ICMarket

Wednesday 15th May 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could make a bearish continuation towards the 1st support.

Pivot: 105.41
Supporting reasons: An overlap resistance is identified at this level, suggesting a significant area of potential selling pressure.

1st support: 104.60
Supporting reasons: An overlap support is observed here, indicating a level where buyers may step in to support the price.

1st resistance: 105.93
Supporting reasons: Another overlap resistance is noted, potentially acting as a barrier to further upward movement.

EUR/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially make a bearish reaction off the pivot and drop to the 1st support.

Pivot: 1.0822
Supporting reasons: An overlap resistance is identified at this level, coinciding with the 78.60% Fibonacci retracement, suggesting a strong resistance area.

1st support: 1.0727
Supporting reasons: An overlap support is observed here, indicating a level where buyers may step in to support the price.

1st resistance: 1.0885
Supporting reasons: A swing high resistance is noted here, further reinforced by the 100% Fibonacci projection, indicating a potential barrier to further upward movement.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially make a bearish reaction off the pivot and drop to the 1st support.

Pivot: 169.41
Supporting reasons: A swing high resistance is observed at this level, indicating a significant barrier to upward movement.

1st support: 167.35
Supporting reasons: An overlap support is identified here, suggesting a level where buyers may intervene to support the price.

1st resistance: 171.58
Supporting reasons: Another swing high resistance is noted here, reinforcing the potential resistance level and indicating a possible barrier to further upward movement.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off the pivot and head towards the 1st resistance.

Pivot: 0.8581
Supporting reasons: Identified as a pullback support level, coinciding with the 38.20% Fibonacci Retracement, indicating a potential area where buyers might step in.

1st support: 0.8564
Supporting reasons: Noted as an overlap support level, also aligned with the 61.80% Fibonacci Retracement, suggesting a significant level where buying interest may strengthen.

1st resistance: 0.6813
Supporting reasons: Recognized as a multi-swing high resistance, indicating a historical level where selling pressure may increase, potentially acting as a barrier to further upward movement.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off the pivot and drop to the 1st support.

Pivot: 1.2609
Supporting reasons: Identified as swing high resistance, coinciding with the 100% Fibonacci Projection, indicating a potential area where selling pressure may intensify.

1st support: 1.2472
Supporting reasons: Noted as an overlap support level, suggesting a significant area where buying interest may emerge, potentially providing a floor for price movement.

1st resistance: 1.2695
Supporting reasons: Recognized as an overlap resistance level, indicating a historical area where selling pressure may increase, potentially acting as a barrier to further upward movement.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially experience a bearish reaction off the pivot and decline towards the 1st support.

Pivot: 197.45
Supporting reasons: Identified as swing high resistance, coinciding with the 61.80% Fibonacci Retracement, indicating a potential area where selling pressure may intensify.

1st support: 193.92
Supporting reasons: Noted as an overlap support level, suggesting a significant area where buying interest may emerge, potentially providing a floor for price movement.

1st resistance: 200.64
Supporting reasons: Recognized as swing high resistance, indicating a historical area where selling pressure may increase, potentially acting as a barrier to further upward movement.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially continue its bearish movement towards the 1st support.

Pivot: 0.9097
Supporting reasons: Identified as an overlap resistance level, coinciding with the 38.20% Fibonacci Retracement, suggesting a significant area where selling pressure may be present.

1st support: 0.9019
Supporting reasons: Recognized as a multi-swing low support, indicating a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 0.9152
Supporting reasons: Noted as a pullback resistance, suggesting a level where selling pressure may intensify, potentially hindering further upward movement.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price could potentially continue its bearish movement towards the 1st support.

Pivot: 156.47
Supporting reasons: Identified as an overlap resistance level, coinciding with the 78.60% Fibonacci Retracement, suggesting a significant area where selling pressure may be present.

1st support: 153.37
Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 158.40
Supporting reasons: Noted as a swing high resistance, suggesting a level where selling pressure may intensify, potentially hindering further upward movement.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 1.3628

Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area where price has found strong support in the past to stage a potential rebound.

1st support: 1.3562

Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement level, suggesting an area where price has found strong buying interests in the past to potentially halt any further downward movement.

1st resistance: 1.3687

Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

AUD/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support.

Pivot: 0.6648

Supporting reasons: Acts as a multi-swing-high resistance, suggesting an area where selling pressures have intensified in the past.

1st support: 0.6593

Supporting reasons: Acts as a pullback support, suggesting a significant area where price has found strong support recently to provide a basis to halt further downward movement.

1st resistance: 0.6693

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci projection level, marking a barrier that has previously capped upward movements.

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support.

Pivot: 0.6073

Supporting reasons: Acts as a swing-high resistance, suggesting an area where selling pressures have intensified in the past.

1st support: 0.6005

Supporting reasons: Acts as a pullback support, suggesting a potential area where price has found strong support recently to provide a basis to halt further downward movement.

1st resistance: 0.6106

Supporting reasons: Identified as a swing-high resistance that aligns close to a 78.6% Fibonacci projection level, marking a barrier that has previously capped upward movements.

US30 (DJIA):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 39,412.72

Supporting reasons: Identified as an overlap support where price could stage a rebound to climb higher.

1st support: 39,087.82

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

1st resistance: 39,993.29

Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 18,704.90

Supporting reasons: Identified as a pullback, suggesting a significant area where buying interests could pick up.

1st support: 18,528.90

Supporting reasons: Acts as a pullback support that aligns close to a 23.6% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movement.

1st resistance: 18,893.93

Supporting reasons: Identified as a resistance that aligns with the 127.2% Fibonacci extension level, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.

Pivot: 5,275.81

Supporting reasons: Identified as a pullback resistance that aligns close to the all-time high where price could stall and retreat from this level.

1st support: 5,203.86

Supporting reasons: Acts as an overlap support, suggesting a significant area where price could find strong buying interest to provide a solid foundation to halt further downward movement.

1st resistance: 5,379.39

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

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 60,593.34

Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where buying interests have increased recently.

1st support: 58,221.95

Supporting reasons: Acts as a pullback support that aligns close to a 78.6% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movements.

1st resistance: 63,223.31

Supporting reasons: Marked by an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, 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 bullish reaction off the pivot and could potentially rise towards the 1st resistance.

Pivot: 2,863.34

Supporting reasons: Acts as a pullback support, suggesting a significant area where buying interests have increased in the past.

1st support: 2,755.38

Supporting reasons: Identified as an overlap support, suggesting a significant area which could provide a strong foundation to halt further downward movements.

1st resistance: 3,048.22

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.

WTI/USD (Oil):

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: 77.65

Supporting reasons: Acts as a pullback support, suggesting a significant area where buying interests have increased recently.

1st support: 76.17

Supporting reasons: Identified as a pullback support, suggesting a significant area where price has previously found strong buying interest recently and could provide a solid foundation to halt further downward movements.

1st resistance: 80.10

Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement level, 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 experience a bearish reaction off the pivot and decline towards the 1st support.

Pivot: 2359.93
Supporting reasons: Identified as a level of pullback resistance, coinciding with the 78.60% Fibonacci Retracement, indicating a significant area where selling pressure might increase.

1st support: 2331.99
Supporting reasons: Recognized as an overlap support level, suggesting a historical area where buying interest has been observed, potentially acting as a level of support for price movement.

1st resistance: 2378.45
Supporting reasons: Noted as pullback resistance, indicating a level where selling pressure may intensify, potentially restricting further upward movement.

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