ICMarket

Wednesday 16th October 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially make a bearish continuation toward 1st support.

Pivot: 103.33
Supporting reasons: Identified as a pullback resistance with 50% Fibonacci Retracement, indicating this level may act as a significant resistance point.

1st support: 102.29
Supporting reasons: Identified as overlap support near the 38.2% Fibonacci Retracement, suggesting this level could provide strong support if the price declines.

1st resistance: 103.99
Supporting reasons: Identified as pullback resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

EUR/USD:


Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 1.0878
Supporting reasons: Identified as an overlap support with 61.80% Fibonacci Retracement, indicating this level may act as a significant support point.

1st support: 1.0351
Supporting reasons: Identified as a pullback support, suggesting this level could provide strong support if the price declines.

1st resistance: 1.0955
Supporting reasons: Identified as an overlap resistance with 23.6% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

Additionally, divergence occurs when an asset’s price moves in the opposite direction of a technical indicator. It signals that the current trend may be weakening and could potentially lead to a price reversal.

EUR/JPY:


Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish break-off pivot and drop toward 1st support

Pivot: 162.27
Supporting reasons: Identified as pullback resistance, indicating this level may act as resistance during price fluctuations.

1st support: 160.75
Supporting reasons: Identified as pullback support, aligned with the 50% Fibonacci Retracement, suggesting this level could provide strong support if the price declines.

1st resistance: 163.78
Supporting reasons: Identified as multi-swing high resistance, indicating this level may act as a significant resistance point where selling pressure could arise.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation towards 1st resistance.

Pivot: 0.8352
Supporting reasons: Identified as an overlap resistance, indicating this level may provide significant resistance during price fluctuations.

1st support: 0.8311
Supporting reasons: Identified as multi-swing low support, suggesting this level could offer strong support if the price declines.

1st resistance: 0.8993
Supporting reasons: Identified as multi-swing high resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

Additionally, when the price remains below the Ichimoku cloud, it’s typically seen as a strong bearish signal, indicating downward momentum

GBP/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

Price could potentially make a bullish continuation toward 1st resistance

Pivot: 1.3033
Supporting reasons: Identified as an overlap support with 50% Fibonacci Retracement, indicating this level may act as a significant support point.

1st support: 1.2937
Supporting reasons: Identified as an overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 1.3169
Supporting reasons: Identified as a pullback resistance close to 38.2% Fibonacci retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

GBP/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce-off pivot and head toward 1st resistance

Pivot: 193.09
Supporting reasons: Identified as an overlap support, indicating a potential area where price may find support.

1st support: 190.61
Supporting reasons: Another overlap support, suggesting this level could offer additional support if the price declines further.

1st resistance: 195.88
Supporting reasons: Identified as an overlap resistance, marking a significant level where price may encounter selling pressure.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation towards 1st resistance.

Pivot: 0.8606
Supporting reasons: Identified as an overlap support, indicating this level may provide significant support during price fluctuations.

1st support: 0.8512
Supporting reasons: Identified as a pullback support, suggesting this level could offer strong support if the price declines.

1st resistance: 0.8692
Supporting reasons: Identified as an overlap resistance, aligned with 61.8% Fibonacci projection indicating a potential resistance level where selling pressure may arise.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 147.25
Supporting reasons: Identified as an overlap support, indicating this level may act as a significant support during retracements.

1st support: 145.78
Supporting reasons: Identified as a pullback support, suggesting this level could provide additional support if the price moves lower.

1st resistance: 150.90
Supporting reasons: Identified as a pullback resistance, aligned with 50% Fibonacci Retracement, indicating a potential area where selling pressure may emerge.

USD/CAD:

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: 1.3764
Supporting reasons: Identified as a pullback support, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 1.3736
Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 1.3841
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

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 towards the 1st support.

Pivot: 0.6701
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 0.6647
Supporting reasons: Identified as a swing-low support, indicating a potential level where price could find support once more.

1st resistance: 0.6761
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

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: 0.6099

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

1st support: 0.6050
Supporting reasons: Identified as a swing-low support, indicating a potential level where price could find support once more.

1st resistance: 0.6151
Supporting reasons: Identified as an overlap resistance, 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: 42,654.55

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

1st support: 42,395.55

Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 43,177.16

Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price has made a bullish reversal close to the pivot and could potentially rise towards the 1st resistance.

Pivot: 19,434.20
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 19,309.60
Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement, indicating a key level where price could find support.

1st resistance: 19,598.10
Supporting reasons: Identified as a swing-high resistance that aligns close to a 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

Potential Direction: Bullish
Overall momentum of the chart: Neutral

Price has made a bullish reversal close to the pivot and could potentially rise towards the 1st resistance.

Pivot: 5,797.50
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 5,753.20
Supporting reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 61.8% retracements, indicating a potential level where price could find support.

1st resistance: 5,867.40
Supporting reasons: Identified as a swing-high resistance that aligns close to 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: Bullish

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

Pivot: 66,007.96
Supporting reasons: Previously identified as a swing-high resistance which now has been broken due to the strong bullish momentum.

1st support: 63,716.31
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 69,570.66
Supporting reasons: Identified as a swing-high resistance that aligns close to a 78.6% Fibonacci projection, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

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: 2,701.76
Supporting reasons: Identified as a multi-swing-high resistance, suggesting a potential area where selling pressures could intensify.

1st support: 2,569.08
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 2,792.34
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any 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: 69.89
Supporting reasons: Identified as an overlap support that aligns close to a confluence of Fibonacci levels i.e. a  78.6% retracement and a 100% projection, suggesting a potential area where buying interests could pick up to stage a minor rebound.

1st support: 67.74
Supporting reasons: Identified as a swing-low support, indicating a key level where price could find support once more.

1st resistance: 72.22
Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):


Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce-off pivot and head toward 1st resistance

Pivot: 2624.67
Supporting reasons: Identified as pullback support, aligned with the 61.80% Fibonacci Retracement, indicating this level could act as a significant support during price fluctuations.

1st support: 2601.02
Supporting reasons: Identified as pullback support, suggesting this level could offer strong support if the price declines.

1st resistance: 2672.55
Supporting reasons: Identified as multi-swing high resistance, indicating this level may act as a key resistance point where selling pressure could emerge.

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