ICMarket

Friday 11th October 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 102.16
Supporting reasons: Pullback support, indicating this level may act as a significant support point.

1st support: 101.17
Supporting reasons: An overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 103.68
Supporting reasons: Pullback resistance with 78.60% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

EUR/USD:


Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.0956
Supporting reasons: An overlap resistance, indicating this level may act as a significant resistance point.

1st support: 1.0871
Supporting reasons: Pullback support with 78.60% Fibonacci Retracement, suggesting this level could provide strong support if the price declines.

1st resistance: 1.1005
Supporting reasons: Pullback resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

EUR/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a: Bullish bounce off pivot and head towards 1st resistance.

Pivot: 161.05
Supporting reasons: An overlap support with 50% Fibonacci Retracement, indicating this level may act as a significant support point.

1st support: 158.47
Supporting reasons: An overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 163.52
Supporting reasons: Multi-swing high resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8358
Supporting reasons: An overlap support with 61.80% Fibonacci Retracement, indicating this level may act as a significant support point.

1st support: 0.8312
Supporting reasons: Swing low support, suggesting this level could provide strong support if the price declines.

1st resistance: 0.8419
Supporting reasons: An overlap resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

GBP/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

Price could potentially make a: Bullish bounce off pivot and head towards 1st resistance.

Pivot: 1.3030
Supporting reasons: An overlap support with 50% Fibonacci Retracement, indicating this level may act as a significant support point.

1st support: 1.2944
Supporting reasons: An overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 1.3156
Supporting reasons: An overlap resistance with 23.60% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

GBP/JPY:


Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 195.85
Supporting reasons: An overlap resistance with 78.60% Fibonacci Projection, indicating this level may act as a significant resistance point.

1st support: 193.30
Supporting reasons: An overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 199.48
Supporting reasons: An overlap resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 0.8617
Supporting reasons: An overlap resistance with 61.80% Fibonacci Retracement, indicating this level may act as a significant resistance point.

1st support: 0.8530
Supporting reasons: An overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 0.8692
Supporting reasons: An overlap resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 149.32
Supporting reasons: Multi-swing high resistance with 161.80% Fibonacci Extension, indicating this level may act as a significant resistance point.

1st support: 147.11
Supporting reasons: Pullback support, suggesting this level could provide strong support if the price declines.

1st resistance: 151.99
Supporting reasons: Pullback resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

USD/CAD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 1.3729
Supporting reasons: Identified as a pullback support, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 1.3674
Supporting reasons: Identified as a pullback support, indicating a key level where price could find support.

1st resistance: 1.3793
Supporting reasons: Identified as a pullback resistance that aligns close to a 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

AUD/USD:

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: 0.6767
Supporting reasons: Identified as pullback resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where selling pressures could intensify to resume the downtrend.

1st support: 0.6715
Supporting reasons: Identified as a multi-swing-low support, indicating a potential level where price could find support once more.

1st resistance: 0.6811
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.

NZD/USD

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: 0.6114

Supporting reasons: Identified as pullback resistance, indicating a potential level where selling pressures could intensify to resume the downtrend.

1st support: 0.6050
Supporting reasons: Identified as a swing-low support, indicating a potential level where price could find support once more.

1st resistance: 0.6163
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% 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 rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.

Pivot: 42,654.55

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

1st support: 42,395.55

Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement,, indicating a potential level where price could find support once more.

1st resistance: 42,879.13

Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci 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: 19,182.10
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st support: 18,949.40
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price could find support once again.

1st resistance: 19,446.30
Supporting reasons: Identified as a swing-high resistance that aligns with a confluence of Fibonacci levels i.e. two 161.8% Fibonacci extensions, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

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: 5,767.00
Supporting reasons: Identified as an overlap 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: 5,739.20
Supporting reasons: Identified as a pullback support that aligns with a 50.0% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 5,823.13
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: Bearish

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

Pivot: 61,155.46
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement suggesting a potential area where selling pressures could intensify.

1st support: 57,861.43
Supporting reasons: Identified as a swing-low support that aligns with a 61.8% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 63,633.89
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any 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: 2,420.58
Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement, suggesting a potential area where selling pressures could intensify.

1st support: 2,338.65
Supporting reasons: Identified as a swing-low support, indicating a potential level where price could find support once again.

1st resistance: 2,493.39
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

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: 77.72
Supporting reasons:  Identified as a multi-swing-high resistance, suggesting a potential area where selling pressures could intensify.

1st support: 74.61
Supporting reasons: Identified as a pullback support, indicating a key level where price could find support.

1st resistance: 80.29
Supporting reasons: Identified as a swing-high resistance that aligns close to a 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 2638.41
Supporting reasons: Pullback support with 50% Fibonacci Retracement, indicating this level may act as a significant support point.

1st support: 2606.95
Supporting reasons: Multi-swing low support, suggesting this level could provide strong support if the price declines.

1st resistance: 2672.18
Supporting reasons: Multi-swing high resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

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