ICMarket

Tuesday 2nd April 2024: Technical Outlook and Review

DXY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 104.92

Supporting reasons: Acts as an Overlap resistance with a 61.80% Fibonacci Retracement and a 61.80% Fibonacci Projection, indicating a significant level of Fibonacci confluence. This suggests a potential turning point where selling pressure might increase, leading to a potential reversal or pullback in the bullish trend.

1st support: 102.62

Supporting reasons: Known as an Overlap support, indicating a strong area where buying interest has historically been present, providing a solid foundation for potential price stabilisation or a minor rebound if the bearish movement extends from the pivot point.

1st resistance: 105.99

Supporting reasons: Identified as an Overlap resistance with a 78.60% Fibonacci Retracement, marking a significant barrier that could cap upward movements, highlighting its importance as a critical threshold for bullish attempts to continue the upward momentum.

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: 1.0794

Supporting reasons: Acts as an Overlap resistance, a crucial level that might indicate where selling pressure can intensify, suggesting a potential turning point for the price to continue its downward movement.

1st support: 1.0663

Supporting reasons: Known as overlap support with a 61.80% Fibonacci Projection, indicating a significant area where the market has previously found support, providing a foundation for potential price stabilization or a minor rebound within the bearish trend.

1st resistance: 1.0960

Supporting reasons: Identified as Swing high resistance, marking a significant barrier that could cap upward movements, highlighting its importance as a critical threshold for monitoring bearish momentum within the context of an overall bearish market.

EUR/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Factors contributing to the momentum include the price being above a major ascending trend line, suggesting further bullish momentum is likely.

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

Pivot: 163.30

Supporting reasons: Acts as Pullback resistance, a level where selling pressure could intensify, indicating a potential spot for the price to reverse and move downwards despite the prevailing bullish trend.

1st support: 160.39

Supporting reasons: Known as Swing low support, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a rebound within the context of a bearish move.

1st resistance: 165.33

Supporting reasons: Identified as Swing high resistance, marking a significant barrier that has previously capped upward movements.

EUR/GBP:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation towards 1st support

Pivot: 0.8572

Supporting reasons: Acts as an Overlap resistance, indicating a key level where selling pressure might increase, suggesting a potential turning point for the price to continue its downward movement.

1st support: 0.8506

Supporting reasons: Known as Multi-swing low support, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a rebound within the context of a bearish move.

1st resistance: 0.8613

Supporting reasons: Identified as an Overlap resistance, marking a significant barrier that has previously capped upward movements.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 1.2522

Supporting reasons: Acts as an Overlap support with a 38.20% Fibonacci Retracement, indicating a key level where buying interest could intensify, suggesting a solid foundation for a potential upward movement.

1st support: 1.2383

Supporting reasons: Known as an Overlap support with a 61.80% Fibonacci Retracement, suggesting a significant area where the market has previously found strong buying support, providing a deeper layer of potential price stabilization or a rebound within a bullish context.

1st resistance: 1.2796

Supporting reasons: Identified as Multi-swing high resistance, marking a significant barrier that has capped previous upward movements.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 191.06

Supporting reasons: Acts as an Overlap resistance, a critical level where selling pressure might intensify, indicating a potential spot for the price to reverse and move downwards despite the prevailing bullish trend.

1st support: 188.40

Supporting reasons: Known as an Overlap support, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a rebound within the context of a bearish move.

1st resistance: 194.80

Supporting reasons: Marked by a 161.80% Fibonacci Extension, indicating a significant barrier that could cap upward movements. 

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.9049

Supporting reasons: Acts as Multi-swing high resistance, indicating a critical level where selling pressure could intensify, suggesting a potential turning point for the price to continue its downward movement.

1st support: 0.8895

Supporting reasons: Known as Pullback support, suggesting a significant area where the market has previously found support, providing a foundation for potential price stabilization or a minor rebound within the bearish trend.

1st resistance: 0.9225

Supporting reasons: Identified as Multi-swing high resistance, marking a significant barrier that has capped previous upward movements. This indicates a crucial threshold for monitoring bearish momentum, reinforcing the bearish outlook in the context of an overall bearish market

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 151.80

Supporting reasons: Identified as Multi-swing high resistance with a 127.20% Fibonacci Extension, marking a significant level where selling pressure could intensify, suggesting a potential reversal point for the price to continue its downward movement within the context of an overall bullish trend.

1st support: 148.63

Supporting reasons: Acts as Pullback support with a 61.80% Fibonacci Retracement, indicating a critical area where the market has previously found support, providing a foundation for potential price stabilization or a minor rebound.

1st resistance: 153.39

Supporting reasons: Characterized by a 161.80% Fibonacci Extension and a 61.80% Fibonacci Projection, indicating a significant level of Fibonacci confluence. This confluence acts as a strong technical indicator that the price might target, underscoring its importance for the bearish momentum.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price could potentially make a bullish rise towards the 1st resistance

1st support: 1.3523

Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization.

1st resistance: 1.3613

Supporting reasons: Identified as a multi-swing-high resistance, marking a significant barrier that could cap further upward movements.

AUD/USD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price could potentially make a bullish rise towards the pivot before making a bearish reaction to drop towards the 1st support

Pivot: 0.6510

Supporting reasons: Acts as pullback resistance that aligns close to a 23.6% Fibonacci retracement level indicating a key level where selling interest has been strong, suggesting a potential barrier against further upward movement.

1st support: 0.6480

Supporting reasons: Acts as a swing-low support, suggesting a significant area where price has previously found strong support, providing a basis for a potential price stabilization or a minor rebound.

1st resistance: 0.6534

Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement level, marking a significant barrier that has previously capped upward movements. 

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish break below the pivot and drop to 1st support

Pivot: 0.5943

Supporting reasons: Acts as a pullback support where price could potentially break under to extend the bearish continuation.

1st support: 0.5915

Supporting reasons: Acts as a pullback support that aligns with a 100% Fibonacci projection level, suggesting a potential area for price stabilization or a minor rebound within the bearish context.

1st resistance: 0.5993

Supporting reasons: Identified as an overlap resistance, marking a significant barrier that could cap upward movements.

DJ30:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

1st support: 39,298.12

Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement level suggesting a significant area where price has previously found strong buying interest, providing a solid foundation for potential price stabilization or a rebound.

1st resistance: 39,3978.29

Supporting reasons: Identified as a pullback resistance, indicating a significant barrier that could cap further upward movements.

GER40:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bearish reaction off the pivot and drop towards the 1st support

Pivot: 18,567.67

Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci projection level, suggesting a potential zone where price could face selling pressures and make a bearish reaction.

1st support: 18,037.52

Supporting reasons: Acts as an overlap support suggesting a significant area where price has previously found strong buying interest, providing a solid foundation for a potential price stabilization or a rebound.

1st resistance: 18,837.43

Supporting reasons: Marked by a 100% Fibonacci Projection, indicating a significant barrier that could cap further upward movements. Overcoming this level would underscore the strength of the bullish momentum.

US500: 

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

1st support: 5,190.72

Supporting reasons: Acts as a pullback support that aligns with a 23.6% Fibonacci retracement level suggesting a significant area where price has previously found strong buying interest, providing a solid foundation for potential price stabilization or a rebound in the event of a pullback.

1st resistance: 5,276.06

Supporting reasons: Marked by a pullback resistance at the all-time high, indicating a significant barrier that could cap further upward movements.

BTC/USD:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

1st support: 61,521.91

Supporting reasons: Acts as a swing-low support that aligns with a 78.6% Fibonacci projection level suggesting a significant area where price has previously found strong buying interest, providing a solid foundation for potential price stabilization or a rebound in the event of a pullback.

1st resistance: 71,672.15

Supporting reasons: Marked by a pullback resistance, indicating a significant barrier that could cap further upward movements.

ETH/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 3,295.12

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level indicating a key level where buying interest has historically been strong, suggesting a solid foundation for a potential price stabilization or a rebound.

1st support: 3,111.04

Supporting reasons: Identified as a swing-low support suggesting a significant area where price has previously found support, providing a strong foundation for further downward movements.

1st resistance: 3,661.29

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, marking a significant barrier that has previously capped upward movements.

WTI/USD (Oil):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation towards the pivot and stall around this region

Pivot: 86.67

Supporting reasons: Marked by an overlap resistance that aligns close to a 78.6% Fibonacci projection level, indicating a significant level where selling pressure might intensify.

1st support: 83.52

Supporting reasons: Identified as a pullback support suggesting a significant area where price has previously found strong buying interest, providing a solid foundation for potential price stabilization or a rebound.

1st resistance: 89.25

Supporting reasons: Identified as a pullback resistance, marking a significant barrier that could cap further upward movements.

XAU/USD (GOLD):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation 

Pivot: 2276.21

Supporting reasons: Marked by a 61.80% Fibonacci Projection, indicating a significant level where selling pressure could intensify, suggesting a potential turning point for the price to continue its downward movement within the context of an overall bullish trend.

1st support: 2192.08

Supporting reasons: Known as Pullback support, suggesting a significant area where the market has previously found support, providing a foundation for potential price stabilization or a minor rebound within the bearish movement.

1st resistance: 2304.24

Supporting reasons: Characterized by a 78.60% Fibonacci Projection, marking a significant barrier that could cap upward movements, indicating a crucial threshold for monitoring bearish momentum against the backdrop of an overall bullish market.

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