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Thursday 11th April 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 105.40

Supporting reasons: Acts as Pullback resistance with a 127.20% Fibonacci Extension, indicating a key level where selling pressure might intensify, suggesting a potential turning point for the price to reverse and move downwards despite the prevailing bullish trend.

1st support: 104.68

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 within the bearish movement.

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: 1.0802

Supporting reasons: Acts as Pullback resistance with a 50% 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: 1.0731

Supporting reasons: Known as Multi-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, reinforcing the bearish outlook.

1st resistance: 1.0879

Supporting reasons: Identified as Swing high resistance, 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 continue its downward movement 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, reinforcing the bearish outlook.

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: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.8568

Supporting reasons: Acts as an Overlap resistance with a 61.80% Fibonacci Retracement, indicating a key level where selling pressure might intensify, suggesting a potential turning point for the price to continue its downward movement within the context of the overall bearish trend.

1st support: 0.8547

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: 0.8586

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

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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, 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 with a 127.20% Fibonacci Extension, 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.

GBP/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce-off pivot and head toward 1st resistance

Pivot: 191.47

Supporting reasons: Acts as an Overlap support, indicating a key level where buying interest has historically been strong, suggesting a solid foundation for a potential upward movement within the context of the overall bullish trend.

1st support: 190.55

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: 192.77

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

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: 0.9091

Supporting reasons: Acts as Pullback support, indicating a key level where buying interest has historically been strong, suggesting a solid foundation for a potential upward movement within the context of the overall bullish trend.

1st support: 0.9010

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 bullish momentum.

1st resistance: 0.9163

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

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 153.08

Supporting reasons: Marked by a 61.80% Fibonacci Projection, indicating a significant level where selling pressure might intensify, suggesting a potential turning point for the price to reverse and move downwards despite the prevailing bullish trend.

1st support: 151.93

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 within the bearish movement.

1st resistance: 154.82

Supporting reasons: Marked by a 78.60% Fibonacci Projection, indicating a significant barrier that could cap upward movements.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could fall towards the pivot and potentially make a bullish reaction off this level to resume the uptrend towards the 1st resistance

Pivot: 1.3629

Supporting reasons: Acts as a pullback support that aligns close to a 50% Fibonacci retracement level where price has found strong buying interest recently.

1st support: 1.3562

Supporting reasons: Identified as a pullback support, suggesting a significant area where the market has previously found strong buying interest and could provide a foundation for potential price stabilization.

1st resistance: 1.3689

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: Bearish

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: 0.5996

Supporting reasons: Acts as a pullback resistance that aligns with a 23.6% Fibonacci retracement, indicating a potential reversal point.

1st support: 0.5941

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

1st resistance: 0.6042

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, 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 that aligns close to a 38.2% Fibonacci retracement level, 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: 18,019.00

Supporting reasons: Identified as an overlap support, suggesting a potential zone where price has found strong buying interest in recent weeks.

1st support: 17,899.30

Supporting reasons: Acts as an overlap 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 movement.

1st resistance: 18,335.30

Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement level that could potentially function as a significant barrier that could cap further upward movements.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 5,140.35

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level  where buying interest has increased in recent weeks.

1st support: 5,102.10

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, providing a solid foundation to halt further downward movement.

1st resistance: 5,219.67

Supporting reasons: Marked by a pullback resistance that aligns with a 61.8% Fibonacci retracement level, which could function as a potential barrier and cap further upward movements.

BTC/USD (Bitcoin):

Potential Direction: Bearish

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: Bearish

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: Bearish

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: 85.38

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: 2347.20

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 despite the prevailing bullish trend.

1st support: 2305.04

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: 2364.27

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

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