ICMarket

Monday 22nd April 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Factors contributing to the momentum is that price is: In a bullish ascending channel

Price could potentially make a: Bullish bounce off pivot and heads towards 1st resistance

Pivot: 104.95

Supporting reasons: Pullback support, indicating a level where buying pressure might increase, potentially providing a foundation for a bounce or continuation of the bullish momentum.

1st support: 104.00

Supporting reasons: Swing low support, suggesting a level where buyers have previously stepped in to support the price, potentially acting as a foundation for further upward movement.

1st resistance: 107.07

Supporting reasons: Swing high resistance, representing a level where selling pressure might intensify, potentially acting as a barrier to further upside movement.

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Factors contributing to the momentum is that price is: In a bearish descending channel

Price could potentially make a bearish reaction off the pivot and drop to the first support level.

PIvot: 1.0724

Supporting reasons: Pullback resistance, indicating a level where selling pressure might increase, potentially leading to a reversal or continuation of the bearish momentum.

1st support: 1.0609

Supporting reasons: Swing low support, suggesting a level where buyers have previously stepped in to support the price, potentially acting as a foundation for a bounce or temporary halt in the downward movement.

1st resistance: 1.0790

Supporting reasons: Pullback resistance, representing a level where selling pressure might intensify, potentially acting as a barrier to further downward movement. The 61.80% Fibonacci Retracement level also adds to the significance of this resistance level.

EUR/JPY:

Potential Direction: Neutral

Overall momentum of the chart: Neutral

Price could potentially fluctuate between the first support and first resistance levels.

1st support: 162.82

Supporting reasons: Swing low support, indicating a level where buyers have previously stepped in to support the price, potentially acting as a foundation for a bounce or temporary halt in the movement.

1st resistance: 165.24

Supporting reasons: Multi-swing high resistance, representing a level where selling pressure might intensify, potentially acting as a barrier to further upward movement.

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

PIvot: 0.8588

Supporting reasons: Pullback support, indicating a level where buyers might step in to support the price, potentially providing a foundation for a bounce or continuation of the bullish momentum.

1st support: 0.8520

Supporting reasons: Swing low support, representing a level where buyers have previously intervened to support the price, potentially acting as a foundation for further upward movement.

1st resistance: 0.8660

Supporting reasons: Pullback resistance, indicating a level where selling pressure might intensify, potentially acting as a barrier to further upward movement.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

PIvot: 1.2378

Supporting reasons: An Overlap support combined with the 61.80% Fibonacci Retracement, indicating a significant level where buyers might step in to support the price, potentially providing a foundation for a bounce or reversal of the bearish momentum.

1st support: 1.2193

Supporting reasons: Swing low support, representing a level where buyers have previously intervened to support the price, potentially acting as a foundation for further upward movement.

1st resistance: 1.2521

Supporting reasons: Pullback resistance combined with the 50% Fibonacci Retracement, suggesting a level where selling pressure might intensify, potentially acting as a barrier to further upward movement.

r to further upside movement within the context of the overall bearish trend.

GBP/JPY:

Potential Direction: Neutral
Overall momentum of the chart: Neutral

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

1st support: 190.26
Supporting reasons: Multi-swing low support, indicating a level where buyers have historically stepped in to support the price, potentially acting as a foundation for a bounce or temporary halt in the momentum.

1st resistance: 192.41
Supporting reasons: Multi-swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

PIvot: 0.9129

Supporting reasons: An Overlap resistance, indicating a significant level where selling pressure might intensify, potentially leading to a continuation of the bearish momentum.

1st support: 0.8896

Supporting reasons: Pullback support, representing a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bearish momentum. The 38.20% Fibonacci Retracement level adds to the significance of this support level.

1st resistance: 0.9339

Supporting reasons: Swing high resistance, suggesting a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

PIvot: 154.83

Supporting reasons: Multi-swing high resistance combined with the 78.60% Fibonacci Projection, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or continuation of the bullish momentum.

1st support: 151.75

Supporting reasons: Pullback support, representing a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bullish momentum.

1st resistance: 157.19

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

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: 1.3616

Supporting reasons: Acts as a pullback support that aligns with 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: 1.3448

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting an area where price has previously found strong buying interest to provide a foundation for potential price stabilization.

1st resistance: 1.3847

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: Bearish

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

Pivot: 0.6478

Supporting reasons: Acts as an overlap resistance that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where price has previously faced strong selling pressures and could stall around this level before reversing to drop lower.

1st support: 0.6340

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

1st resistance: 0.6641

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: Bearish

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

Pivot: 0.5952

Supporting reasons: Acts as an overlap resistance that aligns close to a 23.6% Fibonacci retracement level, suggesting a significant area where price has previously faced strong selling pressures and could stall around this level before reversing to drop lower.

1st support: 0.5870

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 resistance that aligns close to a 61.8% Fibonacci retracement level, marking a barrier that has previously capped upward movements.

US30 (DJIA):

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: 38,549.85

Supporting reasons: Acts as an overlap resistance that aligns with a 50% Fibonacci retracement level, suggesting a significant area where price has previously faced strong selling pressures and could stall around this level before reversing to drop lower.

1st support: 37,142.72

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: 39,886.63

Supporting reasons: Identified as a swing-high resistance at the all-time high, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

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: 17,680.30

Supporting reasons: Acts as a pullback support that aligns with a 23.6% 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 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: 18,560.76

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

US500 (S&P 500): 

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: 4,847.20

Supporting reasons: Acts as a pullback support that aligns close to a 38.2% 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 support: 4,691.20

Supporting reasons: Acts as a pullback support that aligns with a 50% 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: 5,049.10

Supporting reasons: Marked by an overlap resistance, 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 potentially rise towards the 1st resistance

Pivot: 61,137.02

Supporting reasons: Acts as a pullback support that aligns with the 38.2% 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 support: 52,090.03

Supporting reasons: Acts as a pullback support that aligns with the 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: 71,810.70

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

ETH/USD (Ethereum):

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: 2,847.25

Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area where price has previously found support and could provide a strong foundation for a potential rebound.

1st support: 2,614.14

Supporting reasons: Identified as an overlap support that aligns close to 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: 3,687.36

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

WTI/USD (Oil):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 80.96

Supporting reasons: Acts as an overlap support that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where price has previously found support to provide a strong foundation for a potential rebound.

1st support: 76.53

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: 87.22

Supporting reasons: Identified as a pullback 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 the 1st support.

PIvot: 2391.62

Supporting reasons: Swing high resistance, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or continuation of the bullish momentum.

1st support: 2326.38

Supporting reasons: Swing low support combined with the 23.60% Fibonacci Retracement, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bullish momentum.

1st resistance: 2432.00

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bullish trend.

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