ICMarket

Tuesday 19th November 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 the pivot and rise toward the 1st resistance

Pivot: 105.27
Supporting reasons: Identified as pullback support that aligns with 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 104.33
Supporting reasons: Identified as an overlap support that aligns with the 78.6% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 106.89
Supporting reasons: Identified as a multi-swing high resistance, 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 reaction off the pivot and drop toward the 1st support 

Pivot: 1.0653
Supporting reasons: Identified as an overlap resistance close to 38.2% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 1.0519

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

1st resistance: 1.0770
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/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation toward the 1st resistance.

Pivot: 163.92
Supporting reasons: Identified as an overlap resistance close to 38.2% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 162.14

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

1st resistance: 165.01
Supporting reasons: Identified as an overlap resistance that aligns with the 61.8% Fibonacci retracement, 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 reaction off the pivot and drop toward the 1st support 

Pivot: 0.8387
Supporting reasons: Identified as a pullback resistance close to 61.8% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.8303
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once again.

1st resistance: 0.8443
Supporting reasons: Identified as an overlap 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 reaction off the pivot and drop toward the 1st support 

Pivot: 1.2796
Supporting reasons: Identified as an overlap resistance close to 38.2% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 1.2609

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

1st resistance: 1.2863
Supporting reasons: Identified as a pullback resistance close to 61.8% Fibonacci retracement, 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 reaction off the pivot and drop toward the 1st support 

Pivot: 196.70
Supporting reasons: Identified as a pullback resistance close to 61.8% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 194.48

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

1st resistance: 198.42
Supporting reasons: Identified as a multi swing high resistance that aligns, 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 bounce off the pivot and rise toward the 1st resistance

Pivot: 0.8777
Supporting reasons: Identified as pullback support that aligns with 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound

1st support: 0.8700
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.

1st resistance: 0.8911
Supporting reasons: Identified as a multi-swing high resistance, indicating a potential area that could halt any further upward movement.

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bearish continuation toward the 1st resistance.

Pivot: 154.68
Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify.

1st support: 152.41
Supporting reasons: Identified as an overlap support that aligns with the 78.6% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 156.59
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

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 toward the 1st resistance.

Pivot: 1.3953
Supporting reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 50% retracements, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 1.3838
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 1.4100
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: Bearish

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

Pivot: 0.6542
Supporting reasons: Identified as an overlap resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.6448
Supporting reasons: Identified as a swing-low support that aligns close to a 161.8% Fibonacci extension, suggesting a key support area where price could find support once again.

1st resistance: 0.6678
Supporting reasons: Identified as a swing-high resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.5931
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.5839
Supporting reasons: Identified as a swing-low support, suggesting a key support area where price could find support once more.

1st resistance: 0.6025
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.

US30 (DJIA):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

Price is trading close to the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 43,330.76

Supporting reasons: Identified as an overlap 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: 42,562.05

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

1st resistance: 43,879.76

Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

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: 19,277.90
Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 18,949.40
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price could find support once more.

1st resistance: 19,508.40
Supporting reasons: Identified as a swing-high resistance, 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 has made a bullish bounce off the pivot and could potentially rise towards the 1st resistance.

Pivot: 5,868.70

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

1st support: 5,817.40
Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 5,963.30
Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

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 pull back towards the 1st support.

Pivot: 92,927.49
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 86,719.44
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 97,859.16
Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension, 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: 3,014.97
Supporting reasons: Identified as a pullback support that aligns close to 38.2% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 2,853.86
Supporting reasons: Identified as a pullback support that aligns close to 50% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 3,374.82
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

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: 70.38
Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 66.98
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price could find support once again.

1st resistance: 72.82
Supporting reasons: Identified as a multi-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: Bearish

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

Pivot: 2632.27
Supporting reasons: Identified as a pullback resistance close to 38.2% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 2542.34

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

1st resistance: 2710.14
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

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