ICMarket

Monday 26th August 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 100.83
Supporting reasons: Previously identified as swing-low support which now has been broken due to the strong bearish momentum.

1st support: 99.77
Supporting reasons: Identified as a swing-low support that aligns close to a 161.8% Fibonacci extension level. 

1st resistance: 101.51
Supporting reasons: Marked as pullback resistance, suggesting an area where the price might encounter selling pressures.

EUR/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.1244
Supporting reasons: Identified as a swing-high resistance, indicating a potential area where the price may face selling pressure and reverse.

1st support: 1.1106
Supporting reasons: Marked by an overlap support, suggesting a significant level where the price has found support recently.

1st resistance: 1.1373
Supporting reasons: Identified as a pullback resistance, indicating a historical point where previous rallies faced selling pressure or reversed.

EUR/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 160.01
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where buyers may enter the market.

1st support: 157.73
Supporting reasons: Identified as a swing-low support, suggesting a significant area where previous declines have found support.

1st resistance: 164.05
Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/GBP:

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: 0.8491
Supporting reasons: Identified as an overlap resistance that aligns close to a 23.6% Fibonacci retracement, suggesting a level where the price may face selling pressure after a minor upward move.

1st support: 0.8409
Supporting reasons: Marked as pullback support, indicating a significant area where the price may find support.

1st resistance: 0.8540
Supporting reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement, indicating a potential area where the price may reverse after a bullish move.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.3262
Supporting reasons: Identified as a pullback resistance that aligns close to a 161.8% Fibonacci extension, indicating a potential area where the price may face selling pressure and reverse.

1st support: 1.3135
Supporting reasons: Marked as a pullback support level, suggesting a significant level where the price might find support after a bearish move.

1st resistance: 1.3404
Supporting reasons: Identified as a pullback resistance, indicating a historical point where previous rallies faced selling pressure or reversed.

GBP/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 187.96
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a level where the price may find strong buyers.

1st support: 183.04
Supporting reasons: Marked as a swing-low support, suggesting an area where the price may find support after a decline.

1st resistance: 191.86
Supporting reasons: Identified as an overlap resistance, indicating a potential level where the price may face resistance after a bullish correction.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.8395
Supporting reasons: Identified as a swing-low support that aligns close to a 127.2% Fibonacci extension, indicating a potential area where the price may find support and reverse upwards.

1st support: 0.8210
Supporting reasons: Marked as a swing-low support that aligns close to a 161.8% Fibonacci extension, suggesting a significant level where previous declines found support.

1st resistance: 0.8550
Supporting reasons: Identified as pullback resistance, indicating a potential area where the price may face selling pressure after a bullish move.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 144.11
Supporting reasons: Previously identified as swing-low support which now has been broken due to the strong bearish momentum.

1st support: 140.80
Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci projection, suggesting a key level where the price might find strong buying interest.

1st resistance: 146.30
Supporting reasons: Identified as a pullback resistance, indicating a significant level where the price might encounter selling pressure.

USD/CAD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 1.3451
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.3386
Supporting reasons: Identified as a pullback support that aligns close to a 161.8% Fibonacci extension, indicating a potential area where price could find strong support.

1st resistance: 1.3616
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.6784
Supporting reasons: Previously identified as a swing-high resistance which now has been broken due to the strong bullish momentum.

1st support: 0.6697
Supporting reasons: Identified as a pullback support, suggesting a potential area where price could find support.

1st resistance: 0.6846
Supporting reasons: Identified as a swing-high resistance that aligns close to a 127.2% Fibonacci extension, indicating a significant area that could halt further upward movement.

NZD/USD

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.6202
Supporting reasons: Previously identified as a multi-swing-high resistance which now has been broken due to the strong bullish momentum.

1st support: 0.6127
Supporting reasons: Identified as a pullback support, suggesting a potential area where price could find strong support.

1st resistance: 0.6339
Supporting reasons: Identified as a swing-high resistance that aligns with a 161.8% Fibonacci extension, indicating a significant area that could halt further upward movement.

US30 (DJIA):

Potential Direction: Bearish

Overall Momentum of the Chart: Bullish

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

Pivot: 41,275.32

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

1st Support: 40,753.96

Supporting Reasons: Identified as a pullback support, suggesting a potential area where price could find support.

1st Resistance: 42,014.15

Supporting Reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension, indicating a significant area that could halt further upward movement.

DE40 (DAX):

Potential Direction: Bearish

Overall Momentum of the Chart: Bullish

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

Pivot: 18,710.60

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

1st Support: 18,344.20

Supporting Reasons: Identified as a pullback support, indicating a potential area where price could find support.

1st Resistance: 18,873.20

Supporting Reasons: Identified as a swing-high 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: Bullish

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

Pivot: 5,669.89

Supporting reasons: Identified as a swing-high resistance that aligns close to a 127.2% Fibonacci extension, suggesting a potential area where selling pressures could intensify.

1st support: 5,564.72

Supporting reasons: Identified as an overlap support, suggesting a potential area where price could find support.

1st resistance: 5,860.51

Supporting reasons: Identified as a resistance that aligns close to a confluence of Fibonacci levels i.e. the 100% projection and the 161.8% extension, suggesting a critical area that could halt further upward movement.

BTC/USD (Bitcoin):

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: 68,173.09

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

1st support: 58,410.50

Supporting reasons: Identified as a pullback support, indicating a significant area where price has found support in the past.

1st resistance: 73,176.19

Supporting reasons: Identified as a pullback resistance, indicating a potential barrier that could halt 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: 2,928.97

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

1st Support: 2,553.98

Supporting Reasons: Identified as a pullback support, indicating a potential area where price could find support.

1st Resistance: 3,316.28

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

WTI/USD (Oil):

Potential Direction: Bearish

Overall Momentum of the Chart: Bullish

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

Pivot: 77.50

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, suggesting a potential area where selling pressures could intensify.

1st Support: 72.95

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

1st Resistance: 80.03

Supporting Reasons: Identified as a swing-high resistance that aligns close to a 100% Fibonacci projection, indicating a potential barrier that could halt further upward movement.

XAU/USD (GOLD):

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 2,519.19
Supporting reasons: Identified as pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 100% projection and the 127.2% extension, indicating a level where the price may encounter selling pressures.

1st support: 2,468.69
Supporting reasons: Marked as an overlap support that aligns close to a 23.6% Fibonacci retracement, suggesting an area where the price may find support after declining from the pivot.

1st resistance: 2,564.35
Supporting reasons: Identified as resistance that aligns with a 161.8% Fibonacci extension, indicating a potential level where the price may face resistance if it attempts a rally.

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