ICMarket

Friday 12th April 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 105.09

Supporting reasons: Acts as an Overlap resistance, indicating a key level where buying interest might intensify, suggesting a solid foundation for a potential upward movement within the context of the overall bullish trend.

1st support: 104.42

Supporting reasons: Known as Pullback support, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound, reinforcing the bullish momentum.

1st resistance: 105.87

Supporting reasons: Marked by a 161.80% Fibonacci Extension, indicating a significant barrier that could cap upward movements.

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a: Bearish reaction off pivot and drop to 1st support

Pivot: 1.0774

Supporting reasons: Acts as Pullback resistance with a 38.20% Fibonacci Retracement, indicating a key level where selling pressure might intensify, suggesting a potential turning point for the price to reverse and move downwards within the context of the overall bearish trend.

1st support: 1.0716

Supporting reasons: Known as Swing low support, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound within the bearish movement.

1st resistance: 1.0842

Supporting reasons: Identified as Pullback resistance with a 78.60% Fibonacci Retracement, marking a significant barrier that has capped previous upward movements.

EUR/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a: Bearish continuation towards 1st support

Pivot: 164.60

Supporting reasons: Acts as an Overlap resistance, indicating a key level where selling pressure might intensify, suggesting a potential turning point for the price to reverse and move downwards within the context of the overall bearish trend.

1st support: 163.50

Supporting reasons: Known as an Overlap support, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound within the bearish movement.

1st resistance: 165.33

Supporting reasons: Identified as Swing high resistance, marking a significant barrier that has capped previous upward movements.

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 0.8531

Supporting reasons: Acts as Multi-swing low support, indicating a key level where buying interest has historically been strong. This suggests a solid foundation for a potential upward movement within the context of a counter-trend bounce.

1st support: 0.8515

Supporting reasons: Known as Pullback support, suggesting a significant area where the market has previously found strong buying interest, reinforcing the potential for price stabilization or a minor rebound if the pivot holds.

1st resistance: 0.8547

Supporting reasons: Identified as Pullback resistance, marking a significant barrier that has capped previous upward movements.

GBP/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a: Bearish reaction off pivot and drop to 1st support

Pivot: 1.2588

Supporting reasons: Acts as Pullback resistance with a 38.20% Fibonacci Retracement, indicating a key level where selling pressure might intensify, suggesting a potential turning point for the price to reverse and move downwards within the context of the overall bearish trend.

1st support: 1.2500

Supporting reasons: Known as an Overlap support, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound, reinforcing the bearish outlook.

1st resistance: 1.2670

Supporting reasons: Identified as Pullback resistance, marking a significant barrier that has capped previous upward movements.

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GBP/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 191.47

Supporting reasons: An Overlap support, indicating a significant area where the market has previously found support and resistance, suggesting potential price stability or reversal.

1st support: 190.55

Supporting reasons: Pullback support, marking a level where buyers might step in to defend the uptrend, providing additional support for the bullish bias.

1st resistance: 192.77

Supporting reasons: Swing high resistance, representing a level where the price has previously encountered selling pressure, potentially acting as a barrier to further upside movement.


USD/CHF:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.9091

Supporting reasons: Pullback support with a 38.20% Fibonacci Retracement, indicating a key level where buyers might step in to support the uptrend, suggesting a potential reversal point for the price.

1st support: 0.9024

Supporting reasons: An Overlap support with a 78.60% Fibonacci Retracement, suggesting a significant area where the market has previously found support and resistance, reinforcing the bullish bias.

1st resistance: 0.9148

Supporting reasons: Swing high resistance, representing a level where the price has previously encountered selling pressure, potentially acting as a barrier to further upside movement.

USD/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 151.97

Supporting reasons: Pullback support with a 50% Fibonacci Retracement, indicating a significant level where buyers might enter the market, potentially reversing the price higher.

1st support: 150.90

Supporting reasons: Swing low support, representing a level where the price has previously found support and reversed higher, reinforcing the bullish bias.

1st resistance: 153.26

Supporting reasons: Multi-swing high resistance, suggesting a level where the price has faced selling pressure from multiple highs, potentially acting as a barrier to further upside movement

USD/CAD:

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: 1.3668

Supporting reasons: Acts as a pullback support that aligns with a 23.6% Fibonacci retracement level where price has found strong buying interest recently.

1st support: 1.3628

Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where the market has previously found strong buying interest and could provide a foundation for potential price stabilization.

1st resistance: 1.3734

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: Bearish

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

Pivot: 0.6559

Supporting reasons: Acts as an overlap resistance that aligns close to a 38.2% Fibonacci retracement level, suggesting a potential area where selling pressures have increased recently.

1st support: 0.6501

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: 0.6635

Supporting reasons: Identified as a multi-swing-high, marking a significant barrier that has previously capped upward movements.

NZD/USD

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 0.6042

Supporting reasons: Acts as an overlap resistance that aligns with a 61.8% Fibonacci retracement, indicating a potential reversal point.

1st support: 0.5974

Supporting reasons: Acts as a pullback support, suggesting a potential area for price stabilization or a minor rebound within the bearish context.

1st resistance: 0.6076

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

US30 (DJIA):

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: 38,398.39

Supporting reasons: Acts as a pullback support where price has found strong buying interest in recent weeks.

1st support: 38,151.70

Supporting reasons: Identified as a pullback support that aligns close to 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, indicating a potential barrier that could cap further 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: 17,899.30

Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting a potential zone where price has found strong buying interest in recent weeks.

1st support: 17,658.40

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

1st resistance: 18,203.60

Supporting reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement level that could potentially function as a significant barrier that could cap further upward movements.

US500 (S&P 500): 

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 5,223.68

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level  where selling pressures have increased in recent weeks.

1st support: 5,140.35

Supporting reasons: Acts 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, providing a solid foundation to halt further downward movement.

1st resistance: 5,282.06

Supporting reasons: Marked by a pullback resistance at the all-time high, which could function as a potential barrier and cap further upward movements.

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 72,414.25

Supporting reasons: Acts as a pullback resistance that aligns with a 61.8% Fibonacci projection level where selling pressures have increased recently.

1st support: 67,959.86

Supporting reasons: Acts as a pullback support that aligns close to a 61.8% 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 resistance: 74,423.77

Supporting reasons: Marked by a resistance that aligns close to a confluence of Fibonacci levels i.e. the 78.6% projection and 127.2% extension, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 3,739.71

Supporting reasons: Acts as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level where selling pressures have intensified in recent weeks.

1st support: 3,435.89

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, providing a strong foundation to halt further downward movements.

1st resistance: 3,939.72

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

WTI/USD (Oil):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 86.86

Supporting reasons: Marked by an overlap resistance, indicating a significant level where selling pressures have increased recently.

1st support: 85.26

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 movements.

1st resistance: 87.93

Supporting reasons: Identified as a pullback resistance that aligns with a 127.2% Fibonacci extension level, 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 1st support

Pivot: 2394.00

Supporting reasons: 161.80% Fibonacci Extension and 78.60% Fibonacci Projection indicating Fibonacci confluence, suggesting a significant level where selling pressure might intensify, potentially leading to a reversal in the bullish trend.

1st support: 2365.00

Supporting reasons: Pullback support, indicating a level where buyers might enter the market to support the price temporarily within the context of the bullish trend.

1st resistance: 2417.00

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

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