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Thursday 16th November 2023: Technical Outlook and Review

DXY:

The DXY (US Dollar Index) chart currently displays a bearish overall momentum, suggesting the potential for a bearish reaction off the 1st resistance level, followed by a drop towards the 1st support.

The 1st support at 103.56 is identified as an overlap support and also coincides with the 50% Fibonacci Retracement level. This confluence suggests that it could act as a significant level of support, where traders may expect the price to find buying interest or experience a pause in the bearish movement.

The 2nd support at 102.82 is categorized as an overlap support and coincides with the 61.80% Fibonacci Retracement level. This level further reinforces its potential as a support level, given the confluence of technical factors.

On the resistance side, the 1st resistance at 104.01 is noted as a pullback resistance. This level indicates a potential barrier to further upward movement, where selling interest may emerge.

The 2nd resistance at 105.94 is identified as an overlap resistance, suggesting another potential level where the price may encounter selling pressure during its bearish reaction.

EUR/USD:

The EUR/USD chart currently exhibits a bearish overall momentum, indicating the potential for a bearish continuation towards the 1st support level.

The 1st support at 1.0764 is considered a pullback support level. This level suggests a potential area of support where traders may anticipate the price finding buying interest or experiencing a pause in its bearish movement.

The 2nd support at 1.0663 is categorized as an overlap support level. Overlap supports often carry significance as they represent areas where the price has previously found support, making it a relevant level to watch for potential price reactions.

On the resistance side, the 1st resistance at 1.0884 is identified as a multi-swing high resistance level. This level indicates a potential barrier to further upward movement, where selling interest may emerge.

The 2nd resistance at 1.0943 is characterized as a swing high resistance level. Swing highs often act as points of resistance, further reinforcing the potential for a bearish continuation.

EUR/JPY:

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

The 1st support at 160.40 is identified as an overlap support, indicating a price level where historical trading activity has occurred. It may act as a level where buyers could potentially step in or where selling pressure may decrease.

On the resistance side, the 1st resistance at 164.08 is categorized as a multi-swing high resistance. This level signifies an area where the price has faced significant selling pressure in the past, making it a relevant resistance level.

EUR/GBP:

The EUR/GBP chart currently demonstrates a bearish overall momentum, indicating the potential for a bearish reaction off the 1st resistance level, followed by a drop towards the 1st support.

The 1st support at 0.8713 is identified as an overlap support, signifying a historical price level where trading activity has occurred. It may act as a level where buyers could potentially step in or where selling pressure may decrease.

The 2nd support at 0.8664 is considered a multi-swing low support, reinforcing its significance as a support level. Multi-swing lows often indicate areas where buyers have intervened previously, making it a relevant support level.

On the resistance side, the 1st resistance at 0.8745 is categorized as a swing high resistance. This level represents a point where the price has encountered significant selling pressure in the past, making it a notable resistance level.

The 2nd resistance at 0.8771 is noteworthy as it is associated with both the 78.60% Fibonacci Projection and the 127.20% Fibonacci Extension. This indicates a potential Fibonacci confluence, suggesting a strong resistance barrier.

GBP/USD:

The GBP/USD chart currently has a bearish overall momentum, suggesting the potential for a bearish break off the 1st support level, followed by a drop towards the 2nd support level.

The 1st support at 1.23979 is identified as a pullback support and coincides with the 38.20% Fibonacci Retracement level. This level suggests a potential area of support where traders may expect the price to find buying interest or experience a pause in the bearish movement.

The 2nd support at 1.23185 is also categorized as a pullback support and coincides with the 61.80% Fibonacci Retracement level. It further reinforces its potential as a support level, indicating another relevant area where buyers may step in.

On the resistance side, the 1st resistance at 1.2499 is described as a swing high resistance and also coincides with the 127.20% Fibonacci Extension level. This level suggests a potential barrier to further upward movement, where selling interest may emerge.

GBP/JPY:

The GBP/JPY chart currently exhibits a bearish overall momentum, suggesting the potential for a bearish continuation towards the 1st support level.

The 1st support at 185.77 is identified as a pullback support. This level signifies a point where the price may find buying interest or a temporary pause in the bearish movement. It is a level to watch for potential support.

The 2nd support at 184.25 is also a pullback support, reinforcing its significance as a potential level of support. Pullback supports are areas where buyers have previously stepped in, making them relevant support levels.

On the resistance side, the 1st resistance at 188.15 is categorized as a swing high resistance. This level represents a point where the price has encountered significant selling pressure in the past, making it a notable resistance level.

USD/CHF:

The USD/CHF chart currently shows a neutral overall momentum, suggesting that price could potentially fluctuate between the 1st resistance and 1st support levels.

The 1st support at 0.8861 is considered a pullback support level, and it also coincides with the 127.20% Fibonacci Extension, making it a significant level to watch. This level may act as a potential area of support where traders could expect buying interest or a pause in downward movement.

The 2nd support at 0.8766 is categorized as a multi-swing low support and is further reinforced by the 161.80% Fibonacci Extension. Multi-swing lows often indicate areas where buyers have previously stepped in, making it a relevant support level.

On the resistance side, the 1st resistance at 0.8904 is identified as a pullback resistance. This level suggests a potential area where selling interest may emerge, potentially leading to a pause or reversal in the upward movement.

The 2nd resistance at 0.8961 is also characterized as a pullback resistance, reinforcing the potential for a price reversal or a barrier to further upward movement.

USD/JPY:

The USD/JPY chart currently exhibits a bullish overall momentum, suggesting the potential for a bullish continuation towards the 1st resistance level.

The 1st support at 150.26 is identified as an overlap support, and it also coincides with the 61.80% Fibonacci Retracement level. This level indicates a significant area of potential support, where traders may expect buying interest or a pause in the upward movement.

The 2nd support at 149.28 is considered a swing low support, further reinforcing its potential as a support level. Swing lows often signify areas where buyers have stepped in previously, making it a relevant support level.

On the resistance side, the 1st resistance at 151.71 is categorized as a multi-swing high resistance. This level suggests that there may be selling interest in this area, potentially acting as a barrier to further upward movement.

The 2nd resistance at 152.66 is noted as a level associated with the -27% Fibonacci Extension, indicating another potential area where the price may encounter selling pressure during its bullish continuation.

USD/CAD:

The USD/CAD chart currently shows a weak bullish momentum, indicating the potential for further upside movement towards the 1st resistance.

The 1st resistance level at 1.3745 is identified as a pullback resistance. Higher up, the 2nd resistance level at 1.3826 is marked as an overlap resistance, highlighting a potential barrier against further upward momentum.

To the downside, the intermediate support at 1.3657 is identified as an overlap support while the 1st support level at 1.3607 is also marked as an overlap support. Further below, the 2nd support level at 1.3523 is noted as a pullback support.

AUD/USD:

The AUD/USD chart currently exhibits an overall bearish momentum, suggesting the potential for a bearish continuation towards the 1st support.

The 1st support level at 0.6455 is identified as a pullback support that aligns close to the 50.00% retracement level. Further below, the 2nd support level at 0.6393 is marked as an overlap support, suggesting a significant support level.

To the upside, the 1st resistance level at 0.6517 is identified as a multi-swing-high resistance. Higher up, the 2nd resistance level at 0.6587 is marked as a pullback resistance, suggesting that it could serve as a strong resistance level.

NZD/USD

The NZD/USD chart currently exhibits an overall bearish momentum, suggesting the potential for a bearish continuation towards the 1st support.

The 1st support level at 0.5939 is identified as a pullback support. Further below, the 2nd support level at 0.5859 is noted as an overlap support, signifying its significance as a strong support area.

To the upside, the 1st resistance level at 0.5999 is identified as a pullback resistance while the 2nd resistance level at 0.6049 is marked as a multi-swing-high resistance, indicating its potential strength as a barrier to further bullish movement.

DJ30:

The DJ30 chart is currently showing an overall bearish momentum, with price making a bearish reaction off the 1st resistance and potentially make a bearish continuation towards the 1st support.

The 1st resistance level at 35073.60 is marked as an overlap resistance. Higher up, the 2nd resistance level at 35366.48 is noted as a pullback resistance, indicating a potential resistance area for further upward movement.

On the support side, the 1st support level at 34755.26 is identified as a pullback support. Further below, the 2nd support level at 34408.91 is noted as an overlap support, marking another potential level for a strong support area.

GER40:

The GER40 chart is currently displaying an overall bearish momentum, with price making a bearish reaction off the 1st resistance and potentially make a bearish continuation towards the 1st support.

The 1st resistance level at 15760.40 is marked as a pullback resistance that aligns close to the 127.20% Fibonacci extension level. Higher up, the 2nd resistance level at 15985.10 is noted as a swing-high resistance, indicating a potential resistance area for further upward movement.

On the support side, the 1st support level at 15559.50 is identified as a pullback support. Further below, the 2nd support level at 15330.50 is noted as an overlap support, marking another potential level for a strong support area.

`US500

The US500 chart is currently indicating an overall bearish momentum, with price making a bearish reaction off the 1st resistance and potentially make a bearish continuation towards the 1st support.

The 1st resistance level at 4515.30 is marked as a pullback resistance. Higher up, the 2nd resistance level at 4595.80 is also noted as a pullback resistance, indicating a potential resistance area for further upward movement.

On the support side, the 1st support level at 4393.20 is identified as an overlap support. Further below, the 2nd support level at 4329.90 is also noted as an overlap support, marking another potential level for a strong support area.

BTC/USD:

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

The 1st support at 35,629 is identified as a pullback support. This level indicates a point where buyers may step in or where a temporary pause in the bearish movement could occur. It is a level to watch for potential support.

The 2nd support at 31,761 is also a pullback support, reinforcing its significance as a potential support level. Pullback supports often indicate areas where buyers have previously intervened, making them relevant support levels.

On the resistance side, the 1st resistance at 37,853 is categorized as a swing high resistance. This level represents a point where the price has previously encountered significant selling pressure, making it a notable resistance level.

The 2nd resistance at 38,820 is noted as the 127.20% Fibonacci Extension level, which suggests a potential barrier to further upward movement

ETH/USD: 

The ETH/USD chart currently demonstrates a bearish overall momentum, suggesting the potential for a bearish continuation towards the 1st support level.

The 1st support at 1,865.40 is identified as an overlap support. This level indicates a potential area where buyers may show interest or where a pause in the bearish movement could occur. It is a key level to watch for potential support.

The 2nd support at 1,737.54 is also an overlap support and coincides with the 61.80% Fibonacci Retracement level. This adds to its significance as a potential support level. Fibonacci retracement levels are commonly used by traders to identify key support and resistance areas.

On the resistance side, the 1st resistance at 2,125.26 is categorized as a multi-swing high resistance. This level represents a point where the price has previously faced notable selling pressure, making it an important resistance level to monitor.

WTI/USD:

The WTI (West Texas Intermediate) chart currently shows an overall bearish momentum, suggesting the potential for a bearish continuation towards the 1st support.

The 1st support level at 75.34 is identified as a pullback support. Further below, the 2nd support level at 73.82 is noted as an overlap support that aligns with the 127.20% Fibonacci extension level, signifying its potential as a strong support area.

To the upside, the 1st resistance level at 79.29 is identified as a swing-high resistance. Higher up, the 2nd resistance level at 81.77 is marked as an overlap resistance, suggesting potential strength as a barrier to further bullish movement.

XAU/USD (GOLD):

The XAUUSD (Gold) chart currently exhibits a bullish overall momentum, suggesting the potential for a bullish bounce off the 1st support level and a movement towards the 1st resistance.

The 1st support at 1953.25 is identified as a pullback support, indicating a potential level where buyers may step in. It signifies a price area where the market has previously found support during a pullback.

The 2nd support at 1932.77 is considered an overlap support, further reinforcing its potential as a support level. Overlap supports often indicate areas where price reversals or bounces may occur.

On the resistance side, the 1st resistance at 1975.18 is categorized as an overlap resistance. This level suggests that there may be selling interest in this area, potentially acting as a barrier to further upward movement.

The 2nd resistance at 1992.48 is also noted as an overlap resistance, indicating another potential area where the price may encounter selling pressure during its bullish movement.

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