ICMarket

Wednesday 8th May 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support

PIvot: 105.52

Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, suggesting an area where selling pressures could intensify.

1st support: 104.88

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, representing a level where buyers could potentially intervene to support the price.

1st resistance: 106.14

Supporting reasons: Marked by a pullback resistance that aligns close to 78.6% Fibonacci retracement level, acting as a potential barrier to further upside movement.

EUR/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 1.0741

Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting an area where buying interests could increase.

1st support: 1.0701

Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, indicating a level where buyers might step in to support the price.

1st resistance: 1.0793

Supporting reasons: Marked as a pullback resistance, representing a level where selling pressures intensified in the past and could potentially act as a barrier to further upside movement.

EUR/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support

Pivot: 167.13

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

1st support: 164.11

Supporting reasons: Acts as a pullback support that aligns with a 78.6% Fibonacci retracement level, suggesting another level where buyers have previously intervened to support the price.

1st resistance: 168.59

Supporting reasons: Marked by a pullback resistance, representing a level where selling pressures have intensified in the past and could potentially act as a barrier to further upside movement.

EUR/GBP:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support

Pivot: 0.8588

Supporting reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement level, suggesting an area where selling pressures have intensified recently.

1st support: 0.8558

Supporting reasons: Acts as a pullback support that aligns with a 50% Fibonacci retracement level, where price has previously found strong support and could halt further downward movements.

1st resistance: 0.8602

Supporting reasons: Acts as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, representing a level where selling pressures have increased in the past and could potentially act as a barrier to further upside movement.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 1.2473

Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting an area where buying interests could increase.

1st support: 1.2422

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, indicating a level where buyers might step in to support the price.

1st resistance: 1.2606

Supporting reasons: Marked as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, representing a level where selling pressures intensified in the past and could potentially act as a barrier to further upside movement.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support

Pivot: 195.45

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

1st support: 191.71

Supporting reasons: Acts as a pullback support, indicating a level where buyers might step in to support the price.

1st resistance: 197.37

Supporting reasons: Marked by a pullback resistance, representing a level where selling pressures have increased recently to potentially act as a barrier to further upside movement.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support

Pivot: 0.9094

Supporting reasons: Acts as a pullback resistance that aligns close to a 38.2% Fibonacci retracement level, suggesting an area where selling pressures could intensify.

1st support: 0.9030

Supporting reasons: Acts as a pullback support, suggesting a level where buyers might step in to support the price to halt further downward movements.

1st resistance: 0.9151

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, representing a level where selling pressures have historically increased and could potentially act as a barrier to further upside movement.

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support

Pivot: 155.87

Supporting reasons: Acts as an overlap resistance resistance that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where selling pressures could intensify.

1st support: 152.20

Supporting reasons: Acts as a pullback support, indicating a level where buyers might step in to support the price.

1st resistance: 157.98

Supporting reasons: Marked by a pullback resistance that represents a level where selling pressures could increase to potentially act as a barrier to further upside movement.

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support

Pivot: 1.3718

Supporting reasons: Acts as an overlap resistance that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where selling pressures could intensify.

1st support: 1.3628

Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where price has previously found strong buying interest to potentially halt any further downward movement.

1st resistance: 1.3784

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

AUD/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price has made a bearish reaction off the pivot and could potentially drop towards the 1st support

Pivot: 0.6639

Supporting reasons: Acts a multi-swing-high resistance, where selling pressures have intensified in the past.

1st support: 0.6580

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where price could find strong support and could provide a basis to halt further downward movement.

1st resistance: 0.6667

Supporting reasons: Identified as a pullback resistance that aligns close to a 161.8% Fibonacci extension level, marking a barrier that has previously capped upward movements.

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support

Pivot: 0.6037

Supporting reasons: Acts as a pullback resistance that aligns close to a 161.8% Fibonacci extension level where selling pressures have intensified recently.

1st support: 0.5979

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a potential area where price could find strong support and provide a basis to halt further downward movement.

1st resistance: 0.6076

Supporting reasons: Identified as a pullback resistance, marking a barrier that has previously capped upward movements.

US30 (DJIA):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support

Pivot: 39,046.22

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, where selling pressures have intensified in the past.

1st support: 38,563.94

Supporting reasons: Identified as an overlap support, 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: 39,432.04

Supporting reasons: Identified as an overlap resistance that aligns with a 78.6% Fibonacci retracement level, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support

Pivot: 18,329.90

Supporting reasons: Acts as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the  78.6% retracement and the 100% projection levels, suggesting a significant area where selling pressures have intensified recently.

1st support: 18,104.50

Supporting reasons: Acts as a pullback support, 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: 18,534.90

Supporting reasons: Identified as a pullback resistance that is close to the all-time high, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support

Pivot: 5,203.08

Supporting reasons: Acts as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the  78.6% retracement and the 161.8% extension levels, suggesting a significant area where selling pressures have intensified recently.

1st support: 5,122.82

Supporting reasons: Acts as a pullback support, suggesting a significant area where price could find strong buying interest to halt further downward movements.

1st resistance: 5,248.37

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

BTC/USD (Bitcoin):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop lower.

Pivot: 64,566.91

Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement level, where selling pressures have intensified recently.

1st support: 61,784.37

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movements.

1st resistance: 66,916.02

Supporting reasons: Marked by a pullback resistance that aligns with a 127.2% Fibonacci extension level, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 3,044.09

Supporting reasons: Acts as a pullback support that aligns close to a 50% Fibonacci retracement level, suggesting an area where buying interest could increase.

1st support: 2,967.48

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where price has previously found support and could provide a strong foundation to halt further downward movements.

1st resistance: 3,214.73

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

WTI/USD (Oil):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support

Pivot: 80.10

Supporting reasons: Acts as a pullback resistance that aligns close to a 23.6% Fibonacci retracement level, suggesting a significant area where price has recently run into selling pressures.

1st support: 78.39

Supporting reasons: Identified as a pullback support, suggesting a significant area where price has previously found strong buying interest recently and could provide a solid foundation to halt further downward movements.

1st resistance: 81.86

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

XAU/USD (GOLD):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support

Pivot: 2,349.39

Supporting reasons: Acts as a pullback resistance that aligns with a 50% Fibonacci retracement level, suggesting an area where selling pressures have intensified recently.

1st support: 2,286.33

Supporting reasons: Acts as a pullback support, indicating a level where buyers might step in to support the price.

1st resistance: 2,393.91

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, suggesting a significant level where selling pressures might intensify.

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