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Monday 19th February 2024: Technical Outlook and Review

DXY:

The current momentum of DXY is bullish, supported by several factors, including its position above a major ascending trend line, indicating potential for further upward movement.

There’s a possibility of a bullish bounce off the 1st support level, leading to a move towards the 1st resistance level.

The 1st support level is identified at 103.87, characterized as an overlap support, suggesting a historical significance where buying interest may emerge, particularly considering the presence of the ascending trend line.

Additionally, the 2nd support level lies at 102.76, also considered an overlap support, further reinforcing its significance as a potential area where buyers may enter the market, should the price decline.

On the resistance side, the 1st resistance level stands at 104.99, identified as an overlap resistance, and coinciding with the 61.80% Fibonacci Retracement level. This suggests a potential barrier where selling pressure may increase temporarily.

Furthermore, there is a 2nd resistance level at 105.91, also identified as an overlap resistance, with the 78.60% Fibonacci Retracement level indicating another area where selling pressure may intensify, potentially leading to a pullback in price.

EUR/USD:

The current momentum of EUR/USD is bearish, as indicated by its position within a bearish descending channel.

There’s a potential for a continuation of this bearish momentum towards the 1st support level.

The 1st support level is identified at 1.0667, characterized as an overlap support, suggesting a historical significance where buying interest may emerge, potentially halting the downward movement temporarily.

Additionally, an intermediate support level is noted at 1.073, also considered an overlap support. This further reinforces the potential significance of this area as a level where buyers may enter the market.

On the resistance side, the 1st resistance level stands at 1.0890, identified as an overlap resistance. This level may act as a barrier where selling pressure could increase, potentially leading to a pause or reversal in the downward movement.

Furthermore, there is an Intermediate resistance at 1.0793, also identified as an overlap resistance. This level may serve as another area where selling pressure could intensify, potentially reinforcing the bearish bias in the short term.

EUR/JPY:

The EUR/JPY chart currently demonstrates a bearish overall momentum, indicating a prevailing downward trend. Several factors contribute to this bearish sentiment, suggesting the potential for further downward movement in price.

The 1st support level at 158.364 is significant as it aligns with an overlap support. This level represents a historical point where buying interest has previously emerged, potentially acting as a level of support.

Additionally, the 2nd support level at 155.101 corresponds to a multi-swing low support, further reinforcing its significance as a potential support zone. This level indicates a historical area where buyers have shown considerable interest in supporting the price, adding to its credibility as a support level.

On the resistance side, the 1st resistance level at 161.869 aligns with an overlap resistance. This level represents a historical point where selling pressure has been strong, potentially acting as a barrier to further upward movement.

Further up, the 2nd resistance level at 164.246 corresponds to a swing high resistance. This level represents a significant historical point where selling pressure has overwhelmed buying interest, suggesting its importance as a resistance level.

EUR/GBP:

The EUR/GBP chart currently exhibits a bullish overall momentum, indicating a prevailing upward trend. Several factors contribute to this bullish sentiment, supporting the potential for a continued upward movement in price.

The 1st support level at 0.85043 is considered significant as it represents a multi-swing low support. This level suggests a historical area where buying interest has previously emerged, potentially providing a strong foundation for further upward movement.

Furthermore, the 2nd support level at 0.84163 corresponds to a swing low support, further reinforcing its importance as a potential support zone. This level indicates another historical point where buyers have shown interest in supporting the price.

On the resistance side, the 1st resistance level at 0.85592 aligns with an overlap resistance. This level represents a historical point where selling pressure may increase, potentially acting as a barrier to further upward movement.

Additionally, the 2nd resistance level at 0.86638 corresponds to an overlap resistance and the 78.60% Fibonacci Retracement. This convergence of resistance factors adds to its significance as a potential barrier to upward movement.

GBP/USD:

The current momentum of GBP/USD is assessed as neutral, suggesting a lack of clear directional bias.

There’s a potential scenario where the price could oscillate between the 1st resistance and 1st support levels, indicating a range-bound movement.

The 1st support level is identified at 1.2377, characterized as an overlap support. This level may attract buying interest, potentially leading to a bounce in price if reached.

Confirmation of downside movement is noted at 1.2511, also identified as an overlap support. This level serves as a point where downward momentum may strengthen, potentially pushing the price lower.

On the resistance side, the 1st resistance level stands at 1.2790, identified as an overlap resistance. This level may act as a barrier where selling pressure could increase, potentially causing a pullback in price if approached.

Confirmation of upside movement is noted at 1.2624, also identified as an overlap resistance. This level serves as a point where upward momentum may strengthen, potentially pushing the price higher.

GBP/JPY:

The GBP/JPY chart currently exhibits a bullish overall momentum, indicating a prevailing upward trend. Despite this bullish sentiment, there is a potential short-term scenario suggesting a drop to the 1st support level before bouncing back towards the 1st resistance.

The 1st support level at 188.616 is identified as an overlap support, indicating a historical area where buying interest has emerged, potentially providing a level of support for the price in the short term.

As for the 2nd support level, it’s not provided. However, traders may look for additional levels of support or confirmations in the price action to identify potential areas where buying interest could emerge.

On the resistance side, the 1st resistance level at 195.184 aligns with a multi-swing high resistance. This level suggests a historical point where selling pressure has been strong and could act as a barrier to further upward movement.

An intermediate resistance level at 191.395 is also identified, which aligns with a swing high resistance and the 127.20% Fibonacci Retracement. This level adds to the significance of the resistance structure.

USD/CHF:

The current momentum of USD/CHF is evaluated as bullish, with factors contributing to this momentum being the presence of a bullish ascending channel.

A potential scenario for price movement is a bullish bounce off the 1st support level, followed by a move towards the 1st resistance level.

The 1st support level is identified at 0.8709, characterized as a pullback support within the bullish ascending channel. This level may attract buying interest, potentially leading to a bounce in price if reached.

Additionally, the 2nd support level is noted at 0.8552, identified as an overlap support. This level provides further reinforcement for potential buying interest and serves as an additional area where price may find support.

On the resistance side, the 1st resistance level stands at 0.8889, identified as an overlap resistance. This level may act as a barrier where selling pressure could increase, potentially causing a pullback in price if approached.

Furthermore, the 2nd resistance level is observed at 0.9107, also identified as an overlap resistance.

USD/JPY:

The current momentum of USD/JPY is assessed as bullish, with factors contributing to this momentum including the presence of a major ascending trend line, suggesting further bullish potential.

A potential scenario for price movement is a bullish bounce off the 1st support level, followed by a move towards the 1st resistance level.

The 1st support level is identified at 148.78, characterized as an overlap support. This level may attract buying interest, especially considering the bullish momentum indicated by the ascending trend line.

Additionally, the 2nd support level is noted at 145.91, also identified as an overlap support. This level provides further reinforcement for potential buying interest and serves as an additional area where price may find support.

On the resistance side, the 1st resistance level stands at 151.92, identified as a multi-swing high resistance. This level may act as a barrier where selling pressure could increase, potentially causing a pause or reversal in the bullish trend if approached.

Furthermore, the 2nd resistance level is observed at 154.84, noted as the 127.20% Fibonacci Extension level. This level provides additional resistance and could be a target for bullish traders aiming for further upside movement.

USD/CAD:

The USD/CAD chart currently exhibits an overall bearish momentum. In this context, there is a potential scenario for price to resume the bearish momentum and fall towards the 1st support.

The 1st support level at 1.3374 is identified as an overlap support that aligns close to the 50.00% Fibonacci Retracement level, further emphasizing its importance as a potential support zone.

To the upside, the 1st resistance level at 1.3626 is identified as an overlap resistance that aligns with the 61.80% Fibonacci Retracement level, further highlighting its importance as a potential resistance point.

AUD/USD:

The AUD/USD chart currently exhibits a neutral bias. In this context, there is a potential scenario for price to fluctuate between the 1st resistance and the 1st support.

The 1st resistance level at 0.6546 is identified as an overlap resistance that aligns with the 23.60% Fibonacci Retracement level. Higher up, the 2nd resistance level at 0.6617 is marked as a pullback resistance that aligns with the 38.20% Fibonacci Retracement level, further highlighting its importance as a potential resistance point.

To the downside, the 1st support level at 0.6448 is identified as pullback support, further emphasizing its importance as a potential support zone.

NZD/USD

The NZD/USD chart currently exhibits a neutral bias. In this context, there is a potential scenario for price to fluctuate between the 1st resistance and the 1st support.

The 1st resistance level at 0.6147 is identified as a pullback resistance. Higher up, the 2nd resistance level at 0.6207 is marked as an overlap resistance that aligns with the 50.00% Fibonacci Retracement level, further highlighting its importance as a potential resistance point.

To the downside, the 1st support level at 0.6050 is identified as an overlap support, further emphasizing its importance as a potential support zone.

DJ30:

The DJ30 chart currently shows a bearish overall momentum, indicating a prevailing downward trend. However, there is a potential short-term scenario suggesting a rise towards the 1st resistance before reversing downwards towards the 1st support.

The 1st support level at 36521.57 is identified as a pullback support, indicating a historical level where buying interest has emerged during pullback phases. This level may act as a support zone for the price in the short term.

The 2nd support level at 35636.67 also serves as a pullback support, reinforcing its significance as a potential area where buyers could step in to support the price.

On the resistance side, the 1st resistance level at 38821.39 aligns with a swing high resistance. This level suggests a historical point where selling pressure has been strong and could act as a barrier to further upward movement.

Additionally, an intermediate support level at 37812.84 is identified, which aligns with an overlap support, providing further reinforcement to the support structure.

GER40:

The GER40 chart reflects a bearish overall momentum, indicating a prevalent downward trend. Several factors contribute to this bearish sentiment, suggesting a potential continuation of the downward movement towards the 1st support level.

The 1st support level at 16911.1 is significant as it aligns with an overlap support, indicating a historical level where buying interest has previously emerged. This level may serve as a strong support zone where buyers could potentially step in to support the price.

Furthermore, the 2nd support level at 16480.6 corresponds to both an overlap support and the 23.60% Fibonacci Retracement level, adding further significance to this support area. The convergence of these support factors strengthens the potential for this level to act as a support barrier.

On the resistance side, the 1st resistance level at 17196.2 aligns with a swing high resistance. This level represents a historical point where selling pressure has been notable and could act as a barrier to further upward movement.

US500: 

The US500 chart currently indicates a bullish overall momentum, suggesting a prevailing upward trend. Several factors contribute to this bullish sentiment, supporting the potential for a continued upward movement towards the 1st resistance level.

The 1st support level at 4692.79 aligns with both a swing low support and the 38.20% Fibonacci Retracement level. This confluence of support factors indicates a significant historical level where buying interest has emerged, potentially providing a strong foundation for further upward movement.

Additionally, the 2nd support level at 4593.86 corresponds to an overlap support and the 50% Fibonacci Retracement level, adding further significance to this support zone. This reinforces the potential for a bounce from this level, as it represents a historical area of support.

On the resistance side, the 1st resistance level at 5040.11 aligns with a swing high resistance. This level suggests a historical point where selling pressure has been notable and could act as a barrier to further upward movement.

BTC/USD:

The BTC/USD chart currently maintains a bullish overall momentum, indicating a prevailing upward trend. Several factors contribute to this bullish sentiment, supporting the potential for a bounce from the 1st support level and a subsequent rise towards the 1st resistance level.

The 1st support level at 48199.26 is significant as it represents a pullback support. This level indicates a historical point where buying interest has emerged, suggesting a strong level of support that could potentially halt further downward movement in the short term.

Additionally, the 2nd support level at 44499.86 corresponds to an overlap support, further reinforcing its importance as a potential support zone. This level adds another layer of historical significance, indicating a key area where buyers have previously intervened.

On the resistance side, the 1st resistance level at 56203.95 is identified as it aligns with a swing high resistance, the 78.60% Fibonacci Retracement, and the 100% Fibonacci Projection. These multiple technical factors converge to make this resistance level significant, suggesting a point where selling pressure may increase, potentially leading to a reversal or temporary halt in upward movement.

ETH/USD: 

The ETH/USD chart currently demonstrates a bullish overall momentum; it is above the ascending trend line, indicating a prevailing upward trend. Several factors contribute to this bullish sentiment, supporting the potential for a continued upward movement towards the 1st resistance level.

The 1st support level at 2707.83 is significant as it aligns with both a pullback support and the 23.60% Fibonacci Retracement level. This convergence of support factors suggests a strong level where buying interest has historically emerged, potentially providing a solid foundation for further upward movement.

Furthermore, the 2nd support level at 2516.95 corresponds to an overlap support, further reinforcing its importance as a potential support zone. This level indicates a significant historical level where buyers have previously intervened to support the price.

On the resistance side, the 1st resistance level at 2926.20 is identified as it aligns with the 50% Fibonacci Retracement level and the 61.80% Fibonacci Projection. These Fibonacci levels often act as significant points of reversal or continuation, indicating potential areas where selling pressure may increase.

WTI/USD:

The WTI (West Texas Intermediate) chart currently exhibits an overall bullish momentum. However, there is a potential scenario for price to make a bearish reaction off the 1st resistance and drop towards the 1st support.

The 1st resistance level at 78.83 is identified as an overlap resistance that aligns close to the 50.00% Fibonacci Retracement level. Higher up, the 2nd resistance level at 82.27 is marked as a pullback resistance that aligns with the 61.80% Fibonacci Retracement level, further highlighting its importance as a potential resistance zone.

To the downside, the 1st support level at 75.05 is identified as a pullback, reinforcing its significance as a key support level.

XAU/USD (GOLD):

The current momentum of XAUUSD is bearish, suggesting a potential downward movement in price.

There’s a possibility of a bearish reaction off the 1st resistance level, leading to a drop towards the 1st support level.

The 1st support level is identified at 1988.74, supported by its historical significance as a swing low, indicating potential buying interest in this area.

Additionally, the 2nd support level lies at 1976.56, which is considered a multi-swing low support, further strengthening its significance as a potential level where buyers may enter the market.

On the resistance side, the 1st resistance level stands at 2006.25, characterized as a pullback resistance, coinciding with the 38.20% Fibonacci Retracement level. This suggests a potential barrier where selling pressure may increase.

Furthermore, there is a 2nd resistance level at 2016.12, also identified as a pullback resistance, with the 61.80% Fibonacci Retracement level indicating another area where selling pressure may intensify, potentially leading to a bearish reaction.

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