ICMarket

Thursday 12th September 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 102.34
Supporting reasons: Pullback support, aligned with the 100% Fibonacci Projection and 127.20% Fibonacci Extension, indicating a level of Fibonacci confluence where price might face resistance.

1st support: 101.36
Supporting reasons: An overlap support, suggesting a level where price may find strong support and prevent further declines.

1st resistance: 102.93
Supporting reasons: Pullback resistance, indicating a level where price might encounter selling pressure during an upward move.

EUR/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 1.1006
Supporting reasons: An overlap support, suggesting a key level where price might find support and bounce back.

1st support: 1.0943
Supporting reasons: An overlap support, aligned with the 61.80% Fibonacci Retracement and 161.80% Fibonacci Extension, indicating Fibonacci confluence where price might find strong support.

1st resistance: 1.1111

Supporting reasons: Pullback resistance, indicating a potential level where price may face selling pressure during an upward move.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 157.55
Supporting reasons: Pullback resistance, indicating a key level where price might face selling pressure.

1st support: 155.24
Supporting reasons: Swing low support, aligned with the 61.80% Fibonacci Projection, suggesting a potential level where price may find support and prevent further declines.

1st resistance: 160.26
Supporting reasons: Pullback resistance, indicating a level where price might encounter resistance during an upward move.

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 23.6% Fibonacci Retracement, indicating a potential area where the price might stall before continuing downward.

1st support: 0.8409
Supporting reasons: Marked as a multi swing low support, suggesting a significant area where previous declines have found a buying interest.

1st resistance: 0.8485

Supporting reasons: Recognized as pullback resistance, supported by the 38.2% Fibonacci Retracement, indicating a potential level where the price may face selling pressure if it retraces upward.

GBP/USD:

Instrument: GBP/USD
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 pivot and drop to 1st support.

Pivot: 1.3060
Supporting reasons: Pullback resistance, indicating a level where price may face selling pressure during a rebound.

1st support: 1.2942
Supporting reasons: An overlap support, suggesting a level where price could find buying interest and potentially prevent further declines.

1st resistance: 1.3115
Supporting reasons: Swing high resistance, indicating a level where price might encounter resistance during an upward movement.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reaction off pivot and drop to 1st support.

Pivot: 187.95

Supporting reasons: an overlap resistance, aligned with the 23.60% Fibonacci Retracement, indicating a key level where price might face selling pressure.

1st support: 183.11
Supporting reasons: swing low support, indicating a potential level where price might find buying interest to prevent further declines.

1st resistance: 189.77

Supporting reasons: An overlap resistance, aligned with the 50% Fibonacci Retracement, suggesting a potential area where price may face resistance during an upward move.

USD/CHF:

Instrument: 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: 0.8497
Supporting reasons: An overlap support, suggesting a key level where price has previously found buying interest and may offer support again.

1st support: 0.8375
Supporting reasons: Swing low support, indicating a level where price could find buying interest to prevent further declines.

1st resistance: 0.8620
Supporting reasons: Pullback resistance, aligned with the 61.80% Fibonacci Retracement, suggesting a potential area where price might face selling pressure during an upward move.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 143.66
Supporting reasons: An overlap resistance, aligned with the 50% Fibonacci Retracement, indicating a level where price might face resistance and potentially reverse.

1st support: 140.65
Supporting reasons: Aligned with the 161.80% Fibonacci Extension, suggesting a potential level where price might find strong support.

1st resistance: 145.46
Supporting reasons: An overlap resistance, aligned with the50% Fibonacci Retracement, indicating a potential level where price may encounter resistance during an upward move.

USD/CAD:

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: 1.3616
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, suggesting a potential area where selling pressures could intensify.

1st support: 1.3493
Supporting reasons: Identified as a swing-low support, indicating a key level where price has found support recently.

1st resistance: 1.3699
Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 0.6640
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a minor rebound.

1st support: 0.6582
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, indicating a key level where price has found support in the past.

1st resistance: 0.6752
Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 0.6124
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a minor rebound.

1st support: 0.6077
Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement, indicating a potential level where price has found support in the past.

1st resistance: 0.6234
Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bearish
Overall momentum of the chart: Neutral

Price is rising towards the pivot and could potentially reverse off this level to pull back towards the 1st support.

Pivot: 41,056.42
Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, suggesting a potential level where selling pressures could intensify.

1st support: 40,202.56
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price has found support in the past.

1st resistance: 41,604.84

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: Bearish
Overall momentum of the chart: Neutral

Price is rising towards the pivot and could potentially reverse off this level to pull back towards the 1st support.

Pivot: 18,546.80
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, suggesting a potential level where selling pressures could intensify.

1st support: 18,247.90
Supporting reasons: Identified as a multi-swing-low support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 18,971.60
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.

US500 (S&P 500): 

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 5,561.63
Supporting reasons: Identified as a potential breakout level where the bullish momentum could carry price higher.

1st support: 5,385.30
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 5,669.89
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.

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: 60,783.25
Supporting reasons: Identified as a swing-high resistance that aligns close to a 61.8% Fibonacci retracement, suggesting a potential level where selling pressures could intensify.

1st support: 55,534.89
Supporting reasons: Identified as a pullback support, indicating a key level where price has found strong support recently.

1st resistance: 64,376.72
Supporting reasons: Identified as a swing-high resistance, 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: 2,454.11
Supporting reasons: Identified as a swing-high resistance that aligns close to a 50% Fibonacci retracement, suggesting a potential level where selling pressures could intensify.

1st support: 2,290.88
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price has found strong support recently.

1st resistance: 2,575.58
Supporting reasons: Identified as a swing-high 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: Bearish
Overall momentum of the chart: Bearish

Price is trading close to the pivot and could potentially make a bearish reversal off this level to drop towards the 1st support.

Pivot: 68.13
Supporting reasons: Identified as an overlap resistance, suggesting a potential level where selling pressures could intensify. The presence of the bearish channel and the bearish Ichimoku Cloud add further significance to the strength of this downtrend.

1st support: 66.04
Supporting reasons: Identified as a swing-low support, indicating a key level where price has found strong support recently.

1st resistance: 70.62
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% 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 continuation towards 1st support.

Pivot: 2526.68
Supporting reasons: Multi-swing high resistance, suggesting a key level where price might face selling pressure.

1st support: 2486.64
Supporting reasons: Swing low support, indicating a level where price might find buying interest to prevent further declines.

1st resistance: 2540.67
Supporting reasons: Aligned with the 127.20% Fibonacci Extension, suggesting a potential level where price may encounter resistance during an upward move.

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