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Thursday 18th April 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a: Bullish bounce off pivot and heads towards 1st resistance

Pivot: 105.96

Supporting reasons: An Overlap support, indicating a significant level where buyers might step in to support the price, potentially leading to a reversal or temporary halt in the bullish momentum.

1st support: 105.09

Supporting reasons: An Overlap support with a 61.80% Fibonacci Projection, suggesting a significant level where buyers might enter the market, potentially providing support for the price or a temporary reversal within the context of the overall bullish trend.

1st resistance: 106.85

Supporting reasons: An Overlap resistance with a 100% Fibonacci Projection, indicating a level where selling pressure might intensify, potentially acting as a barrier to further upside movement within the context of the overall bullish momentum.

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: 1.0696

Supporting reasons: Pullback support with a 38.20% Fibonacci Retracement, indicating a significant level where buying pressure might intensify, potentially leading to a reversal or temporary halt in the bearish momentum.

1st support: 1.0610

Supporting reasons: Multi-swing low support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a minor rebound within the context of the overall bearish trend.

1st resistance: 1.0803

Supporting reasons: Pullback resistance, representing a level where selling pressure might intensify, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

EUR/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 164.62

Supporting reasons: An Overlap resistance, indicating a significant level where selling pressure might intensify, potentially leading to a continuation of the bearish trend.

1st support: 163.58

Supporting reasons: Pullback support with a 50% Fibonacci Retracement, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a minor rebound within the context of the overall bearish momentum.

1st resistance: 165.34

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

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: 0.8570

Supporting reasons: An Overlap resistance, indicating a significant level where selling pressure might intensify, potentially leading to a continuation of the bearish trend.

1st support: 0.8549

Supporting reasons: Pullback support with a 38.20% Fibonacci Retracement, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a minor rebound within the context of the overall bearish momentum.

1st resistance: 0.8588

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

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: 1.2523

Supporting reasons: Pullback resistance, indicating a significant level where selling pressure might intensify, potentially leading to a continuation of the bearish trend.

1st support: 1.2424

Supporting reasons: Multi-swing low support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a minor rebound within the context of the overall bearish momentum.

1st resistance: 1.2595

Supporting reasons: Pullback resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a: Bearish continuation towards 1st support

Pivot: 192.79

Supporting reasons: Multi-swing high resistance, indicating a significant level where selling pressure might intensify, potentially leading to a continuation of the bearish trend.

1st support: 191.58

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a minor rebound within the context of the overall bearish momentum.

1st resistance: 193.54

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

USD/CHF:

Potential Direction: Neutral

Overall momentum of the chart: Bullish

Price could potentially make a: Fluctuate between the 1st resistance and 1st support level.

1st support: 0.9089

Supporting reasons: An Overlap support, indicating a significant level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bullish momentum.

1st resistance: 0.9148

Supporting reasons: Multi-swing high resistance, representing a level where selling pressure might intensify, potentially acting as a barrier to further upside movement within the context of the overall bullish trend.

USD/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a: Bearish continuation towards 1st support

PIvot: 154.81

Supporting reasons: 78.60% Fibonacci Projection, indicating a significant level where selling pressure might intensify, potentially leading to a continuation of the bearish trend.

1st support: 151.93

Supporting reasons: Pullback support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a minor rebound within the context of the overall bullish momentum.

1st resistance: 157.04

Supporting reasons: 100% Fibonacci Projection, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bullish trend.

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 1.3733

Supporting reasons: Acts as a pullback support that aligns with a  38.2% Fibonacci retracement level, where price has previously found strong support.

1st support: 1.3668

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting an area where price could find strong buying interest to provide a foundation for potential price stabilization.

1st resistance: 1.3828

Supporting reasons: Identified as a pullback resistance, marking a significant barrier that could cap further upward movements.

AUD/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 towards the 1st support

Pivot: 0.6452

Supporting reasons: Acts as a pullback resistance where price could stall around this level before resuming the downtrend.

1st support: 0.6348

Supporting reasons: Acts as a swing-low support, suggesting a significant area where price has previously found strong support and could provide a basis to halt further downward movement.

1st resistance: 0.6488

Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement level, marking a 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 towards the 1st support

Pivot: 0.5944

Supporting reasons: Acts as an overlap resistance that aligns with a 38.2% Fibonacci retracement level, highlighting a significant area where price has previously ran out of steam around this zone.

1st support: 0.5863

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

1st resistance: 0.6006

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, marking a barrier that has previously capped 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: 37,672.13

Supporting reasons: Acts as a pullback support where buying interest has increased recently.

1st support: 37,164.30

Supporting reasons: Identified as a pullback support, 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: 38,025.73

Supporting reasons: Identified as a pullback resistance, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could make a weak bullish reaction off the pivot and potentially rise towards the 1st resistance before resuming the longer-term downtrend

Pivot: 17,666.40

Supporting reasons: Acts as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting a level where buying interest has increased in recent weeks.

1st support: 17,431.30

Supporting reasons: Acts as a pullback support that aligns with 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: 17,901.10

Supporting reasons: Identified as a pullback resistance that aligns with 23.6% Fibonacci retracement level, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could make a weak bullish reaction off the pivot and potentially rise towards the 1st resistance before resuming the longer-term downtrend

Pivot: 5,006.20

Supporting reasons: Acts as a pullback support where buying interest has increased in recent weeks.

1st support: 4,953.70

Supporting reasons: Acts as a pullback support suggesting a significant area where price has previously found strong buying interest, providing a solid foundation to halt further downward movement.

1st resistance: 5,072.17

Supporting reasons: Marked by a pullback resistance that aligns with 23.6% Fibonacci retracement level, which could function as a potential barrier and cap any upward movements.

BTC/USD (Bitcoin):

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: 61,498.75

Supporting reasons: Acts as a pullback support where price has reversed strongly in the past to rise higher.

1st support: 59,233.37

Supporting reasons: Acts as a pullback support that aligns close to the 61.8% Fibonacci retracement and the 161.8% Fibonacci extension levels, 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: 66,701.11

Supporting reasons: Marked by a pullback resistance that aligns close to a 50% Fibonacci retracement, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 2,847.25

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 for a potential rebound.

1st support: 2,685.96

Supporting reasons: Identified as an overlap support that aligns close to a 78.6% Fibonacci retracement level suggesting a significant area where price has previously found support, providing a strong foundation to halt further downward movements.

1st resistance: 3,111.04

Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

WTI/USD (Oil):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 82.68

Supporting reasons: Marked by a pullback support that aligns close to a 50% Fibonacci retracement level, where price could break under due to the strong bearish momentum.

1st support: 80.97

Supporting reasons: Identified as a pullback support that aligns with 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 movements.

1st resistance: 84.86

Supporting reasons: Identified as an overlap resistance, 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: 2376.00

Supporting reasons: An Overlap resistance combined with a 61.80% Fibonacci Retracement, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bullish momentum.

1st support: 2343.26

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bearish momentum.

1st resistance: 2404.00

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bullish trend.

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