ICMarket

Tuesday 20th 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 the pivot and head towards the 1st resistance.

Pivot: 101.42
Supporting reasons: Identified as an overlap support that aligns close to a 161.8% Fibonacci extension level, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 100.71
Supporting reasons: Identified as swing-low support, suggesting a significant area where previous declines have been halted.

1st resistance: 102.29
Supporting reasons: Identified as an overlap resistance, indicating a level that could halt any upward movement.

EUR/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.1122
Supporting reasons: Identified as a swing-high resistance that aligns close to a 100% Fibonacci projection level, suggesting a significant level where selling pressures could intensify.

1st support: 1.1019
Supporting reasons: Identified as a pullback support, indicating a potential area where price could find support.

1st resistance: 1.1251
Supporting reasons: Identified as a swing-high resistance, representing a level where previous bullish advances have faced selling pressure, making it a key level to watch if the price continues to rise.

EUR/JPY:

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: 164.05
Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement level, indicating a significant area where selling pressures could intensify.

1st support: 159.55
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement level, marking an area where previous declines have stabilized.

1st resistance: 167.59
Supporting reasons: Identified as pullback resistance that aligns close to 61.8% Fibonacci retracement level, suggesting a significant level where bullish attempts may face selling pressure.

EUR/GBP:

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: 0.8584
Supporting reasons: Identified as an overlap resistance, suggesting a potential area where selling pressures could intensify.

1st support: 0.8508
Supporting reasons: Identified as pullback support that aligns close to a 50% Fibonacci retracement level, indicating a key level where the price could find strong support.

1st resistance: 0.8619
Supporting reasons: Identified as a pullback resistance, marking a significant area where bullish movements may encounter selling pressure.

GBP/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish reaction off the pivot and rise to the 1st resistance.

Pivot: 1.2950
Supporting reasons: Identified as pullback support, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st support: 1.2885
Supporting reasons: Identified as pullback support that aligns close to a 38.2% Fibonacci retracement level, indicating a significant area where price may find support after a decline.

1st resistance: 1.3032
Supporting reasons: Identified as a swing-high resistance, marking a level where bullish movements may encounter selling pressure.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Neutral

Price could potentially make a bearish reversal off the pivot and drop towards the 1st support.

Pivot: 193.25
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, indicating a potential level where the price might face selling pressure.

1st support: 187.04
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, marking a significant area where previous declines have found support.

1st resistance: 198.80
Supporting reasons: Identified as pullback resistance that aligns close to a 61.80% Fibonacci retracement level, suggesting a potential reversal point where bullish attempts may falter.

USD/CHF:

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: 0.8585
Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, indicating a potential level where buying interests could pick up.

1st support: 0.8503
Supporting reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement level, marking a significant area where previous declines have found support.

1st resistance: 0.8730
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, suggesting a potential reversal point where bullish attempts may struggle.

USD/JPY:

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: 149.34
Supporting reasons: Identified as an overlap resistance that aligns with a 38.2% Fibonacci retracement level, indicating a potential level where selling pressures could intensify.

1st support: 144.27
Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area where previous price declines have found buying interest.

1st resistance: 152.32
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, marking a potential area where bullish attempts might face 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: 1.3602
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.3466
Supporting reasons: Identified as a pullback support that aligns close to a 127.2% Fibonacci extension level, indicating a potential area where price could find strong support.

1st resistance: 1.3674
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

AUD/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: 0.6752
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 0.6701
Supporting reasons: Identified as an overlap support, suggesting a potential area where price could find support.

1st resistance: 0.6790
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 is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.

Pivot: 0.6148
Supporting reasons: Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% retracement and the 161.8% extension levels, indicating a potential area where selling pressures could intensify.

1st support: 0.6080
Supporting reasons: Identified as a pullback support, suggesting a potential area where price could find strong support.

1st resistance: 0.6216
Supporting reasons: Identified as a swing-high resistance, 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: 41,042.19

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

1st Support: 40,475.26

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

1st Resistance: 41,352.92

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.

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: 18,593.70

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

1st Support: 18,250.70

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

1st Resistance: 18,808.10

Supporting Reasons: Identified as a pullback resistance, 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: 5,673.33

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

1st support: 5,496.71

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

1st resistance: 5,828.55

Supporting reasons: Identified as a resistance that aligns with a 127.2% extension Fibonacci level, 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: 61,687.65

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: 57,039.06

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

1st resistance: 65,483.09

Supporting reasons: Identified as an overlap resistance that aligns with a 78.6% Fibonacci retracement level, 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: 2,805.94

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

1st Support: 2,523.64

Supporting Reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement level, indicating a potential area where price could find support.

1st Resistance: 3,104.48

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

WTI/USD (Oil):

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: 72.61

Supporting Reasons: Identified as a swing-low support that aligns close to a 100% Fibonacci projection level, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st Support: 70.31

Supporting Reasons: Identified as a pullback support that aligns with a 127.2% Fibonacci extension level, indicating a significant area where price has found support in the past.

1st Resistance: 75.21

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

XAU/USD (GOLD):

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: 2,508.14
Supporting reasons: Identified as pullback resistance that aligns with a 127.2% Fibonacci extension level, indicating a potential area where selling pressures could intensify.

1st support: 2,483.48
Supporting reasons: Identified as pullback support that aligns close to a 38.2% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a rebound.

1st resistance: 2,547.78
Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension level, indicating a significant area where the price could encounter strong resistance.

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