{"id":71548,"date":"2024-08-20T13:52:42","date_gmt":"2024-08-20T03:52:42","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=71548"},"modified":"2024-08-20T13:52:45","modified_gmt":"2024-08-20T03:52:45","slug":"tuesday-20th-august-2024-technical-outlook-and-review","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/tuesday-20th-august-2024-technical-outlook-and-review\/","title":{"rendered":"Tuesday 20th August 2024: Technical Outlook and Review"},"content":{"rendered":"\n<h1><strong>DXY (US Dollar Index):<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bullish<br \/>Overall momentum of the chart: Bearish<\/p>\n\n\n\n<p>Price could potentially make a bullish bounce off the pivot and head towards the 1st resistance.<\/p>\n\n\n\n<p>Pivot: 101.42<br \/>Supporting reasons: Identified as an overlap support that aligns close to a 161.8% Fibonacci extension level, indicating a potential area where buying interests could pick up to stage a minor rebound.<\/p>\n\n\n\n<p>1st support: 100.71<br \/>Supporting reasons: Identified as swing-low support, suggesting a significant area where previous declines have been halted.<\/p>\n\n\n\n<p>1st resistance: 102.29<br \/>Supporting reasons: Identified as an overlap resistance, indicating a level that could halt any upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdr7i6Sd9LDorLzEUOW9NuE-YAjoY7fnxbYShqAkD2EVq3Bba-RyDCcyYV_Jhr0ngt17rSQlM2-y5a9ENXr3wSH478RSjnPQbQ987k97CrVaxVW6p-zn6TQhShtl7A1T7GpYY6C6JpZxIQLwtfbSwITwUQ6?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>EUR\/USD:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Bullish<\/p>\n\n\n\n<p>Price could potentially make a bearish reaction off the pivot and drop to the 1st support.<\/p>\n\n\n\n<p>Pivot: 1.1122<br \/>Supporting reasons: Identified as a swing-high resistance that aligns close to a 100% Fibonacci projection level, suggesting a significant level where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 1.1019<br \/>Supporting reasons: Identified as a pullback support, indicating a potential area where price could find support.<\/p>\n\n\n\n<p>1st resistance: 1.1251<br \/>Supporting reasons: Identified as a swing-high resistance, representing a level where previous bullish advances have faced selling pressure, making it a key level to watch if the price continues to rise.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXe8oXk_CFCEiBbQrAgMM1q8nuxOuKgMMxvgaO0CKka5NE9chhtmAGo-ukCZ29bD6TM0czfnKCdRL67gz7o-M6Bze1G7_KA-dPpsG1-TzAyO2Q5ToA1flEx7s5YqoZ0qg0wNZCn0ULYdJKNZPJ3joQpa5UPH?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>EUR\/JPY:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Neutral<\/p>\n\n\n\n<p>Price could potentially make a bearish reaction off the pivot and drop to the 1st support.<\/p>\n\n\n\n<p>Pivot: 164.05<br \/>Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement level, indicating a significant area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 159.55<br \/>Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement level, marking an area where previous declines have stabilized.<\/p>\n\n\n\n<p>1st resistance: 167.59<br \/>Supporting reasons: Identified as pullback resistance that aligns close to 61.8% Fibonacci retracement level, suggesting a significant level where bullish attempts may face selling pressure.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXf50DmLF9mUMCfWq0uuTKhOqlPPg3Ac34ZpblfJ6UdFaun5wbQF6Ku60YZMrkOz9FXRGLEGKHNO53OJp6usKKuFMZCbAtWRQ3yBE23fD1I7JvH2fcplL7qDb-o-IxmbJwwL3z6QKPzBDqg_LHTbiREg278?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>EUR\/GBP:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Neutral<\/p>\n\n\n\n<p>Price could potentially make a bearish reaction off the pivot and drop to the 1st support.<\/p>\n\n\n\n<p>Pivot: 0.8584<br \/>Supporting reasons: Identified as an overlap resistance, suggesting a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 0.8508<br \/>Supporting reasons: Identified as pullback support that aligns close to a 50% Fibonacci retracement level, indicating a key level where the price could find strong support.<\/p>\n\n\n\n<p>1st resistance: 0.8619<br \/>Supporting reasons: Identified as a pullback resistance, marking a significant area where bullish movements may encounter selling pressure.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXefQN6hn7iw1N5Mz7mODPv8Y7u9Z7wHRey2bE-tzyfZZ5ytXaLlH9RbZ4zHYfxZcAUuiHnCfImUaPuJOa3gwiyZEaxSh02t8RM7Rpp2j4Ufvm8uKC8Cfrr-2XQN0Z1-Q8mKMBlCZWYqNIho6XqL0XsxFvmL?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>GBP\/USD:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bullish<br \/>Overall momentum of the chart: Bullish<\/p>\n\n\n\n<p>Price could potentially make a bullish reaction off the pivot and rise to the 1st resistance.<\/p>\n\n\n\n<p>Pivot: 1.2950<br \/>Supporting reasons: Identified as pullback support, suggesting a potential area where buying interests could pick up to resume the uptrend.<\/p>\n\n\n\n<p>1st support: 1.2885<br \/>Supporting reasons: Identified as pullback support that aligns close to a 38.2% Fibonacci retracement level, indicating a significant area where price may find support after a decline.<\/p>\n\n\n\n<p>1st resistance: 1.3032<br \/>Supporting reasons: Identified as a swing-high resistance, marking a level where bullish movements may encounter selling pressure.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXerfYIentjsZQjzVZ5R_tvy3l5qdlutmqYeXLw2P9_sKVNrlzat5Dz4WPWn56tL6JHmPvoPJmim7YoJUDLvpqp8qPJrGi8DNg42LFgxmCEDfMNEDHpeVC3NRffAIDGKVG5HPMlYpGdzcs99l3qUJ9PgnA8K?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>GBP\/JPY:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Neutral<\/p>\n\n\n\n<p>Price could potentially make a bearish reversal off the pivot and drop towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 193.25<br \/>Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, indicating a potential level where the price might face selling pressure.<\/p>\n\n\n\n<p>1st support: 187.04<br \/>Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, marking a significant area where previous declines have found support.<\/p>\n\n\n\n<p>1st resistance: 198.80<br \/>Supporting reasons: Identified as pullback resistance that aligns close to a 61.80% Fibonacci retracement level, suggesting a potential reversal point where bullish attempts may falter.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcQjd_FgAQ0fziZmyiU9QhFXKhQovtDwxF4uBt4Q5RSTFCEcUPW9qI0bgaK6XZz11YAoueJTx0CIsEB8DVJFDvShtcY3cNo4YdNyqwYM-S28sRZrOAbY_0d80ywW9bjsYWCkODUW5SqhfqJR_hNaGrPJgFN?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>USD\/CHF:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bullish<br \/>Overall momentum of the chart: Neutral<\/p>\n\n\n\n<p>Price could potentially make a bullish bounce off the pivot and rise towards the 1st resistance.<\/p>\n\n\n\n<p>Pivot: 0.8585<br \/>Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, indicating a potential level where buying interests could pick up.<\/p>\n\n\n\n<p>1st support: 0.8503<br \/>Supporting reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement level, marking a significant area where previous declines have found support.<\/p>\n\n\n\n<p>1st resistance: 0.8730<br \/>Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, suggesting a potential reversal point where bullish attempts may struggle.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXds1sK3mKwBU6QjUhkXLtY4MZF6K1V72QURSmf8mdg8crUSFc-F_6fjVxBbZKr1xu_YyC0TANJ72bFNQdzK9OzvBhnyICT1-e_rvH9F5bIW04woIg1LktpWHR6cJM40fYszlrBB5NHs9OsJkBil0UOaWgg?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>USD\/JPY:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Neutral<\/p>\n\n\n\n<p>Price could potentially make a bearish reaction off the pivot and drop to the 1st support.<\/p>\n\n\n\n<p>Pivot: 149.34<br \/>Supporting reasons: Identified as an overlap resistance that aligns with a 38.2% Fibonacci retracement level, indicating a potential level where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 144.27<br \/>Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area where previous price declines have found buying interest.<\/p>\n\n\n\n<p>1st resistance: 152.32<br \/>Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, marking a potential area where bullish attempts might face selling pressure.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdRGd7qIWPyLMsOM5aGz1fQK7c5T4NKS5wFKckVhtXb9fzOXoqL7PSKgXqCQ2B7LKq8i1gBhjV9XMknXpoC7krDZyjx_MWVoTZrTVHXyskUdT2anOybW5smim6J0TG50LxD8BV-FX1vL1zM5sTM3yaFr9f6?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>USD\/CAD:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bullish<br \/>Overall momentum of the chart: Bearish<\/p>\n\n\n\n<p>Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.<\/p>\n\n\n\n<p>Pivot: 1.3602<br \/>Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a minor rebound.<\/p>\n\n\n\n<p>1st support: 1.3466<br \/>Supporting reasons: Identified as a pullback support that aligns close to a 127.2% Fibonacci extension level, indicating a potential area where price could find strong support.<\/p>\n\n\n\n<p>1st resistance: 1.3674<br \/>Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcXnFPa7XC6PAZDAfWCUJffIfLPDzRzHvMptpqnyhh9tybk8-e35hlsWpr-pLy9AhDq4_IBQ4MJ5EQJTDeLSsHmDJ6Phw3IRwnv8H6qV-XsS98-KrvMn2-iypw7G3ZYKnG55N7zXmd9TPwqr7Et20d418qk?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>AUD\/USD:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Bullish<\/p>\n\n\n\n<p>Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 0.6752<br \/>Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 0.6701<br \/>Supporting reasons: Identified as an overlap support, suggesting a potential area where price could find support.<\/p>\n\n\n\n<p>1st resistance: 0.6790<br \/>Supporting reasons: Identified as a swing-high resistance, indicating a significant area that could halt further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcjY2SCu70amuEUsep3VcO_9VTAG67sHZgbrhW994BRcTc8gLXCcxLht4RJGiRtnNH5AxOCjhZuS-0WjQpTwxd-C8qtRu56FunYqSLC6KjcOOv0jNWHX6wAA7VM3uC2KpUOCq58FJ2vRYe3oYTzJXlhTcvc?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>NZD\/USD<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Bullish<\/p>\n\n\n\n<p>Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 0.6148<br \/>Supporting reasons: Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% retracement and the 161.8% extension levels, indicating a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 0.6080<br \/>Supporting reasons: Identified as a pullback support, suggesting a potential area where price could find strong support.<\/p>\n\n\n\n<p>1st resistance: 0.6216<br \/>Supporting reasons: Identified as a swing-high resistance, indicating a significant area that could halt further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXeKAnvYZwJpZJqdM2ecma023z8y6TRpqV8K1diT_-jWZy3pitrNW6FPDSS9Zb-ls-qKsN5FGd-r6WTFdYfcpH8BvwCBcOlNngI9CnPUhiZ0X79oUc5XYCZKqeqSkKLH7KQNYQgTHmmYgJQYxWKcb6eDoRs?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><\/h1>\n\n\n\n<h1><strong>US30 (DJIA):<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<\/p>\n\n\n\n<p>Overall Momentum of the Chart: Bullish<\/p>\n\n\n\n<p>Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 41,042.19<\/p>\n\n\n\n<p>Supporting reasons: Identified as a pullback resistance, suggesting a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st Support: 40,475.26<\/p>\n\n\n\n<p>Supporting Reasons: Identified as an overlap support, suggesting a potential area where price could find support.<\/p>\n\n\n\n<p>1st Resistance: 41,352.92<\/p>\n\n\n\n<p>Supporting Reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a significant area that could halt further upward movement.<\/p>\n\n\n\n<h1><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfmli9AuLlQFAHIX6AK4HAhF3hbXG7tnplO8s3JOfPRhPCoxtvdpk0F4ctThx80Uu-LBrLMQFyKoFHEBnAuYWyq6Wa1FbqWXCw82Xw_tqOOWfsDiG9sW0umqbjizcju0BHMQIeY3xuYB-nyBjjcHBLxThFf?key=kpERtI4jyQ4fAVVlAseBiA\" width=\"1501\" height=\"857\"\/><\/h1>\n\n\n\n<h1><strong>DE40 (DAX):<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<\/p>\n\n\n\n<p>Overall Momentum of the Chart: Bullish<\/p>\n\n\n\n<p>Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 18,593.70<\/p>\n\n\n\n<p>Supporting reasons: Identified as a pullback resistance, suggesting a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st Support: 18,250.70<\/p>\n\n\n\n<p>Supporting Reasons: Identified as a pullback support, indicating a potential area where price could find support.<\/p>\n\n\n\n<p>1st Resistance: 18,808.10<\/p>\n\n\n\n<p>Supporting Reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXe34Qf2jOlNxovRq9ZwpSC-dGe0hfkeA4asqIyejSvV7KvR0X3HdAchTlKHMwx-3XuXNL_2n2cPV-VfFK5O3fJ7BbalfplCMSpS4S5LjtVctiMmtV7ZO9qujBBP21JFITYtDWpBanqWlpCvparkL51Xdws?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>US500 (S&amp;P 500):&nbsp;<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<\/p>\n\n\n\n<p>Overall Momentum of the Chart: Bullish<\/p>\n\n\n\n<p>Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 5,673.33<\/p>\n\n\n\n<p>Supporting reasons: Identified as a swing-high resistance that aligns close to a 127.2% Fibonacci extension level, suggesting a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 5,496.71<\/p>\n\n\n\n<p>Supporting reasons: Identified as an overlap support, suggesting a potential area where price could find support.<\/p>\n\n\n\n<p>1st resistance: 5,828.55<\/p>\n\n\n\n<p>Supporting reasons: Identified as a resistance that aligns with a 127.2% extension Fibonacci level, suggesting a critical area that could halt further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdDQGgz3YRGyXSiMErXkAlh41zg1HH3FqCY_e5XOLLgMBQbQOzaV8eFBrF8LBb5-JnLo7rFzHAmrG-dE8VmL2GZwel4iZOl-gb_AoFERseyqK-yHnwoH6VT0j4FJUaOl_3E6wtaEgkSQVX-BJ4jgsxpC2E?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>BTC\/USD (Bitcoin):<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<\/p>\n\n\n\n<p>Overall momentum of the chart: Neutral<\/p>\n\n\n\n<p>Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 61,687.65<\/p>\n\n\n\n<p>Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 57,039.06<\/p>\n\n\n\n<p>Supporting reasons: Identified as a pullback support, indicating a significant area where price has found support in the past.<\/p>\n\n\n\n<p>1st resistance: 65,483.09<\/p>\n\n\n\n<p>Supporting reasons: Identified as an overlap resistance that aligns with a 78.6% Fibonacci retracement level, indicating a potential barrier that could halt further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfELvy3gBsejrTU5RYX0kSV7NISpVByt61e5zXvw2brbDjjDxXkHRCut0YBYomvoOGhJVe9aZwhJMGKhrri_v-v4TbNKTYgeR3HNs0M-SwukeYjsiuVy9iBrsqHO8I4x1Z5FTNuowUgvTtlPAxX_R5EONA3?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>ETH\/USD (Ethereum):<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<\/p>\n\n\n\n<p>Overall momentum of the chart: Neutral<\/p>\n\n\n\n<p>Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 2,805.94<\/p>\n\n\n\n<p>Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st Support: 2,523.64<\/p>\n\n\n\n<p>Supporting Reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement level, indicating a potential area where price could find support.<\/p>\n\n\n\n<p>1st Resistance: 3,104.48<\/p>\n\n\n\n<p>Supporting Reasons: Identified as a pullback resistance, indicating a historical barrier where that could halt further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcx6DsWl8lB8CxGnZdV39leFGdoZRbddWDVtCi4V8Dg8h0jkKPeJHr0ONpUGagxbSJbw3nlgy5uUNPiH7SvEvxHU_Xs65F8pm85f3K18ceMUh-Cz9ZwBnBR6wZ2pXJRw3Le0xrF83hmjcc8w32dsNr2Dto?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><\/h1>\n\n\n\n<h1><strong>WTI\/USD (Oil):<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bullish<\/p>\n\n\n\n<p>Overall Momentum of the Chart: Bearish<\/p>\n\n\n\n<p>Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.<\/p>\n\n\n\n<p>Pivot: 72.61<\/p>\n\n\n\n<p>Supporting Reasons: Identified as a swing-low support that aligns close to a 100% Fibonacci projection level, indicating a potential area where buying interests could pick up to stage a minor rebound.<\/p>\n\n\n\n<p>1st Support: 70.31<\/p>\n\n\n\n<p>Supporting Reasons: Identified as a pullback support that aligns with a 127.2% Fibonacci extension level, indicating a significant area where price has found support in the past.<\/p>\n\n\n\n<p>1st Resistance: 75.21<\/p>\n\n\n\n<p>Supporting Reasons: Identified as an overlap resistance, indicating a potential barrier that could halt further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXc5Vl79bDxyVbfo8MK63yJ7YJjCLazS6FqoXf7X1Mm4cX6WJh64WK_rCN_Xh3QRFPvTCNzOF-gcsbPr-koXRHtzP3ZFB5ZtpIbeLDqYb7DjHCoJHu3mFhRLoCD3FK5A-oGybfIv8p7-g6IQtReclawcIAtu?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<h1><\/h1>\n\n\n\n<h1><strong>XAU\/USD (GOLD):<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Bullish<\/p>\n\n\n\n<p>Price is trading close to the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 2,508.14<br \/>Supporting reasons: Identified as pullback resistance that aligns with a 127.2% Fibonacci extension level, indicating a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 2,483.48<br \/>Supporting reasons: Identified as pullback support that aligns close to a 38.2% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a rebound.<\/p>\n\n\n\n<p>1st resistance: 2,547.78<br \/>Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension level, indicating a significant area where the price could encounter strong resistance.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfn5ozu9aBuGzpW8uFS_UmzSkWoKulE_OKTRLBLTju4_MkBUD4I9Eu1VcGSPVvdaukxuE2GugO29OXgt-_NNrbrXDq9N_PkwKO-FWf6j4kjQJESUv1Mn9snt7h9bxwOULEDlguEfdqoulvI87KgMw1-Ep7a?key=kpERtI4jyQ4fAVVlAseBiA\" alt=\"\"\/><\/figure>\n\n\n\n<p>The accuracy, completeness and timeliness of the information contained on this site cannot be guaranteed. IC Markets does not warranty, guarantee or make any representations, or assume any liability regarding financial results based on the use of the information in the site.<\/p>\n\n\n\n<p>News, views, opinions, recommendations and other information obtained from sources outside of www.icmarkets.com, used in this site are believed to be reliable, but we cannot guarantee their accuracy or completeness. All such information is subject to change at any time without notice. IC Markets assumes no responsibility for the content of any linked site.<\/p>\n\n\n\n<p>The fact that such links may exist does not indicate approval or endorsement of any material contained on any linked site. IC Markets is not liable for any harm caused by the transmission, through accessing the services or information on this site, of a computer virus, or other computer code or programming device that might be used to access, delete, damage, disable, disrupt or otherwise impede in any manner, the operation of the site or of any user\u2019s software, hardware, data or property.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Identified as an overlap support that aligns close to a 161.8% Fibonacci extension level, indicating a potential area where buying interests could pick up to stage a minor rebound.<\/p>\n","protected":false},"author":8,"featured_media":60835,"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\/71548"}],"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=71548"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71548\/revisions"}],"predecessor-version":[{"id":71549,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71548\/revisions\/71549"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/60835"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=71548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=71548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=71548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}