ICMarket

Monday 25th March 2024: Technical Outlook and Review

DXY:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 104.94
Supporting reasons: This level acts as pullback resistance, aligning with a 61.80% Fibonacci projection. The convergence of these technical factors suggests it could be a turning point for the price, potentially initiating a bearish movement if the level holds as resistance.

1st Support: 102.67
Supporting reasons: The presence of an overlap support indicates a level where previously, buying interest was significant enough to halt declines and initiate recoveries. This historical significance, coupled with current market dynamics, suggests it might serve as a strong foundation should prices retreat from higher levels.

1st Resistance: 106.07
Supporting reasons: This level is significant due to its alignment with a 78.60% Fibonacci retracement, marking it as a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Medium Bearish

Price could potentially make a bearish breakout below the pivot and drop towards the 1st support

Pivot: 1.0798
Supporting reasons: This level acts as an overlap support, aligning with a 61.80% Fibonacci retracement, which suggests it could be a turning point for the price, potentially initiating a bearish breakout if the level fails to hold as support.

1st Support: 1.0668
Supporting reasons: This level acts as an overlap support, aligning with a confluence of Fibonacci levels i.e. a 61.80% retracement and a 61.80% projection, indicating a level where previously buying interest was significant enough to halt declines and initiate recoveries.

1st Resistance: 1.0986
Supporting reasons: This level is identified as a pullback resistance, making it a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

Potential Direction: Bearish

Price could potentially make a bearish break off pivot and drop towards 1st support

Pivot: 1.0798
Supporting reasons: This pivot point is an overlap support and aligns with a 61.80% Fibonacci retracement level, marking it as a critical juncture. A bearish break below this pivot could signify the market’s decision to continue the downtrend.

1st Support: 1.0668
Supporting reasons: The first support level is not only marked by an overlap support but is also a 61.80% Fibonacci retracement and a 61.80% Fibonacci projection. 

1st Resistance: 1.0986
Supporting reasons: Identified by multi-swing high resistance, this level has historically proven to be a formidable barrier for bullish advances. 

EUR/JPY:

Potential Direction: Weak Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish reaction off the pivot and rise towards the 1st resistance

Pivot: 163.53
Supporting reasons: This level acts as an overlap support, aligning with a 23.60% Fibonacci retracement, suggests it could be a turning point for the price, potentially initiating a bullish bounce if the level holds as support.

1st Support: 160.40
Supporting reasons: This level acts as a pullback support, aligning close to a 38.20% Fibonacci retracement, indicating a level where previously buying interest was significant enough to halt declines and initiate recoveries.

1st Resistance: 165.40
Supporting reasons: This level is identified as a pullback resistance, making it a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

EUR/GBP:

Potential Direction: Weak Bullish

Overall momentum of the chart: Bearish

Price could potentially make a bullish reaction off the pivot and rise towards the 1st resistance

Pivot: 0.8569
Supporting reasons: This level acts as a pullback support which suggests it could be a turning point for the price, potentially initiating a bullish bounce if the level holds as support.

1st Support: 0.8503
Supporting reasons: This level acts a multi-swing-low support, indicating a level where previously buying interest was significant enough to halt declines and initiate recoveries.

1st Resistance: 0.8602
Supporting reasons: This level is identified as a pullback resistance that is bounded by a descending trendline, making it a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

GBP/USD:

Potential Direction: Weak Bullish

Overall momentum of the chart: Neutral

Price could potentially make a bullish reaction off the pivot and rise towards the 1st resistance

Pivot: 1.2522
Supporting reasons: This level acts as a pullback support, aligning close to a 38.20% Fibonacci retracement, which suggests it could be a turning point for the price, potentially initiating a bullish bounce if the level holds as support.

1st Support: 1.2383
Supporting reasons: This level acts as an overlap support, aligning with a 61.80 Fibonacci retracement, indicating a level where previously buying interest was significant enough to halt declines and initiate recoveries.

1st Resistance: 1.2796
Supporting reasons: This level is identified as a pullback resistance, making it a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

GBP/JPY:

Potential Direction: Weak Bullish

Overall momentum of the chart: Medium Bearish

Price could potentially make a bearish reaction off the pivot and drop towards the 1st support

Pivot: 191.14
Supporting reasons: This level acts as a pullback resistance which suggests it could be a turning point for the price, potentially initiating a bearish reversal if the level holds as resistance.

1st Support: 188.19
Supporting reasons: This level acts as an overlap support, aligning with a confluence of Fibonacci levels i.e. the 38.20% and 61.80% retracements, indicating a level where previously buying interest was significant enough to halt declines and initiate recoveries.

1st Resistance: 193.40
Supporting reasons: This level is identified as a pullback resistance, making it a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

USD/CHF:

Potential Direction: Neutral

Overall momentum of the chart: Bullish

Price could potentially fluctuate between the 1st resistance and the 1st support

1st Support: 0.8848
Supporting reasons: This level acts as an overlap support, aligning close to a 23.60% Fibonacci retracement, indicating a level where previously buying interest was significant enough to halt declines and initiate recoveries. 

1st Resistance: 0.9022
Supporting reasons: This level is identified as a pullback resistance level, aligning with a 100.00% Fibonacci projection, marking it as a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bearish reaction off the pivot and drop towards the 1st support

Pivot: 151.74
Supporting reasons: This level acts as a pullback resistance, aligning close to the 127.20% Fibonacci extension, suggests it could be a turning point for the price, potentially initiating a bearish reversal if the level holds as resistance.

1st Support: 148.86
Supporting reasons: This level acts an overlap support, aligning with a confluence of Fibonacci levels i.e. the 23.60% and 61.80% retracements and the 61.80% projection, indicating a level where previously buying interest was significant enough to halt declines and initiate recoveries. 

1st Resistance: 153.05
Supporting reasons: This level is identified as a resistance level, aligning with a 61.80% Fibonacci projection, marking it as a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price could potentially make a bearish reaction off the pivot and drop towards the 1st support

Pivot: 1.3629
Supporting reasons: This level acts as an overlap support, aligning close to the 61.80% Fibonacci retracement, suggests it could be a turning point for the price, potentially initiating a bearish reversal if the level holds as resistance.

1st Support: 1.3367
Supporting reasons: This level acts as an overlap support, indicating a level where previously buying interest was significant enough to halt declines and initiate recoveries. 

1st Resistance: 1.3720
Supporting reasons: This level is identified as a pullback resistance, aligning with a 78.60% Fibonacci retracement, marking it as a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

AUD/USD:

Potential Direction: Weak Bullish

Overall momentum of the chart: Medium Bearish

Price could potentially make a bullish reaction off the pivot and rise towards the 1st resistance

Pivot: 0.6496
Supporting reasons: This level acts as a pullback support which suggests it could be a turning point for the price, potentially initiating a bullish reversal if the level holds as support. In addition, price is also trading above an ascending trendline.

1st Support: 0.6442
Supporting reasons: This level acts as a swing-low support, indicating a level where previously buying interest was significant enough to halt declines and initiate recoveries.

1st Resistance: 0.6585
Supporting reasons: This level is identified as an overlap resistance, making it a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

NZD/USD

Potential Direction: Weak Bullish

Overall momentum of the chart: Medium Bearish

Price could potentially make a bearish reaction off the pivot and drop towards the 1st support

Pivot: 0.6050
Supporting reasons: This level acts as an overlap resistance which suggests it could be a turning point for the price, potentially initiating a bearish reversal if the level holds as resistance.

1st Support: 0.5867
Supporting reasons: This level acts as an overlap support, indicating a level where previously buying interest was significant enough to halt declines and initiate recoveries.

1st Resistance: 0.6084
Supporting reasons: This level is identified as an overlap resistance, making it a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

DJ30:

Potential Direction: Weak Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bullish reaction off the pivot and rise towards the 1st resistance

Pivot: 39,178.61
Supporting reasons: This level acts as a pullback support which suggests it could be a turning point for the price, potentially initiating a bullish bounce if the level holds as support.

1st Support: 38,151.50
Supporting reasons: This level acts a pullback support, aligning close to a 23.60% Fibonacci retracement, indicating a level where previously buying interest was significant enough to halt declines and initiate recoveries.

1st Resistance: 39,921.45
Supporting reasons: This level is identified as a pullback resistance that is marked by the all-time high, making it a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

GER40:

Potential Direction: Weak Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bullish reaction off the pivot and rise towards the 1st resistance

Pivot: 17,887.70
Supporting reasons: This level acts as an overlap support, aligning close to a 23.60% Fibonacci retracement, suggesting it could be a turning point for the price, potentially initiating a bullish bounce if the level holds as support.

1st Support: 17,004.20
Supporting reasons: This level acts as an overlap support, aligning close to a 61.80% Fibonacci retracement, indicating a level where previously buying interest was significant enough to halt declines and initiate recoveries.

1st Resistance: 18,258.30
Supporting reasons: This level is identified as a pullback resistance that is marked by the all-time high, making it a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

US500: 

Potential Direction: Weak Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bullish reaction off the pivot and rise towards the 1st resistance

Pivot: 5,049.10
Supporting reasons: This level acts as an overlap support which suggests it could be a turning point for the price, potentially initiating a bullish bounce if the level holds as support.

1st Support: 4,928.30
Supporting reasons: This level acts as an overlap support, indicating a level where previously buying interest was significant enough to halt declines and initiate recoveries. 

1st Resistance: 5,263.47
Supporting reasons: This level is identified as a pullback resistance that is marked by the all-time high, making it a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

BTC/USD:

Potential Direction: Weak Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bullish reaction off the pivot and rise towards the 1st resistance

Pivot: 62,579.05
Supporting reasons: This level acts as an overlap support, with price trading above a strong ascending support line along with a strong bullish Ichimoku cloud support, which suggests it could be a turning point for the price, potentially initiating a bullish bounce if the level holds as support.

1st Support: 58,826.40
Supporting reasons: This level acts as a pullback support, indicating a level where previously buying interest was significant enough to halt declines and initiate recoveries. 

1st Resistance: 73,843.75
Supporting reasons: This level is identified as a pullback resistance that is marked by the all-time high, making it a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

ETH/USD:

Potential Direction: Neutral

Overall momentum of the chart: Bearish

Price could potentially make a bullish reaction off the pivot and rise towards the 1st resistance

Pivot: 3,282.69
Supporting reasons: This level acts as a pullback support which suggests it could be a turning point for the price, potentially initiating a bullish bounce if the level holds as support.

1st Support: 3,032.85
Supporting reasons: This level acts as an overlap support, aligning close to a 50.00% Fibonacci retracement, indicating a level where previously buying interest was significant enough to halt declines and initiate recoveries. 

1st Resistance: 3,537.01
Supporting reasons: This level is identified as a pullback resistance, aligning close to a 50.00% Fibonacci retracement, marking it as a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

WTI/USD:

Potential Direction: Weak Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bullish reaction off the pivot and rise towards the 1st resistance

Pivot: 79.79
Supporting reasons: This level acts as a pullback support, aligning close to a 23.60% Fibonacci retracement. The convergence of these technical factors suggests it could be a turning point for the price, potentially initiating a bullish bounce if the level holds as support.

1st Support: 76.60
Supporting reasons: This level acts a pullback support, aligning with a 61.80% Fibonacci retracement, indicates a level where previously buying interest was significant enough to halt declines and initiate recoveries. 

1st Resistance: 83.90
Supporting reasons: This level is identified as an overlap resistance, marking it as a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

XAU/USD (GOLD):

Potential Direction: Weak Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bullish reaction off the pivot and rise towards the 1st resistance

Pivot: 2,144.75
Supporting reasons: This level acts as an overlap support, aligning close to a 38.20% Fibonacci retracement. The convergence of these technical factors suggests it could be a turning point for the price, potentially initiating a bullish bounce if the level holds as support.

1st Support: 2,075.05
Supporting reasons: This level acts a pullback support, aligning with a confluence of Fibonacci levels i.e. the 38.20% and 61.80% retracements, indicates a level where previously buying interest was significant enough to halt declines and initiate recoveries. 

1st Resistance: 2,223.28
Supporting reasons: This level is significant due to its all-time high, marking it as a critical threshold for bullish momentum to overcome. Resistance at this level could cap upside movements, making it a pivotal point for traders monitoring the potential for a bearish reversal.

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