ICMarket

Friday 13th September 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 101.26
Supporting reasons: Pullback resistance, indicating a level where price may encounter selling pressure after a recent rally.

1st support: 100.90
Supporting reasons: An overlap support level, aligned with the 161.80% Fibonacci Extension, suggesting a key area where price might find support.

1st resistance: 101.83
Supporting reasons: Multi-swing high resistance, showing a level where price might face resistance if it moves higher.

EUR/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation towards 1st resistance.

Pivot: 1.1006
Supporting reasons: An overlap support, suggesting a key level where price might find support and bounce back.

1st support: 1.0943
Supporting reasons: An overlap support, aligned with the 61.80% Fibonacci Retracement and 161.80% Fibonacci Extension, indicating Fibonacci confluence where price might find strong support.

1st resistance: 1.1111

Supporting reasons: Pullback resistance aligned with the 61.80% Fibonacci Retracement, indicating a potential level where price may face selling pressure during an upward move.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 157.55
Supporting reasons: Pullback resistance, indicating a key level where price might face selling pressure.

1st support: 155.24
Supporting reasons: Swing low support, aligned with the 61.80% Fibonacci Projection, suggesting a potential level where price may find support and prevent further declines.

1st resistance: 160.26
Supporting reasons: Pullback resistance, indicating a level where price might encounter resistance during an upward move.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8453
Supporting reasons: Identified as pullback support, reinforced by the 23.6% Fibonacci Retracement, indicating a potential area where the price might stall before continuing downward.

1st support: 0.8409
Supporting reasons: Marked as a multi swing low support, suggesting a significant area where previous declines have found a buying interest.

1st resistance: 0.8485

Supporting reasons: Recognized as pullback resistance, supported by the 38.2% Fibonacci Retracement, indicating a potential level where the price may face selling pressure if it retraces upward.

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: 1.3159
Supporting reasons: Pullback resistance, aligned with the 61.80% Fibonacci Retracement, indicating a level where price may face selling pressure.

1st support: 1.3034
Supporting reasons: An overlap support level, suggesting a key area where price might find support.

1st resistance: 1.3228
Supporting reasons: An overlap resistance, showing a level where price might encounter resistance if it moves higher.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reaction off pivot and drop to 1st support.

Pivot: 187.95

Supporting reasons: an overlap resistance, aligned with the 23.60% Fibonacci Retracement, indicating a key level where price might face selling pressure.

1st support: 183.11
Supporting reasons: swing low support, indicating a potential level where price might find buying interest to prevent further declines.

1st resistance: 189.77

Supporting reasons: An overlap resistance, aligned with the 50% Fibonacci Retracement, suggesting a potential area where price may face resistance during an upward move.

USD/CHF:

Instrument: USD/CHF
Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off pivot and head towards 1st resistance.

Pivot: 0.8477
Supporting reasons: a pullback support, suggesting a key level where price has previously found buying interest and may offer support again.

1st support: 0.8403
Supporting reasons: Swing low support, indicating a level where price could find buying interest to prevent further declines.

1st resistance: 0.8663
Supporting reasons: Pullback resistance, aligned with the 50% Fibonacci Retracement, suggesting a potential area where price might face selling pressure during an upward move.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 143.66
Supporting reasons: An overlap resistance, aligned with the 50% Fibonacci Retracement, indicating a level where price might face resistance and potentially reverse.

1st support: 140.65
Supporting reasons: Aligned with the 161.80% Fibonacci Extension, suggesting a potential level where price might find strong support.

1st resistance: 145.46
Supporting reasons: An overlap resistance, aligned with the50% Fibonacci Retracement, indicating a potential level where price may encounter resistance during an upward move.

USD/CAD:

Potential Direction: Bullish
Overall momentum of the chart: Neutral

Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 1.3493
Supporting reasons: Identified as a swing-low support that aligns close to a 61.8% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.3439
Supporting reasons: Identified as a swing-low support, indicating a key level where price has found strong support in the past.

1st resistance: 1.3616
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bearish
Overall momentum of the chart: Neutral

Price could rise towards the pivot and potentially reverse off this level to drop towards the 1st support.

Pivot: 0.6752
Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement, suggesting a potential level where selling interests could intensify.

1st support: 0.6640
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price has recently found support.

1st resistance: 0.6813
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Neutral

Price could rise towards the pivot and potentially reverse off this level to drop towards the 1st support.

Pivot: 0.6234

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, suggesting a potential level where selling interests could intensify.

1st support: 0.6124
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price has found strong support recently.

1st resistance: 0.6292
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 41,709.87
Supporting reasons: Identified as a pullback support, suggesting a potential area where buying interests could pick up to resume the rebound.

1st support: 40,202.56
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price has found support recently.

1st resistance: 41,604.84

Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 18,425.10
Supporting reasons: Identified as a pullback support, suggesting a potential area where buying interests could pick up to resume the rebound.

1st support: 18,247.90
Supporting reasons: Identified as a multi-swing-low support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 18,652.70
Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

Potential Direction: Bullish
Overall momentum of the chart: Neutral

Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 5,534.10
Supporting reasons: Identified as an overlap support, suggesting a potential area where buying interests could pick up to resume the rebound.

1st support: 5,385.30
Supporting reasons: Identified as a swing-low support that aligns close to a 50% Fibonacci retracement, indicating a key level where price has found support recently.

1st resistance: 5,669.89
Supporting reasons: Identified as a multi-swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bearish
Overall momentum of the chart: Neutral

Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.

Pivot: 60,783.25
Supporting reasons: Identified as a swing-high resistance that aligns close to a 61.8% Fibonacci retracement, suggesting a potential level where selling pressures could intensify.

1st support: 55,534.89
Supporting reasons: Identified as a pullback support, indicating a key level where price has found strong support recently.

1st resistance: 64,376.72
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bearish
Overall momentum of the chart: Neutral

Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.

Pivot: 2,454.11
Supporting reasons: Identified as a swing-high resistance that aligns close to a 50% Fibonacci retracement, suggesting a potential level where selling pressures could intensify.

1st support: 2,290.88
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price has found strong support recently.

1st resistance: 2,575.58
Supporting reasons: Identified as a swing-high resistance that aligns with a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 70.62
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement, suggesting a potential level where selling pressures could intensify. The presence of the bearish Ichimoku Cloud adds further significance to the strength of this downtrend.

1st support: 68.13
Supporting reasons: Identified as an overlap support, indicating a key level where price has found strong support recently.

1st resistance: 72.61
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):

Instrument: XAU/USD
Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 2566.49
Supporting reasons: Confluence of 161.80% Fibonacci Extension and 61.80% Fibonacci Projection, indicating a strong resistance level.

1st support: 2531.35
Supporting reasons: Pullback support level where price may find buying interest.

1st resistance: 2651.70
Supporting reasons: 78.60% Fibonacci Projection, indicating a level where price may face resistance if it moves higher.

The accuracy, completeness and timeliness of the information contained on this site cannot be guaranteed. IC Markets does not warranty, guarantee or make any representations, or assume any liability regarding financial results based on the use of the information in the site.

News, views, opinions, recommendations and other information obtained from sources outside of www.icmarkets.com, used in this site are believed to be reliable, but we cannot guarantee their accuracy or completeness. All such information is subject to change at any time without notice. IC Markets assumes no responsibility for the content of any linked site.

The fact that such links may exist does not indicate approval or endorsement of any material contained on any linked site. IC Markets is not liable for any harm caused by the transmission, through accessing the services or information on this site, of a computer virus, or other computer code or programming device that might be used to access, delete, damage, disable, disrupt or otherwise impede in any manner, the operation of the site or of any user’s software, hardware, data or property. 

Latest

Technical Analysis
Friday 4th October 2024: Technical Outlook and Review

By IC Markets Global

General Market Analysis
General Market Analysis – 04/10/24

By IC Markets Global

Market News
Trade USDJPY on the Non-Farm Payrolls

By IC Markets Global