ICMarket

Wednesday 9th October 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 pivot and head towards 1st resistance.

Pivot: 102.16
Supporting reasons: Pullback support, indicating this level may act as a significant support point.

1st support: 101.17
Supporting reasons: An overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 103.68
Supporting reasons: Pullback resistance with 78.60% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

EUR/USD:


Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a: Bearish reaction off pivot and drop to 1st support.

Pivot: 1.1005
Supporting reasons: Pullback resistance and 23.60% Fibonacci Retracement, indicating this level could act as a significant resistance point.

1st support: 1.0935
Supporting reasons: Pullback support with 161.80% Fibonacci Extension, suggesting this level may provide strong support if the price declines.

1st resistance: 1.1080
Supporting reasons: An overlap resistance with 50% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

EUR/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish
Factors contributing to the momentum: Price is above a major ascending trend line, suggesting further bullish momentum is on the cards.

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

Pivot: 160.90
Supporting reasons: An overlap support, indicating this level may act as a significant support point.

1st support: 158.26
Supporting reasons: An overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 164.87
Supporting reasons: Pullback resistance with 127.20% Fibonacci Extension and 78.60% Fibonacci Projection, indicating a confluence of Fibonacci levels that may act as a significant resistance point.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8358
Supporting reasons: An overlap support, indicating this level may act as a significant support point.

1st support: 0.8311
Supporting reasons: Swing low support, suggesting this level could provide strong support if the price declines.

1st resistance: 0.8454
Supporting reasons: An overlap resistance with 50% Fibonacci Retracement and 127.20% Fibonacci Extension, indicating a confluence of Fibonacci levels that may act as a significant resistance point.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a: Bearish reaction off pivot and drop to 1st support.

Pivot: 1.3156
Supporting reasons: An overlap resistance with 23.60% Fibonacci Retracement, indicating this level may act as a significant resistance point.

1st support: 1.3030
Supporting reasons: An overlap support with 50% Fibonacci Retracement, suggesting this level could provide strong support if the price declines.

1st resistance: 1.3259
Supporting reasons: Pullback resistance with 50% 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
Factors contributing to the momentum: Price is above a major ascending trend line, suggesting further bullish momentum is on the cards.

Price could potentially make a: Bullish continuation towards 1st resistance.

Pivot: 193.13
Supporting reasons: An overlap support, indicating this level may act as a significant support point.

1st support: 190.38
Supporting reasons: An overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 195.91
Supporting reasons: An overlap resistance with 78.60% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8518
Supporting reasons: Pullback support, indicating this level may act as a significant support point.

1st support: 0.8401
Supporting reasons: Multi-swing low support, suggesting this level could provide strong support if the price declines.

1st resistance: 0.8622
Supporting reasons: Pullback resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

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: 147.11
Supporting reasons: Pullback support, indicating this level may act as a significant support point.

1st support: 144.32
Supporting reasons: Pullback support, suggesting this level could provide strong support if the price declines.

1st resistance: 149.41
Supporting reasons: Swing high resistance with 61.80% Fibonacci Projection and 161.80% Fibonacci Extension, indicating a confluence of Fibonacci levels that may act as a significant resistance point.

USD/CAD:

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: 1.3635
Supporting reasons: Identified as a pullback support, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 1.3582
Supporting reasons: Identified as a pullback support that aligns close to a confluence of Fibonacci levels i.e. the 38.2% and 50% retracements, indicating a key level where price could find support.

1st resistance: 1.3729
Supporting reasons: Identified as a pullback resistance that aligns close to a 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.

AUD/USD:

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: 0.6731
Supporting reasons: Identified as an overlap support, indicating a potential level where buying interests could pick up to stage a minor rebound.

1st support: 0.6688
Supporting reasons: Identified as an overlap support that aligns with a 78.6% Fibonacci retracement, indicating a potential level where price could find support once more.

1st resistance: 0.6769
Supporting reasons: Identified as a pullback resistance that aligns with a 23.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price has broken below the pivot and could potentially drop lower towards the 1st support.

Pivot: 0.6114

Supporting reasons: Previously identified as a swing-low support which now has been broken due to the strong bearish momentum.

1st support: 0.6081
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 0.6163
Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement, 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: 41,855.66

Supporting reasons: Identified as an overlap support, suggesting a potential area where buying interests could pick up to stage a rebound. 

1st support: 41,604.84

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

1st resistance: 42,395.55

Supporting reasons: Identified as a multi-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: 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: 19,224.30
Supporting reasons: Identified as a swing-high resistance that aligns close to a 50% Fibonacci retracement, suggesting a potential area where selling pressures could intensify.

1st support: 18,886.10
Supporting reasons: Identified as a swing-low support that aligns close to a 50% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 19,446.30
Supporting reasons: Identified as a swing-high resistance that aligns close to a 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

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: 5,767.00
Supporting reasons: Identified as a multi-swing-high resistance that aligns close to the all-time high, suggesting a potential area where selling pressures could intensify. 

1st support: 5,669.89
Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where price could find support once again.

1st resistance: 5,823.13
Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 61,464.29
Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a rebound. 

1st support: 60,117.65
Supporting reasons: Identified as a swing-low support that aligns with a confluence of Fibonacci levels i.e. a 50% retracement and a 61.8% projection, indicating a potential level where price could find support once more.

1st resistance: 63,728.74
Supporting reasons: Identified as a swing-high resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any 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: 2,493.39
Supporting reasons: Identified as a swing-high resistance that aligns close to a 50% Fibonacci retracement, suggesting a potential area where selling pressures could intensify.

1st support: 2,398.15
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 again.

1st resistance: 2,569.10
Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement, 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: 73.03
Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a minor rebound. 

1st support: 70.95
Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 74.49
Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement, indicating a potential area that could halt any 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: 2625.81
Supporting reasons: Pullback support, indicating this level may act as a significant support point.

1st support: 2590.24
Supporting reasons: Pullback support with 161.80% Fibonacci Extension, suggesting this level could provide strong support if the price declines.

1st resistance: 2672.18
Supporting reasons: Multi-swing high resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

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