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Thursday 29th August 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 100.95
Supporting reasons: Identified as a pullback support, suggesting a strong area where the price might find buying interest.

1st support: 100.54
Supporting reasons: Marked by a multi-swing low support, indicating a significant level where previous declines have halted.

1st resistance: 102.15
Supporting reasons: Noted as a pullback resistance, supported by a 61.80% Fibonacci Retracement, indicating a potential area where the price might encounter selling pressure.

EUR/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: 1.1150
Supporting reasons: Identified as a pullback resistance, reinforced by the 50% Fibonacci Retracement, indicating a potential area where the price might face selling pressure.

1st support: 1.1047
Supporting reasons: Marked as pullback support, supported by the 38.20% Fibonacci Retracement, suggesting a significant level where the price may find buying interest.

1st resistance: 1.1194
Supporting reasons: Noted as a multi-swing high resistance, indicating a historical point where previous rallies have encountered resistance.

EUR/JPY:

Potential Direction: Neutral
Overall momentum of the chart: Neutral

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

1st support: 159.37
Supporting reasons: Identified as an overlap support, aligned with the 38.20% Fibonacci Retracement, indicating a potential area where price could find support during a decline.

1st resistance: 164.05
Supporting reasons: Marked as an overlap resistance, suggesting a level where the price might face resistance if it attempts to rise.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.8417
Supporting reasons: Identified as an overlap support, indicating a potential area where the price might find support and reverse to the upside.

1st support: 0.8384
Supporting reasons: Marked as pullback support, suggesting a level where the price could stabilize during a downturn.

1st resistance: 0.8457
Supporting reasons: Identified as pullback resistance, indicating a potential area where upward movement might encounter selling pressure.

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: 1.3217
Supporting reasons: Identified as a pullback resistance, suggesting a potential area where the price might encounter selling pressure.

1st support: 1.313
Supporting reasons: Marked as pullback support, reinforced by the 23.60% Fibonacci Retracement, indicating a level where the price may find buying interest.

1st resistance: 1.3267
Supporting reasons: Noted as a swing high resistance, indicating a historical point where previous rallies have faced resistance.

GBP/JPY:

Potential Direction: Neutral
Overall momentum of the chart: Neutral

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

1st support: 189.33
Supporting reasons: Identified as an overlap support level, which could act as a stabilizing point for the price during a decline.

1st resistance: 193.26
Supporting reasons: Marked as swing high resistance, suggesting a potential area where the price might face selling pressure or reversal if it moves upward.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8443
Supporting reasons: Identified as an overlap resistance, indicating a level where the price might encounter selling pressure.

1st support: 0.8343
Supporting reasons: Supported by the 127.20% Fibonacci Extension, suggesting a potential area where the price may find buying interest after a decline.

1st resistance: 0.8533
Supporting reasons: Another overlap resistance, indicating a historical level where the price might struggle to rise above, reinforcing the bearish outlook.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 143.45
Supporting reasons: Supported by multi-swing low support and the 78.60% Fibonacci Retracement, indicating a strong area where buyers might step in.

1st support: 141.73
Supporting reasons: Identified as a swing low support, suggesting a key level where previous declines have stabilized.

1st resistance: 149.30
Supporting reasons: Marked by multi-swing high resistance, highlighting a significant level where upward movement may face selling pressure.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price has made a bearish reversal off the pivot and could potentially fall lower towards the 1st support.

Pivot: 1.3486
Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify. The presence of the bearish Ichimoku Cloud and the descending trendline add further significance to this resistance zone.

1st support: 1.3370
Supporting reasons: Identified as a pullback support that aligns with a 161.8% Fibonacci extension, indicating a potential area where price could find strong support.

1st resistance: 1.3561
Supporting reasons: Identified as a pullback resistance that aligns with a 23.6% 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 strength of this resistance zone.

AUD/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price has made a bearish reversal off the pivot and could potentially fall towards the 1st support.

Pivot: 0.6798
Supporting reasons: Identified as a pullback resistance, indicating a significant area where selling pressures could intensify.

1st support: 0.6754
Supporting reasons: Identified as an overlap support, suggesting a potential area where price has recently found support. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st resistance: 0.6859
Supporting reasons: Identified as a swing-high resistance that aligns close to a 78.6% Fibonacci projection, indicating a significant area that could halt further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 0.6295
Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci projection, indicating a significant area where selling pressures could intensify.

1st support: 0.6192
Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement, suggesting a potential area where price could find support. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st resistance: 0.6357
Supporting reasons: Identified as a swing-high resistance, 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: 40,875.50

Supporting reasons: Identified as a pullback support, suggesting a potential area where buying interests could pick up to resume the uptrend. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st Support: 40,602.31

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. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st Resistance: 41,393.74

Supporting Reasons: Identified as a pullback resistance that aligns close to the all-time high, 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: 18,593.70

Supporting reasons: Identified as an overlap support, suggesting a potential area where buying interests could pick up to resume the uptrend. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st Support: 18,345.60

Supporting Reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a potential area where price could find support. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st Resistance: 18,894.40

Supporting Reasons: Identified as a swing-high resistance that aligns close to the all-time high and 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: 5,496.71

Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement, suggesting a potential area where buying interests could pick up to resume the uptrend. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

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: 57,039.06

Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a minor rebound. 

1st support: 54,743.19

Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement indicating a significant area where price has found support in the past.

1st resistance: 61,687.65

Supporting reasons: Identified as an overlap 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: 2,436.20

Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st Support: 2,289.04

Supporting Reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement, indicating a potential area where price could find support.

1st Resistance: 2,792.34

Supporting Reasons: Identified as a pullback resistance, indicating a historical barrier where that could halt further upward movement.

WTI/USD (Oil):

Potential Direction: Bullish

Overall Momentum of the Chart: Bearish

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

Pivot: 75.33

Supporting Reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a rebound.

1st Support: 73.88

Supporting Reasons: Identified as a pullback support that aligns with 78.6% Fibonacci retracement, indicating a potential area where price could find support.

1st Resistance: 78.50

Supporting Reasons: Identified as a pullback resistance, indicating a potential barrier that could halt further upward movement.

XAU/USD (GOLD):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 2529.88
Supporting reasons: Identified as a multi-swing high resistance, indicating a key level where price has previously reversed or encountered significant selling pressure.

1st support: 2473.30
Supporting reasons: Marked as pullback support, suggesting a crucial area where price might find support after a decline.

1st resistance: 2551.41
Supporting reasons: Supported by the 161.80% Fibonacci Extension, indicating a strong resistance level where the price may struggle to break through

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