ICMarket

Friday 1st November 2024: Technical Outlook and Review

DXY (US Dollar Index):

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: 104.01

Supporting reasons: Identified as a pullback resistanceindicating a potential level where selling interests could pick up to resume the downtrend.

1st support: 1.03.54

Supporting reasons: Identified as a pullback support which aligns with the 161.8% Fibonacci extension, suggesting a strong support level if the price moves downward.

1st resistance: 104.20

Supporting reasons: Identified as an overlap resistance, indicating a level where the price may encounter selling pressure if it rises.

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: 1.0896
Supporting reasons: Identified as overlap  resistance,indicating a potential level where selling interests could pick up to resume the downtrend.

1st support: 1.0839
Supporting reasons: Identified as a pullback support, suggesting a strong support level if the price moves downward.

1st resistance: 1.0955
Supporting reasons: Identified as an overlap resistance, indicating a level where the price may encounter selling pressure if it rises.

EUR/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 165.01
Supporting reasons: Identified as an overlap support close to 38.2% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 163.78
Supporting reasons: Identified as an overlap support,  close to 61.8% Fibonacci retracement, indicating a potential level where price could again find support.

1st resistance: 166.67
Supporting reasons: Identified as a 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 bearish reaction off the pivot and drop toward the 1st support

Pivot: 0.8453
Supporting reasons: Identified as an overlap resistance, indicating a potential level where selling interests could pick up to resume the downtrend

1st support: 0.8401
Supporting reasons: Identified as a pullback support, suggesting a strong support level if the price moves downward.

1st resistance: 0.8507
Supporting reasons: Identified as a pullback resistance, indicating a level where the price may encounter selling pressure if it rises.

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: 1.2913

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

1st support: 1.2801

Supporting reasons: Identified as overlap support close to 161.8% Fibonacci extension, indicating a potential level where price could find support once more.

1st resistance: 1.3033
Supporting reasons: Identified as overlap resistance, indicating a potential area that could halt any further upward movement.

GBP/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 195.56
Supporting reasons: Identified as overlap support close to 61.8% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 193.03

Supporting reasons: Identified as an overlap support close to 61.8% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 198.19

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

USD/CHF:

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: 0.8643
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling interests could pick up to stage a rebound.

1st support: 0.8607
Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement indicating a potential level where price could find support once more.

1st resistance: 0.8696
Supporting reasons: Identified as a multi swing -high resistance, indicating a potential area that could halt any further upward movement.

USD/JPY:

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: 152,57
Supporting reasons: Identified as pullback resistance, indicating a potential level where selling interests could pick up to resume the downtrend

1st support: 150.23
Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement and 161.8% Fibonacci extension, indicating a potential level where price could find support.

1st resistance: 153.79
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.3935
Supporting reasons: Identified as a multi-swing high resistance, indicating a potential area where selling interests could pick up to resume the downtrend

1st support: 1.3868
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: 1.3970
Supporting reasons: Aligns with 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Neutral
Overall momentum of the chart: Bearish

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

1st support: 0.6539
Supporting reasons: Identified as multi-swing low support, suggesting a strong support level if the price moves downward.

1st resistance: 0.6592
Supporting reasons: Identified as an overlap resistance, indicating a level where the price may encounter selling pressure if it rises.

NZD/USD

Potential Direction: Neutral
Overall momentum of the chart: Bearish

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

1st support: 0.5956
Supporting reasons: Identified as multi-swing low support, suggesting a strong support level if the price moves downward.

1st resistance: 0.5998
Supporting reasons: Identified as a swing high resistance, indicating a level where the price may encounter selling pressure if it rises.

US30 (DJIA):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 41,748.80

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

1st support: 41,446.33

Supporting reasons: Identified as overlap suppor indicating a potential level where price could find support.

1st resistance: 42,075.29

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

DE40 (DAX):

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: 19.034.08
Supporting reasons: Identified as pullback resistance, indicating a potential level where selling interests could pick up to stage a rebound.

1st support: 18,949.87
Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement level, indicating a key level where price could find support once again.

1st resistance: 19,663.07
Supporting reasons: Identified as a swing-high resistance that aligns with 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: Bearish

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

Pivot: 5,766.94

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

1st support: 5.656.42
Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, indicating a potential level where price could find support once again.

1st resistance: 5,867.93
Supporting reasons: Identified as a multi  swing-high resistance, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 68,256.57
Supporting reasons: Identified as a pullback support that aligns with a 50% and 38.2& Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 66,130.52
Supporting reasons: Identified as overlap support that aligns with a with a 50% Fibonacci retracement level, indicating a potential level where price could find support.

1st resistance: 71,752.73
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

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: 2,567.87
Supporting reasons: Identified as a pullback resistance, indicating a potential level where selling pressures could intensify.

1st support: 2,379.81
Supporting reasons: Identified as a swing low support, indicating a potential level where price could find support.

1st resistance: 2,684.22
Supporting reasons: Identified as a swing-high resistance  that aligns with  78.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

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: 71.21
Supporting reasons: Identified as overlap resistance that aligns with  78.6% Fibonacci retracement, , indicating a potential area where selling interests could pick up to stage a minor rebound.

1st support: 69.16
Supporting reasons: Identified as overlap support, indicating a key level where price could find support once more.

1st resistance: 73.72
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):


Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 2752.16
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 2715.10

Supporting reasons: Identified as a multi swing low support  that aligns with 38.2% Fibonacci retracement indicating a potential level where price could find support once more.

1st resistance: 2789.50
Supporting reasons: : Identified as a multi swing high resistance , indicating a potential area that could halt any further upward movement.

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.