ICMarket

Friday 8th 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: 104.32
Supporting reasons: Identified as overlap support close to 50% Fibonacci retracement, indicating a potential area where buying pressures could intensify.

1st support: 103.42

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

1st resistance: 105.40
Supporting reasons: Identified as overlap resistance, 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 reaction off the pivot and drop toward the 1st support 

Pivot: 1.0839
Supporting reasons: Identified as pullback resistance close to 61.8% Fibonacci retracement, indicating a potential area where selling interests could pick up to stage a rebound.

1st support: 1.0796
Supporting reasons: Identified as overlap support, indicating a potential level where price could find support once more.

1st resistance: 1.0903
Supporting reasons: Identified as pullback resistance, indicating a potential area that could halt any further upward movement.

EUR/JPY:

Potential Direction: Neutral
Overall momentum of the chart: Bullish

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

1st support: 164.92
Supporting reasons: Identified as an overlap support, indicating a potential level where price could again find support.

1st resistance: 166.70
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 reaction off the pivot and drop toward the 1st support 

Pivot: 0.8349
Supporting reasons: Identified as pullback resistance, indicating a potential area where selling interests could pick up to stage a rebound.

1st support: 0.8303
Supporting reasons: Identified as multi-swing low support, indicating a potential level where price could find support once more.

1st resistance: 0.8420
Supporting reasons: Identified as overlap 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 reaction off the pivot and drop toward the 1st support 

Pivot: 1.3032
Supporting reasons: Identified as overlap resistance, indicating a potential area where selling interests could pick up to stage a rebound.

1st support: 1.2914
Supporting reasons: Identified as pullback support, indicating a potential level where price could find support once more.

1st resistance: 1.3120
Supporting reasons: Identified as an overlap resistance close to 50% Fibonacci retracement, 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 bounce off the pivot and rise toward the 1st resistance

Pivot: 198.14
Supporting reasons: Identified as overlap support, indicating a potential area where buying pressures could intensify.

1st support: 196.00

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

1st resistance: 200.72
Supporting reasons: Identified as overlap resistance close to 127.2& Fibonacci retracement, 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 continuation toward the 1st support

Pivot: 0.8799
Supporting reasons: Identified as overlap resistance close to 161.8% Fibonacci retracement, indicating a potential area where selling interests could pick up to stage a rebound.

1st support: 0.8696
Supporting reasons: Identified as pullback support, indicating a potential level where price could find support once more.

1st resistance: 0.8890
Supporting reasons: Identified as multi swing high resistance, 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: 152.43
Supporting reasons: Identified as pullback support close to 61.8% Fibonacci retracement, indicating a potential area where buying pressures could intensify.

1st support: 151.49

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

1st resistance: 154.700
Supporting reasons: Identified as overlap resistance that aligns with the 127.2% Fibonacci retracement, 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: 1.4030
Supporting reasons: Identified as a resistance that aligns with a 161.8% 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 is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 0.6636
Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 0.6584
Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement, suggesting a key support area where price could find support.

1st resistance: 0.6713
Supporting reasons: Identified as a pullback resistance that aligns close to a 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

NZD/USD

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: 0.5966
Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 0.5936
Supporting reasons: Identified as a swing-low support that aligns with a 161.8% Fibonacci extension, suggesting a key support area where price could find support once more.

1st resistance: 0.6025
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: 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: 43,879.76

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

1st support: 43,331.01

Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 44,389.44

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

DE40 (DAX):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 19,430.60
Supporting reasons: Identified as an overlap resistance, indicating a potential level where selling pressures could intensify.

1st support: 19,305.60
Supporting reasons: Identified as an overlap support, indicating a key level where price could find support.

1st resistance: 19,624.90
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: 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: 6,002.66

Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection, indicating a potential level where selling pressures could intensify.

1st support: 5,920.10
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, 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: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 74,361.73
Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 72,713.24
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 77,839.81
Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 2,853.86
Supporting reasons: Identified as a pullback support, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 2,792.34
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once again.

1st resistance: 2,956.29
Supporting reasons: Identified as a resistance that aligns close to a 161.8% Fibonacci extension, 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: 70.38
Supporting reasons: Identified as a swing-low 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: 69.16
Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 72.82
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.

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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