ICMarket

Monday 2nd December 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 104.65
Supporting reasons: Identified as a pullback support close to the 38.2% Fibonacci retracement, , indicating a potential area where buying interests could pick up to stage a rebound

1st support: 102.05
Supporting reasons: Identified as a pullback support that aligns with the 78.6 % Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 108.62
Supporting reasons: Identified as a swing high resistance, 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 reaction off the pivot and drop toward the 1st support 

Pivot: 1.0607

Supporting reasons: Identified as an overlap resistance close to 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 1.0725

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

1st resistance: 1.0782
Supporting reasons: Identified as a pullback resistance close to 78.6% Fibonacci retracement, 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 reaction off the pivot and drop toward the 1st support 

Pivot: 162.24

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

1st support: 157.05

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

1st resistance: 166.59
Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.

EUR/GBP:

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: 0.8359

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

1st support: 0.8267

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

1st resistance: 0.8445
Supporting reasons: Identified as a multi-swing high resistance, 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 reaction off the pivot and drop toward the 1st support 

Pivot: 1.2854

Supporting reasons: Identified as a pullback resistance close to 38.2% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 1.2379

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

1st resistance:  1.3039
Supporting reasons: Identified as a pullback resistance close to 61.8 Fibonacci retracement, indicating a potential area that could halt any further upward movement.

GBP/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: 189.70
Supporting reasons: Identified as a pullback support close to the 61.8%  Fibonacci retracement, , indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 184.44
Supporting reasons: Identified as an overlap support, indicating a key level where price could find support once more.

1st resistance: 196.00
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

USD/CHF:

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: 0.8729
Supporting reasons: Identified as a pullback support close to the 38.2% Fibonacci retracement, , indicating a potential area where buying interests could pick up to stage a rebound

1st support: 0.8525
Supporting reasons: Identified as a pullback support close to 78.6 Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 0.8990
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

USD/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: 151.51

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

1st support: 147.18
Supporting reasons: Identified asa pullback support, indicating a potential level where price could find support once again.

1st resistance: 154.16
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: Bearish

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

Pivot: 1.3948
Supporting reasons: Identified as an overlap support, indicating a potential area where buying interests could pick up to stage a rebound

1st support: 1.3649
Supporting reasons: Identified as pullback support, indicating a key level where price could find support once more.

1st resistance: 1.4263
Supporting reasons: Identified as a swing high resistance close to 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 potentially make a bearish reaction off the pivot and drop toward the 1st support 

Pivot: 0.6504

Supporting reasons: Identified as an overlap resistance close to 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.6397
Supporting reasons: Identified as a swing-low support, suggesting a key support area where price could find support once again.

1st resistance: 0.6647
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

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: 0.5935

Supporting reasons: Identified as an overlap resistance close to 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 0.5831
Supporting reasons: Identified as a swing low support, suggesting a key support area where price could find support.

1st resistance: 0.6027
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

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: 44,988.25

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

1st support: 43,331.82

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

1st resistance: 45,568.36

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

DE40 (DAX):

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: 19,584.01

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

1st support: 18,989.06

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

1st resistance: 20,209.47
Supporting reasons: Identified as a swing-high resistance close to 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

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: 6,026.70

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

1st support: 5,874.05

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

1st resistance: 6,148.32
Supporting reasons: Aligns with 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Neutral
Overall momentum of the chart: Bullish

Price could potentially make fluctuate between the 1st resistance and 1st support level.

1st support: 91,786.12
Supporting reasons: Identified as an overlap support that aligns with the 23.6% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 99,542.94
Supporting reasons: Identified as a swing high resistance, 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 potentially make a bullish bounce off the pivot and rise toward the 1st resistance

Pivot: 3,342.10
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a rebound

1st support: 2,819.17
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support once again

1st resistance: 4,037.36
Supporting reasons:  Identified as a swing high 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 could potentially make a bearish reaction off the pivot and drop toward the 1st support 

Pivot: 72.99

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

1st support:  66.55
Supporting reasons: Identified as a swing-low support, indicating a key level where price could find support once again.

1st resistance: 78.09
Supporting reasons: Identified as a swing high resistance, 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 the pivot and drop toward the 1st support 

Pivot: 2672.86

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

1st support: 2530.09

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

1st resistance: 2789.67
Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.

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