ICMarket

Wednesday 28th 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: 100.54
Supporting reasons: Identified as multi-swing low support, indicating a significant level where the price has historically found support.

1st support: 100.29
Supporting reasons: Identified with a 161.80% Fibonacci Extension, suggesting a level where the price might find support during a decline.

1st resistance: 100.92
Supporting reasons: Marked as an overlap resistance, indicating a potential level where the price might face resistance during an upward move.

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: 1.1194
Supporting reasons: Identified as multi-swing high resistance, indicating a level where the price has historically faced selling pressure.

1st support: 1.1101
Supporting reasons: Marked as multi-swing low support and aligned with the 38.20% Fibonacci Retracement, suggesting a level where the price might find support.

1st resistance: 1.1251
Supporting reasons: Identified as swing high resistance, indicating a level where the price might encounter resistance during an upward move.

EUR/JPY:

Potential Direction: Neutral
Overall momentum of the chart: Neutral

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

1st support: 159.37
Supporting reasons: Identified as an overlap support, aligned with the 38.20% Fibonacci Retracement, indicating a potential area where price could find support during a decline.

1st resistance: 164.05
Supporting reasons: Marked as an overlap resistance, suggesting a level where the price might face resistance if it attempts to rise.

EUR/GBP:

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: 0.8417
Supporting reasons: Identified as an overlap support, indicating a potential area where the price might find support and reverse to the upside.

1st support: 0.8384
Supporting reasons: Marked as pullback support, suggesting a level where the price could stabilize during a downturn.

1st resistance: 0.8457
Supporting reasons: Identified as pullback resistance, indicating a potential area where upward movement might encounter 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: 1.3254
Supporting reasons: Identified as swing high resistance, which could act as a significant barrier to further upward movement, reinforced by the 161.80% Fibonacci Retracement level.

1st support: 1.3135
Supporting reasons: Marked as pullback support, indicating an area where the price might find stability after a decline.

1st resistance: 1.3430
Supporting reasons: Identified as pullback resistance, where the price could encounter selling pressure if it moves higher.

GBP/JPY:

Potential Direction: Neutral
Overall momentum of the chart: Neutral

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

1st support: 189.33
Supporting reasons: Identified as an overlap support level, which could act as a stabilizing point for the price during a decline.

1st resistance: 193.26
Supporting reasons: Marked as swing high resistance, suggesting a potential area where the price might face selling pressure or reversal if it moves upward.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: Price is below the bearish Ichimoku cloud

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

Pivot: 0.8443
Supporting reasons: Identified as pullback resistance, indicating a potential area where selling pressure may resume.

1st support: 0.8343
Supporting reasons: Supported by the 127.20% Fibonacci Extension, suggesting a significant area where the price could find support during a decline.

1st resistance: 0.8533
Supporting reasons: An overlap resistance, which could act as a barrier if the price attempts to move upward.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 143.71
Supporting reasons: Identified as an overlap support level with a 78.60% Fibonacci Retracement, suggesting it as a strong area for the price to bounce upward.

1st support: 141.75
Supporting reasons: Swing low support, indicating a significant area where the price has found support in previous declines.

1st resistance: 146.93
Supporting reasons: Multi-swing high resistance, combined with a 61.80% Fibonacci Retracement, marking a strong area where the price could face selling pressure.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price has made a bearish break below the pivot and could potentially fall lower towards the 1st support.

Pivot: 1.3458
Supporting reasons: Previously identified as a pullback support which now has been broken due to the strong bearish momentum.

1st support: 1.3370
Supporting reasons: Identified as a pullback support that aligns with a 161.8% Fibonacci extension, indicating a potential area where price could find strong support.

1st resistance: 1.3561
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement. The presence of the bearish Ichimoku Cloud adds further significance to the strength of this resistance zone.

AUD/USD:

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: 0.6798
Supporting reasons: Previously identified as a swing-high resistance which now has been broken due to the strong bullish momentum.

1st support: 0.6754
Supporting reasons: Identified as an overlap support, suggesting a potential area where price has recently found support. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st resistance: 0.6859
Supporting reasons: Identified as a swing-high resistance that aligns close to a 78.6% Fibonacci projection, indicating a significant area that could halt further upward movement.

NZD/USD

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: 0.6233
Supporting reasons: Previously identified as a pullback resistance which now has been broken due to the strong bullish momentum.

1st support: 0.6162
Supporting reasons: Identified as a pullback support, suggesting a potential area where price could find support. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

1st resistance: 0.6295
Supporting reasons: Identified as an overlap resistance that aligns close to a 78.6% Fibonacci projection, indicating a significant area that could halt further upward movement.

US30 (DJIA):

Potential Direction: Bullish

Overall Momentum of the Chart: Bullish

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

Pivot: 41,156.81

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

1st Support: 40,602.31

Supporting Reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, suggesting an area where price has found support recently. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

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: 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: 18,760.10

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

1st Support: 18,534.60

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

1st Resistance: 18,894.40

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.

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, 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 could find support. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.

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: 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: 57,039.06

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: 54,743.19

Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement indicating a significant area where price has found support in the past.

1st resistance: 61,687.65

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

ETH/USD (Ethereum):

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: 2,289.04

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: 2,044.47

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

1st Resistance: 2,523.64

Supporting Reasons: Identified as an overlap 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 could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 75.33

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

1st Support: 73.88

Supporting Reasons: Identified as a pullback support that aligns with 78.6% Fibonacci retracement, indicating a potential area where price could find support.

1st Resistance: 78.50

Supporting Reasons: Identified as a pullback 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 pivot and drop to 1st support.

Pivot: 2529.88
Supporting reasons: Identified as a multi-swing high resistance level, suggesting a strong area where the price might face selling pressure.

1st support: 2473.30
Supporting reasons: Pullback support, indicating a significant area where the price could find support during a decline.

1st resistance: 2547.88
Supporting reasons: Marked by a 127.20% Fibonacci Extension, indicating a potential area where the price might encounter resistance.

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