ICMarket

Tuesday 15th October 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 103.33
Supporting reasons: Identified as a pullback resistance with 50% Fibonacci Retracement, indicating this level may act as a significant resistance point.

1st support: 102.29
Supporting reasons: Identified as overlap support near the 38.2% Fibonacci Retracement, suggesting this level could provide strong support if the price declines.

1st resistance: 103.99
Supporting reasons: Identified as pullback resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

EUR/USD:


Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 1.0904
Supporting reasons: Identified as an overlap support with 61.80% Fibonacci Retracement, indicating this level may act as a significant support point.

1st support: 1.0351
Supporting reasons: Identified as a pullback support, suggesting this level could provide strong support if the price declines.

1st resistance: 1.0955
Supporting reasons: Identified as an overlap resistance with 23.6% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

Additionally, divergence occurs when an asset’s price moves in the opposite direction of a technical indicator. It signals that the current trend may be weakening and could potentially lead to a price reversal.

EUR/JPY:


Potential Direction: Neutral

Overall momentum of the chart: Bullish

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

1st support: 162.27

Supporting reasons: Identified as an overlap support, indicating this level could act as a strong support point.

1st resistance: 163.78

Supporting reasons: Identified as an overlap resistance, marking a level where the price might face selling pressure if it rises.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8340
Supporting reasons: Identified as an overlap support with 78.6% Fibonacci Retracement, indicating this level may provide significant support during price fluctuations.

1st support: 0.8311
Supporting reasons: Identified as a multi-swing low support, suggesting this level could offer strong support if the price declines.

1st resistance: 0.8377
Supporting reasons: Identified as an overlap resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

GBP/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 1.3033
Supporting reasons: Identified as an overlap support with 50% Fibonacci Retracement, indicating this level may act as a significant support point.

1st support: 1.2937
Supporting reasons: Identified as an overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 11.3169
Supporting reasons: Identified as a pullback resistance close to 38.2% Fibonacci retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

GBP/JPY:


Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish break through the pivot and rise to 1st resistance.

Pivot: 195.88

Supporting reasons: Identified as an overlap resistance, suggesting this level may act as a significant resistance level.

1st support: 193.09

Supporting reasons: Identified as an overlap support, indicating this level might provide strong support if the price declines.

1st resistance: 199.53

Supporting reasons: Identified as an overlap resistance, marking a level where the price might encounter selling pressure if it rises.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8542
Supporting reasons: Identified as an overlap support, indicating this level may provide significant support during price fluctuations.

1st support: 0.8481
Supporting reasons: Identified as a pullback support, suggesting this level could offer strong support if the price declines.

1st resistance: 0.8692
Supporting reasons: Identified as an overlap resistance, aligned with 61.8% Fibonacci projection indicating a potential resistance level where selling pressure may arise.

Additionally, when the price remains above the Ichimoku cloud, it’s typically seen as a strong bullish signal, indicating upward momentum

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 147.25
Supporting reasons: Identified as an overlap support, indicating this level may act as a significant support during retracements.

1st support: 145.78
Supporting reasons: Identified as a pullback support, suggesting this level could provide additional support if the price moves lower.

1st resistance: 150.90
Supporting reasons: Identified as a pullback resistance, aligned with 50% Fibonacci Retracement, indicating a potential area where selling pressure may emerge.

Additionally, when the price remains above the Ichimoku cloud, it’s typically seen as a strong bullish signal, indicating upward momentum

USD/CAD:

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 pull back towards the 1st support.

Pivot: 1.3841
Supporting reasons: Identified as a pullback resistance, indicating a potential level where selling pressures could intensify.

1st support: 1.3736
Supporting reasons: Identified as an overlap support, indicating a key level where price could find support.

1st resistance: 1.3880
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 0.6761
Supporting reasons: Identified as a swing-high resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 0.6701
Supporting reasons: Identified as a multi-swing-low support that aligns close to a 78.6% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 0.6811
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 0.6114

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

1st support: 0.6050
Supporting reasons: Identified as a swing-low support, indicating a potential level where price could find support once more.

1st resistance: 0.6151
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: Bullish

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

Pivot: 43,449.14

Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection, suggesting a potential area where selling pressures could intensify. 

1st support: 42,824.07

Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 43,891.62

Supporting reasons: Identified as a resistance that aligns with a 78.6% Fibonacci projection, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

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 pull back towards the 1st support.

Pivot: 19,717.14
Supporting reasons: Identified as a resistance that aligns close to a confluence of Fibonacci levels i.e. a 61.8% projection and a 127.2% extension, suggesting a potential area where selling pressures could intensify. 

1st support: 19,493.70
Supporting reasons: Identified as a pullback support, indicating a key level where price could find support.

1st resistance: 19,935.99
Supporting reasons: Identified as a resistance that aligns close to a confluence of Fibonacci levels i.e. a 78.6% projection and a 161.8% extension, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

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 pull back towards the 1st support.

Pivot: 5,913.41
Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection, suggesting a potential area where selling pressures could intensify. 

1st support: 5,791.00
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 5,978.97
Supporting reasons: Identified as a resistance that aligns with a 78.6% Fibonacci projection, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

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: 66,007.96
Supporting reasons: Identified as a swing-high resistance that aligns close to a confluence of Fibonacci levels i.e. a 100% projection and a 127.2% extension, suggesting a potential area where selling pressures could intensify.

1st support: 63,716.31
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 69,530.38
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: 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: 2,639.74
Supporting reasons: Identified as an overlap resistance that aligns with a 78.6% Fibonacci retracement, suggesting a potential area where selling pressures could intensify.

1st support: 2,569.10
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 2,701.76
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any 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: 70.95
Supporting reasons: Identified as a swing-low support that aligns close to a 61.8% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a minor rebound.

1st support: 69.89
Supporting reasons: Identified as an overlap support that aligns close to a 78.6% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 73.75
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):

Instrument: XAU/USD
Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 2624.67
Supporting reasons: Identified as pullback support, aligned with the 61.80% Fibonacci Retracement, indicating this level could act as a significant support during price fluctuations.

1st support: 2601.02
Supporting reasons: Identified as pullback support, suggesting this level could offer strong support if the price declines.

1st resistance: 2668.82
Supporting reasons: Identified as multi-swing high resistance, indicating this level may act as a key resistance point where selling pressure could emerge.

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