ICMarket

Wednesday 21st 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: 101.29
Supporting reasons: Supported by the 161.80% Fibonacci Extension, suggesting a potential reversal point where buying pressure could increase.

1st support: 100.60
Supporting reasons: Identified as swing low support, indicating a previous level where the price found support and may do so again.

1st resistance: 102.28
Supporting reasons: Identified as an overlap resistance, indicating a level where the price has previously encountered selling pressure.

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 swing high resistance and 100% Fibonacci Projection, indicating a level where selling pressure may increase.

1st support: 1.1019
Supporting reasons: Identified as an overlap support, suggesting a previous level where the price found support and may do so again.

1st resistance: 1.1251
Supporting reasons: Identified as swing high resistance, indicating a level where the price has previously encountered selling pressure.

EUR/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: 159.35
Supporting reasons: Identified as an overlap support and 50% Fibonacci Retracement, indicating a potential level where buyers may enter the market.

1st support: 155.86
Supporting reasons: Identified as swing low support and 78.60% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 163.80
Supporting reasons: Identified as multi-swing high resistance, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/GBP:

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: 0.8551
Supporting reasons: Identified as pullback resistance and 50% Fibonacci Retracement, indicating a level where selling pressure might emerge.

1st support: 0.8498
Supporting reasons: Identified as pullback support, suggesting an area where the price could find support after a decline.

1st resistance: 0.8584
Supporting reasons: Identified as an overlap resistance, marking a historical point where the price has previously reversed or encountered selling pressure.

GBP/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: 1.3033
Supporting reasons: Identified as swing high resistance, indicating a level where the price has previously faced selling pressure.

1st support: 1.2944
Supporting reasons: Identified as an overlap support, suggesting an area where the price might find support after a decline.

1st resistance: 1.3144
Supporting reasons: Identified as a level influenced by the 127.20% Fibonacci Extension, indicating potential resistance where the price might encounter selling pressure.

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: 187.94
Supporting reasons: Identified as an overlap resistance, combined with the 38.20% Fibonacci Retracement, indicating a level where the price might find support and potentially continue upward.

1st support: 184.76
Supporting reasons: Identified as an overlap support, reinforced by the 61.80% Fibonacci Retracement, suggesting a strong area where the price might find support after a decline.

1st resistance: 192.13
Supporting reasons: Identified as a multi-swing high resistance, coupled with the 61.80% Fibonacci Retracement, indicating a level where the price might encounter selling pressure.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8502
Supporting reasons: Identified as an overlap support, reinforced by the 78.60% Fibonacci Retracement, indicating a potential level where the price might find support and initiate an upward move.

1st support: 0.8425
Supporting reasons: Identified as a swing low support, suggesting a significant level where the price might stabilize after a decline.

1st resistance: 0.8620
Supporting reasons: Identified as a pullback resistance, indicating a level where the price might encounter resistance after an upward correction.

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: 144.62
Supporting reasons: Identified as pullback support, reinforced by the 61.80% Fibonacci Retracement and 100% Fibonacci Projection, indicating a confluence that strengthens this level as a potential area for a bullish reversal.

1st support: 141.73
Supporting reasons: Identified as a swing low support, suggesting a key level where the price might find strong buying interest.

1st resistance: 149.36
Supporting reasons: Identified as swing high resistance, indicating a significant level where the price might encounter 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 that aligns close to a 23.6% Fibonacci retracement level, indicating a potential area that could halt any further upward movement. The presence of the bearish Ichimoku Clouds adds further significance to the strength of this resistance zone.

AUD/USD:

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 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: 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: 0.6125
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 0.6080
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement level, suggesting a potential area where price could find strong support.

1st resistance: 0.6167
Supporting reasons: Identified as an overlap 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: 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: 18,250.70

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

1st Support: 18,100.70

Supporting Reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement level, indicating a potential area where price could find support.

1st Resistance: 18,593.70

Supporting Reasons: Identified as a pullback resistance, indicating a significant area that could halt 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: 5,496.71

Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement level, suggesting a potential area where buying interests could pick up to resume the uptrend.

1st support: 5,402.66

Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting a potential area where price could find support.

1st resistance: 5,669.89

Supporting reasons: Identified as a swing-high resistance that aligns close to 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: 75.33

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

Pivot: 2520.00
Supporting reasons: Identified as pullback resistance, indicating a potential area where the price might face selling pressure, causing a bearish reaction.

1st support: 2484.16
Supporting reasons: Identified as pullback support, suggesting a key level where the price might find support after a potential drop.

1st resistance: 2546.50
Supporting reasons: Reinforced by the 78.60% Fibonacci Projection, indicating a significant resistance level where the price could encounter strong selling pressure.

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