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Monday 9th September 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum is that price is: Below the bearish Ichimoku cloud

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

Pivot: 102.55
Supporting reasons: Pullback support, aligned with the 61.80% and 38.20% Fibonacci Retracement levels, indicating Fibonacci confluence where price might face selling pressure.

1st support: 100.51
Supporting reasons: Multi-swing low support, suggesting a potential level where price may find buying interest to prevent further declines.

1st resistance: 103.64
Supporting reasons: An overlap resistance, indicating a potential area where price might face resistance during an upward move.

EUR/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish
Factors contributing to the momentum is that price is: Above the bullish Ichimoku cloud

Price could potentially make a bullish continuation towards 1st resistance.

Pivot: 1.1047
Supporting reasons: An overlap support, aligned with the 38.20% Fibonacci Retracement, suggesting a key level where price may find buying interest.

1st support: 1.0949
Supporting reasons: An overlap support, aligned with the 61.80% Fibonacci Retracement, indicating a potential level where price might prevent further declines.

1st resistance: 1.1192
Supporting reasons: Multi-swing high resistance, suggesting a key level where price may face selling pressure during an upward move.

EUR/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 157.55
Supporting reasons: Swing low support, suggesting a key level where price might bounce back.

1st support: 153.86
Supporting reasons: Multi-swing low support, indicating a potential level where price may find buying interest to prevent further declines.

1st resistance: 160.41
Supporting reasons: Pullback resistance, suggesting a key level where price may face selling pressure during an upward move.

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: 0.890
Supporting reasons: Identified as pullback support, reinforced by the 38.2% Fibonacci Retracement, indicating a potential area where the price might stall before continuing downward.

1st support: 0.8409
Supporting reasons: Marked as a multi swing low support, suggesting a significant area where previous declines have found a buying interest.

1st resistance: 0.8543

Supporting reasons: Recognized as pullback resistance, supported by the 61.8% 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 1st resistance.

Pivot: 1.3020
Supporting reasons: Pullback support, aligned with the 38.20% Fibonacci Retracement, suggesting a key level where price may find buying interest.

1st support: 1.2863
Supporting reasons: Pullback support, aligned with the 61.80% Fibonacci Retracement, indicating a potential level where price might prevent further declines.

1st resistance: 1.3260
Supporting reasons: Swing high resistance, aligned with the 161.80% Fibonacci Extension, suggesting a key level where price may face selling pressure during an upward move.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum is that price is: Below the bearish Ichimoku cloud

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

Pivot: 188.01
Supporting reasons: Pullback resistance, suggesting a key level where price might face selling pressure.

1st support: 182.94
Supporting reasons: Swing low support, aligned with the 78.60% Fibonacci Retracement, indicating a potential level where price might find buying interest to prevent further declines.

1st resistance: 193.58
Supporting reasons: An overlap resistance, suggesting a potential area where price may face resistance during an upward move.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.8392
Supporting reasons: Multi-swing low support, suggesting a key level where price might bounce back.

1st support: 0.8304
Supporting reasons: Aligned with the 61.80% Fibonacci Projection and 161.80% Fibonacci Extension, indicating Fibonacci confluence where price might find support.

1st resistance: 0.8549
Supporting reasons: An overlap resistance, aligned with the 38.20% Fibonacci Retracement, suggesting a key level where price may face selling pressure during an upward move.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 140.74
Supporting reasons: An overlap support, aligned with the 161.80% Fibonacci Extension, suggesting a key level where price might bounce back.

1st support: 138.05
Supporting reasons: Swing low support, indicating a potential level where price might find buying interest to prevent further declines.

1st resistance: 143.83
Supporting reasons: An overlap resistance, suggesting a key level where price may face selling pressure during an upward move.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 1.3600
Supporting reasons: Identified as an overlap resistance, suggesting a potential area where selling pressures could intensify.

1st support: 1.3435
Supporting reasons: Identified as a multi-swing low support, indicating a key level where price has found support in the past.

1st resistance: 1.3734
Supporting reasons: Identified as an overlap resistance that aligns close to the 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.6701
Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement, suggesting a potential level where selling pressures could intensify.

1st support: 0.6631
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a key level where price could find support.

1st resistance: 0.6761
Supporting reasons: Identified as an overlap support that aligns with a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 0.6256
Supporting reasons: Identified as a swing-high resistance, suggesting a potential level where selling pressures could intensify.

1st support: 0.6127
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price has recently found support.

1st resistance: 0.6339
Supporting reasons: Identified as a swing-high resistance that aligns with 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 40,023.54
Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a minor rebound.

1st support: 39,367.62
Supporting reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci projection, indicating a key level where price has found support in the past.

1st resistance: 41,174.85
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 18,003.90
Supporting reasons: Identified as a swing-low support that aligns with a 50% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a minor rebound.

1st support: 17,712.10
Supporting reasons: Identified as an overlap support that aligns with a 61.8% Fibonacci retracement, indicating a key level where price has found support in the past.

1st resistance: 18,933.70
Supporting reasons: Identified as a multi-swing-high resistance that aligns close to a 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 5,326.24
Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a minor rebound.

1st support: 5,173.80
Supporting reasons: Identified as a swing-low support that aligns with a confluence of Fibonacci levels i.e. the 61.8% and 78.6% retracements, indicating a key level where price has found support in the past.

1st resistance: 5,558.82
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 57,271.37
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement, suggesting a potential level where selling pressures could intensify.

1st support: 53,669.81
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price has found strong support in the past.

1st resistance: 60,283.20
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.

ETH/USD (Ethereum):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 2,553.98
Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement, suggesting a potential level where selling pressures could intensify.

1st support: 2,201.48
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price has found strong support in the past.

1st resistance: 2,811.75
Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 67.59
Supporting reasons: Identified as a multi-swing-low support that aligns close with a 161.8% Fibonacci extension, suggesting a potential level where buying interests could pick up to stage a minor rebound.

1st support: 64.20
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price has found strong support in the past.

1st resistance: 71.84
Supporting reasons: Identified as a pullback 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: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 2503.93
Supporting reasons: Pullback resistance, suggesting a key level where price might face selling pressure.

1st support: 2477.94
Supporting reasons: An overlap support, indicating a potential level where price might find buying interest to prevent further declines.

1st resistance: 2531.80
Supporting reasons: Swing high resistance, suggesting a key level where price may encounter resistance during an upward move.

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