ICMarket

Thursday 2nd May 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

PIvot: 105.52

Supporting reasons: Identified as an overlap support that aligns with a 38.2% 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: 105.08

Supporting reasons: Acts as an overlap support, representing a level where buyers could potentially  intervene to support the price.

1st resistance: 106.11

Supporting reasons: Marked by a pullback resistance that aligns with a 61.8% Fibonacci retracement level, acting as a potential barrier to further upside movement.

EUR/USD:

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: 1.0740

Supporting reasons: Acts a pullback resistance where selling pressures could potentially increase.

1st support: 1.0655

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: 1.0776

Supporting reasons: Marked as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, 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 could fall towards the pivot and potentially make a bullish reaction off this level to rise towards the 1st resistance

Pivot: 165.25

Supporting reasons: Identified as an overlap support, indicating a level where buyers might step in to support the price.

1st support: 162.11

Supporting reasons: Acts as an overlap support, suggesting another level where buyers have previously intervened to support the price.

1st resistance: 169.36

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: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 0.8530

Supporting reasons: Identified as a pullback support where buying interest has historically been strong.

1st support: 0.8503

Supporting reasons: Acts as a pullback support where price has previously found strong support and could halt further downward movements.

1st resistance: 0.8589

Supporting reasons: Acts as a pullback resistance that aligns with a 50% 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: 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: 1.2595

Supporting reasons: Acts a pullback resistance that aligns with a 161.8% Fibonacci extension level where selling pressures could potentially increase.

1st support: 1.2482

Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement level, indicating a level where buyers might step in to support the price.

1st resistance: 1.2696

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.

GBP/JPY:

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: 197.37

Supporting reasons: Acts a pullback resistance where selling pressures have intensified recently.

1st support: 193.43

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

1st resistance: 200.58

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

USD/CHF:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.9151

Supporting reasons: Acts as an overlap support that aligns with a 38.2% Fibonacci retracement level where buying interests could pick up.

1st support: 0.9081

Supporting reasons: Acts as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting a level where buyers might step in to support the price to halt further downward movements.

1st resistance: 0.9225

Supporting reasons: Identified as a swing-high resistance, 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 could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support

Pivot: 158.29

Supporting reasons: Acts a pullback resistance where selling pressures have intensified recently.

1st support: 151.94

Supporting reasons: Acts 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: 160.23

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

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 1.3715

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

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: 1.3782

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.

AUD/USD:

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: 0.6548

Supporting reasons: Acts an overlap resistance that aligns close to a 61.8% Fibonacci retracement level where price could potential stall before reversing to drop lower

1st support: 0.6492

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: 0.6576

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, marking a barrier that has previously capped upward movements.

NZD/USD

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: 0.5938

Supporting reasons: Acts an overlap resistance that aligns close to a 61.8% Fibonacci retracement level where price could potential stall before reversing to drop lower.

1st support: 0.5883

Supporting reasons: Acts as a pullback support that aligns with a 78.6% Fibonacci retracement level, suggesting a potential area where price has previously found strong support and could provide a basis to halt further downward movement.

1st resistance: 0.5979

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: Neutral

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

Pivot: 38,563.21

Supporting reasons: Acts as an overlap resistance that aligns close to a 50% Fibonacci retracement level, suggesting a significant area where selling pressures have increased in recent weeks.

1st support: 37,696.44

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 strong buying interest and could provide a solid foundation to halt further downward movement.

1st resistance: 39,000.73

Supporting reasons: Identified as a pullback resistance that aligns with a 61.8 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 has made a bullish reaction off the pivot and could potentially rise higher towards the 1st resistance

Pivot: 17,804.20

Supporting reasons: Acts as a pullback support, suggesting a significant area where buying interests has 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: 18,236.40

Supporting reasons: Identified as a pullback resistance, potentially functioning as a barrier that could cap any 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: 4,994.50

Supporting reasons: Acts as a pullback support, suggesting a significant area where buying interests has increased recently.

1st support: 4,946.22

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

1st resistance: 5,119.91

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: Bearish

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

Pivot: 56,855.14

Supporting reasons: Acts as a pullback support, suggesting an area where buying interests could pick up to provide a minor rebound in price.

1st support: 54,805.26

Supporting reasons: Acts as a support that aligns with a 161.8% Fibonacci extension level, suggesting an area where buying interests could pick up to halt further downward movements.

1st resistance: 61,163.87

Supporting reasons: Marked by a pullback resistance that aligns close to a 38.2% Fibonacci retracement level, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 2,863.34

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

1st support: 2,741.62

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

1st resistance: 3,009.32

Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

WTI/USD (Oil):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 79.55

Supporting reasons: Acts as a pullback support that aligns close to a 78.6% Fibonacci retracement level, suggesting a significant area where price has recently found support to provide a strong foundation for a potential rebound.

1st support: 77.21

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: 80.89

Supporting reasons: Identified as a pullback resistance that aligns close to a 23.6% 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 has made a bearish reaction off the pivot and could potentially drop towards the 1st support.

Pivot: 2,328.74

Supporting reasons: Acts as an overlap resistance that aligns with a 61.8% Fibonacci retracement level.

1st support: 2,285.17

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

1st resistance: 2,349.39

Supporting reasons: Identified as a pullback resistance, suggesting a significant level where selling pressures might intensify.

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