ICMarket

Monday 12th August 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 192.66
Supporting reasons: Identified as an overlap support level, indicating a potential area where buyers could enter the market.

1st support: 102.15
Supporting reasons: Identified as an overlap support level and supported by a 78.60% Fibonacci retracement, suggesting a significant area where previous declines have found support.

1st resistance: 103.65
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed, further supported by a 50% Fibonacci retracement.

EUR/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.0998
Supporting reasons: Identified as a multi-swing high resistance level, indicating a potential area where sellers could enter the market.

1st support: 1.0883
Supporting reasons: Identified as an overlap support level and reinforced by a 61.80% Fibonacci retracement, suggesting a significant area where previous declines have found support.

1st resistance: 1.1106
Supporting reasons: Identified as a swing high resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 162.79
Supporting reasons: Identified as pullback resistance and reinforced by a 38.20% Fibonacci retracement, indicating a potential area where sellers could enter the market.

1st support: 157.58
Supporting reasons: Identified as a swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 166.94
Supporting reasons: Identified as pullback resistance and reinforced by a 61.80% Fibonacci retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8491
Supporting reasons: Identified as pullback support and reinforced by a 61.80% Fibonacci retracement, indicating a potential area where buyers could enter the market.

1st support: 0.8387
Supporting reasons: Identified as a swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8626
Supporting reasons: Identified as swing high resistance, indicating a historical point where previous rallies have faced selling pressure or reversed.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.2856
Supporting reasons: Identified as an overlap resistance level and reinforced by a 50% Fibonacci retracement, indicating a potential area where sellers could enter the market.

1st support: 1.2681
Supporting reasons: Identified as an overlap support level and reinforced by a 50% Fibonacci retracement, suggesting a significant area where previous declines have found support.

1st resistance: 1.3008
Supporting reasons: Identified as swing high resistance, indicating a historical point where previous rallies have faced selling pressure or reversed.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 190.18
Supporting reasons: Identified as an overlap resistance level and reinforced by a 38.20% Fibonacci retracement, indicating a potential area where sellers could enter the market.

1st support: 181.28
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 197.51
Supporting reasons: Identified as a pullback resistance level and reinforced by a 61.80% Fibonacci retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8752
Supporting reasons: Identified as a pullback resistance level and reinforced by a 50% Fibonacci retracement, indicating a potential area where sellers could enter the market.

1st support: 0.8501
Supporting reasons: Identified as a swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8913
Supporting reasons: Identified as an overlap resistance level and reinforced by a 78.60% Fibonacci retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 150.79
Supporting reasons: Identified as a pullback resistance level and reinforced by a 38.20% Fibonacci retracement, indicating a potential area where sellers could enter the market.

1st support: 144.16
Supporting reasons: Identified as a swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 154.73
Supporting reasons: Identified as an overlap resistance level and reinforced by a 61.80% Fibonacci retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CAD:

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: 1.3734
Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.3596
Supporting reasons: Identified as a pullback support, indicating a potential area where price has found strong support in the past.

1st resistance: 1.3879
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

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: 0.6635
Supporting reasons: Identified as a pullback resistance that aligns with a 61.8 Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st support: 0.6488
Supporting reasons: Identified as a pullback support, suggesting a significant area where price has recently found support.

1st resistance: 0.6784
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 could rise towards the pivot and potentially make a bearish reversal off this level to pull back towards the 1st support.

Pivot: 0.6042
Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st support: 0.5923
Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a potential area where price could find strong support.

1st resistance: 0.6145
Supporting reasons: Identified as a pullback resistance, indicating a significant area that could halt 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 fall towards the 1st support.

Pivot: 39,956.90

Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st Support: 38,666.76

Supporting Reasons: Identified as a pullback support, suggesting a significant area where price has recently found support.

1st Resistance: 40,881.34

Supporting Reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement.

DE40 (DAX):

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: 18,166.30
Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st Support: 17,298.80

Supporting Reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, indicating a significant area where price has recently found support.

1st Resistance: 18,873.20

Supporting Reasons: Identified as a pullback 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: Neutral

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

Pivot: 5,402.66
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st support: 5,169.80

Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where price has recently found support.

1st resistance: 5,573.05

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, 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: 53,974.81

Supporting reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 61.8% retracement levels, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 47,105.06

Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement level, indicating a potential area where price could find support.

1st resistance: 63,789.55

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a potential barrier that could halt 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: 2,341.67

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st Support: 2,092.08

Supporting Reasons: Identified as an overlap support that aligns with a 78.6% Fibonacci retracement level, indicating a potential area where price could find support.

1st Resistance: 2,863.34

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

WTI/USD (Oil):

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: 79.65

Supporting Reasons: Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 61.8% retracement and the 61.8% projection levels, indicating a significant where selling pressures could intensify.

1st Support: 73.14

Supporting Reasons: Identified as a multi-swing-low support, indicating a significant area where price has found strong support in the past.

1st Resistance: 83.28

Supporting Reasons: Identified as a pullback resistance, indicating a potential barrier that could halt further upward movement.

XAU/USD (GOLD):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 2468.69
Supporting reasons: Identified as a multi-swing high resistance, indicating a level where the price has repeatedly faced selling pressure.

1st support: 2360.02
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 2547.78
Supporting reasons: Supported by a 161.80% Fibonacci extension, indicating a potential area where the price could face significant resistance if it rallies.

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