ICMarket

Monday 19th August 2024: Technical Outlook and Review

DXY (US Dollar Index):

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: 101.99
Supporting reasons: Identified as an overlap support, reinforced by the 78.60% Fibonacci Retracement and the 127.20% Fibonacci Extension, indicating a confluence of support that could encourage buying activity.

1st support: 100.81
Supporting reasons: Identified as swing low support, suggesting a significant area where previous declines have been halted, potentially providing a strong base for a reversal or continuation of bullish momentum.

1st resistance: 103.65
Supporting reasons: Identified as an overlap resistance, indicating a level where the price might face selling pressure, which could either stall the bullish momentum or confirm a break to higher levels.

EUR/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.1107
Supporting reasons: Identified as swing high resistance, reinforced by the 100% Fibonacci Projection, suggesting a significant level where bullish momentum may face resistance and potentially reverse.

1st support: 1.0948
Supporting reasons: Identified as an overlap support, indicating an area where previous declines have found a stable base, which could serve as a target for a potential bearish move.

1st resistance: 1.1279
Supporting reasons: Identified as swing high resistance, representing a level where previous bullish advances have faced selling pressure, making it a key level to watch if the price continues to rise.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 164.48
Supporting reasons: Identified as pullback resistance, reinforced by the 50% Fibonacci Retracement, indicating a key level where bearish momentum could resume.

1st support: 157.95
Supporting reasons: Identified as an overlap support, marking an area where previous declines have stabilized, potentially serving as a target for a bearish move.

1st resistance: 170.74
Supporting reasons: Identified as pullback resistance, supported by the 78.60% Fibonacci Retracement, suggesting a significant level where bullish attempts may face selling pressure.

EUR/GBP:

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: 0.8498
Supporting reasons: Identified as pullback support, reinforced by the 50% Fibonacci Retracement, suggesting a potential area for bullish momentum to resume.

1st support: 0.8427
Supporting reasons: Identified as pullback support, supported by the 78.60% Fibonacci Retracement, indicating a key level where the price could find strong support.

1st resistance: 0.8609
Supporting reasons: Identified as multi-swing high resistance, marking a significant area where bullish movements may encounter selling pressure.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.2965
Supporting reasons: Identified as pullback resistance, reinforced by the 78.60% Fibonacci Retracement, suggesting a potential area where bearish momentum may resume.

1st support: 1.2858
Supporting reasons: Identified as pullback support, indicating a significant area where price may find support after a decline.

1st resistance: 1.3134
Supporting reasons: Identified as swing high resistance, marking a level where bullish movements may encounter selling pressure.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 191.76
Supporting reasons: Identified as an overlap resistance, indicating a potential level where the price might face selling pressure.

1st support: 183.17
Supporting reasons: Identified as multi-swing low support, marking a significant area where previous declines have found support.

1st resistance: 197.95
Supporting reasons: Identified as pullback resistance, reinforced by the 61.80% Fibonacci Retracement, suggesting a potential reversal point where bullish attempts may falter.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8749
Supporting reasons: Identified as an overlap resistance, supported by the 50% Fibonacci Retracement, indicating a potential level where the price might encounter selling pressure.

1st support: 0.8500
Supporting reasons: Identified as swing low support, marking a significant area where previous declines have found support.

1st resistance: 0.8922
Supporting reasons: Identified as an overlap resistance, reinforced by the 78.60% Fibonacci Retracement, suggesting a potential reversal point where bullish attempts may struggle.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 150.88
Supporting reasons: Identified as pullback support, indicating a potential level where a temporary rebound might occur before continuing the bearish trend.

1st support: 146.48
Supporting reasons: Identified as an overlap support, suggesting a significant area where previous price declines have found buying interest.

1st resistance: 154.76
Supporting reasons: Identified as an overlap resistance, reinforced by the 61.80% Fibonacci Retracement, marking a potential area where bullish attempts might face selling pressure

USD/CAD:

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: 1.3596
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.3485
Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, indicating a potential area where price could find strong support.

1st resistance: 1.3756
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

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: 0.6693
Supporting reasons: Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% retracement and projection levels, indicating a potential area where selling pressures could intensify.

1st support: 0.6565
Supporting reasons: Identified as a pullback support, suggesting a significant area where price has recently found support.

1st resistance: 0.6784
Supporting reasons: Identified as a swing-high resistance that aligns with a 100% Fibonacci projection level, indicating a significant area that could halt further upward movement.

NZD/USD

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: 0.6144
Supporting reasons: Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% retracement and projection levels, indicating a potential area where selling pressures could intensify.

1st support: 0.6044
Supporting reasons: Identified as an overlap support, suggesting a potential area where price could find strong support.

1st resistance: 0.6200
Supporting reasons: Identified as a swing-high resistance that aligns close to a 100% Fibonacci projection level, indicating a significant area that could halt 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: 40,901.78

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

1st Support: 39,956.90

Supporting Reasons: Identified as a pullback support, suggesting a potential area where price could find support.

1st Resistance: 41,277.57

Supporting Reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a significant area that could halt further upward movement.

DE40 (DAX):

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: 18,544.40

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, suggesting a potential area where selling pressures could intensify.

1st Support: 18,003.90

Supporting Reasons: Identified as a pullback support, indicating a potential area where price could find support.

1st Resistance: 18,873.20

Supporting Reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a significant area that could halt 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: 5,673.33

Supporting reasons: Identified as a swing-high resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% projection and 127.2% extension levels, suggesting a potential area where selling pressures could intensify.

1st support: 5,402.66

Supporting reasons: Identified as a pullback support, suggesting a potential area where price could find support.

1st resistance: 5,832.00

Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. the 100% projection and 127.2% extension levels, suggesting a critical area that could halt further upward movement.

BTC/USD (Bitcoin):

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 fall towards the 1st support.

Pivot: 61,687.65

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

1st support: 54,036.82

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, indicating a significant area where price has found support in the past.

1st resistance: 68,173.09

Supporting reasons: Identified as a swing-high resistance, indicating a potential barrier that could halt further upward movement.

ETH/USD (Ethereum):

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 fall towards the 1st support.

Pivot: 2,863.34

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

1st Support: 2,085.55

Supporting Reasons: Identified as an overlap support that aligns with a 78.6% Fibonacci retracement level, indicating a potential area where price could find support.

1st Resistance: 3,316.28

Supporting Reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, indicating a historical barrier where that could halt further upward movement.

WTI/USD (Oil):

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: 73.14

Supporting Reasons: Identified as a multi-swing-low support that aligns with a 61.8% Fibonacci projection level, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st Support: 70.35

Supporting Reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci projection level, indicating a significant area where price has found support in the past.

1st Resistance: 80.03

Supporting Reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, indicating a potential barrier that could halt further upward movement.

XAU/USD (GOLD):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 2510.97
Supporting reasons: Identified as pullback resistance, indicating a level where a reversal could occur as sellers potentially regain control.

1st support: 2469.28
Supporting reasons: Identified as pullback support, suggesting an area where the price might find temporary support before continuing the downward move.

1st resistance: 2550.10
Supporting reasons: Supported by the 100% Fibonacci Projection, indicating a significant level where the price could encounter strong resistance.

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