ICMarket

Friday 27th September 2024: Technical Outlook and Review

DXY (US Dollar Index):


Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 101.37
Supporting reasons: An Overlap resistance and 38.2% Fibonacci retracement, suggesting this level could act as a key resistance point.

1st support: 100.24
Supporting reasons: Swing low support, indicating a potential support level where the price might find buying interest.

1st resistance: 102.16
Supporting reasons: Pullback resistance and 61.8% Fibonacci retracement, marking a significant resistance level if the price attempts to rise.

EUR/USD:


Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.1201
Supporting reasons: Multi-swing high resistance, suggesting this level could act as a significant resistance point.

1st support: 1.1072
Supporting reasons: An Overlap support and 61.80% Fibonacci Retracement, indicating a potential support level if the price declines.

1st resistance: 1.1273
Supporting reasons: 161.80% Fibonacci Extension, marking a level where the price might face resistance if it rises.

EUR/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 161.03
Supporting reasons: An Overlap support, indicating a potential level where the price might find support and reverse upwards.

1st support: 158.55
Supporting reasons: An Overlap support, suggesting this level could provide additional support if the price falls.

1st resistance: 163.85
Supporting reasons: Swing high resistance and 78.60% Fibonacci Projection, marking a potential resistance level where the price might encounter selling pressure.

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: 0.8385
Supporting reasons: Pullback resistance and 50% Fibonacci Retracement, suggesting this level might act as a resistance where the price could face downward pressure.

1st support: 0.8321
Supporting reasons: Swing low support, indicating this level could provide a point of support if the price continues to drop.

1st resistance: 0.8453
Supporting reasons: An Overlap resistance, implying that this level might act as a significant resistance if the price attempts to rise.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.3429
Supporting reasons: Swing high resistance and 161.80% Fibonacci Extension, indicating a strong resistance level where the price might face selling pressure.

1st support: 1.3262
Supporting reasons: An Overlap support, suggesting this level could provide a point of support if the price declines.

1st resistance: 1.3506
Supporting reasons: 161.80% Fibonacci Extension, marking a significant resistance level where the price might struggle to move higher.

GBP/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 193.30
Supporting reasons: Pullback support, indicating this level could act as a support where the price might find buying interest.

1st support: 190.51
Supporting reasons: An Overlap support, suggesting this level might offer further support if the price retraces.

1st resistance: 195.96
Supporting reasons: Pullback resistance and 127.20% Fibonacci Extension, marking a key resistance level where the price might face upward pressure.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 0.8564
Supporting reasons: Pullback resistance, 50% Fibonacci Retracement, and 161.80% Fibonacci Extension, indicating Fibonacci confluence suggesting this level might act as a significant resistance.

1st support: 0.8402
Supporting reasons: Multi-swing low support, providing a potential area where the price could find support if it falls below the pivot.

1st resistance: 0.8692
Supporting reasons: An Overlap resistance, marking a level where the price could encounter resistance if it rises.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 144.32
Supporting reasons: An Overlap support, suggesting this level could act as a strong support where the price might bounce.

1st support: 142.81
Supporting reasons: An Overlap support, indicating this level might provide additional support if the price retraces.

1st resistance: 146.68
Supporting reasons: Pullback resistance and 78.60% Fibonacci Projection, marking a significant resistance level where the price could face upward pressure.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price is trading close to the pivot and could potentially bearish reversal off this level to fall towards the 1st support.

Pivot: 1.3492
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, suggesting a potential area where selling pressures could intensify to resume the downtrend.

1st support: 1.3419
Supporting reasons: Identified as a swing-low support that aligns with a 127.2% Fibonacci extension, indicating a key level where price has found support recently.

1st resistance: 1.3545
Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 0.6897
Supporting reasons: Identified as a multi-swing-high resistance that aligns with a 61.8% Fibonacci projection, indicating a potential level where selling pressures could intensify.

1st support: 0.6794
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 0.6943
Supporting reasons: Identified as a resistance that aligns with a 100% Fibonacci projection, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.6254

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

1st support: 0.6175
Supporting reasons: Identified as a pullback support, indicating a potential level where price has found support in the past.

1st resistance: 0.6353
Supporting reasons: Identified as a swing-high resistance that aligns with a 78.6% Fibonacci projection, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

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: 41,855.66
Supporting reasons: Identified as an overlap 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: 41,590.34

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

1st resistance: 42,596.32

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.

DE40 (DAX):

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: 19,049.50
Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st support: 18,653.80
Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 19,541.68
Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. the 100% projection and the 161.8% extension, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

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: 5,691.50
Supporting reasons: Identified as an overlap 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: 5,622.40
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 5,831.35
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: 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: 64,376.72
Supporting reasons: Identified as a pullback support, suggesting a potential level where buying interests could pick up to resume the uptrend.

1st support: 62,723.05
Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement level, indicating a potential level where price has found support recently.

1st resistance: 67,547.99
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 2,575.58
Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement, suggesting a potential level where buying interests could pick up to resume the uptrend.

1st support: 2,457.10
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 2,678.22
Supporting reasons: Identified as an overlap resistance that aligns with a 78.6% 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 is trading close to the pivot and could potentially make a bearish break below this level to fall towards the 1st support.

Pivot: 68.13
Supporting reasons: Identified as an overlap support that could now be broken due to the strong bearish momentum.

1st support: 66.04
Supporting reasons: Identified as a swing-low support that aligns close to a 61.8% Fibonacci projection, indicating a key level where price has found support in the past.

1st resistance: 69.89
Supporting reasons: Identified as a pullback resistance, 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 continuation towards 1st support.

Pivot: 2685.56
Supporting reasons: Swing high resistance and 161.80% Fibonacci Extension, indicating this level could act as a significant resistance point.

1st support: 2632.59
Supporting reasons: Pullback support and 23.60% Fibonacci Retracement, suggesting this level may provide strong support if the price declines.

1st resistance: 2715.19
Supporting reasons: 100% Fibonacci Projection, marking a notable resistance level where the price might encounter upward pressure.

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