Friday 17th May 2024: Technical Outlook and Review
Identified as a pullback support, with confluence from the 50% and 38.20% Fibonacci Retracement levels, indicating a significant area where selling pressure may intensify, potentially leading to a bearish reaction.
Thursday 16th May 2024: Technical Outlook and Review
DXY (US Dollar Index): Potential Direction: BullishOverall momentum of the chart: […]
Wednesday 15th May 2024: Technical Outlook and Review
An overlap resistance is identified at this level, suggesting a significant area of potential selling pressure.
Tuesday 14th May 2024: Technical Outlook and Review
Price could potentially make a bearish reaction off pivot and drop to 1st support.
Monday 13th May 2024: Technical Outlook and Review
Multi-swing high resistance, suggesting a significant level where selling pressure might intensify, also coinciding with the 161.80% Fibonacci Extension.
Friday 10th May 2024: Technical Outlook and Review
Price is trading around the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.
Thursday 9th May 2024: Technical Outlook and Review
Price is trading around the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support DXY (US Dollar Index): Potential Direction: Bearish Overall momentum of the chart: Neutral Price is trading around 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: 106.11 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: Neutral Price is trading close to 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 50% 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: 167.21 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: Bullish Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support Pivot: 0.8613 Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, suggesting an area where selling pressures have intensified recently. 1st support: 0.8584 Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, where price has previously found strong support and could halt further downward movements. 1st resistance: 0.8642 Supporting reasons: Acts as a swing-high resistance, 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: Neutral Price has made a bullish reaction off the pivot and could potentially 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: 1.2426 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: 1.2539 Supporting reasons: Marked as a pullback resistance that aligns close to a 38.2% 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: Neutral 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 an overlap 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: Bullish 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 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: 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 towards the 1st resistance Pivot: 1.3718 Supporting reasons: Acts as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where buying interests could increase. 1st support: 1.3687 Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where price could find strong buying interest to potentially halt any further downward movement. 1st resistance: 1.3781 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: Neutral Price has made a bullish reaction off the pivot and could potentially rise towards the 1st resistance Pivot: 0.6562 Supporting reasons: Acts as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting an area where buying interests have increased recently. 1st support: 0.6529 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 strong support and could provide a basis to halt further downward movement. 1st resistance: 0.6618 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. NZD/USD 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: 0.5979 Supporting reasons: Acts as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests have increased recently. 1st support: 0.5937 Supporting reasons: Acts as an overlap support that aligns with a 61.8% Fibonacci retracement level, suggesting a potential area where price could find strong support and provide a basis to halt further downward movement. 1st resistance: 0.6037 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. 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, suggesting an area 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: 39,425.64 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: Bullish Price has made a bearish reaction off the pivot and could potentially drop towards the 1st support Pivot: 18,539.83 Supporting reasons: Acts as a swing-high resistance close to the all-time high, suggesting a significant area where selling pressures have intensified recently. 1st support: 18,396.40 Supporting reasons: Acts as a pullback support that aligns with a 23.6% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movement. 1st resistance: 18,889.98 Supporting reasons: Identified as a resistance that aligns with the 127.2% Fibonacci extension level, 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: 5,167.12 Supporting reasons: Acts as an overlap 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: 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: 60,984.50 Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement level, suggesting an area where buying interests could increase. 1st support: 58,474.53 Supporting reasons: Acts as an overlap support that aligns with a 78.6% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movements. 1st resistance: 63,249.00 Supporting reasons: Marked by a pullback resistance that aligns with a 61.8% Fibonacci retracement 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: 2,967.48 Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting an area where buying interests could increase. 1st support: 2,863.34 Supporting reasons: Identified as a swing-low support, suggesting a significant area where price has previously found support and could provide a strong foundation to halt further downward movements. 1st resistance: 3,076.05 Supporting reasons: Identified as a pullback resistance that aligns with a 50% 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: 80.31 Supporting reasons: Acts as a pullback resistance that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where price has recently run into selling pressures. 1st support: 77.19 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: 81.85 Supporting reasons: Identified as an overlap resistance that aligns close to 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 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: 2,285.85 Supporting reasons: Acts as a pullback support, indicating a level where buyers might step in to support the price. 1st resistance: 2,364.74 Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement level, suggesting a significant level where selling pressures might intensify. The accuracy, completeness and timeliness of the information contained on this site cannot be guaranteed. 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Wednesday 8th May 2024: Technical Outlook and Review
Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.
Tuesday 7th May 2024: Technical Outlook and Review
Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support
