ICMarket

Friday 26th April 2024: Technical Outlook and Review

DXY (US Dollar Index):

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: 105.52

Supporting reasons: Acts as an overlap support that aligns with a 38.2% Fibonacci retracement level, indicating a significant level where buying interests have increased recently which could lead to a potential rebound.

1st support: 105.08

Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement level, suggesting a strong level where buyers might intervene to support the price, potentially halting any further downward movement.

1st resistance: 106.29

Supporting reasons: Acts as a pullback resistance, representing a level where selling pressures might increase, potentially acting as a barrier to further upside movement.

EUR/USD:

Instrument: EUR/USD

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

PIvot: 1.0729

Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement level, indicating a significant level where selling pressures might intensify which could potentially lead to a reversal.

1st support: 1.0680

Supporting reasons:Acts as an overlap support that aligns close to a 50% Fibonacci retracement level, suggesting an area where buyers might step in to support the price to potentially provide a foundation for a bounce or temporary halt in the downward movement.

1st resistance: 1.0804

Supporting reasons: Identified as an overlap resistance, representing a level where selling pressures might increase and potentially act as a barrier to further upside movement.

EUR/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

PIvot: 166.98

Supporting reasons: Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 100% projection and the 161.8% extension levels, indicating a significant level where selling pressures might intensify which could potentially lead to a reversal.

1st support: 165.18

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, indicating a level where buyers might intervene to support the price, potentially leading to a bounce or temporary halt in the upward movement.

1st resistance: 169.46

Supporting reasons: Acts as a swing-high resistance, representing a level where selling pressures might intensify and potentially act as a barrier to further upside movement.

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 0.8566

Supporting reasons: Acts as a pullback support that aligns close to a 61.8% Fibonacci retracement level, indicating a significant level where buyers might step in to support the price, potentially providing a foundation for a bounce.

1st support: 0.8549

Supporting reasons: Identified as an overlap support that aligns with a 78.60% Fibonacci retracement level, suggesting a level where buyers have historically intervened to support the price and potentially halt any further downward movement.

1st resistance: 0.8597

Supporting reasons: Acts as a pullback resistance that aligns with a 38.2% Fibonacci retracement level, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.

GBP/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

PIvot: 1.2574

Supporting reasons: Acts as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a significant level where selling pressures might intensify and potentially lead to a reversal in price action.

1st support: 1.2476

Supporting reasons: Identified as an overlap support, representing a level where buyers might step in to support the price, potentially providing a temporary halt in the downward movement.

1st resistance: 1.2696

Supporting reasons: Acts as a pullback resistance, suggesting a level where selling pressures might increase and potentially act as a barrier to further upside movement.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

PIvot: 194.86

Supporting reasons: Acts as a swing-high resistance, indicating a significant level where selling pressures might intensify and potentially lead to a reversal in price action.

1st support: 192.85

Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement level, representing a level where buyers might step in to support the price and potentially provide a temporary halt in the downward movement.

1st resistance: 195.41

Supporting reasons: Acts as a swing-high resistance, suggesting a level where selling pressures might increase and potentially act as a barrier to further upside movement.

USD/CHF:

Potential Direction: Neutral

Overall momentum of the chart: Neutral

Price could potentially continue to fluctuate between the 1st resistance and 1st support levels.

1st support: 0.9079

Supporting reasons: Acts as a pullback support that aligns close to  50% Fibonacci retracement level, indicating a level where buyers have stepped in to support the price in recent weeks.

1st resistance: 0.9152

Supporting reasons: Identified as a pullback resistance, representing a level where selling pressures have increased in recent weeks to potentially act as a barrier to further upside movement.

USD/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 155.37

Supporting reasons: Acts as a pullback support, indicating a significant level where buying interests have increased recently.

1st support: 154.77

Supporting reasons: Identified as an overlap support, suggesting a level where buyers might step in to support the price and potentially provide a foundation for a bounce or temporary halt in any downward movement.

1st resistance: 157.14

Supporting reasons: Acts as a resistance that aligns with a 100% Fibonacci projection level, representing a level where selling pressures might increase and potentially act as a barrier to further upside movement.

USD/CAD:

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: 1.3628

Supporting reasons: Acts as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area where price could find a solid foundation for potential price stabilization or a rebound.

1st support: 1.3562

Supporting reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement level, suggesting an area where price has previously found strong buying interest to potentially halt any further downward movement.

1st resistance: 1.3717

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 could make a bearish reaction off the pivot and potentially drop toward the 1st support

Pivot: 0.6550

Supporting reasons: Acts an overlap resistance that aligns close to a 61.8% Fibonacci retracement level where price has previously seen strong selling pressures.

1st support: 0.6486

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

1st resistance: 0.6632

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

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 0.5974

Supporting reasons: Acts an overlap resistance that aligns close to a 50% Fibonacci retracement level where price could potential stall before reversing to drop lower.

1st support: 0.5899

Supporting reasons: Acts as an overlap support, suggesting a potential area where price has previously found strong support and could provide a basis to halt further downward movement.

1st resistance: 0.6007

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

US30 (DJIA):

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: 37,770.13

Supporting reasons: Acts as a pullback that aligns with a 61.8% Fibonacci retracement, suggesting a significant area where buying interests have increased recently.

1st support: 37,348.12

Supporting reasons: Identified 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: 38,580.82

Supporting reasons: Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 50% retracement and the 61.8% projection levels, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

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: 17,805.20

Supporting reasons: Acts as a pullback that aligns with a 50% Fibonacci retracement, suggesting a significant area where buying interests have increased recently.

1st support: 17,507.10

Supporting reasons: Acts as a swing-low 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: 18,240.10

Supporting reasons: Identified as a pullback resistance, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 5,100.20

Supporting reasons: Acts as an overlap resistance, suggesting a significant area where price could stall before potentially reversing to drop lower.

1st support: 4,994.50

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 for a rebound.

1st resistance: 5,167.12

Supporting reasons: Marked by a pullback resistance that aligns with a 78.6% Fibonacci retracement level, which could function as a potential barrier and cap any upward movements.

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 63,619.63

Supporting reasons: Acts as an overlap support that aligns with a 50% Fibonacci retracement level, suggesting a significant area where buying interests have increased recently.

1st support: 61,163.87

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

1st resistance: 66,857.22

Supporting reasons: Marked by a pullback resistance that aligns close to a 61.85 Fibonacci projection 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 rise towards the 1st resistance

Pivot: 3,106.80

Supporting reasons: Acts as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where buying interests have increased recently.

1st support: 2,945.02

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

1st resistance: 3,279.74

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

WTI/USD (Oil):

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: 83.02

Supporting reasons: Acts as a pullback support, suggesting a significant area where price has previously found support to provide a strong foundation for a potential rebound.

1st support: 81.86

Supporting reasons: Identified 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 movements.

1st resistance: 85.42

Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% 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 make a bearish reaction off the pivot and potentially drop towards the 1st support

Pivot: 2,344.22

Supporting reasons: Acts as an overlap resistance that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where price could stall before potentially reversing to drop lower.

1st support: 2,314.56

Supporting reasons: Identified 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 movements.

1st resistance: 2,361.12

Supporting reasons: Acts as a pullback resistance that aligns close to a  61.80% Fibonacci Retracement, suggesting a level where selling pressure might increase, potentially acting as a barrier to further upward movement.

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