ICMarket

Tuesday 3rd September 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 head towards the 1st resistance.

Pivot: 101.18
Supporting reasons: Identified as pullback support, indicating a potential area where buyers could step in to push the price higher.

1st support: 100.54
Supporting reasons: Recognized as multi-swing low support, suggesting a significant area where previous declines have found support.

1st resistance: 103.69
Supporting reasons: Marked as pullback resistance, highlighting a historical point where previous rallies have faced selling pressure or reversed.

EUR/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: 1.1105
Supporting reasons: Identified as pullback resistance, supported by the 38.20% Fibonacci retracement, indicating a potential area where selling pressure could resume.

1st support: 1.1022
Supporting reasons: Recognized as an overlap support level, suggesting a significant area where previous declines have stabilized.

1st resistance: 1.1151
Supporting reasons: Marked as pullback resistance, highlighted by the 61.80% Fibonacci retracement, indicating a historical point where price rallies might face resistance.

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: 164.05
Supporting reasons: Identified as an overlap resistance, suggesting a key area where sellers might enter the market, reinforcing bearish momentum.

1st support: 159.37
Supporting reasons: Marked as overlap support and supported by the 38.20% Fibonacci Retracement, indicating a potential level where the price may find buying interest.

1st resistance: 168.32
Supporting reasons: Recognized as pullback resistance, indicating a potential area where the price could face selling pressure if it retraces upward.

EUR/GBP:

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: 0.8453
Supporting reasons: Identified as pullback support, reinforced by the 23.60% Fibonacci Retracement, indicating a potential area where the price might stall before continuing downward.

1st support: 0.8384
Supporting reasons: Marked as swing low support, suggesting a significant area where previous declines have found a buying interest.

1st resistance: 0.8490
Supporting reasons: Recognized as pullback resistance, supported by the 38.20% Fibonacci Retracement, indicating a potential level where the price may face selling pressure if it retraces upward.

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: 1.3160
Supporting reasons: Identified as pullback resistance, reinforced by the 38.20% Fibonacci retracement, indicating a potential area where selling pressure could resume.

1st support: 1.3048
Supporting reasons: Recognized as pullback support, aligned with the 38.20% Fibonacci retracement, suggesting a significant area where previous declines have found support.

1st resistance: 1.3219
Supporting reasons: Marked as an overlap resistance level, highlighting a point where previous rallies have encountered selling pressure or reversal.

GBP/JPY:

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: 191.84
Supporting reasons: Identified as pullback support, suggesting a strong level where buyers may step in to drive the price higher.

1st support: 187.85
Supporting reasons: Recognized as an overlap support level, indicating a significant area where previous declines have found stability.

1st resistance: 196.83
Supporting reasons: Marked as pullback resistance, reinforced by the 61.80% Fibonacci retracement, indicating a potential area where the upward momentum might face selling pressure or pause.

USD/CHF:

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: 0.8479
Supporting reasons: Identified as an overlap support, indicating a level where previous price movements have found stability and could provide a base for further upward movement.

1st support: 0.8403
Supporting reasons: Recognized as swing low support, suggesting an area where past declines have reversed, potentially acting as a floor for the current trend.

1st resistance: 0.8622
Supporting reasons: Marked as pullback resistance, reinforced by the 61.80% Fibonacci retracement, signaling a potential area where the upward momentum could encounter selling pressure or consolidation.

USD/JPY:

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: 145.51
Supporting reasons: Identified as pullback support, indicating a level where the price has previously retraced and could find buying interest, potentially leading to a bounce.

1st support: 143.51
Supporting reasons: Recognized as multi-swing low support, suggesting an area where the price has reversed multiple times in the past, providing a strong support level.

1st resistance: 149.32
Supporting reasons: Marked as swing high resistance, signaling a previous peak where the price encountered selling pressure, which could again act as a barrier to further gains.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.3517
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify. The presence of the descending trendline adds further significance to this resistance zone.

1st support: 1.3441
Supporting reasons: Identified as a multi-swing-low support, indicating a potential area where price could find strong support.

1st resistance: 1.3585
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 is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 0.6754
Supporting reasons: Identified as an overlap support, indicating a significant area where buying interests could pick up to resume the uptrend. The presence of a bullish Ichimoku Cloud adds further significance to the strength of this support zone.

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

1st resistance: 0.6813
Supporting reasons: Identified as a swing-high resistance, indicating a significant area that could halt further upward movement.

NZD/USD

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: 0.6192
Supporting reasons: Identified as a swing-low support that aligns with a 23.6% Fibonacci retracement, indicating a significant area where buying interests could pick up to resume the uptrend. The presence of a bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st support: 0.6124
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, suggesting a potential area where price could find support.

1st resistance: 0.6292
Supporting reasons: Identified as a swing-high resistance, indicating a significant area that could halt further upward movement.

US30 (DJIA):

Potential Direction: Bullish

Overall Momentum of the Chart: Bullish

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

Pivot: 41,213.34

Supporting reasons: Identified as a pullback support, suggesting a potential area where buying interests could pick up to resume the uptrend. The presence of a bullish Ichimoku Cloud and the bullish channel add further significance to the strength of this support zone.

1st Support: 40,467.11

Supporting Reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, suggesting an 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: Bullish

Overall Momentum of the Chart: Bullish

Price is rising towards the pivot and could potentially make a bullish break above this level to rise towards the 1st resistance.

Pivot: 18,971.60

Supporting reasons: Identified as a potential area where a bullish breakout could take place due to the strong upward momentum.

1st Support: 18,725.90

Supporting Reasons: Identified as an overlap support, indicating a potential area where price could find support. The presence of a bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st Resistance: 19,540.69

Supporting Reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension, 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 level, suggesting a potential area where selling pressures could intensify.

1st support: 5,561.63

Supporting reasons: Identified as an overlap support, suggesting a potential area where price has found support recently.

1st resistance: 5,860.51

Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci 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: 61,687.65

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

1st support: 57,039.06

Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, indicating a significant area where price has found support in the past.

1st resistance: 65,515.58

Supporting reasons: Identified as an overlap resistance that aligns with a 78.6% Fibonacci retracement, 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: 2,432.28

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

1st Support: 2,289.04

Supporting Reasons: Identified as a multi-swing-low support that aligns close to a 61.8% Fibonacci retracement, indicating a potential area where price could find support.

1st Resistance: 2,799.15

Supporting Reasons: Identified as a swing-high resistance that aligns close to a 61.8% Fibonacci retracement, indicating a historical barrier where that could halt further upward movement.

WTI/USD (Oil):

Potential Direction: Bullish

Overall Momentum of the Chart: Bearish

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

Pivot: 73.72

Supporting Reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stall the decline.

1st Support: 72.61

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

1st Resistance: 77.53

Supporting Reasons: Identified as a swing-high 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: 2504.98
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market.

1st support: 243.76
Supporting reasons: Recognized as overlap support, reinforced by a 38.20% Fibonacci retracement level, suggesting a significant area where previous declines have found support.

1st resistance: 2530.13

Supporting reasons: Marked as multi-swing high resistance, highlighting a historical point where previous rallies have faced selling pressure or reversed.

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