ICMarket

Wednesday 5th March 2025: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a short-term rise toward the pivot before reversing and falling toward the 1st support.

Pivot: 106.18
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressure could emerge.

1st support: 105.27
Supporting reasons: Identified as a swing low support that aligns close to the 161.8% Fibonacci extension, indicating as a potential area where price could stabilize before continuing higher.

1st resistance: 106.86
Supporting reasons: Identified as a pullback resistance, indicating a potential level that could cap further upward movement.

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bearish reversal off the pivot and fall toward the 1st support.

Pivot: 1.0627
Supporting reasons: Identified as a swing high resistance that aligns with the 161.8% Fibonacci extension, indicating a potential area where selling pressure could emerge.

1st support: 1.0518
Supporting reasons: Identified as a pullback support that aligns with the 38.2% Fibonacci retracement, indicating a potential area where price could stabilize before continuing higher.

1st resistance: 1.0710
Supporting reasons: Identified as a multi swing high resistance, indicating a potential level where price could face selling pressure.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish reversal off the pivot and fall toward the 1st support.

Pivot: 160.23
Supporting reasons: Identified as an overlap resistance that aligns with the 161.8% Fibonacci extension, indicating a potential area where selling pressure could emerge.

1st support: 158.19
Supporting reasons: Identified as a pullback support, indicating a potential area where price could stabilize before continuing higher.

1st resistance: 161.78
Supporting reasons: Identified as an overlap resistance that aligns close to the 78.6% Fibonacci retracement, indicating a potential level where price could face selling pressure.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a short-term rise toward the pivot before reversing and falling toward the 1st support.

Pivot: 0.8319
Supporting reasons: Identified as a pullback resistance that aligns with the 127.2% Fibonacci extension, indicating a potential area where selling pressure could emerge.

1st support: 0.8273
Supporting reasons: Identified as a pullback support, indicating a potential area where price could stabilize before continuing higher.

1st resistance: 0.8355
Supporting reasons: Identified as an overlap resistance that aligns with the 50% Fibonacci extension, indicating a potential level that could cap further upward movement.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially make a bearish reversal off the pivot and fall toward the 1st support.

Pivot: 1.2797
Supporting reasons: Identified as a multi swing high resistance that aligns with the 161.8% Fibonacci extension, indicating a potential area where selling pressure could emerge.

1st support: 1.2719
Supporting reasons: Identified as a pullback support, acting as a potential level where price could stabilize before continuing higher.

1st resistance: 1.2863
Supporting reasons: Identified as a swing high resistance, indicating a potential level that could cap further upward movement.

GBP/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 190.06
Supporting reasons: Identified as a pullback support, indicating a potential area where price could rebound.

1st support: 188.43
Supporting reasons: Identified as a multi swing low support, indicating a potential level where price could stabilize before continuing higher.

1st resistance: 192.67
Supporting reasons: Identified as a multi swing high resistance, indicating a potential level where price could face selling pressure.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.88.79
Supporting reasons: Identified as a support that aligns close to the 127.2% Fibonacci extension, indicating a potential area where price could rebound.

1st support: 0.8835
Supporting reasons: Identified as a support that aligns with the 161.8% Fibonacci extension, indicating a potential level where price could face selling pressure.

1st resistance: 0.8994
Supporting reasons: Identified as a pullback resistance, indicating a potential level where price could face selling pressure.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 149.26
Supporting reasons: Identified as a pullback support, indicating a potential area where price could rebound.

1st support: 148.10
Supporting reasons: Identified as a swing low support, suggesting a potential area where price could stabilize before resuming its upward movement.

1st resistance: 151.25
Supporting reasons: Identified as an overlap resistance that aligns close to the 50% Fibonacci retracement, indicating a potential level where price could face selling pressure.

USD/CAD:

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: 1.4537

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

1st support: 1.4359
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, indicating a key level where the price could stabilize once more.

1st resistance: 1.4749
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.6200

Supporting reasons: Identified as a multi-swing-low support, indicating a potential area where buying interests could pick up stage a minor rebound.

1st support: 0.6151

Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement, suggesting a potential area where the price could stabilize once again.

1st resistance: 0.6270
Supporting reasons: Identified as a swing-high resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.5633

Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, indicating a potential area where buying interests could pick up stage a minor rebound.

1st support: 0.5590

Supporting reasons: Identified as a multi-swing-low support, suggesting a potential area where the price could stabilize once more.

1st resistance: 0.5692

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 42,879.91

Supporting reasons: Identified as a pullback resistance that aligns close to a confluence of Fibonacci levels i.e. the 23.6% and 38.2% retracements, indicating a potential area where selling pressures could intensify. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.

1st support: 41,674.92

Supporting reasons: Identified as a swing-low support, indicating a potential level where the price could stabilize once again.

1st resistance: 43,767.52

Supporting reasons: Identified as an overlap resistance that aligns close to a confluence of Fibonacci levels i.e. the 50% and 78.6% retracements, 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: 22,163.30

Supporting reasons: Identified as a multi-swing-low support, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 21,927.70

Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement, indicating a key level where the price could stabilize once more.

1st resistance: 23,133.40
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: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 5,844.90

Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.

1st support: 5,700.70

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

1st resistance: 5,923.40

Supporting reasons: Identified as a pullback resistance that aligns close to a confluence of Fibonacci levels i.e. the 50% and 78.6% retracements, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 86,429.65

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

1st support: 80,139.21
Supporting reasons: Identified as a swing-low support, indicating a potential level where the price could stabilize once more.

1st resistance: 94,030.59
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.

ETH/USD (Ethereum):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 2,264.16

Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.

1st support: 2,000.46
Supporting reasons: Identified as a swing-low support that aligns close to a 127.2% Fibonacci extension, indicating a potential level where the price could stabilize once again.

1st resistance: 2,519.42
Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 68.48

Supporting reasons: Identified as a pullback resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.

1st support: 65.64
Supporting reasons: Identified as a swing-low support that aligns close to a 100% Fibonacci projection, indicating a key level where the price could stabilize once more.

1st resistance: 70.40
Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% 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 reversal off the pivot and fall toward the 1st support.

Pivot: 2923.35
Supporting reasons: Identified as an overlap resistance that aligns close to the 78.6% Fibonacci retracement, indicating a potential area where selling pressure could emerge.

1st support: 2872.95
Supporting reasons: Identified as a pullback support, acting as a potential level where price could stabilize before continuing higher.

1st resistance: 2954.52
Supporting reasons: Identified as a multi swing high resistance, indicating a potential level where price could face selling pressure.

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