ICMarket

Wednesday 27th March 2024: Technical Outlook and Review

DXY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 104.60

Supporting reasons: Acts as an Overlap resistance, a key level where selling pressure may increase, suggesting a pivotal spot for potential downturns in price movement.

1st support: 104.06

Supporting reasons: Known as Multi-swing low support, indicating a strong area that could halt further declines, showing its importance as a base for potential price stabilization or a rebound.

1st resistance: 104.97

Supporting reasons: Identified as Multi-swing high resistance, marking a significant barrier that has previously limited upward movements, highlighting its role as a crucial threshold for price action

EUR/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 1.0805

Supporting reasons: Serves as Multi-swing low support, a critical area where buying pressure has historically been strong enough to initiate upward movements, indicating its significance as a launchpad for potential rallies.

1st support: 1.0756

Supporting reasons: Known as Pullback support with a 78.60% Fibonacci Projection, marking a significant level where the market has found support in the past, offering a solid foundation for buyers and potentially halting further declines.

1st resistance: 1.0853

Supporting reasons: Acts as an Overlap resistance, a key level where selling pressure may emerge, suggesting it’s an important threshold for price action, possibly capping upward momentum as traders watch for a reversal or continuation of the trend.

EUR/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bearish continuation towards 1st support

Pivot: 164.29

Supporting reasons: Acts as Pullback resistance with a 50% Fibonacci Retracement, marking a key level where sellers might gain strength, suggesting a potential shift in price direction downward.

1st support: 163.42

Supporting reasons: Known as an Overlap support, indicating a significant area where the market has historically found support, offering a base for potential price stabilization or a rebound.

1st resistance: 165.16

Supporting reasons: Characterized by Multi-swing high resistance, a major barrier that has previously limited upward movements, highlighting its role as a crucial threshold for bullish efforts to overcome.

EUR/GBP:

Potential Direction: Neutral

Overall momentum of the chart: Neutral

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

1st support: 0.8565

Supporting reasons: Acts as an Overlap support, indicating a strong area where buying interest has historically been present, offering a foundation for price stabilization or potential upward movement.

1st resistance: 0.8582

Supporting reasons: Characterized by Multi-swing high resistance, a key barrier that has capped previous attempts to move higher, highlighting its significance as a threshold for price action, possibly limiting further advances.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 1.2527

Supporting reasons: Acts as Multi-swing low support, indicating a strong base where buying pressure has historically mounted, suggesting a key level for potential upward movement.

1st support: 1.2475

Supporting reasons: Multi-swing low support, reinforcing the pivot as a critical area for buyers, potentially offering a double layer of support to initiate a bullish reversal.

1st resistance: 1.2655

Supporting reasons: Known as an Overlap resistance, a significant level that could limit further advances, marking a crucial point for the price to overcome for continued bullish momentum.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 191.84

Supporting reasons: Acts as Pullback resistance with a 50% Fibonacci Retracement, marking a significant level where selling pressure could intensify, leading to a potential downward movement in price.

1st support: 190.52

Supporting reasons: Known as Multi-swing low support, indicating a strong area where buying interest has previously been significant, offering a foundation for potential stabilization or a rebound in price.

1st resistance: 193.39

Supporting reasons: Characterized by Multi-swing high resistance, a major barrier that has capped previous upward movements, highlighting its importance as a threshold for the price to overcome for bullish continuation.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 0.9098

Supporting reasons: Acts as an Overlap resistance, a crucial level where selling pressure could intensify, suggesting a potential turning point for price to head downwards.

1st support: 0.8903

Supporting reasons: Known as Pullback support, indicating a significant area where the market has found support previously, offering a foundation for potential stabilization or a rebound in price.

1st resistance: 0.9221

Supporting reasons: Identified as Multi-swing high resistance, marking a key barrier that has previously capped upward movements, highlighting its importance as a critical threshold for the bullish trend to overcome.

USD/JPY:

Potential Direction: Neutral

Overall momentum of the chart: Neutral

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

1st support: 150.84

Supporting reasons: Acts as an Overlap support, a key level where buyers have historically stepped in, suggesting it could serve as a strong foundation to prevent further declines and potentially trigger upward movements.

1st resistance: 151.96

Supporting reasons: Marked by a 127.20% Fibonacci Projection, indicating a significant barrier that could cap upward movements, making it a pivotal point for potential reversals or pauses in price action

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price could potentially rise towards the 1st resistance and make a bearish reversal to drop towards the 1st support.

1st Support: 1.3552
Supporting reasons: This level acts as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a level where the price has found strong support in the past.

1st Resistance: 1.3613
Supporting reasons: This level is identified as a multi-swing-high resistance, marking it as a critical threshold for bullish momentum to overcome; resistance at this level could cap further upside movements.

AUD/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially fall towards the pivot to make a bearish breakout and then drop towards the 1st support.

Pivot: 0.6512
Supporting reasons: This level acts as a pullback support. However, there is a potential scenario for price to break below this level today.

1st Support: 0.6480
Supporting reasons: This level acts as a pullback support, indicating a level where price has found strong support in the past.

1st Resistance: 0.6553
Supporting reasons: This level is identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, marking it as a critical threshold for bullish momentum to overcome; resistance at this level could cap further upside movements.

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially fall towards the pivot to make a bearish breakout and then drop towards the 1st support.

Pivot: 0.5989
Supporting reasons: This level acts as a pullback support. However, there is a potential scenario for price to break below this level today.

1st Support: 0.5954
Supporting reasons: This level acts as an overlap support, indicating a level where price has found strong support in the past.

1st Resistance: 0.6030
Supporting reasons: This level is identified as an overlap resistance that aligns with a 38.2% Fibonacci retracement, marking it as a critical threshold for bullish momentum to overcome; resistance at this level could cap further upside movements.

DJ30:

Potential Direction: Weak Bullish

Overall momentum of the chart: Neutral

Price could potentially make a bullish reaction off the pivot and rise toward the 1st resistance

Pivot: 39,201.33
Supporting reasons: This level acts as a pullback support that aligns with a 50% Fibonacci retracement, potentially initiating a bullish reversal if the level holds as support.

1st Support: 38,963.91
Supporting reasons: This level acts as a pullback support, indicating a level where the price has found strong support in the past.

1st Resistance: 39,614.25
Supporting reasons: This level is identified as a pullback resistance that aligns with a 50% Fibonacci retracement, marking it as a critical threshold for bullish momentum to overcome; resistance at this level could cap further upside movements.

GER40:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially rise toward the pivot to make a bullish breakout and rise towards the 1st resistance.

Pivot: 18,278.06
Supporting reasons: This level acts as a resistance level that aligns with a 100% Fibonacci projection. However, there is a potential scenario for price to break above this level today.

1st Support: 16,526.73
Supporting reasons: This level acts as an overlap support, indicating a level where price has found strong support in the past.

1st Resistance: 19,299.15
Supporting reasons: This level is identified as a resistance level that aligns with a 100% Fibonacci projection, marking it as a critical threshold for bullish momentum to overcome; resistance at this level could cap further upside movements.

US500: 

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially rise toward the pivot to make a bullish breakout and rise towards the 1st resistance.

Pivot: 5,247.28
Supporting reasons: This level acts as a resistance level that aligns with a 100% Fibonacci projection. However, there is a potential scenario for price to break above this level today.

1st Support: 4,790.90
Supporting reasons: This level acts as a pullback support, indicating a level where price has found strong support in the past.

1st Resistance: 5,516.80
Supporting reasons: This level is identified as a resistance level that aligns with a 78.6% Fibonacci projection, marking it as a critical threshold for bullish momentum to overcome; resistance at this level could cap further upside movements.

BTC/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially rise toward the pivot to make a bullish breakout and then rise towards the 1st resistance.

Pivot: 71,107.73
Supporting reasons: This level acts as an overlap resistance. However, there is a potential scenario for price to break above this level today.

1st Support: 67,992.93
Supporting reasons: This level acts as a pullback support that aligns close to a 38.2% Fibonacci retracement, indicating a level where price has found strong support in the past.

1st Resistance: 73,843.75
Supporting reasons: This level is identified as a swing-high resistance at the all-time high, marking it as a critical threshold for bullish momentum to overcome; resistance at this level could cap further upside movements.

ETH/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially rise toward the pivot to make a bearish reaction and pull back towards the 1st support.

Pivot: 3,741.63
Supporting reasons: This level acts as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, potentially initiating a bearish reversal if the level holds as resistance.

1st Support: 3,539.48
Supporting reasons: This level acts as an overlap support that aligns close to a 23.6% Fibonacci retracement, indicating a level where price has found strong support in the past.

1st Resistance: 3,934.67
Supporting reasons: This level is identified as an overlap resistance, marking it as a critical threshold for bullish momentum to overcome; resistance at this level could cap further upside movements.

WTI/USD (Oil):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price could potentially make a bullish reaction off the 1st support and rise towards the 1st resistance.

1st Support: 80.97
Supporting reasons: This level acts as a pullback support that aligns with a 38.2% Fibonacci retracement, indicating a level where price has found strong support in the past.

1st Resistance: 82.67
Supporting reasons: This level is identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement, marking it as a critical threshold for bullish momentum to overcome; resistance at this level could cap further upside movements.

XAU/USD (GOLD):

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a: Bearish continuation towards 1st support

Pivot: 2179.00

Supporting reasons: Acts as an Overlap resistance, a crucial point where selling pressure could increase, suggesting a potential turning point for price to head downwards.

1st support: 2158.90

Supporting reasons: Known as an Overlap support, indicating a significant area where the market has previously found buyers, offering a foundation for potential stabilization or a rebound in price.

1st resistance: 2195.00

Supporting reasons: Marked as an Overlap resistance, a key barrier that could cap upward movements, highlighting its importance as a critical threshold for the bullish trend to overcome.

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