ICMarket

Monday 18th March 2024: Technical Outlook and Review

DXY:

For DXY, the potential direction is bearish, despite the overall bullish momentum of the chart. There’s a chance of a bearish reaction off the pivot level, leading to a drop towards the 1st support.

The pivot at 103.70 acts as pullback support, coinciding with the 50% Fibonacci Retracement, indicating its significance as a level where buying interest may emerge. Additionally, the 1st support at 102.67 serves as overlap support, historically important for providing a floor to price declines.

On the resistance side, the 1st resistance at 104.34 presents a significant barrier, marked by swing high resistance, potentially limiting further upward movement

EUR/USD:

For EUR/USD, the potential direction is bullish, aligning with the overall bullish momentum of the chart. There’s a likelihood of a bullish bounce off the pivot level, indicating a move towards the 1st resistance.

The pivot at 1.0888 is identified as overlap support, coinciding with the 38.20% Fibonacci Retracement, suggesting a significant level where buying interest may emerge. Additionally, the 1st support at 1.0795 acts as multi-swing low support, historically significant for providing a floor to price declines.

On the resistance side, the 1st resistance at 1.0975 presents a formidable barrier, marked by multi-swing high resistance, potentially limiting further upward movement. 

EUR/JPY:

For EUR/JPY, the potential direction is bullish, consistent with the overall bullish momentum of the chart. The price is currently within a bullish ascending channel, contributing to the upward momentum.

There’s a likelihood of a bullish bounce off the pivot level, indicating a move towards the 1st resistance. The pivot at 161.68 is identified as pullback support, suggesting a significant level where buying interest may emerge.

The 1st support at 160.05 acts as swing low support, further reinforcing its importance as a level where buyers have previously intervened.

On the resistance side, the 1st resistance at 164.29 forms a barrier, supported by the 78.60% Fibonacci Projection. 

EUR/GBP:

For EUR/GBP, the potential direction is neutral, aligning with the overall neutral momentum of the chart. There’s a possibility of price fluctuating between the 1st resistance and 1st support levels.

The pivot at 0.85 is identified as multi-swing low support, indicating a significant level where buying interest might emerge. Additionally, the 1st support at 0.85 acts as swing low support, further reinforcing its importance as a level where buyers have previously intervened.

On the resistance side, the 1st resistance at 0.86 forms a barrier, supported by multi-swing high resistance. This level may attract selling pressure, potentially limiting further upward movement in the price.

GBP/USD:

GBP/USD, the potential direction is bearish, although the overall momentum of the chart remains bullish. There’s a possibility of a bearish continuation towards the 1st support level.

The pivot at 1.2771 serves as pullback support, indicating a level where buyers might intervene to support the price, potentially halting the downward movement. Additionally, the 1st support at 1.2628 acts as overlap support, historically significant for providing a floor to price declines.

On the resistance side, the 1st resistance at 1.2864 presents a formidable barrier, marked by swing high resistance, potentially impeding further upward movement.

.

GBP/JPY:

For GBP/JPY, the potential direction is bullish, in line with the overall bullish momentum of the chart. There’s a possibility of a bullish continuation towards the 1st resistance.

The pivot at 188.21 is significant, acting as an overlap support level, indicating historical significance.

Additionally, the 1st support at 185.92 serves as swing low support, reinforcing its importance as a level where buying interest has been observed in the past.

On the resistance side, the 1st resistance at 191.36 forms a barrier, supported by multi-swing high resistance. This level may attract selling pressure, potentially limiting further upward movement in the price.

USD/CHF:

For USD/CHF, the potential direction is neutral, reflecting the overall neutral momentum of the chart. There’s a possibility of price fluctuation between the 1st resistance and 1st support levels.

The pivot at 0.8893 is marked by overlap resistance, reinforced by both the 61.80% Fibonacci Retracement and the 78.60% Fibonacci Projection, indicating a zone where selling pressure may intensify. This level could serve as a point of reference for potential resistance.

The 1st support at 0.8735 acts as overlap support, suggesting historical significance as a level where buying interest has been notable, potentially providing a floor to price declines.

Conversely, the 1st resistance at 0.8968 is identified as pullback resistance, indicating a potential barrier where selling pressure may increase, potentially limiting further upward movement in the price.

.

USD/JPY:

For USD/JPY, the potential direction remains bearish, aligned with the overall bearish momentum of the chart. There’s a likelihood of a bearish reaction from the pivot level, potentially leading to a drop towards the 1st support.

The pivot at 149.65 serves as significant pullback resistance, indicating a level where selling pressure could escalate. This level is reinforced by the presence of multi-swing high resistance.

Conversely, the 1st support at 146.41 is crucial, acting as multi-swing low support. This historical significance suggests a level where buying interest has been observed in the past.

On the resistance side, the 1st resistance at 151.06 forms a barrier, supported by multi-swing high resistance. 

USD/CAD:

The USD/CAD chart currently demonstrates an overall bullish momentum. In this context, there is a potential scenario for price to rise towards the pivot and make a weak bearish reaction off this level.

The pivot level at 1.3629 is identified as an overlap resistance that aligns with the 61.80% Fibonacci Retracement level where price could potentially make a bearish reaction and drop lower. The 1st resistance level at 1.3764 is noted as a pullback resistance that aligns close to the 78.60% Fibonacci Retracement level, further highlighting its importance as a potential resistance zone.

To the downside, the 1st support level at 1.3447 is marked as a pullback support that aligns with the 38.20% Fibonacci Retracement level, reinforcing its significance as a key support level.

AUD/USD:

The AUD/USD chart currently demonstrates an overall bearish momentum. In this context, there is a potential scenario for price to drop towards the pivot and potentially make a weak bullish bounce towards the 1st resistance.

The pivot level at 0.6496 is identified as a pullback support that aligns with the 78.60% Fibonacci Retracement level where price could potentially reverse from to climb higher. The 1st resistance level at 0.6650 is noted as an overlap resistance that aligns with the 50.00% Fibonacci Retracement level, potentially limiting any further upward movement.

On the support side, the 1st support level at 0.6349 is marked as a pullback support, reinforcing its significance as a key support level.

NZD/USD

The NZD/USD chart currently demonstrates an overall bearish momentum. In this context, there is a potential scenario for price to drop towards the pivot and potentially make a weak bullish bounce towards the 1st resistance.

The pivot level at 0.6054 is identified as a pullback support where price could potentially reverse from to climb higher. The 1st resistance level at 0.6199 is noted as a pullback resistance, potentially limiting any further upward movement.

On the support side, the 1st support level at 0.5965 is marked as a pullback support that aligns close to the 61.80% Fibonacci Retracement level, reinforcing its significance as a key support level.

DJ30:

The DJ30 chart currently demonstrates an overall bullish momentum. In this context, there is a potential scenario for price to make a bullish bounce off the pivot and rise towards the 1st resistance.

The pivot level at 38,151.50 is identified as a pullback support where price could potentially make a bullish bounce and climb higher. The 1st resistance level at 39,303.36 is noted as a pullback resistance at the all-time high, further highlighting its importance as a potential resistance zone.

To the downside, the 1st support level at 37,093.60 is marked as a pullback support, reinforcing its significance as a key support level.

GER40:

The GER40 chart currently demonstrates an overall bullish momentum. In this context, there is a potential scenario for price to make a bullish break above the pivot and rise towards the 1st resistance.

The pivot level at 18,039.70 is identified as a pullback resistance where price could potentially make a bullish breakout and climb higher. The 1st resistance level at 18,758.749 is noted as a resistance that aligns with the 100.00% Fibonacci Projection level, further highlighting its importance as a potential resistance zone.

To the downside, the 1st support level at 17,004.20 is marked as an overlap support, reinforcing its significance as a key support level.

US500: 

The US500 chart currently demonstrates an overall bullish momentum. In this context, there is a potential scenario for price to make a bullish bounce off the pivot and rise towards the 1st resistance.

The pivot level at 5,049.10 is identified as an overlap support where price could potentially make a bullish bounce and climb higher. The 1st resistance level at 5,189.10 is noted as a pullback resistance at the all-time high, further highlighting its importance as a potential resistance zone.

To the downside, the 1st support level at 4,929.60 is marked as an overlap support that aligns with the 23.60% Fibonacci Retracement level, reinforcing its significance as a key support level.

BTC/USD:

The BTC/USD chart currently demonstrates an overall bearish momentum. In this context, there is a potential scenario for price to break below the pivot and drop towards the 1st support.

The pivot level at 67,525.32 is identified as an overlap support that aligns close to the 23.60% Fibonacci Retracement level where price could potentially make a bearish breakout. The 1st support level at 58,459.95 is also marked as an overlap support, reinforcing its significance as a key support level.

To the upside, The 1st resistance level at 73,843.75 is noted as a pullback resistance at the all-time high, further reinforcing its significance as a potential barrier to further bullish movement.

ETH/USD: 

The ETH/USD chart currently demonstrates an overall bearish momentum. In this context, there is a potential scenario for price to break below the pivot and drop towards the 1st support.

The pivot level at 3,579.27 is identified as an overlap support where price could potentially make a bearish breakout. The 1st support level at 3,004.82 is marked as a pullback support that aligns close to the 61.80% Fibonacci Retracement level, reinforcing its significance as a key support level.

To the upside, The 1st resistance level at 4,045.80 is noted as a pullback resistance, further reinforcing its significance as a potential barrier to further bullish movement.

WTI/USD:

The WTI (West Texas Intermediate) chart currently demonstrates an overall bullish momentum. In this context, there is a potential scenario for price to rise towards the pivot and make a weak bearish reaction off this level.

The pivot level at 84.35 is identified as an overlap resistance that aligns with the 61.8% Fibonacci Retracement level where price could potentially make a weak bearish reaction. The 1st resistance level at 90.36 is noted as a pullback resistance that aligns close to the 78.60% Fibonacci Retracement level, further reinforcing its significance as a potential barrier to further bullish movement.

To the downside, the 1st support level at 79.79 is marked as a pullback support, reinforcing its significance as a key support level.

XAU/USD (GOLD):

For XAU/USD, despite the overall bullish momentum of the chart, there’s a potential scenario where the price could exhibit a bearish break off the pivot level, leading to a drop towards the 1st support.

The pivot at 2143.53 is crucial, acting as pullback support and coinciding with the 23.60% Fibonacci Retracement. This suggests a significant level where buying interest might emerge.

However, the 1st support at 2074.60 is also notable, serving as pullback support and aligning with the 50% Fibonacci Retracement. This further reinforces its significance as a level where buyers could intervene.

On the resistance side, the 1st resistance at 2196.31 forms a barrier, supported by swing high resistance. This level may attract selling pressure, potentially limiting further upward movement in the price.

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.