ICMarket

Tuesday 17th September 2024: Technical Outlook and Review

DXY (US Dollar Index):


Potential Direction: Bullish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: The bearish overall momentum contrasts with the potential for a bullish bounce.

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

Pivot: 100.52
Supporting reasons: Swing high resistance, indicating a level where the price could reverse.

1st support: 100.24
Supporting reasons: 127.20% Fibonacci Extension, suggesting a key support level where price might find buying interest.

1st resistance: 101.26
Supporting reasons: Pullback resistance, 61.80% Fibonacci Retracement, indicating a strong level where price could face resistance if it moves upward.

EUR/USD:


Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.1136
Supporting reasons: An overlap resistance, with 61.8% Fibonacci Retracement which may provide a significant level for a bearish reaction.

1st support: 1.1071
Supporting reasons: An overlap support with 50% Fibonacci Retracement, indicating a potential area where the price may find support if it drops.

1st resistance: 1.1183
Supporting reasons: Swing high resistance, which may be a key level if the price moves higher.

EUR/JPY:


Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: The bearish overall momentum aligns with the potential for a bearish reaction.

Price could potentially make a: Bearish reaction off pivot and drop to 1st support.

Pivot: 157.54
Supporting reasons: An Overlap resistance, indicating a level where the price could face selling pressure.

1st support: 155.45
Supporting reasons: Swing low support, suggesting a significant level where the price might find buying interest if it drops.

1st resistance: 159.96
Supporting reasons: Pullback resistance, 61.80% Fibonacci Retracement, indicating a strong level where price could face resistance if it moves up.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: The bearish overall momentum aligns with the potential for a bearish reaction.

Price could potentially make a: Bearish reaction off pivot and drop to 1st support.

Pivot: 0.8430
Supporting reasons: Pullback resistance, indicating a potential resistance level where selling pressure might emerge.

1st support: 0.8400
Supporting reasons: Swing low support, a significant level where buying interest might be expected if the price falls.

1st resistance: 0.8454
Supporting reasons: An Overlap resistance and 23.60% Fibonacci Retracement, suggesting that this level could act as resistance if the price moves upward.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: The bearish overall momentum aligns with the potential for a bearish reaction.

Price could potentially make a: Bearish reaction off pivot and drop to 1st support.

Pivot: 1.3182
Supporting reasons: An Overlap resistance and 61.80% Fibonacci Projection, indicating this level might act as resistance where the price could potentially reverse.

1st support: 1.3104
Supporting reasons: An Overlap support and 50% Fibonacci Retracement, suggesting this level could provide support if the price drops.

1st resistance: 1.3303
Supporting reasons: 127.20% Fibonacci Extension, indicating potential resistance if the price moves upward.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: The overall bearish momentum suggests a continuation in the same direction.

Price could potentially make a: Bearish continuation towards 1st support.

Pivot: 186.65
Supporting reasons: An Overlap resistance, indicating this level might act as a barrier for price movement.

1st support: 183.74
Supporting reasons: Swing low support, suggesting this level could hold as support if the price declines.

1st resistance: 189.28
Supporting reasons: An Overlap resistance and 61.80% Fibonacci Retracement, indicating this level might act as resistance if the price moves upward.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bullish
Factors contributing to the momentum: The bullish momentum suggests the price may continue in an upward direction.

Price could potentially make a: Bullish bounce off pivot and heads towards 1st resistance.

Pivot: 0.8405
Supporting reasons: Swing low support, indicating this level may act as a support if the price pulls back.

1st support: 0.8343
Supporting reasons: 161.80% Fibonacci Extension, suggesting strong support at this level.

1st resistance: 0.8497
Supporting reasons: An Overlap resistance, indicating potential resistance if the price rises.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: The bearish momentum suggests a continuation of the downtrend.

Price could potentially make a: Bearish reaction off pivot and drop to 1st support.

Pivot: 141.77
Supporting reasons: Pullback resistance, with 61.80% Fibonacci Retracement indicating this level could act as resistance if the price retraces.

1st support: 139.62
Supporting reasons: Swing low support, suggesting this level might hold as support if the price moves downward.

1st resistance: 143.70
Supporting reasons: An Overlap resistance, with 50% Fibonacci Retracement indicating potential resistance if the price rises.

USD/CAD:

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: 1.3549
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.3492
Supporting reasons: Identified as a swing-low support that aligns close to a 61.8% Fibonacci retracement, indicating a key level where price has found strong support in the past.

1st resistance: 1.3615
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bearish
Overall momentum of the chart: Neutral

Price could rise towards the pivot and potentially reverse off this level to drop towards the 1st support.

Pivot: 0.6813
Supporting reasons: Identified as a swing-high resistance, suggesting a potential level where selling interests could intensify.

1st support: 0.6685
Supporting reasons: Identified as an overlap support, indicating a key level where price has recently found support.

1st resistance: 0.6859
Supporting reasons: Identified as a swing-high resistance that aligns close to a 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Neutral

Price could rise towards the pivot and potentially reverse off this level to drop towards the 1st support.

Pivot: 0.6236

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, suggesting a potential level where selling interests could intensify.

1st support: 0.6155
Supporting reasons: Identified as an overlap support, indicating a potential level where price has found strong support in the past.

1st resistance: 0.6292
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

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: 41,056.42
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st support: 40,704.12
Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 41,992.28

Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

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: 18,424.10
Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st support: 18,247.90
Supporting reasons: Identified as a multi-swing-low support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 18,971.60
Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, 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 is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 5,544.60
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st support: 5,385.30
Supporting reasons: Identified as a swing-low support that aligns close to a 50% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 5,669.89
Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any 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: 56,576.60
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 rebound.

1st support: 53,477.38
Supporting reasons: Identified as a swing-low support, indicating a key level where price has found strong in the past.

1st resistance: 60,783.25
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any 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: 2,218.93
Supporting reasons: Identified as a swing-low support that aligns with a 78.6% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a rebound.

1st support: 2,044.47
Supporting reasons: Identified as a swing-low support, indicating a potential level where price has found support in the past.

1st resistance: 2,454.11
Supporting reasons: Identified as a multi-swing-high resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

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: 72.61
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement, suggesting a potential level where selling pressures could intensify.

1st support: 68.91
Supporting reasons: Identified as an overlap support, indicating a key level where price has recently found support.

1st resistance: 75.38
Supporting reasons: Identified as an overlap resistance that aligns close to a 78.6% 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 reaction off pivot and drop to 1st support.

Pivot: 2583.95
Supporting reasons: 61.80% Fibonacci Projection, indicating this level might act as resistance if the price retraces.

1st support: 2531.45
Supporting reasons: Pullback support, suggesting this level could hold as support if the price drops.

1st resistance: 2613.19
Supporting reasons: 78.60% Fibonacci Projection, indicating potential resistance if the price rises further.

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