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Thursday 19th December 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: 107.56
Supporting reasons: Identified as a pullback support, indicating a potential area where buying pressures could intensify.

1st support: 106.78
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.

1st resistance: 108.78
Supporting reasons: Identified as a resistance that aligns with the 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 1.0450
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 1.0333

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

1st resistance: 1.0606
Supporting reasons:  Identified as an overlap resistance,  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 bullish bounce off the pivot and rise toward the 1st resistance

Pivot: 159.25
Supporting reasons: Identified as an overlap support that aligns with the 50% Fibonacci retracement, indicating a potential area where buying pressures could intensify.

1st support: 157.65

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

1st resistance: 160.93
Supporting reasons: Identified as a pullback 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 bearish reaction off the pivot and drop toward the 1st support 

Pivot: 0.8270
Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify

1st support: 0.8224

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

1st resistance: 0.8310
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

GBP/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 1.2616
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify

1st support: 1.2488

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

1st resistance: 1.2719
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bearish continuation toward the 1st support 

Pivot: 195.84
Supporting reasons: Identified as a pullback resistance close to the 61.8% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 192.44
Supporting reasons: Identified as an overlap support, indicating a key level where price could find support once more.

1st resistance: 198.21
Supporting reasons: Identified as an overlap 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 bullish bounce the pivot and rise toward the 1st resistance

Pivot: 0.8974
Supporting reasons: Identified as a pullback support, indicating a potential area where buying pressures could intensify.

1st support: 0.8909

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

1st resistance: 0.9074
Supporting reasons: Identified a resistance that aligns with the 61.8% Fibonacci projection, 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: 157.18
Supporting reasons: Identified as a pullback support, indicating a potential area where buying pressures could intensify.

1st support: 152.68
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support once again.

1st resistance: 155.38
Supporting reasons: Identified as a resistance that aligns with the 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

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: 1.4517

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

1st support: 1.4336
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a key level where price could find support.

1st resistance: 1.4602
Supporting reasons: Identified as a-swing-high resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

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: 0.6285

Supporting reasons: Identified as a pullback resistance that aligns with a 23.6% Fibonacci retracement, suggesting a key area where selling pressures could intensify.

1st support: 0.6201
Supporting reasons: Identified as a swing-low support, suggesting a potential area where price could find support once more.

1st resistance: 0.6349
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

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: 0.5684

Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify.

1st support: 0.5554
Supporting reasons: Identified as a swing-low support, suggesting a key support area where price could find support.

1st resistance: 0.5798
Supporting reasons: Identified as an overlap resistance that aligns close to 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: Bearish

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

Pivot: 42,654.55

Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify.

1st support: 41,762.06

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

1st resistance: 43,471.10

Supporting reasons: Identified as an overlap resistance, 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: 19,902.14
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, indicating a potential area where buying interests could pick to stage a minor rebound.

1st support: 19,664.76

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

1st resistance: 20,202.28
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

Potential Direction: Bullish
Overall momentum of the chart: Bearish

Price has made a bullish bounce off the pivot and could potentially rise towards the 1st resistance.

Pivot: 5,853.30

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

1st support: 5,761.80

Supporting reasons: Identified as an overlap support that aligns close to a 78.6% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 5,930.30
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price has made a bearish break below the pivot and could potentially fall towards the 1st support.

Pivot: 99,518.87

Supporting reasons: Identified as a potential breakout level where the strong bearish momentum could drive price lower.

1st support: 92,791.73
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once again.

1st resistance:  107,849.06
Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

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: 3,501.55

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

1st support: 3,283.12
Supporting reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. a 78.6% retracement and a 127.2% extension, indicating a potential level where price could find support once more.

1st resistance: 3,760.69
Supporting reasons:  Identified as an overlap 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: 69.13
Supporting reasons: Identified as an overlap 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: 67.92
Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement, indicating a key level where price could find support once again.

1st resistance: 70.61
Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement, 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 bearish reaction off the pivot and drop toward the 1st support 

Pivot: 2624.59
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 2585.41

Supporting reasons: Identified as an overlap support that aligns with the 127.2% Fibonacci extension, indicating a potential level where price could find support.

1st resistance: 2665.06

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

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