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Wednesday 6th March 2024: Technical Outlook and Review

DXY:

The DXY (US Dollar Index) chart currently exhibits a neutral bias. In this context, there is a potential scenario for price to fluctuate between the 1st support and the 1st resistance.

The 1st support level at 103.63 is identified as a pullback support. This level historically indicates a significant area where buying interest has emerged, potentially providing support for the price.

Furthermore, the 2nd support at 103.43 is characterized as a swing-low support that aligns close to the 127.20% Fibonacci Extension level. This reinforces its significance as a level where buyers may step in to prevent further decline.

On the resistance side, the 1st resistance level at 104.19 is identified as an overlap resistance that coincides with the 50.00% Fibonacci Retracement level. This level may act as a barrier where selling pressure may increase, potentially limiting upward movement in the short term.

Moreover, the 2nd resistance at 104.61 is also noted as an overlap resistance that aligns with the 78.60% Fibonacci Retracement level. This further reinforces its importance as a level where selling pressure may intensify, potentially capping the upward movement of prices.

EUR/USD:

The EUR/USD chart currently exhibits a neutral bias. In this context, there is a potential scenario for price to fluctuate between the 1st support and the 1st resistance.

The 1st resistance level at 1.0872 is characterized as a swing-high resistance. This level may act as a barrier where selling pressure could increase, potentially limiting upward movement in the short term.

Furthermore, the 2nd resistance at 1.0904 is noted for its presence as a multi-swing-high resistance. This emphasizes its importance as a level where selling interest may intensify, potentially capping the upward movement of prices.

On the support side, the 1st support level at 1.0800 is recognized as an overlap support that aligns close to the 50.00% Fibonacci Retracement level. Historically, this level has shown significant buying interest, potentially offering support for the price.

Additionally, the 2nd support at 1.0735 is also identified as an overlap support. This further reinforces its significance as a level where buyers may intervene to prevent further decline.

EUR/JPY:

The EUR/JPY chart currently exhibits bearish momentum, suggesting a potential continuation of the downward trend. Several factors support the possibility of a bearish movement towards the 1st support level.

The 1st support level at 161.850 is significant as it aligns with an overlap support, indicating a historical level where buying interest has emerged. Additionally, this level coincides with both the 78.60% Fibonacci Projection and the 38.20% Fibonacci Retracement, further reinforcing its importance as a potential area of support.

Furthermore, the 2nd support at 160.202 is identified as a pullback support, suggesting additional reinforcement to the support structure.

On the resistance side, the 1st resistance level at 163.724 is significant as it aligns with multi-swing high resistance, indicating a historical barrier to upward movement. Additionally, the 2nd resistance at 164.205 corresponds to swing high resistance, adding to its significance as a potential barrier to further bullish movement.

EUR/GBP:

The EUR/GBP chart currently indicates a bearish momentum, suggesting a potential continuation of the downward trend. Several factors support the possibility of a bearish movement towards the 1st support level.

The 1st support level at 0.85326 aligns with a swing low support, indicating a significant historical level where buying interest may emerge. Additionally, the 1st support at 0.85209 corresponds to a pullback support, providing additional reinforcement to the potential support zone.

On the resistance side, the 1st resistance level at 0.85716 is identified as multi-swing high resistance, suggesting a historical barrier to upward movement. Furthermore, the 2nd resistance level at 0.85914 coincides with an overlap resistance, adding to its significance as a potential barrier to further bullish movement.

An intermediate resistance level at 0.85470 is also identified as an overlap resistance, providing additional reinforcement to the resistance structure.

GBP/USD:

The GBP/USD chart currently exhibits an overall bullish momentum. However, there is a potential scenario for price to retreat away from the 1st resistance and fall towards the 1st support.

The 1st resistance level at 1.2709 is identified as a pullback resistance that aligns close to the 78.60% Fibonacci Retracement level. This level may act as a barrier where selling pressure could increase, potentially limiting upward movement in the short term.

Furthermore, the 2nd resistance at 1.2759 is noted for its presence as a multi-swing-high resistance, further solidifying its significance as a level where selling interest may intensify, potentially capping the upward movement of prices.

On the support side, the intermediate support level at 1.2667 serves as an overlap support that aligns with the 50.00% Fibonacci Retracement level while the 1st support level at 1.2621 is also identified as an overlap support, indicating its historical significance as a level where buying interest has emerged, potentially providing support for the price.

Additionally, the 2nd support at 1.2574 is also characterized as an overlap support, further reinforcing its importance as a level where buyers may intervene to prevent further decline.

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GBP/JPY:

The GBP/JPY chart currently exhibits a bearish momentum, suggesting a potential continuation of the downward trend. Several factors support the possibility of a bearish movement towards the 1st support level.

The 1st support at 190.094 aligns with a pullback support and the 50% Fibonacci Retracement level, indicating a significant historical level where buying interest could emerge. Additionally, the 2nd support at 188.906 corresponds to an overlap support, reinforcing its importance as a potential area of support. The confluence with the 38.20% Fibonacci Retracement and the 100% Fibonacci Projection further strengthens this support zone.

On the resistance side, the 1st resistance level at 191.336 is identified as a swing high resistance, suggesting a historical barrier to upward movement.

USD/CHF:

The USD/CHF chart currently exhibits an overall bullish momentum. In this context, there is a potential scenario for price to rise towards the 1st resistance.

The 1st resistance level at 0.8881 is identified as a multi-swing-high resistance that aligns with the 61.80% Fibonacci Projection level. This level may act as a barrier where selling pressure could increase, potentially limiting upward movement in the short term.

Furthermore, the 2nd resistance at 0.8919 is noted as a resistance that coincides with the 100% Fibonacci Projection level, further reinforcing its importance as a level that could potentially cap the upward movement of prices.

On the support side, the 1st support level at 0.8822 is identified as an overlap support, indicating its historical significance as a level where buying interest has emerged, potentially providing support for the price.

Moreover, the 2nd support at 0.8777 is characterized as a pullback support, reinforcing its importance as a level where buyers have historically intervened to prevent further decline.

USD/JPY:

The USD/JPY chart currently exhibits a neutral bias. In this context, there is a potential scenario for price to fluctuate between the 1st support and the 1st resistance.

The 1st support level at 149.57 is identified as an overlap support, indicating its historical significance as a level where buying interest has emerged, potentially providing support for the price.

Similarly, the 2nd support at 148.81 is also characterized as an overlap support that aligns close to the 38.20% Fibonacci Retracement level, reinforcing its importance as a level where buyers have historically intervened to prevent further decline.

On the resistance side, the 1st resistance level at 150.78 is identified as a pullback resistance. This level may act as a barrier where selling pressure could increase, potentially limiting upward movement in the short term.

Furthermore, the 2nd resistance at 151.40 is noted as a pullback resistance that aligns with the 127.20% Fibonacci Extension level, highlighting a major resistance zone.

USD/CAD:

The USD/CAD chart currently exhibits an overall bullish momentum. However, there is a potential scenario for price to fall towards the 1st support before making a bullish bounce.

The 1st support level at 1.3536 is identified as an overlap support. Further below, the 2nd support level at 1.3490 is marked as a pullback support, reinforcing its significance as a key support level.

To the upside, the 1st resistance level at 1.3614 is identified as a pullback resistance that aligns close to the 127.20% Fibonacci Extension level. Higher up, the 2nd resistance level at 1.3666 is also marked as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 78.60% Projection and the 161.80% Extension, further highlighting its importance as a potential resistance zone.

AUD/USD:

The AUD/USD chart currently exhibits a neutral bias. In this context, there is a potential scenario for price to fluctuate between the 1st support and the 1st resistance.

The 1st support level at 0.6480 is identified as a pullback support that aligns with the 78.60% Fibonacci Retracement level. Further below, the 2nd support level at 0.6452 is marked as a swing-low support, further emphasizing its importance as a potential support zone.

To the upside, the 1st resistance level at 0.6531 is identified as an overlap resistance that aligns with the 50.00% Fibonacci Retracement level. Higher up, the 2nd resistance level at 0.6553 is also noted as an overlap resistance that aligns with the 61.80% Fibonacci Retracement level, further highlighting its importance as a potential resistance zone.

NZD/USD

The NZD/USD chart currently exhibits a neutral bias. In this context, there is a potential scenario for price to fluctuate between the 1st support and the 1st resistance.

The 1st support level at 0.6072 is identified as a pullback support. Further below, the 2nd support level at 0.6047 is also marked as a pullback support, further emphasizing its importance as a potential support zone.

To the upside, the 1st resistance level at 0.6109 is identified as a pullback resistance. Higher up, the 2nd resistance level at 0.6159 is noted as an overlap resistance that aligns close to the 61.80% Fibonacci Retracement level, further highlighting its importance as a potential resistance zone.

DJ30:

The DJ30 chart currently demonstrates a bullish momentum, indicating a potential continuation of the upward trend. Several factors support the possibility of a bullish movement towards the 1st resistance level.

The 1st support at 38517.29 is identified as a pullback support, suggesting a historical level where buying interest may emerge. Additionally, the 2nd support at 38250.66 aligns with a swing low support and the 78.60% Fibonacci Retracement level, further reinforcing its significance as a potential area of support.

On the resistance side, the 1st resistance level at 38772.34 is characterized as an overlap resistance, indicating a historical barrier to upward movement. Furthermore, the 2nd resistance level at 39189.68 corresponds to a swing high resistance, adding to its significance as a potential barrier to further bullish movement.

GER40:

The GER40 chart currently demonstrates a bullish momentum, suggesting a potential continuation of the upward trend. Several factors support the possibility of a bullish movement towards the 1st resistance level.

The 1st support at 17,569.86 is identified as a pullback support aligns with a 23.6% Fibonacci retracement, indicating a historical level where buying interest may emerge. Additionally, the 2nd support at 17,373.04 aligns with a pullback support and the 38.20% Fibonacci Retracement level, further reinforcing its significance as a potential area of support.

On the resistance side, the 1st resistance level at 17,816.98 is characterized as a swing high resistance, suggesting a historical barrier to upward movement. Furthermore, the 2nd resistance level at 17,816.98 corresponds to a swing high resistance, adding to its significance as a potential barrier to further bullish movement.

US500: 

The US500 chart currently demonstrates a bearish momentum, suggesting a potential continuation of the downward trend. Several factors support the possibility of a bearish movement towards the 1st support level.

The 1st support at 5038.94 is identified as a pullback support and aligns with the 50% Fibonacci Retracement level, indicating a significant historical level where buying interest could emerge. Additionally, the 2nd support at 4952.86 corresponds to a swing low support, further reinforcing its importance as a potential area of support.

On the resistance side, the 1st resistance level at 5096.30 is characterized as a swing high resistance, suggesting a historical barrier to upward movement. Furthermore, the 2nd resistance level at 5138.44 also corresponds to a swing high resistance, adding to its significance as a potential barrier to further bullish movement.

BTC/USD:

The BTC/USD chart currently maintains a bullish momentum, suggesting a potential drop to the 1st support level in the short term before bouncing from there and rising to the 1st resistance level.

The identified support levels are strategically positioned to potentially mitigate downward movements. The 1st support at 59034.37 aligns with an overlap support and the 38.20% Fibonacci Retracement, indicating a significant historical level where buying interest could emerge. Additionally, the 2nd support at 52753.80 corresponds to a pullback support and the 50% Fibonacci Retracement, further reinforcing its potential as a support zone. The intermediate support at 62977.00 is also identified as a pullback support, adding another layer of potential reinforcement.

On the resistance side, the 1st resistance level at 69100.19 is characterized as a swing high resistance, suggesting a historical barrier to upward movement.

ETH/USD: 

The ETH/USD chart currently demonstrates a bullish momentum, supported by several factors contributing to its upward movement.

Price is backed by a bullish continuation sentiment, with potential for further upward movement towards the 1st resistance level.

The identified support levels provide strategic zones where buying interest could emerge. The intermediate support at 3469.32 serves as a pullback support, indicating a significant historical level where buyers may enter the market. Additionally, the 1st support at 3030.67 aligns with an overlap support and the 50% Fibonacci Retracement level, adding further strength to this support zone. The 2nd support at 2668.68 also contributes to the overall bullish sentiment.

On the resistance side, the 1st resistance level at 3980.79 is characterized by an overlap resistance, suggesting a historical barrier to upward movement.

WTI/USD:

The WTI (West Texas Intermediate) oil chart currently exhibits an overall bullish momentum. In this context, there is a potential scenario for price to make a bullish bounce off the 1st support before rising towards the 1st resistance.

The 1st support level at 78.09 is identified as an overlap support that aligns with the 61.80% Fibonacci Retracement level. Further below, the 2nd support level at 76.26 is marked as a pullback support that aligns with the 50.00% Fibonacci Retracement level, reinforcing its significance as a key support level.

To the upside, the 1st resistance level at 80.79 is identified as an overlap resistance. Higher up, the 2nd resistance level at 82.33 is marked as a pullback resistance, further highlighting its importance as a potential resistance zone.

XAU/USD (GOLD):

The Gold (XAU/USD) chart currently shows an overall bullish momentum. However, there is a potential scenario for price to retreat away from the 1st resistance and fall towards the 1st support.

The 1st resistance level at 2,143.85 is identified as a swing-high resistance. This level could act as a barrier where selling pressure may increase, potentially limiting the upward movement in the short term.

Moreover, the 2nd resistance level at 2,190.87 serves as a resistance that aligns with the 127.20% Fibonacci Extension level, indicating its significance as a level where selling interest may intensify.

On the support side, the 1st support level at 2,088.46 is considered a pullback support that aligns close to the 38.20% Fibonacci Retracement level, suggesting its significance as a level where buyers could potentially step in to halt the downward movement.

Additionally, the 2nd support level at 2,057.03 also serves as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 50.00% Retracement and the 78.60% Projection. This level further underscores its potential as a strong area of support.

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