ICMarket

Wednesday 18th September 2024: Technical Outlook and Review

DXY (US Dollar Index):


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.

EUR/USD:


Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.1136
Supporting reasons: An Overlap resistance, suggesting it could act as a resistance level if the price retraces.

1st support: 1.1071
Supporting reasons: An Overlap support with 50% Fibonacci Retracement, indicating this level could hold as support if the price moves lower.

1st resistance: 1.1183
Supporting reasons: Swing high resistance, which may act as a barrier to upward movement if the price rises.

EUR/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: 157.54
Supporting reasons: Pullback support, suggesting it may hold if the price retraces.

1st support: 155.45
Supporting reasons: Swing low support, providing a potential base if the price drops.

1st resistance: 159.96
Supporting reasons: Pullback resistance with 61.80% Fibonacci Retracement, indicating it could be a significant level of resistance.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8454
Supporting reasons: An overlap resistance combined with the 23.60% Fibonacci Retracement, suggesting it could act as a strong resistance level.

1st support: 0.8400
Supporting reasons: Swing low support, which may provide a base if the price declines.

1st resistance: 0.8507
Supporting reasons: Pullback resistance with 50% Fibonacci Retracement, indicating potential resistance if the price rises.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.3182
Supporting reasons: An overlap resistance combined with the 61.80% Fibonacci Projection, suggesting it may act as a strong resistance level.

1st support: 1.3104
Supporting reasons: An overlap support with 50% Fibonacci Retracement, which could serve as a key level for price to potentially find support.

1st resistance: 1.3303
Supporting reasons: 127.20% Fibonacci Extension, indicating a possible resistance level if the price rises.

GBP/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: 186.60
Supporting reasons: An overlap support, suggesting a potential level for price to bounce off.

1st support: 183.74
Supporting reasons: Swing low support, which may act as a key level where the price could potentially find support if it moves lower.

1st resistance: 189.28
Supporting reasons: An overlap resistance combined with the 61.80% Fibonacci Retracement, indicating a possible level where the price might encounter resistance if it moves higher.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a: Bullish continuation towards 1st resistance.

Pivot: 0.8429
Supporting reasons: Swing low support, indicating a level where the price might find support and possibly bounce.

1st support: 0.8375
Supporting reasons: Swing low support, which could act as an additional support level if the price drops further.

1st resistance: 0.8499
Supporting reasons: An overlap resistance, combined with 61.80% Fibonacci Retracement and 61.80% Fibonacci Projection, indicating a strong confluence of resistance levels where the price might encounter selling pressure.

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: 141.01
Supporting reasons: Pullback support, which suggests the price might find support here and potentially reverse to the upside.

1st support: 139.56
Supporting reasons: Swing low support, providing a level where the price might find further support if it drops below the pivot.

1st resistance: 143.70
Supporting reasons: An overlap resistance level, with additional resistance from the 50% Fibonacci Retracement, indicating a strong area where the price could face resistance.

USD/CAD:

Potential Direction: Bullish
Overall momentum of the chart: Neutral

Price could fall towards the pivot and 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: 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: 41,992.28
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: 41,096.34

Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 42,533.15

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: Neutral

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

Pivot: 18,971.60
Supporting reasons: Identified as a swing-high resistance that aligns with a 127.2% Fibonacci extension, suggesting a potential area where selling pressures could intensify.

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: 19,403.73
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.

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: 5,669.89
Supporting reasons: Identified as a multi-swing-high resistance that aligns close to the all-time high, suggesting a potential area where selling pressures could intensify.

1st support: 5,544.60
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 5,830.73
Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% projection and the 161.8% extension, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bearish
Overall momentum of the chart: Neutral

Price has made a bearish reversal off the pivot and could potentially drop towards the 1st support.

Pivot: 61,198.85
Supporting reasons: Identified as a multi-swing-high resistance, suggesting a potential level where selling pressures could intensify.

1st support: 56,640.93
Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement, indicating a key level where price has found strong in the past.

1st resistance: 64,376.72
Supporting reasons: Identified as a 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 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: 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: 68.91
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: 66.04
Supporting reasons: Identified as a swing-low support, indicating a key level where price has found support in the past.

1st resistance: 72.61
Supporting reasons: Identified as a pullback resistance that aligns close to 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 reaction off pivot and drop to 1st support.

Pivot: 2577.86
Supporting reasons: An overlap resistance, indicating that the price may face resistance here and could potentially reverse to the downside.

1st support: 2531.68
Supporting reasons: Pullback support and 61.80% Fibonacci Retracement, suggesting a strong level of support where the price might find buying interest.

1st resistance: 2589.74
Supporting reasons: Multi-swing high resistance, indicating a strong level where the price could face resistance if it moves higher.

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