ICMarket

Monday 2nd September 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 pivot and drop to 1st support.

Pivot: 102.31
Supporting reasons: Identified as pullback resistance, reinforced by the 38.20% Fibonacci Retracement, indicating a level where the price may encounter selling pressure.

1st support: 100.54
Supporting reasons: Marked as multi-swing low support, suggesting a significant area where the price has historically found support after a decline.

1st resistance: 103.69
Supporting reasons: Recognized as pullback resistance, strengthened by the 78.60% Fibonacci Retracement, indicating a key level where previous upward movements may face resistance.

EUR/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 1.0949
Supporting reasons: Identified as pullback support, reinforced by the 61.80% Fibonacci Retracement, indicating a level where the price may find buying interest.

1st support: 1.0781
Supporting reasons: Marked as swing low support, suggesting a significant area where the price has previously found support after a decline.

1st resistance: 1.1109
Supporting reasons: Recognized as swing high resistance, indicating a key level where previous upward movements have faced selling pressure.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 164.05
Supporting reasons: Identified as an overlap resistance, suggesting a key area where sellers might enter the market, reinforcing bearish momentum.

1st support: 159.37
Supporting reasons: Marked as overlap support and supported by the 38.20% Fibonacci Retracement, indicating a potential level where the price may find buying interest.

1st resistance: 168.32
Supporting reasons: Recognized as pullback resistance, indicating a potential area where the price could face selling pressure if it retraces upward.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8453
Supporting reasons: Identified as pullback support, reinforced by the 23.60% Fibonacci Retracement, indicating a potential area where the price might stall before continuing downward.

1st support: 0.8384
Supporting reasons: Marked as swing low support, suggesting a significant area where previous declines have found a buying interest.

1st resistance: 0.8490
Supporting reasons: Recognized as pullback resistance, supported by the 38.20% Fibonacci Retracement, indicating a potential level where the price may face selling pressure if it retraces upward.

GBP/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 1.3014
Supporting reasons: Identified as pullback support, reinforced by the 38.20% Fibonacci Retracement, suggesting a key level where the price might find buying interest.

1st support: 1.2863
Supporting reasons: Marked as pullback support, supported by the 61.80% Fibonacci Retracement, indicating a significant area where the price may find support if it dips lower.

1st resistance: 1.3264
Supporting reasons: Recognized as swing high resistance, indicating a potential area where the price might encounter selling pressure if it rallies.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 191.84
Supporting reasons: Identified as an overlap resistance, indicating a significant level where the price might encounter selling pressure.

1st support: 183.33
Supporting reasons: Marked as an overlap support, suggesting a key area where the price may find support if it moves lower.

1st resistance: 197.51
Supporting reasons: Recognized as pullback resistance, reinforced by the 61.80% Fibonacci Retracement, indicating a potential area where the price might face resistance if it moves higher.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8729
Supporting reasons: Identified as an overlap resistance, suggesting a significant level where the price might encounter selling pressure.

1st support: 0.8402
Supporting reasons: Marked as multi-swing low support, indicating a critical area where the price may find support if it moves lower.

1st resistance: 0.8841
Supporting reasons: Recognized as pullback resistance, signaling a potential area where the price might face resistance if it moves higher.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 149.39
Supporting reasons: Identified as swing high resistance, supported by a 38.20% Fibonacci retracement level, indicating a potential area where selling pressure might occur.

1st support: 143.90
Supporting reasons: Marked as multi-swing low support, indicating a critical level where the price might find support if it moves lower.

1st resistance: 152.04
Supporting reasons: Recognized as pullback resistance, reinforced by a 50% Fibonacci retracement level, suggesting a significant area where the price may face resistance if it moves higher.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall lower towards the 1st support.

Pivot: 1.3517
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify. The presence of the descending trendline adds further significance to this resistance zone.

1st support: 1.3441
Supporting reasons: Identified as a multi-swing-low support, indicating a potential area where price could find strong support.

1st resistance: 1.3585
Supporting reasons: Identified as a pullback resistance, 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: 0.6698
Supporting reasons: Identified as a swing-low support that aligns close to a 23.6% Fibonacci retracement, indicating a significant area where buying interests could pick up to resume the uptrend.

1st support: 0.6635
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, suggesting a potential area where price could find support.

1st resistance: 0.6797
Supporting reasons: Identified as a multi-swing-high resistance, indicating a significant area that could halt further upward movement.

NZD/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: 0.6197
Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement, indicating a significant area where buying interests could pick up to resume the uptrend.

1st support: 0.6123
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, suggesting a potential area where price could find support.

1st resistance: 0.6339
Supporting reasons: Identified as a swing-high resistance that aligns with a 161.8% Fibonacci extension, indicating a significant area that could halt 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: 41,124.56

Supporting reasons: Identified as an overlap support, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st Support: 40,753.96

Supporting Reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, suggesting an area where price has found support recently.

1st Resistance: 42,014.15

Supporting Reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension, indicating a significant area that could halt further upward movement.

DE40 (DAX):

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: 18,730.85

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

1st Support: 18,348.30

Supporting Reasons: Identified as a pullback support, indicating a potential area where price could find support.

1st Resistance: 19,260.69

Supporting Reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension, indicating a significant area that could halt further upward movement.

US500 (S&P 500): 

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: 5,561.63

Supporting reasons: Identified as an overlap support, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st support: 5,402.66

Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, suggesting a potential area where price could find support.

1st resistance: 5,669.89

Supporting reasons: Identified as a swing-high resistance that aligns close to a 127.2% Fibonacci extension, suggesting a critical area that could halt 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: 54,063.05

Supporting reasons: Identified as a multi-swing-low 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: 49,048.70

Supporting reasons: Identified as an overlap support, indicating a significant area where price has found support in the past.

1st resistance: 64,333.63

Supporting reasons: Identified as a swing-high resistance, indicating a potential barrier that could halt 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: 2,341.67

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

1st Support: 2,037.36

Supporting Reasons: Identified as a multi-swing-low support, indicating a potential area where price could find support.

1st Resistance: 2,779.44

Supporting Reasons: Identified as a swing-high resistance that aligns with a 50% Fibonacci retracement, indicating a historical barrier where that could halt further upward movement.

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: 72.31

Supporting Reasons: Identified as a multi-swing-low support that aligns close to a 78.6% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stall the decline.

1st Support: 70.35

Supporting Reasons: Identified as a multi-swing-low support, indicating a potential area where price has found support in the past.

1st Resistance: 76.82

Supporting Reasons: Identified as a swing-high resistance, indicating a potential barrier that could halt further upward movement. The presence of a bearish Ichimoku cloud and a descending trendline add further significance to the strength of this resistance zone.

XAU/USD (GOLD):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 2504.98
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market.

1st support: 2471.54
Supporting reasons: Recognized as overlap support, reinforced by a 38.20% Fibonacci retracement level, suggesting a significant area where previous declines have found support.

1st resistance: 2531.14
Supporting reasons: Marked as multi-swing high resistance, highlighting a historical point where previous rallies have faced selling pressure or reversed.

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