Markets Global