ICMarket

Tuesday 11th February 2025:Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish
Overall momentum of the chart: Bullish 

Price could potentially make a bullish continuation toward the 1st resistance 

Pivot: 107.97

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

1st support: 107.14
Supporting reasons: Identified as an overlap support that aligns close to the 61.8% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 108.38
Supporting reasons: Identified as a pullback resistance that aligns with the 61.8% Fibonacci retracement, 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 continuation toward the 1st support

Pivot: 1.0346

Supporting reasons: Identified as an overlap resistance that aligns with the 38.2% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 1.0193

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

1st resistance: 1.0460
Supporting reasons:  Identified as an overlap resistance, indicating a potential area that could halt any further upward movement. 

EUR/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: 155.98

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

1st support: 154.42

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

1st resistance: 157.94
Supporting reasons: Identified as an overlap 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 continuation toward the 1st support

Pivot: 0.8372

Supporting reasons: Identified as an overlap resistance that aligns close to the 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify. 

1st support: 0.8222

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

1st resistance: 0.8462
Supporting reasons: Identified as a multi-swing high resistance, indicating a potential area that could halt any further upward movement.

GBP/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 1.2468

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

1st support: 1.2306

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

1st resistance: 1.2306
Supporting reasons: Identified as an overlap resistance, 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 reversal off the pivot and fall toward the 1st support

Pivot: 189.56

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

1st support: 1834.41
Supporting reasons: Identified as an overlap support that aligns with the 78.6% Fibonacci projection, indicating a potential level where price could find support once again.

1st resistance: 194.56
Supporting reasons: Identified as an overlap 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 continuation toward the 1st resistance 

Pivot: 0.9011

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

1st support: 0.8902
Supporting reasons: Identified as an overlap support that aligns with the 61.8% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 0.9181
Supporting reasons: Identified as a multi-swing high resistance that aligns with the 78.6% Fibonacci projection, indicating a potential area that could halt any further upward movement.

USD/JPY:

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: 154.08

Supporting reasons: Identified as a pullback resistance that aligns with the 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 151.06
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.

1st resistance: 155.09
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 1.4404
Supporting reasons: Identified as an overlap resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 1.4287
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where the price could stabilize once more.

1st resistance: 1.4488
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

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: 0.6225

Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where buying interests could pick up to stage a rebound.

1st support: 0.6177

Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement, suggesting a potential area where the price could stabilize once again.

1st resistance: 0.6297
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

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: 0.5590

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

1st support: 0.5538

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

1st resistance: 0.5656

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

US30 (DJIA):

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: 44,618.56

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

1st support: 43,835.56

Supporting reasons: Identified as a multi-swing-low support that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where the price could stabilize once again.

1st resistance: 44,978.36

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

Pivot: 21,948.10

Supporting reasons: Identified as a swing-high resistance that aligns close to a 127.2% Fibonacci extension, indicating a potential level where selling pressures could intensify.

1st support: 21,528.30

Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, indicating a key level where the price could stabilize once more.

1st resistance: 22,237.83
Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. a 61.8% projection and a 161.8% extension, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 6,005.90

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

1st support: 5,919.31

Supporting reasons: Identified as a multi-swing-low support that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where the price could stabilize once again.

1st resistance: 6,099.90

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

BTC/USD (Bitcoin):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 94,955.30

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

1st support: 92,857.02
Supporting reasons: Identified as a swing-low support, indicating a potential level where the price could stabilize once more.

1st resistance: 101,963.41
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 2,855.60

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 2,472.17
Supporting reasons: Identified as a swing-low support, indicating a potential level where the price could stabilize once again.

1st resistance: 3,028.21
Supporting reasons: Identified as a pullback 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: 73.85
Supporting reasons: Identified as a swing-high resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area where selling pressures could intensify. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.

1st support: 71.19
Supporting reasons: Identified as an overlap support, indicating a key level where the price could stabilize once more.

1st resistance: 75.99
Supporting reasons: Identified as a swing-high resistance that aligns with a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 2938.59

Supporting reasons: Identified as a resistance that aligns with the 100% Fibonacci projection, indicating a potential area where selling pressures could intensify.

1st support: 2884

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

1st resistance: 3017.59

Supporting reasons: Identified as a resistance that aligns with the 161.8% Fibonacci projection, indicating a potential area that could halt any further upward movement.

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