ICMarket

Monday 14th 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: 103.67
Supporting reasons: Identified as a pullback resistance with 61.80% Fibonacci Retracement, indicating this level may act as a significant resistance point.

1st support: 102.15
Supporting reasons: Identified as a pullback support, suggesting this level could provide strong support if the price declines.

1st resistance: 104.87
Supporting reasons: Identified as a 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: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 1.0904
Supporting reasons: Identified as an overlap support with 61.80% Fibonacci Retracement, indicating this level may act as a significant support point.

1st support: 1.0785
Supporting reasons: Identified as a wing low support, suggesting this level could provide strong support if the price declines.

1st resistance: 1.1008
Supporting reasons: Identified as a pullback resistance with 38.20% 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

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

Pivot: 161.86
Supporting reasons: Identified as an overlap support, indicating this level may provide significant support during price fluctuations.

1st support: 158.15
Supporting reasons: Identified as an overlap support, suggesting this level could offer strong support if the price declines.

1st resistance: 168.31
Supporting reasons: Identified as an overlap resistance with 61.80% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation towards 1st resistance.

Pivot: 0.8356
Supporting reasons: Identified as an overlap support with 61.80% Fibonacci Retracement, indicating this level may provide significant support during price fluctuations.

1st support: 0.8317
Supporting reasons: Identified as a multi-swing low support, suggesting this level could offer strong support if the price declines.

1st resistance: 0.8407
Supporting reasons: Identified as an overlap resistance, 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: Bearish

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

Pivot: 1.3017
Supporting reasons: Identified as an overlap support with 50% Fibonacci Retracement, indicating this level may act as a significant support point.

1st support: 1.2812
Supporting reasons: Identified as a pullback support with 78.60% Fibonacci Retracement, suggesting this level could provide strong support if the price declines.

1st resistance: 1.3260
Supporting reasons: Identified as a pullback resistance, 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

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

Pivot: 193.10
Supporting reasons: Identified as an overlap support, indicating this level may provide significant support during price fluctuations.

1st support: 188.38
Supporting reasons: Identified as a pullback support, suggesting this level could offer strong support if the price declines.

1st resistance: 197.83
Supporting reasons: Identified as a pullback resistance with 61.80% Fibonacci Retracement and 61.80% Fibonacci Projection, indicating Fibonacci confluence, suggesting a strong potential resistance level.

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: 0.8537
Supporting reasons: Identified as an overlap support, indicating this level may provide significant support during price fluctuations.

1st support: 0.8391
Supporting reasons: Identified as a multi-swing low support, suggesting this level could offer strong support if the price declines.

1st resistance: 0.8729
Supporting reasons: Identified as an overlap resistance, aligned with 50% Fibonacci Retracement, indicating a potential resistance level where selling pressure may arise.

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: 146.86
Supporting reasons: Identified as a pullback support, indicating this level may act as a significant support during retracements.

1st support: 143.93
Supporting reasons: Identified as a pullback support, suggesting this level could provide additional support if the price moves lower.

1st resistance: 150.90
Supporting reasons: Identified as a pullback resistance, aligned with 50% Fibonacci Retracement, indicating a potential area where selling pressure may emerge.

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 pull back towards the 1st support.

Pivot: 1.3793
Supporting reasons: Identified as a pullback resistance that aligns with a 161.8% Fibonacci extension, indicating a potential level where selling pressures could intensify.

1st support: 1.3729
Supporting reasons: Identified as a pullback support, indicating a key level where price could find support.

1st resistance: 1.3879
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.6715
Supporting reasons: Identified as swing-low support, 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, indicating a potential level where price could find support once more.

1st resistance: 0.6798
Supporting reasons: Identified as a pullback resistance that aligns with 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 trading close to the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 0.6050

Supporting reasons: Identified as swing-low support that aligns close to a 127.2% Fibonacci extension, indicating a potential level where buying interests could pick up to stage a rebound.

1st support: 0.5984
Supporting reasons: Identified as a swing-low support, indicating a potential level where price could find support once more.

1st resistance: 0.6157
Supporting reasons: Identified as a pullback 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: 43,005.93

Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension, suggesting a potential area where selling pressures could intensify. 

1st support: 42,383.61

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

1st resistance: 43,449.37

Supporting reasons: Identified as a resistance that aligns with a 61.8% 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: 19,399.00
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: 18,993.10
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price could find support once again.

1st resistance: 19,712.06
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: 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: 5,860.44
Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension, suggesting a potential area where selling pressures could intensify. 

1st support: 5,752.90
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 5,914.03
Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

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: 60,117.65
Supporting reasons: Identified as a multi-swing-low 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: 58,210.92
Supporting reasons: Identified as a swing-low support that aligns with a 61.8% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 65,857.98
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: Neutral

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

Pivot: 2,347.98
Supporting reasons: Identified as a multi-swing-low support, suggesting a potential area 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 could find support once again.

1st resistance: 2,580.20
Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% 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 falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 72.43
Supporting reasons: Identified as an overlap 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: 68.24
Supporting reasons: Identified as a swing-low support, indicating a key level where price could find support once more.

1st resistance: 75.96
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.

XAU/USD (GOLD):

Potential Direction: Neutral
Overall momentum of the chart: Bullish

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

1st support: 2601.26
Supporting reasons: Identified as an overlap support, suggesting this level may hold if the price retraces.

1st resistance: 2685.79
Supporting reasons: Identified as a swing high resistance, indicating a level where the price may encounter selling pressure.

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