ICMarket

Monday 17th February 2025: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 107.51

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

1st support: 105.46
Supporting reasons: Identified as an overlap support that aligns close to the 100% Fibonacci projection, indicating a potential level where price could find support once more.

1st resistance: 109.67
Supporting reasons: Identified as a swing high 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 bearish reversal off the pivot and drop toward  the 1st support

Pivot: 1.0611

Supporting reasons: Identified as an overlap resistance that aligns with the 127.2% Fibonacci extension, indicating a potential area where selling pressures could intensify.

1st support: 1.0403

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

1st resistance: 1.0784
Supporting reasons:  Identified as a pullback resistance, indicating a potential area that could halt any further upward movement. 

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 159.76

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

1st support: 155.97

Supporting reasons: Identified as a swing low support that aligns with the 61.8% Fibonacci projection, indicating a potential level where price could find support once more.

1st resistance: 163.78
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 reversal off the pivot and fall toward the 1st support

Pivot: 0.8359

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

1st support: 0.8265

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

1st resistance: 0.8448
Supporting reasons: Identified as a multi-swing high resistance that aligns close to the 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

GBP/USD:

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: 1.2508

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

1st support: 1.2358

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

1st resistance: 1.2815
Supporting reasons: Identified as an overlap resistance that aligns close to the 50% Fibonacci retracement and the 100% Fibonacci projection, indicating a potential area that could halt any further upward movement.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 193.03

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

1st support: 187.12
Supporting reasons: Identified as a swing low support that aligns with the 78.6% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 196.06
Supporting reasons: Identified as a pullback 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 off the pivot and rise toward the 1st resistance.

Pivot: 0.8916

Supporting reasons: Identified as an overlap support that aligns close to the 38.2% Fibonacci retracement and the 161.8% Fibonacci extension, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 0.8752
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once again.

1st resistance: 0.9206
Supporting reasons: Identified as a 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: Bearish

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

Pivot: 149.37

Supporting reasons: Identified as an overlap support that aligns with the 50% Fibonacci retracement and the 61.8% Fibonacci projection, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 146.93
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support once more.

1st resistance: 154.45
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 1.4105
Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement, indicating a potential level where buying interests could pick up to stage a minor rebound.

1st support: 1.3936
Supporting reasons: Identified as an overlap support that aligns with a 61.8% Fibonacci retracement, indicating a key level where the price could stabilize once more.

1st resistance: 1.4356
Supporting reasons: Identified as an overlap resistance, 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: 0.6349

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

1st support: 0.6231

Supporting reasons: Identified as a swing-low support, suggesting a potential area where the price could stabilize once again.

1st resistance: 0.6454
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.5709

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

1st support: 0.5580

Supporting reasons: Identified as a multi-swing-low support, suggesting a potential area where the price could stabilize once more.

1st resistance: 0.5798

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

US30 (DJIA):

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: 43,269.50

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

1st support: 41,604.84

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

1st resistance: 45,042.77

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

DE40 (DAX):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 22,809.76

Supporting reasons: Identified as a resistance that aligns with a 78.6% Fibonacci projection, indicating a potential level where selling pressures could intensify.

1st support: 21,923.50

Supporting reasons: Identified as a pullback support, indicating a key level where the price could stabilize once more.

1st resistance: 23,288.80
Supporting reasons: Identified as a resistance that aligns with a 100% 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: Bullish

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

Pivot: 6,190.97

Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension, indicating a potential level where selling pressures could intensify.

1st support: 6,113.40

Supporting reasons: Identified as a pullback support, indicating a potential level where the price could stabilize once again.

1st resistance: 6,304.24

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.

BTC/USD (Bitcoin):

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: 91,855.25

Supporting reasons: Identified as an overlap support, indicating a potential level where buying interests could pick up to stage a minor rebound.

1st support: 87,933.89
Supporting reasons: Identified as an overlap support, indicating a potential level where the price could stabilize once more.

1st resistance: 101,637.89
Supporting reasons: Identified as an overlap resistance that aligns close to 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 could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 2,347.98

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

1st support: 2,085.55
Supporting reasons: Identified as an overlap support, indicating a potential level where the price could stabilize once again.

1st resistance: 2,920.51
Supporting reasons: Identified as an overlap resistance, 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 rise towards the pivot and potentially make a bearish reversal off this level to fall towards the 1st support.

Pivot: 71.56

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

1st support: 66.66
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where the price could stabilize once more.

1st resistance: 74.04
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):

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: 2790.01

Supporting reasons: Identified as a pullback support that aligns with the 38.2% Fibonacci retracement and the 100% Fibonacci projection, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 2721.96

Supporting reasons: Identified as a pullback support that aligns with the 61.8% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 2929.89

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

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