ICMarket

Friday 29th December 2023: Technical Outlook and Review

DXY:

The DXY (US Dollar Index) chart currently shows an overall bearish momentum, indicating a potential for price to make a bearish continuation towards the 1st support.

The 1st support level at 100.67 is identified as a swing-low support that aligns with the 78.60% Fibonacci projection level. Further below, the 2nd support level at 99.62 is noted as pullback support, further reinforcing its importance as a potential key support level.

To the upside, the 1st resistance level at 101.46 is identified as an overlap resistance. Higher up, the 2nd resistance level at 101.87 is also marked as an overlap resistance, suggesting a potential barrier for further upside movement.

EUR/USD:

The EUR/USD chart currently exhibits an overall bullish momentum. In this context, there is a potential scenario for price to make a bullish bounce off the 1st support and rise higher towards the 1st resistance.

The 1st resistance level at 1.1139 is identified as a swing-high resistance that aligns close to the 78.60% Fibonacci projection level. Higher up, the 2nd resistance level at 1.1251 is also noted as a swing-high resistance that aligns close to the 100.00% Fibonacci projection level, suggesting a potential barrier for further upside movement.

To the downside, the 1st support level at 1.1064 is identified as an overlap support. Further below, the 2nd support level at 1.1006 is also marked as an overlap support, further reinforcing its importance as a potential key support level.

EUR/JPY:

The EUR/JPY chart currently displays a bullish overall momentum, indicating the potential for a bullish continuation towards the 1st resistance.

The 1st support at 155.62 is considered significant as it represents a pullback support, signifying a historical area where buying interest has been evident. 

Additionally, the 2nd support at 153.91 is identified as a multi-swing low support, providing an additional layer of potential support for the currency pair.

On the resistance side, the 1st resistance at 158.17 is linked to a swing high resistance, indicating a level where selling interest could intensify. 

Furthermore, the 2nd resistance at 159.16 is associated with an overlap resistance and the 61.80% Fibonacci Retracement, adding an extra layer of potential resistance for EUR/JPY.

EUR/GBP:

The EUR/GBP chart currently exhibits a weak bullish momentum with low confidence, suggesting a potential scenario for a cautious bullish continuation towards the 1st resistance.

The 1st support at 0.8650 is considered significant as it represents an overlap support, indicating a historical area where buying interest has been observed. Additionally, the 23.60% Fibonacci Retracement and 78.60% Fibonacci Projection add an extra layer of potential support for the currency pair at this level. 

The 2nd support at 0.8602 is identified as a pullback support, further contributing to the potential bullish scenario.

On the resistance side, the 1st resistance at 0.8725 is linked to a pullback resistance and the 78.60% Fibonacci Retracement, suggesting a level where selling interest could intensify. 

Furthermore, the 2nd resistance at 0.8744 represents an overlap resistance, providing an additional layer of potential resistance for EUR/GBP.

GBP/USD:

The GBP/USD chart currently exhibits a neutral bias. In this context, there is a potential scenario for price to fluctuate between the 1st resistance and the 1st support.

The intermediate resistance level at 1.2816 is identified as a pullback resistance while the 1st resistance level at 1.2872 is marked as a pullback resistance that aligns with the 161.80% Fibonacci extension level. Higher up, the 2nd resistance level at 1.2992 is noted as a swing-high resistance, suggesting a potential barrier for further upside movement.

To the downside, the 1st support level at 1.2612 is identified as an overlap support. Further below, the 2nd support level at 1.2502 is marked as a swing-low support, further reinforcing its importance as a potential key support level.

GBP/JPY:

The GBP/JPY chart currently exhibits a bullish overall momentum, suggesting a potential scenario for a bullish bounce off the 1st support towards the 1st resistance.

The 1st support at 178.59 is considered strong as it represents a multi-swing low support and aligns with the 127.20% Fibonacci Expansion and the 78.60% Fibonacci Projection. 

Additionally, the 2nd support at 177.15 is identified as a multi-swing low support, providing an additional layer of potential support for the currency pair.

On the resistance side, the 1st resistance at 182.29 is associated with a pullback resistance and the 61.80% Fibonacci Projection, indicating a level where selling interest could intensify. 

Furthermore, the 2nd resistance at 184.05 represents a multi-swing high resistance.

USD/CHF:

The USD/CHF chart currently exhibits an overall bearish momentum. In this context, there is a potential scenario for price to make a bearish continuation towards the 1st support.

The 1st support level at 0.8352 is identified as a pullback support. Further below, the 2nd support level at 0.8300 is noted as a swing-low support, further reinforcing its importance as a key support level.

To the upside, the 1st resistance level at 0.8449 is identified as a pullback resistance that aligns with the 23.60% Fibonacci retracement level. Higher up, the 2nd resistance level at 0.8520 is also also marked as a pullback resistance that aligns with the 38.20% Fibonacci retracement level, suggesting a potential barrier for further upside movement.

USD/JPY:

The USD/JPY chart currently exhibits an overall bearish momentum. In this context, there is a potential for price to make a bearish continuation towards the 1st support.

The 1st support level at 140.67 is identified as a pullback support. Further below, the 2nd support level at 138.76 is noted as a swing-low support that aligns close to the 161.80% Fibonacci extension level, further reinforcing its importance as a key support level.

To the upside, the intermediate resistance level at 143.30 is identified as a pullback resistance while the 1st resistance level at 144.53 is noted as a swing-high resistance. Higher up, the 2nd resistance level at 145.32 is marked as a pullback resistance that aligns with the 78.60% Fibonacci retracement level, suggesting a potential barrier for further upside movement.

USD/CAD:

The USD/CAD chart currently exhibits an overall bearish momentum. In this context, there is a potential scenario for price to make a bearish continuation towards the 1st support.

The 1st support level at 1.3162 is identified as a multi-swing-low support. Further below, the 2nd support level at 1.3123 is noted as a swing-low support, further reinforcing its importance as a key support level.

To the upside, the 1st resistance level at 1.3261 is identified as an overlap resistance. Higher up, the 2nd resistance level at 1.3319 is marked as a pullback resistance, suggesting a potential barrier for further upside movement.

AUD/USD:

The AUD/USD chart currently exhibits an overall bullish momentum. In this context, there is a potential scenario for price to make a bullish continuation towards the 1st resistance.

The 1st resistance level at 0.6892 is identified as a multi-swing-high resistance that aligns close to the 100.00% Fibonacci projection level. Higher up, the 2nd resistance level at 0.6918 is noted as a swing-high resistance, indicating its potential significance as a barrier for further upward movement.

To the downside, the 1st support level at 0.6815 is identified as an overlap support. Further below, the 2nd support level at 0.6769 is also marked as an overlap support, further reinforcing its importance as a key support level.

NZD/USD

The NZD/USD chart currently exhibits an overall bullish momentum. In this context, there is a potential scenario for price to make a bullish continuation towards the 1st resistance.

The 1st resistance level at 0.6402 is identified as a swing-high resistance that aligns close to the 78.60% Fibonacci projection level. Higher up, the 2nd resistance level at 0.6453 is marked as a resistance that aligns with the 100.00% Fibonacci projection level, indicating its potential significance as a barrier for further upward movement.

To the downside, the 1st support level at 0.6307 is identified as an overlap support. Further below, the 2nd support level at 0.6246 is also noted as an overlap support, further reinforcing its importance as a key support level.

DJ30:

The DJ30 chart currently exhibits a bullish overall momentum, suggesting a potential scenario for a bullish continuation towards the 1st resistance.

The 1st support at 37151.74 is considered significant as it represents an overlap support and is associated with the 38.20% Fibonacci Retracement, indicating a historical area where buying interest has been present. 

Additionally, the 2nd support at 36298.13 is identified as another overlap support and is associated with the 23.60% Fibonacci Retracement and the 78.60% Fibonacci Retracement, providing multiple layers of potential support for the index.

On the resistance side, the 1st resistance at 37808.77 is deemed significant as it is linked to the 161.80% Fibonacci Extension, indicating a level where selling interest could intensify.

GER40:

The GER40 chart currently exhibits a bullish overall momentum, contributing to the potential for a bullish continuation towards the 1st resistance.

The 1st support at 16490.00 is considered significant as it represents an overlap support and is associated with the 23.60% Fibonacci Retracement, indicating a historical area where buying interest has been present. 

Furthermore, the 2nd support at 16062.00 is identified as another significant level, characterized as a pullback support and associated with the 38.20% Fibonacci Retracement, providing additional layers of potential support for the index.

On the resistance side, the 1st resistance at 16961.70 is considered significant as it is linked to a swing high resistance and the 127.20% Fibonacci Extension, indicating a level where selling interest could intensify. 

Additionally, the intermediate resistance at 16844.70 is associated with a pullback resistance and the 61.80% Fibonacci Retracement, adding an extra layer of potential resistance for the index.

US500: 

The US500 chart currently maintains a bullish overall momentum, driven by several factors. For potential upward movement, the chart could make a bullish continuation towards the 1st resistance. 

The 1st support is a multi-swing low at 4699.2, signifying a historical area where buying interest has been prevalent. 

Additionally, the 2nd support at 4601.9 is deemed significant as it represents an overlap support and is associated with the 23.60% Fibonacci Retracement, providing added support.

The intermediate resistance at 4793.6 is considered noteworthy, linked to the 127.20% Fibonacci Extension, indicating a level where selling interest may intensify. 

Furthermore, the 2nd resistance at 4817.0 is associated with a swing high resistance, adding another layer of potential resistance for the index.

BTC/USD:

The BTC/USD chart currently displays a bearish overall momentum, suggesting a potential scenario for a bearish reaction off the 1st resistance and a subsequent drop towards the 1st support.

The 1st support at 40640 is considered significant as it aligns with a pullback support, indicating a historical area where buying interest has been present. 

Additionally, the 2nd support at 38275 is identified as another overlap support, providing an additional layer of potential support for the cryptocurrency pair.

On the resistance side, the 1st resistance at 43455 is associated with an overlap resistance, indicating a level where selling interest could intensify. 

Furthermore, the 2nd resistance at 44490 represents a swing high resistance and the 127.20% Fibonacci Extension.

ETH/USD: 

The ETH/USD chart currently exhibits a bearish overall momentum, suggesting a potential scenario for a bearish reaction off the 1st resistance and a subsequent drop towards the 1st support.

The 1st support at 2209.95 is considered significant as it aligns with a pullback support and the 78.60% Fibonacci Retracement, indicating a historical area where buying interest has been present. 

Additionally, the 2nd support at 2138.33 is identified as another pullback support, providing an additional layer of potential support for the cryptocurrency pair.

On the resistance side, the 1st resistance at 2414.71 is associated with a swing high resistance, indicating a level where selling interest could intensify. 

Furthermore, the 2nd resistance at 2512.66 represents another swing high resistance.

WTI/USD:

The WTI chart currently exhibits an overall bearish momentum, suggesting a new downtrend. In this context, there is a potential scenario for price to fall towards the 1st support.

The 1st support level at 71.32 is identified as a pullback support that aligns close to the 61.80% Fibonacci retracement level. Further below, the 2nd support level at 68.12 is marked as a swing-low support, reinforcing its importance as a key support level.

To the upside, the intermediate resistance level at 73.82 is identified as an overlap resistance while the 1st resistance level at 76.38 is identified as a pullback resistance. Higher up, the 2nd resistance level at 79.40 is noted as a multi-swing-high resistance, further indicating its potential significance as a barrier for further upward movement.

XAU/USD (GOLD):

The XAU/USD chart currently demonstrates a bullish momentum, indicating a potential for price to make a bullish continuation towards the 1st resistance.

The 1st resistance level at 2,087.79 is identified as a pullback resistance. Higher up, the 2nd resistance level at 2,148.99 is marked as a swing-high resistance, further indicating its potential significance as a barrier for further upward movement.

To the downside, the 1st support level at 2,047.93 is identified as a pullback support that aligns with the 38.20% Fibonacci retracement level. Further below, the 2nd support level at 2,016.90 is noted as an overlap support that aligns with the 61.80% Fibonacci retracement level, reinforcing its importance as a key support level.

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