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Monday 16th September 2024: Technical Outlook and Review

DXY (US Dollar Index):


Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 100.52
Supporting reasons: Swing high resistance, which could act as a significant level for a potential bounce.

1st support: 99.75
Supporting reasons: Multi-swing low support, with confluence from the 161.80% Fibonacci Extension, indicating a strong support area.

1st resistance: 101.78
Supporting reasons: Multi-swing high resistance, likely to be a key resistance level if the price moves higher.

EUR/USD:


Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially make a bearish reaction off pivot and drop to 1st support.

Pivot: 1.1151
Supporting reasons: An overlap resistance, which may provide a significant level for a bearish reaction.

1st support: 1.0979
Supporting reasons: An overlap support with 50% Fibonacci Retracement, indicating a potential area where the price may find support if it drops.

1st resistance: 1.1274
Supporting reasons: Swing high resistance, which may be a key level if the price moves higher.

EUR/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 154.70
Supporting reasons: Multi-swing low support, which may provide a key level for a bullish bounce.

1st support: 151.52
Supporting reasons: An overlap support with 127.20% Fibonacci Extension, indicating a strong support level.

1st resistance: 159.96
Supporting reasons: Pullback resistance, is likely to be a significant level if the price advances.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off pivot and drop to 1st support.

Pivot: 0.8490
Supporting reasons: Pullback resistance, reinforced by 38.20% Fibonacci Retracement, making it a significant level for potential bearish reaction.

1st support: 0.8407
Supporting reasons: Multi-swing low support, providing a key level where the price may find support if the bearish trend continues.

1st resistance: 0.8533
Supporting reasons: Pullback resistance with 61.80% Fibonacci Retracement, suggesting it could act as a strong resistance if the price rebounds.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off pivot and drop to 1st support.

Pivot: 1.3182
Supporting reasons: An Overlap resistance, reinforced by 61.80% Fibonacci Retracement, indicating a key level where the price might face resistance and trigger a bearish reaction.

1st support: 1.3009
Supporting reasons: An Overlap support, reinforced by 38.20% Fibonacci Retracement, providing a significant level where the price might find support if the bearish trend continues.

1st resistance: 1.3266
Supporting reasons: Swing high resistance, which might act as a barrier for any potential price rebounds.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: Price is below the bearish Ichimoku cloud.

Price could potentially make a bearish continuation towards 1st support.

Pivot: 186.29
Supporting reasons: An Overlap resistance, indicating a key level where the price might encounter resistance and trigger further bearish movement.

1st support: 180.22
Supporting reasons: Swing low support, which could act as a significant level where the price may find support if the bearish trend persists.

1st resistance: 193.17
Supporting reasons: Swing high resistance, serving as a potential barrier for any upward price movement.

USD/CHF:

Potential Direction: Neutral
Overall momentum of the chart: Bearish

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

1st support: 0.8394
Supporting reasons: Multi-swing low support, indicating a level where price has historically found support and could potentially stabilize.

1st resistance: 0.8555
Supporting reasons: An Overlap resistance, suggesting a level where price may encounter resistance and struggle to advance further.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: Price is below the bearish Ichimoku cloud, indicating a prevailing bearish trend.

Price could potentially make a: Bearish continuation towards 1st support.

Pivot: 144.04
Supporting reasons: An Overlap resistance, where price has historically struggled to move above, reinforcing the bearish outlook.

1st support: 137.95
Supporting reasons: Swing low support, reinforced by the 161.80% Fibonacci Extension, suggesting a strong level where price may find significant support if the bearish trend continues.

1st resistance: 149.42
Supporting reasons: Swing high resistance, indicating a level where price may face difficulty moving beyond if a reversal or retracement occurs.

USD/CAD:

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: 1.3547
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.3439
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price has found strong support in the past.

1st resistance: 1.3616
Supporting reasons: Identified as a swing-high resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement. The presence of the bearish Ichimoku Cloud adds further significance to the downward momentum.

AUD/USD:

Potential Direction: Bearish
Overall momentum of the chart: Neutral

Price could rise towards the pivot and potentially reverse off this level to drop towards the 1st support.

Pivot: 0.6798
Supporting reasons: Identified as a multi-swing-high resistance, suggesting a potential level where selling interests could intensify.

1st support: 0.6645
Supporting reasons: Identified as a swing-low support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price has recently found support.

1st resistance: 0.6882
Supporting reasons: Identified as a multi-swing-high resistance that aligns with a 127.2% 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 could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 0.6119

Supporting reasons: Identified as a swing-low support that aligns close to a 38.2% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a minor rebound.

1st support: 0.5984
Supporting reasons: Identified as a swing-low support, indicating a potential level where price has found strong support in the past.

1st resistance: 0.6224
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.

US30 (DJIA):

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 pull back towards the 1st support.

Pivot: 41,604.84
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: 40,202.56
Supporting reasons: Identified as a swing-low support that aligns close to a 50% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 42,532.73

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.

DE40 (DAX):

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 pull back towards the 1st support.

Pivot: 18,971.60
Supporting reasons: Identified as a swing-high resistance that aligns with a 127.2% Fibonacci extension, suggesting a potential area where selling pressures could intensify.

1st support: 18,262.80
Supporting reasons: Identified as a swing-low support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 19,404.37
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.

US500 (S&P 500): 

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 pull back towards the 1st support.

Pivot: 5,669.89
Supporting reasons: Identified as a multi-swing-high resistance that aligns close to the all-time high, suggesting a potential area where selling pressures could intensify.

1st support: 5,385.30
Supporting reasons: Identified as a swing-low support that aligns close to a 50% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 5,830.11
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: Neutral

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

Pivot: 53,776.62
Supporting reasons: Identified as a multi-swing-low support, suggesting a potential level where buying interests could pick up to stage a rebound.

1st support: 49,048.70
Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement, indicating a key level where price has found strong in the past.

1st resistance: 60,529.00
Supporting reasons: Identified as a swing-high resistance that aligns with a 61.8% Fibonacci retracement, 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: 2,135.44
Supporting reasons: Identified as an overlap support that aligns close to a 78.6% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a rebound.

1st support: 1,729.30
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find strong.

1st resistance: 2,553.98
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. The presence of the bearish Ichimoku Cloud adds further significance to the downward momentum.

WTI/USD (Oil):

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: 66.34
Supporting reasons: Identified as a multi-swing-low support that aligns close to a 161.8% Fibonacci extension, suggesting a potential level where buying interests could pick up to stage a minor rebound.

1st support: 61.79
Supporting reasons: Identified as a multi-swing-low support that aligns close to a 61.8% Fibonacci projection, indicating a key level where price could find strong support.

1st resistance: 70.35
Supporting reasons: Identified as an overlap resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement. The presence of the bearish Ichimoku Cloud adds further significance to the downward momentum.

XAU/USD (GOLD):

Potential Direction: Bearish
Overall momentum of the chart: Bullish
Factors contributing to the momentum: Despite the overall bullish trend, there is a potential bearish reaction expected.

Price could potentially make a: Bearish reaction off pivot and drop to 1st support.

Pivot: 2583.95
Supporting reasons: 61.80% Fibonacci Projection, indicating a level where price might face resistance and reverse.

1st support: 2526.68
Supporting reasons: Pullback support, a key level where price has previously found support and may again.

1st resistance: 2613.19
Supporting reasons: 78.60% Fibonacci Projection, suggesting a significant resistance level if the bullish trend continues.

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