{"id":69720,"date":"2024-05-13T14:25:09","date_gmt":"2024-05-13T04:25:09","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=69720"},"modified":"2024-05-13T14:25:11","modified_gmt":"2024-05-13T04:25:11","slug":"monday-13th-may-2024-technical-outlook-and-review","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/monday-13th-may-2024-technical-outlook-and-review\/","title":{"rendered":"Monday 13th May 2024: Technical Outlook and Review"},"content":{"rendered":"\n

DXY (US Dollar Index):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Factors contributing to the momentum are that the price is in a bullish ascending channel.<\/p>\n\n\n\n

Price could potentially make a bullish bounce off pivot and head towards 1st resistance.<\/p>\n\n\n\n

Pivot: 104.99<\/p>\n\n\n\n

Supporting reasons: An Overlap support, coinciding with the 61.80% Fibonacci Projection.<\/p>\n\n\n\n

1st support: 104.03<\/p>\n\n\n\n

Supporting reasons: Swing low support, indicating a level where buyers might step in to support the price.<\/p>\n\n\n\n

1st resistance: 106.48<\/p>\n\n\n\n

Supporting reasons: Multi-swing high resistance, suggesting a significant level where selling pressure might intensify, also coinciding with the 161.80% Fibonacci Extension.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

EUR\/USD:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bearish<\/p>\n\n\n\n

Factors contributing to the momentum are that the price is below the bearish Ichimoku cloud.<\/p>\n\n\n\n

Price could potentially make a bearish reaction off pivot and drop to 1st support.<\/p>\n\n\n\n

Pivot: 1.0798<\/p>\n\n\n\n

Supporting reasons: An Overlap resistance, indicating a significant level where selling pressure might intensify.<\/p>\n\n\n\n

1st support: 1.0728<\/p>\n\n\n\n

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price.<\/p>\n\n\n\n

1st resistance: 1.0857<\/p>\n\n\n\n

Supporting reasons: An Overlap resistance, coinciding with the 61.80% Fibonacci Retracement level, which could act as a barrier to further upside movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

EUR\/JPY:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price could potentially make a bearish reaction off pivot and drop to 1st support.<\/p>\n\n\n\n

Pivot: 169.28<\/p>\n\n\n\n

Supporting reasons: An Overlap resistance, indicating a significant level where selling pressure might intensify.<\/p>\n\n\n\n

1st support: 164.50<\/p>\n\n\n\n

Supporting reasons: Swing low support, suggesting a level where buyers might step in to support the price.<\/p>\n\n\n\n

1st resistance: 171.62<\/p>\n\n\n\n

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

<\/h1>\n\n\n\n

EUR\/GBP:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price could potentially make a bullish bounce off pivot and head towards 1st resistance.<\/p>\n\n\n\n

Pivot: 0.8582<\/p>\n\n\n\n

Supporting reasons: Pullback support, suggesting a level where buyers might enter the market.<\/p>\n\n\n\n

1st support: 0.8528<\/p>\n\n\n\n

Supporting reasons: Multi-swing low support, indicating a level where buying interest has previously been strong.<\/p>\n\n\n\n

1st resistance: 0.8644<\/p>\n\n\n\n

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

GBP\/USD:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bearish<\/p>\n\n\n\n

Factors contributing to the momentum: Price is below the bearish Ichimoku cloud.<\/p>\n\n\n\n

Price could potentially make a bearish reaction off pivot and drop to 1st support.<\/p>\n\n\n\n

Pivot: 1.2564<\/p>\n\n\n\n

Supporting reasons: Multi-swing high resistance, indicating a significant level where selling pressure might intensify.<\/p>\n\n\n\n

1st support: 1.2455<\/p>\n\n\n\n

Supporting reasons: An Overlap support, suggesting a level where buying interest could emerge.<\/p>\n\n\n\n

1st resistance: 1.2710<\/p>\n\n\n\n

Supporting reasons: An Overlap resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

GBP\/JPY:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price could potentially make a bearish reaction off pivot and drop to 1st support.<\/p>\n\n\n\n

Pivot: 196.19<\/p>\n\n\n\n

Supporting reasons: Pullback resistance, coinciding with the 50% Fibonacci Retracement level, indicating a potential area of selling pressure.<\/p>\n\n\n\n

1st support: 191.83<\/p>\n\n\n\n

Supporting reasons: Swing low support, suggesting a level where buyers might step in to support the price.<\/p>\n\n\n\n

1st resistance: 200.60<\/p>\n\n\n\n

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

<\/h1>\n\n\n\n

USD\/CHF:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Factors contributing to the momentum is that price is: Above the bullish Ichimoku cloud<\/p>\n\n\n\n

Price could potentially make a bullish bounce off pivot and head towards 1st resistance.<\/p>\n\n\n\n

Pivot: 0.8997<\/p>\n\n\n\n

Supporting reasons: Multi-swing low support, indicating a level where buyers might be interested in entering the market.<\/p>\n\n\n\n

1st support: 0.8898<\/p>\n\n\n\n

Supporting reasons: Pullback support, suggesting a level where buyers could potentially step in to support the price.<\/p>\n\n\n\n

1st resistance: 0.9214<\/p>\n\n\n\n

Supporting reasons: Multi-swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

USD\/JPY:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Factors contributing to the momentum is that price is: Within the bullish Ichimoku cloud<\/p>\n\n\n\n

Price could potentially make a bearish reaction off pivot and drop to 1st support.<\/p>\n\n\n\n

Pivot: 156.26<\/p>\n\n\n\n

Supporting reasons: Pullback resistance, indicating a level where selling pressure might intensify.<\/p>\n\n\n\n

1st support: 151.77<\/p>\n\n\n\n

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price.<\/p>\n\n\n\n

1st resistance: 158.48<\/p>\n\n\n\n

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

USD\/CAD:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price has made a bullish reaction off the pivot and could potentially rise towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 1.3630<\/p>\n\n\n\n

Supporting reasons: Acts as an overlap support, suggesting a significant area where buying interests have increased recently.<\/p>\n\n\n\n

1st support: 1.3435<\/p>\n\n\n\n

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 interests to potentially halt any further downward movement.<\/p>\n\n\n\n

1st resistance: 1.3828<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance, marking a significant barrier that could cap further upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

AUD\/USD:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Neutral<\/p>\n\n\n\n

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support.<\/p>\n\n\n\n

Pivot: 0.6626<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback resistance that aligns with a 50% Fibonacci retracement level, suggesting an area where selling pressures have intensified recently.<\/p>\n\n\n\n

1st support: 0.6471<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where price has found strong support in the past to provide a basis to halt further downward movement.<\/p>\n\n\n\n

1st resistance: 0.6762<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement level, marking a barrier that has previously capped upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

NZD\/USD<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Neutral<\/p>\n\n\n\n

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support.<\/p>\n\n\n\n

Pivot: 0.6059<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback resistance that align close to a 61.8% Fibonacci retracement level, suggesting an area where selling pressures have intensified recently.<\/p>\n\n\n\n

1st support: 0.5872<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support, suggesting a potential area where price has found strong support in the past to provide a basis to halt further downward movement.<\/p>\n\n\n\n

1st resistance: 0.6197<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance, marking a barrier that has previously capped upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

US30 (DJIA):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.<\/p>\n\n\n\n

Pivot: 39,862.17<\/p>\n\n\n\n

Supporting reasons: Identified as a ppullback resistance that aligns close to the all-time high.<\/p>\n\n\n\n

1st support: 38,560.25<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap support, suggesting a significant area where price could find strong buying interest to could provide a solid foundation to halt further downward movement.<\/p>\n\n\n\n

1st resistance: 40,802.68<\/p>\n\n\n\n

Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension level, indicating a potential barrier that could cap any upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

<\/h1>\n\n\n\n

DE40 (DAX):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.<\/p>\n\n\n\n

Pivot: 18,894.01<\/p>\n\n\n\n

Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension level.<\/p>\n\n\n\n

1st support: 18,534.90<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support, suggesting an area where buying interests could pick up to halt further downward movement.<\/p>\n\n\n\n

1st resistance: 19,305.62<\/p>\n\n\n\n

Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension level, potentially functioning as a barrier that could cap any upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

US500 (S&P 500): <\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.<\/p>\n\n\n\n

Pivot: 5,263.47<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance that aligns close to the all-time high.<\/p>\n\n\n\n

1st support: 5,117.70<\/p>\n\n\n\n

Supporting reasons: Acts as an overlap support, suggesting a significant area where buying interests could increase for a potential rebound in price.<\/p>\n\n\n\n

1st resistance: 5,381.06<\/p>\n\n\n\n

Supporting reasons: Acts as resistance that aligns with a 127.2% Fibonacci extension level, suggesting a significant area where selling pressures could intensify.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

BTC\/USD (Bitcoin):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Neutral<\/p>\n\n\n\n

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 58,252.12<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement level, suggesting an area where buying interests could increase.<\/p>\n\n\n\n

1st support: 50,744.70<\/p>\n\n\n\n

Supporting reasons: Acts as an overlap support that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movements.<\/p>\n\n\n\n

1st resistance: 66,836.40<\/p>\n\n\n\n

Supporting reasons: Marked by a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a significant barrier that could cap further upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

ETH\/USD (Ethereum):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bearish<\/p>\n\n\n\n

Price is trading close to the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 2,924.71<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where buying interests could increase.<\/p>\n\n\n\n

1st support: 2,602.49<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement level, suggesting a significant area which could provide a strong foundation to halt further downward movements.<\/p>\n\n\n\n

1st resistance: 3,283.31<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

<\/h1>\n\n\n\n

WTI\/USD (Oil):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bearish<\/p>\n\n\n\n

Price is trading close to the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 77.77<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting a significant area where buying interests have increased recently.<\/p>\n\n\n\n

1st support: 72.31<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement level, suggesting a significant area where price has previously found strong buying interest recently and could provide a solid foundation to halt further downward movements.<\/p>\n\n\n\n

1st resistance: 82.60<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

XAU\/USD (GOLD):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price could potentially make a bearish reaction off pivot and drop to 1st support.<\/p>\n\n\n\n

Pivot: 2361.00<\/p>\n\n\n\n

Supporting reasons: An Overlap resistance combined with the 61.80% Fibonacci Retracement, indicating a significant level where selling pressure might intensify.<\/p>\n\n\n\n

1st support: 2285.61<\/p>\n\n\n\n

Supporting reasons: Multi-swing low support, suggesting a level where buyers might step in to support the price.<\/p>\n\n\n\n

1st resistance: 2432.67<\/p>\n\n\n\n

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

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Multi-swing high resistance, suggesting a significant level where selling pressure might intensify, also coinciding with the 161.80% Fibonacci Extension.<\/p>\n","protected":false},"author":8,"featured_media":61362,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[340,216,215,339,195],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/69720"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=69720"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/69720\/revisions"}],"predecessor-version":[{"id":69721,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/69720\/revisions\/69721"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/61362"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=69720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=69720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=69720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}