ICMarket

Monday 11th November 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 the pivot and rise toward the 1st resistance

Pivot: 104.42
Supporting reasons: Identified as overlap support close to 23.6% Fibonacci retracement, indicating a potential area where buying pressures could intensify.

1st support:  103.45

Supporting reasons: Identified as swing low support close to 38.2% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 106.94
Supporting reasons: Identified as overlap resistance, indicating a potential area that could halt any further upward movement.

Additionally, when the price remains above the Ichimoku cloud, it’s typically seen as a strong bearish signal, indicating downward momentum.

EUR/USD:


Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could potentially make a bounce off the pivot and rise toward the 1st resistance 

Pivot: 1.0677
Supporting reasons: Identified as multi-swing low support, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 1.0615
Supporting reasons: Identified as multi-swing low support, indicating a potential level where price could find support once more.

1st resistance: 1.0785
Supporting reasons: Identified as an overlap resistance close to 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

EUR/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bounce off the pivot and rise toward the 1st resistance 

Pivot: 163.37
Supporting reasons: Identified as overlap support close to 38.2% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 1.60.59
Supporting reasons: Identified as pullback support close to 78.6% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 166.59
Supporting reasons: Identified as swing high resistance, indicating a potential area that could halt any further upward movement.

EUR/GBP:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a reaction off the pivot and drop toward the 1st support 

Pivot: 0.8304
Supporting reasons: Identified as pullback resistance, indicating a potential area where selling interests could pick up to stage a rebound.

1st support: 0.8253
Supporting reasons: Identified as multi-swing low support close to 127.2% Fibonacci extension, indicating a potential level where price could find support once more.

1st resistance: 0.8346
Supporting reasons: Identified as pullback resistance, indicating a potential area that could halt any further upward movement.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could potentially make a bounce off the pivot and rise toward the 1st resistance 

Pivot: 1.2806
Supporting reasons: Identified as pullback support close to 78.6% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 1.2682
Supporting reasons: Identified as multi-swing low support, indicating a potential level where price could find support once more.

1st resistance: 1.3044
Supporting reasons: Identified as overlap resistance close to 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

GBP/JPY:

Potential Direction: Neutral
Overall momentum of the chart: Bullish

Price could fluctuate between the 1st resistance and 1st support level.

1st support: 195.96
Supporting reasons: Identified as an overlap support that aligns with 23.6% Fibonacci retracement, indicating a potential level where price could again find support.

1st resistance: 199.74
Supporting reasons: Identified as multi-swing high resistance, indicating a potential area that could halt any further upward movement.

USD/CHF:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bounce off the pivot and rise toward the 1st resistance 

Pivot: 0.8702
Supporting reasons: Identified as overlap support, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 0.8604
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.

1st resistance: 0.8890
Supporting reasons: Identified as overlap resistance close to 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

USD/JPY:


Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance

Pivot: 150.82
Supporting reasons: Identified as overlap support close to 23.6% and 50% Fibonacci retracement, indicating a potential area where buying pressures could intensify.

1st support: 149.39

Supporting reasons: Identified as overlap support close to 23.6% and 50% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 254.79
Supporting reasons: Identified as overlap resistance, indicating a potential area that could halt any further upward movement.

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 toward the 1st support.

Pivot: 1.3953
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area where selling pressures could intensify.

1st support: 1.3837
Supporting reasons: Identified as a swing-low support that aligns with a 23.6% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 1.4004
Supporting reasons: Identified as a pullback resistance that aligns with 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: Bullish

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

Pivot: 0.6560
Supporting reasons: Identified as a swing-low support that aligns close to a 127.2% Fibonacci extension, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 0.6488
Supporting reasons: Identified as a swing-low support, suggesting a key support area where price could find support once again.

1st resistance: 0.6678
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: Neutral

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

Pivot: 0.5939
Supporting reasons: Identified as a swing-low support that aligns with a 161.8% Fibonacci extension, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 0.5868
Supporting reasons: Identified as a multi-swing-low support, suggesting a key support area where price could find support once again.

1st resistance: 0.6025
Supporting reasons: Identified as a pullback resistance that aligns with a 23.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 44,394.13

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 level where selling pressures could intensify.

1st support: 43,339.19

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

1st resistance: 45,011.66

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: 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: 19,089.50
Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend. The presence of a green Ichimoku Cloud adds further significance to the strength of this support zone.

1st support: 18,737.10
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 again.

1st resistance: 19,670.10
Supporting reasons: Identified as a swing-high resistance at the all-time high, 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 trading close to the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.

Pivot: 6,000.98

Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. the 61.8% projection and the 161.8% extension, indicating a potential level where selling pressures could intensify.

1st support: 5,872.60
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 6,085.53
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.

BTC/USD (Bitcoin):

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: 83,371.56
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 level where selling pressures could intensify.

1st support: 73,176.19
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 87,812.19
Supporting reasons: Identified as a resistance that aligns with a 100% Fibonacci projection, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

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: 3,386.40
Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 2,863.34
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 3,889.27
Supporting reasons: Identified as a swing-high resistance, 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: 67.74
Supporting reasons: Identified as a multi-swing-low support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 65.55
Supporting reasons: Identified as a multi-swing-low support that aligns with a 127.2% Fibonacci extension, indicating a key level where price could find support once more.

1st resistance: 72.63
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: Bearish

Price could potentially make a reaction off the pivot and drop toward the 1st support 

Pivot: 2714.89
Supporting reasons: Identified as pullback resistance close to 50% Fibonacci retracement, indicating a potential area where selling interests could pick up to stage a rebound.

1st support: 2667.94
Supporting reasons: Identified as pullback support, indicating a potential level where price could find support once more.

1st resistance: 2758.74
Supporting reasons: Identified as overlap resistance, indicating a potential area that could halt any further upward movement.

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