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Wednesday 4th December 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 the pivot and drop toward the 1st support 

Pivot: 106.58

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

1st support: 105.25
Supporting reasons: Identified as a pullback support that aligns with the 61.8 % Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 107.57
Supporting reasons: Identified as a 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 continuation toward the 1st support 

Pivot: 1.0532
Supporting reasons: Identified as an overlap resistance close to 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 1.0390

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

1st resistance: 1.0604
Supporting reasons: Identified as an overlap resistance, 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 reaction off the pivot and drop toward the 1st support 

Pivot: 158.19

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

1st support: 155.54

Supporting reasons: Identified as a swing low support close to 161.8% Fibonacci extension, indicating a potential level where price could find support once more.

1st resistance: 160.49
Supporting reasons: Identified as a pullback resistance, 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 continuation toward the 1st support 

Pivot: 0.8309

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

1st support: 0.8267

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

1st resistance: 0.8375
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.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 1.2612
Supporting reasons: Identified as an overlap support close to 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound

1st support: 1.2491

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

1st resistance:  1.2755
Supporting reasons: Identified as a pullback resistance close to 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

GBP/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could potentially make a bullish continuation toward the 1st resistance

Pivot: 188.05
Supporting reasons: Identified as an overlap support, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 184.32
Supporting reasons: Identified as a swing low support, indicating a key level where price could find support once more.

1st resistance: 190.94
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

USD/CHF:

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: 0.8903

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

1st support: 0.8773
Supporting reasons: Identified as a pullback support close to 50% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 0.8958
Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 150.75
Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures, indicating a potential area where selling pressures could intensify.

1st support: 147.21
Supporting reasons: Identified as a pullback support close to 61.8% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 153.31
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

USD/CAD:

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: 1.4094

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

1st support: 1.3959
Supporting reasons: Identified as overlap support close to 61.8% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 1.4176
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 could potentially make a bearish reaction off the pivot and drop toward the 1st support 

Pivot: 0.6504

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

1st support: 0.6447
Supporting reasons: Identified as a swing-low support, suggesting a key support area where price could find support once again.

1st resistance: 0.6620
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.5935
Supporting reasons: Identified as an overlap resistance close to 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.5814
Supporting reasons: Identified as a swing low support, suggesting a key support area where price could find support.

1st resistance: 0.6027
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 could potentially make a bearish continuation toward the 1st support 

Pivot: 44,971.98

Supporting reasons: Identified as a swing high resistance that aligns with the 127.2% Fibonacci extension, indicating a potential area where selling pressures could intensify.

1st support: 44,339.53

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

1st resistance: 45,573.41

Supporting reasons: Aligns with the 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

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: 19,944.30
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a rebound

1st support: 19,680.81

Supporting reasons: Identified as a pullback support, indicating a key level where price could find support once more.

1st resistance: 20,203.66
Supporting reasons: Identified as a swing-high resistance close to 161.8% Fibonacci 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 could potentially make a bearish reaction off the pivot and drop toward the 1st support 

Pivot: 6,077.93

Supporting reasons: Aligns with 127.2% Fibonacci extension, indicating a potential area where selling pressures could intensify.

1st support: 6,013.39

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

1st resistance: 6,148.32
Supporting reasons: Aligns with 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 96,200.63

Supporting reasons: Identified as an overlap resistance that aligns with 61.8 % Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 91,814.94
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support.

1st resistance: 99,465.75
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 could potentially make a bearish reaction off the pivot and drop toward the 1st support 

Pivot: 3,725.84

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

1st support: 3,546.69
Supporting reasons: Identified as an overlap support close to 50% Fibonacci retracement, indicating a potential level where price could find support once again

1st resistance: 3,881.01
Supporting reasons:  Identified as a 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: Bullish

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

Pivot: 69.63
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a rebound

1st support:  68.028
Supporting reasons: Identified as an overlap support that aligns with 78.6% Fibonacci retracement, indicating a key level where price could find support once again.

1st resistance: 71.49
Supporting reasons: Identified as a swing high resistance, 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 continuation toward the 1st support 

Pivot: 2664.65
Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify.

1st support: 2599.91

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

1st resistance: 2713.65
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

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