ICMarket

Monday 15th April 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 106.13

Supporting reasons: An Overlap resistance with a 78.60% Fibonacci Projection, indicating a significant level where selling pressure might increase, potentially leading to a reversal in the bullish momentum.

1st support: 105.04

Supporting reasons: Pullback support, representing a level where buyers might step in to support the price temporarily within the context of the bullish trend.

1st resistance: 107.11

Supporting reasons: Multi-swing high resistance, suggesting a level where the price has previously encountered selling pressure from multiple highs, potentially acting as a barrier to further upside movement within the context of the overall bullish momentum.

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: 1.0618

Supporting reasons: Pullback support with a 161.80% Fibonacci Extension and 100% Fibonacci Projection indicating Fibonacci confluence, suggesting a significant level where buying pressure might intensify, potentially leading to a reversal in the bearish momentum.

1st support: 1.0499

Supporting reasons: Overlap support, indicating a level where the market has previously found support, potentially providing a foundation for a bullish reversal or price stabilization.

1st resistance: 1.0707

Supporting reasons: Pullback resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the overall bearish trend.

EUR/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish break off pivot and drop toward 1st support

Pivot: 162.88

Supporting reasons: Pullback resistance, indicating a level where selling pressure might intensify, potentially leading to a breakout and continuation of the bearish trend.

1st support: 160.14

Supporting reasons: An Overlap support with a 38.20% Fibonacci Retracement, suggesting a significant level where buyers might enter the market, potentially providing support for the price or a temporary reversal within the context of the overall bearish momentum.

1st resistance: 165.21

Supporting reasons: Multi-swing high resistance, representing a level where the price has faced selling pressure from multiple highs, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.8533

Supporting reasons: Multi-swing low support, indicating a level where buyers might step in to support the price, potentially leading to a reversal or continuation of the bullish momentum.

1st support: 0.8503

Supporting reasons: Swing low support, representing a level where the price has previously found support and reversed higher, reinforcing the bullish bias.

1st resistance: 0.8581

Supporting reasons: Multi-swing high resistance, suggesting a level where the price has faced selling pressure from multiple highs, potentially acting as a barrier to further upside movement within the context of the overall bullish trend.

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: 1.2379

Supporting reasons: An Overlap support, suggesting a significant level where buyers might step in to support the price, potentially leading to a reversal or temporary halt in the bearish momentum.

1st support: 1.2237

Supporting reasons: Pullback support, indicating a level where buyers might enter the market to support the price within the context of the overall bearish trend.

1st resistance: 1.2530

Supporting reasons: Pullback resistance, representing a level where selling pressure might intensify, potentially acting as a barrier to further upside movement within the overall bearish momentum.

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: 190.29

Supporting reasons: Pullback resistance, suggesting a level where selling pressure might intensify, potentially leading to a continuation of the bearish trend.

1st support: 188.34

Supporting reasons: An Overlap support with a 161.80% Fibonacci Extension, indicating a significant level where buyers might step in to support the price, potentially leading to a reversal or temporary halt in the bearish momentum.

1st resistance: 193.00

Supporting reasons: Swing high resistance, representing a level where the price has previously encountered selling pressure, potentially acting as a barrier to further upside movement within the context of the overall bearish momentum.

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: 0.9080

Supporting reasons: An Overlap support, indicating a significant level where buyers might step in to support the price, potentially leading to a reversal or temporary halt in the bullish momentum.

1st support: 0.9144

Supporting reasons: Multi-swing high resistance with a 61.80% Fibonacci Projection, suggesting a level where selling pressure might intensify, potentially leading to a reversal or continuation of the bearish trend.

1st resistance: 0.9352

Supporting reasons: 100% Fibonacci Projection, representing a level where the price might encounter selling pressure, potentially acting as a barrier to further upside movement within the context of the overall bullish momentum.

USD/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: 153.71

Supporting reasons: Swing high resistance with a 161.80% Fibonacci Extension, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or continuation of the bullish trend.

1st support: 151.77

Supporting reasons: Pullback support, suggesting a level where buyers might step in to support the price temporarily within the context of the overall bullish momentum.

1st resistance: 154.79

Supporting reasons: 127.20% Fibonacci Extension and 78.60% Fibonacci Projection indicating Fibonacci confluence, suggesting a significant level where selling pressure might intensify, potentially acting as a barrier to further upside movement within the context of the overall bullish momentum.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price has made a bullish reaction through the pivot and could potentially rise towards the 1st resistance

Pivot: 1.3755

Supporting reasons: Previously functioned as a pullback resistance which now has been broken, highlighting a potential bullish breakout.

1st support: 1.3665

Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where the market has previously found strong buying interest and could provide a foundation for potential price stabilization.

1st resistance: 1.3854

Supporting reasons: Identified as a pullback resistance, marking a significant barrier that could cap further upward movements.

AUD/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price has made a bullish reversal close to the pivot and could potentially rise towards 1st resistance

Pivot: 0.6447

Supporting reasons: Acts as a swing-low support, suggesting a potential area where buying interest has increased recently.

1st support: 0.6360

Supporting reasons: Acts as a swing-low support, suggesting a significant area where price has previously found strong support and could provide a basis to halt further downward movement.

1st resistance: 0.6537

Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement level, marking a significant barrier that has previously capped upward movements.

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: 0.5953

Supporting reasons: Previously functioned as a pullback support which now has been broken, highlighting a potential bearish breakout.

1st support: 0.5872

Supporting reasons: Acts as a pullback support, suggesting a potential area for price stabilization or a minor rebound within the bearish context.

1st resistance: 0.6059

Supporting reasons: Identified as a pullback that aligns close to a 50% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

US30 (DJIA):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price has made a bullish reversal close to the pivot and could potentially rise higher towards the 1st resistance

Pivot: 37,861.80

Supporting reasons: Acts as a pullback support where price has found strong buying interest in recent weeks.

1st support: 37,093.10

Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation to halt further downward movement.

1st resistance: 39,045.66

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a potential barrier that could cap further upward movements.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price has made a bullish reversal close to the pivot and could potentially rise higher towards the 1st resistance

Pivot: 17,758.00

Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement level, suggesting a potential zone where price has found strong buying interest in recent weeks.

1st support: 17,004.20

Supporting reasons: Acts as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation to halt further downward movement.

1st resistance: 18,306.30

Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement level that could potentially function as a significant barrier that could cap further upward movements.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 5,117.40

Supporting reasons: Acts as a pullback support where buying interest has increased in recent weeks.

1st support: 4,956.50

Supporting reasons: Acts as a pullback support that aligns close to a 23.6% Fibonacci retracement level suggesting a significant area where price has previously found strong buying interest, providing a solid foundation to halt further downward movement.

1st resistance: 5,263.47

Supporting reasons: Marked by a pullback resistance close to the all-time high, which could function as a potential barrier and cap further upward movements.

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise higher towards the 1st resistance

Pivot: 63,289.43

Supporting reasons: Acts as a pullback support where buying interest has increased in recent weeks.

1st support: 52,565.55

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation for potential price stabilization or a rebound.

1st resistance: 73,285.14

Supporting reasons: Marked by a pullback resistance that aligns close to the all-time high, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

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: 3,224.00

Supporting reasons: Previously functioned as a pullback support which now has been broken, highlighting a potential bearish breakout.

1st support: 2,609.35

Supporting reasons: Identified as an overlap support that aligns with a 78.6% Fibonacci retracement level  suggesting a significant area where price has previously found support, providing a strong foundation to halt further downward movements.

1st resistance: 3,693.53

Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, marking a significant barrier that has previously capped further upward movements.

WTI/USD (Oil):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish reaction off the pivot and resume the uptrend to rise towards the 1st resistance

Pivot: 85.57

Supporting reasons: Marked by a pullback support, indicating a significant level where buying interest has increased recently.

1st support: 83.22

Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement level, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation to halt further downward movements.

1st resistance: 90.40

Supporting reasons: Identified as a swing-high resistance, marking a significant barrier that could cap further upward movements.

XAU/USD (GOLD):

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 2373.82

Supporting reasons: Pullback resistance, indicating a level where selling pressure might intensify, potentially leading to a reversal or continuation of the bullish trend.

1st support: 2196.97

Supporting reasons: Pullback support, suggesting a level where buyers might step in to support the price temporarily within the context of the overall bullish momentum.

1st resistance: 2504.97

Supporting reasons: 100% Fibonacci Projection, representing a level where the price might encounter selling pressure, potentially acting as a barrier to further upside movement within the context of the overall bullish momentum

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