ICMarket

Tuesday 27th August 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could rise towards the pivot and potentially reverse off this level to fall towards the 1st support.

Pivot: 101.48
Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement, suggesting a potential area where selling pressures could intensify to resume the downtrend. The presence of the bearish Ichimoku Cloud adds further significance to the strength of this resistance zone.

1st support: 100.60
Supporting reasons: Identified as a pullback support indicating an area where price has found support recently. 

1st resistance: 102.30
Supporting reasons: Marked as pullback resistance that aligns close to a 61.8% Fibonacci retracement, suggesting an area that could halt further upward movement.

EUR/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: 1.1194
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 1.1101
Supporting reasons: Marked by a pullback support that aligns with a 38.2% Fibonacci retracement, suggesting a significant level where the price has found support recently. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st resistance: 1.1251
Supporting reasons: Identified as a swing-high resistance, indicating a historical point where previous rallies faced selling pressure or reversed.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 164.05
Supporting reasons: Identified as an overlap resistance,  indicating a potential level where selling pressures could intensify. 

1st support: 159.37
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, suggesting a significant area where previous declines have found support.

1st resistance: 167.49
Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement, indicating a potential area that could halt further upward movement.

EUR/GBP:

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: 0.8496
Supporting reasons: Identified as a pullback resistance that aligns close to a 23.6% Fibonacci retracement, suggesting a level where selling pressures could intensify to resume the downtrend. The presence of the bearish Ichimoku Cloud adds further significance to the strength of this resistance zone.

1st support: 0.8454
Supporting reasons: Marked as an overlap support, indicating a significant area where the price may find support.

1st resistance: 0.8544
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt further upward movement.

GBP/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: 1.3279
Supporting reasons: Identified as a pullback resistance that aligns with a 161.8% Fibonacci extension, indicating a potential area where selling pressures could intensify.

1st support: 1.3135
Supporting reasons: Marked as an overlap support, suggesting a significant level where the price might find support. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st resistance: 1.3430
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt further upward movement.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 193.26
Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 189.33
Supporting reasons: Marked as an overlap support that aligns with a 23.6% Fibonacci retracement level, indicating an area where price has recently found support. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st resistance: 196.71
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt further upward movement.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.8444
Supporting reasons: Identified as a swing-low support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 0.8367
Supporting reasons: Marked as a swing-low support, suggesting a significant level where previous declines found support.

1st resistance: 0.8552
Supporting reasons: Identified as pullback resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area that could halt further upward movement. The presence of the bearish Ichimoku Cloud adds further significance to the strength of this resistance zone.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 146.93
Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement, indicating a potential area where selling pressures could intensify. The presence of the bearish Ichimoku Cloud adds further significance to the strength of this resistance zone.

1st support: 143.71
Supporting reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement, suggesting a key level where price has found support recently.

1st resistance: 149.38
Supporting reasons: Identified as a pullback resistance, indicating a significant level that could halt further upward movement.

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: 1.3458
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.3370
Supporting reasons: Identified as a pullback support that aligns with a 161.8% Fibonacci extension, indicating a potential area where price could find strong support.

1st resistance: 1.3561
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement. The presence of the bearish Ichimoku Cloud adds further significance to the strength of this resistance zone.

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: 0.6798
Supporting reasons: Identified as a swing-high resistance, indicating a potential area where selling pressures could intensify.

1st support: 0.6699
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, suggesting a potential area where price has recently found support. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st resistance: 0.6859
Supporting reasons: Identified as a swing-high resistance, 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: 0.6233
Supporting reasons: Identified as a pullback resistance that aligns with a 127.2% Fibonacci extension, indicating a potential area where selling pressures could intensify.

1st support: 0.6127
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, suggesting a potential area where price has recently found support. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st resistance: 0.6270
Supporting reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement.

US30 (DJIA):

Potential Direction: Bullish

Overall Momentum of the Chart: Bullish

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

Pivot: 41,156.81

Supporting reasons: Identified as a pullback resistance, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st Support: 40,602.31

Supporting Reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, suggesting an area where price has found support recently. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st Resistance: 42,014.15

Supporting Reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension, 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: 18,760.10

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

1st Support: 18,534.60

Supporting Reasons: Identified as an overlap support, indicating a potential area where price could find support. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st Resistance: 18,894.40

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: 5,669.89

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

1st support: 5,561.63

Supporting reasons: Identified as an overlap support, suggesting a potential area where price could find support. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st resistance: 5,860.51

Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension, suggesting a critical area that could halt further upward movement.

BTC/USD (Bitcoin):

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: 61,687.65

Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a potential area where buying interests could pick up. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st support: 58,430.85

Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement indicating a significant area where price has found support in the past.

1st resistance: 65,515.58

Supporting reasons: Identified as an overlap resistance that aligns with a 78.6% Fibonacci retracement, indicating a potential barrier that could halt further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 2,671.88

Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a potential area where buying interests could pick up.

1st Support: 2,523.64

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

1st Resistance: 2,913.11

Supporting Reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, indicating a historical barrier where that could halt further upward movement.

WTI/USD (Oil):

Potential Direction: Bullish

Overall Momentum of the Chart: Bullish

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

Pivot: 77.32

Supporting Reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st Support: 75.33

Supporting Reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement, indicating a potential area where price could find support.

1st Resistance: 79.35

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

XAU/USD (GOLD):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 2,481.30
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a potential area where buying interests could pick up. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st support: 2,441.55
Supporting reasons: Marked as a pullback support that aligns close to a 61.8% Fibonacci retracement, suggesting an area where the price may find support.

1st resistance: 2,529.88
Supporting reasons: Identified as a pullback resistance that aligns close to the all-time high, indicating a potential level where the price may face resistance if it attempts a rally.

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