ICMarket

Monday 20th January 2025: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 109.59
Supporting reasons: Identified as an overlap resistance that aligns with the 61.8% Fibonacci projection, indicating a potential area where selling pressures could intensify.

1st support: 107.46
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support once more.

1st resistance: 111.96
Supporting reasons: Identified as a swing-high resistance that aligns with the 78.6% Fibonacci projection, 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 reversal off the pivot to fall towards the 1st support.

Pivot: 1.0332
Supporting reasons: Identified as an overlap resistance that aligns with the 61.8% Fibonacci retracement,  indicating a potential area where selling pressures could intensify

1st support: 1.0175

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

1st resistance: 1.0464
Supporting reasons:  Identified as a pullback 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 reversal off the pivot to fall towards the 1st support.

Pivot: 161.48

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

1st support: 158.69

Supporting reasons: Identified as an overlap support that aligns with the 161.8% Fibonacci extension, indicating a potential level where price could find support.

1st resistance: 164.75
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

EUR/GBP:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 0.8445
Supporting reasons: Identified as a swing high resistance, indicating a potential area where selling pressures could intensify

1st support: 0.8360

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

1st resistance: 0.8512
Supporting reasons: Identified as a swing high resistance that aligns close to the 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.

GBP/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 1.2364
Supporting reasons: Identified as an overlap resistance that aligns with the 38.2% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 1.2099

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

1st resistance: 1.2531
Supporting reasons: Identified as an overlap resistance that aligns close to the 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 194.71
Supporting reasons: Identified as a pullback resistance,  indicating a potential area where selling pressures could intensify

1st support: 189.12
Supporting reasons: Identified as a swing low support, indicating a potential level where price could find support.

1st resistance: 199.64
Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 0.9195
Supporting reasons: Identified as a multi swing high resistance that aligns with the 78.6% Fibonacci extension,  indicating a potential area where selling pressures could intensify

1st support: 0.9016
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once again.

1st resistance: 0.9284
Supporting reasons: Identified as a resistance that aligns with the 100% Fibonacci projection, indicating a potential area that could halt any further upward movement.

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 156.29
Supporting reasons: Identified as a pullback resistance,  indicating a potential area where selling pressures could intensify

1st support: 153.48
Supporting reasons: Identified as a pullback support that aligns close to the 50% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 160.21
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

USD/CAD:

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: 1.4447

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

1st support: 1.4323
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where the price could stabilize once more.

1st resistance: 1.4602
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 is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.

Pivot: 0.6250

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where selling pressures could intensify. The presence of the red Ichimoku Cloud and the bearish channel add further significance to the strength of the bearish momentum.

1st support: 0.6144
Supporting reasons: Identified as a swing-low support, suggesting a potential area where the price could stabilize once again.

1st resistance: 0.6301
Supporting reasons: Identified as a pullback resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.5653

Supporting reasons: Identified as a pullback resistance, indicating a potential level where selling pressures could intensify. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.

1st support: 0.5547
Supporting reasons: Identified as a swing-low support, suggesting a potential area where the price could stabilize once more.

1st resistance: 0.5758
Supporting reasons: Identified as an overlap resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 43,330.76

Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 41,777.16

Supporting reasons: Identified as a multi-swing-low support that aligns with a 50% Fibonacci retracement, indicating a potential level where the price could stabilize once again.

1st resistance: 44,327.75

Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement, 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 continuation to rise towards the 1st resistance.

Pivot: 20,427.00
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 19,670.10

Supporting reasons: Identified as an overlap support, indicating a key level where the price could stabilize once more.

1st resistance: 21,357.43
Supporting reasons: Identified as a resistance that aligns with a 100% Fibonacci projection, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

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: 6,041.80
Supporting reasons: Identified as an overlap resistance, indicating a potential level where selling pressures could intensify.

1st support: 5,820.50

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

1st resistance: 6,174.50

Supporting reasons: Identified as a resistance that aligns with a 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: Neutral

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

Pivot: 106,612.64

Supporting reasons: Identified as a swing-high that aligns close to the all-time high, indicating a potential level where selling pressures could intensify.

1st support: 91,742.32
Supporting reasons: Identified as an overlap support, indicating a potential level where the price could stabilize once more.

1st resistance: 125,920.84
Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

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: 2,920.51

Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where buying interests could pick up to stage a rebound.

1st support: 2,223.09
Supporting reasons: Identified as a swing-low support, indicating a potential level where the price could stabilize once again.

1st resistance: 3,540.71
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 80.90
Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify.

1st support: 78.08
Supporting reasons: Identified as an overlap support that aligns close to a 23.6 Fibonacci retracement, indicating a key level where the price could stabilize once more.

1st resistance: 83.46
Supporting reasons: Identified as an overlap 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 the 1st support.

Pivot: 2717.-04
Supporting reasons: Identified as an overlap resistance  indicating a potential area where selling pressures could intensify

1st support: 2,633.49

Supporting reasons: Identified as an overlap support that aligns with the 61.8% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 2,789.99

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

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