ICMarket

Tuesday 10th December 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: 106.57

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

1st support: 105.30
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support once more.

1st resistance: 107.57
Supporting reasons: Identified as a swing high resistance that aligns with the 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: Bullish

Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance. Additionally, the price is in a bullish ascending channel, indicating bullish momentum in the market.

Pivot: 1.0536

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

1st support: 1.0454

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

1st resistance: 1.0787
Supporting reasons:  Identified as a pullback resistance close to the 61.8% Fibonacci retracement and the 100% Fibonacci projection, indicating a strong level of resistance.

EUR/JPY:

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: 159.29

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

1st support: 157.64

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

1st resistance: 160.52
Supporting reasons: Identified as a pullback resistance close to the 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

EUR/GBP:

Potential Direction: Neutral

Overall momentum of the chart: Bearish

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

1st support: 0.8268

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

1st resistance: 0.830
Supporting reasons: Identified as an overlap 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 bullish bounce off the pivot and rise toward the 1st resistance. Additionally, the price is above the ascending trendline, indicating bullish momentum in the market.

Pivot: 1.2718

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

1st support: 1.2613

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

1st resistance: 1.2833
Supporting reasons: Identified as an overlap resistance close to 61.8% Fibonacci retracement and the 78.6% Fibonacci projection, indicating a strong level of resistance.

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: 193.37

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

1st support: 190.37
Supporting reasons: Identified as an overlap support, indicating a key level where price could find support once more.

1st resistance: 195.64
Supporting reasons: Identified as a pullback resistance close to the 61.8% Fibonacci retracement, 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: 0.8796

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

1st support: 0.8710
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.

1st resistance: 0.8855
Supporting reasons: Identified as an overlap resistance close to the 78.6% Fibonacci retracement, 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: 151.56
Supporting reasons: Identified as an overlap resistance close to 38.2% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 148.78
Supporting reasons: Identified as a swing low support, indicating a potential level where price could find support once again.

1st resistance: 153.39
Supporting reasons: Identified as a pullback resistance close to 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 1.4178

Supporting reasons: Identified as a swing-high resistance, indicating a potential area where selling pressures could intensify. The presence of a bearish RSI divergence adds further significance to the possibility of an impending reversal.

1st support: 1.4089
Supporting reasons: Identified as an overlap support, indicating a key level where price could find support once more.

1st resistance: 1.4231
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.

AUD/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: 0.6407

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

1st support: 0.6373
Supporting reasons: Identified as a swing-low support, suggesting a key support area where price could find support once again.

1st resistance: 0.6462
Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% 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: 0.5836

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

1st support: 0.5809
Supporting reasons: Identified as a swing-low support, suggesting a key support area where price could find support once more.

1st resistance: 0.5885
Supporting reasons: Identified as a multi-swing-high resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

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: 44,082.42

Supporting reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. a 50% retracement and a 61.8% projection, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 43,819.07

Supporting reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. a 61.8% retracement and a 78.6% projection, indicating a potential level where price could find support once again.

1st resistance: 44,527.60

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

DE40 (DAX):

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 20,399.50
Supporting reasons: Identified as a swing-high resistance that aligns with a 61.8% Fibonacci projection, indicating a potential area where selling pressures could intensify.

1st support: 19,688.27

Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, indicating a key level where price could find support.

1st resistance: 20,900.35
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.

US500 (S&P 500): 

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 6,026.60

Supporting reasons: Identified as an overlap 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: 5,968.70

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

1st resistance: 6,099.30
Supporting reasons: Identified as a swing-high resistance that aligns with the all-time high, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 93,874.62

Supporting reasons: Identified as a multi-swing-low support that aligns with a 78.6% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 91,413.66
Supporting reasons: Identified as a multi-swing-low support, indicating a potential level where price could find support once again.

1st resistance: 101,191.22
Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 3,546.17

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

1st support: 3,288.01
Supporting reasons: Identified as a multi-swing-low support that aligns close to a 78.6% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 3,849.69
Supporting reasons:  Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 68.64
Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support:  66.97
Supporting reasons: Identified as a multi-swing-low support that aligns close to a 61.8% Fibonacci projection, indicating a key level where price could find support once again.

1st resistance: 69.77
Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% 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 reaction off the pivot and drop toward the 1st support 

Pivot: 2683.34
Supporting reasons: Identified as an overlap resistance close to 61.8% Fibonacci retracement, indicating a potential area where selling pressures could intensify.

1st support: 2613.53

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

1st resistance: 2712.99
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

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