ICMarket

Friday 22nd November 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 107.16
Supporting reasons: Identified as an overlap resistance close to 127.20% Fibonacci extension, indicating a potential area where selling pressures could intensify.

1st support: 106.13
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.

1st resistance: 107.62
Supporting reasons: Aligns with 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

EUR/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 1.0465
Supporting reasons: Identified as a swing low support that aligns with 127.2% Fibonacci extension, indicating a potential area where buying interests could pick up to stage a rebound

1st support: 1.0427

Supporting reasons: Identified as multi-swing low support aligns with the 161.8% Fibonacci extension, indicating a potential level where price could find support once more.

1st resistance: 1.0517
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

EUR/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 161.09
Supporting reasons: Identified as overlap support that aligns with 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound

1st support: 159.58

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

1st resistance: 163.36
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 0.8309
Supporting reasons: Identified as overlap support that aligns with 61.8% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound

1st support: 0.8260

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

1st resistance: 0.8345
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 1.2584
Supporting reasons: Identified as a swing low support, indicating a potential area where buying interests could pick up to stage a rebound

1st support: 1.2524

Supporting reasons: aligns with the 161.8% Fibonacci extension, indicating a potential level where price could find support once more.

1st resistance:  1.2626
Supporting reasons: Identified as a pullback resistance, 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 reaction off the pivot and drop toward the 1st support 

Pivot: 195.63
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 193.51

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

1st resistance: 197.79
Supporting reasons: Identified as a swing high resistance that aligns, indicating a potential area that could halt any further upward movement.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.8875
Supporting reasons: Identified as a pullback resistance close to 61.8% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.8803
Supporting reasons: Identified as an overlap support close to 38.2% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 0.8917
Supporting reasons: Identified as a swing high resistance, 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 reaction off the pivot and drop toward the 1st support 

Pivot: 155.08
Supporting reasons: Identified as a pullback resistance close to 61.8% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 153.54
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: 156.12
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 trading close to the pivot and could potentially make a bullish bounce off this level to rise toward the 1st resistance.

Pivot: 1.3953
Supporting reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 50% retracements, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 1.3815
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 1.4050
Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

AUD/USD:

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: 0.6542
Supporting reasons: Identified as an overlap resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.6448
Supporting reasons: Identified as a swing-low support that aligns close to a 161.8% Fibonacci extension, suggesting a key support area where price could find support once again.

1st resistance: 0.6678
Supporting reasons: Identified as a swing-high resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

NZD/USD

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: 0.5838
Supporting reasons: Identified as a swing-low support, suggesting a key support area where buying interests could pick up stage a minor rebound.

1st support: 0.5783
Supporting reasons: Identified as a support that aligns with a 161.8% Fibonacci extension, suggesting a key support area where price could find support.

1st resistance: 0.5936
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: 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: 43,819.07

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 to resume the uptrend.

1st support: 43,059.45

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

1st resistance: 44,525.60

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

DE40 (DAX):

Potential Direction: Neutral
Overall momentum of the chart: Neutral

Price is exhibiting a neutral bias and could potentially fluctuate between the 1st support and the 1st resistance.

1st support: 18,890.40
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price could find support once more.

1st resistance: 19,284.40
Supporting reasons: Identified as a swing-high 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: 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: 5,931.80

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 to resume the uptrend.

1st support: 5,853.30

Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement, indicating a potential level where price could find support again.

1st resistance: 6,012.98
Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 103,057.40
Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection, indicating a potential area  where selling pressures could intensify.

1st support: 92,646.72
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 107,660.12
Supporting reasons: Identified as a resistance that aligns with a 78.6% Fibonacci projection, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

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: 3,222.73
Supporting reasons: Identified as an overlap support that aligns with 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 3,034.12
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 3,384.95
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: Neutral

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

Pivot: 71.12
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: 66.98
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price could find support once again.

1st resistance: 72.98
Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement, 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 reversal off the pivot to drop towards the 1st support.

Pivot: 2712
Supporting reasons: Identified as overlap resistance, indicating a potential area where selling pressures could intensify.

1st support: 2656.82

Supporting reasons: Identified as pullback support, indicating a potential level where price could find support.

1st resistance: 2749.98
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

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