ICMarket

Monday 30th September 2024: Technical Outlook and Review

DXY (US Dollar Index):


Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: Price is below the bearish Ichimoku cloud.

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

Pivot: 101.02
Supporting reasons: An overlap resistance, suggesting this level could act as a significant resistance point.

1st support: 99.59
Supporting reasons: Swing low support and 161.80% Fibonacci Extension, indicating this level may provide strong support if the price declines further.

1st resistance: 101.94
Supporting reasons: An overlap resistance, marking a level where the price may face selling pressure if it attempts to rise.

EUR/USD:


Potential Direction: Bullish
Overall momentum of the chart: Bullish
Factors contributing to the momentum: Price is in a bullish ascending channel.

Price could potentially make a: Bullish bounce off pivot and head toward 1st resistance.

Pivot: 1.1110
Supporting reasons: An overlap support and 23.60% Fibonacci Retracement, suggesting this level could act as a strong support point.

1st support: 1.0948
Supporting reasons: An overlap support and 50% Fibonacci Retracement, indicating this level may provide additional support if the price declines.

1st resistance: 1.1277
Supporting reasons: Swing high resistance and 127.20% Fibonacci Extension, marking a significant resistance level where the price could face upward pressure.

EUR/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 158.08
Supporting reasons: Pullback support, indicating this level may act as a significant support point.

1st support: 154.53
Supporting reasons: Multi-swing low support, suggesting this level could provide additional support if the price declines.

1st resistance: 164.00
Supporting reasons: Pullback resistance with 50% Fibonacci Projection and 127.20% Fibonacci Extension, indicating a strong level of resistance due to Fibonacci confluence.

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: 0.8385
Supporting reasons: Pullback resistance and 23.60% Fibonacci Retracement, suggesting this level could act as a significant resistance point.

1st support: 0.8321
Supporting reasons: Multi-swing low support, indicating this level may provide a strong point of support if the price declines.

1st resistance: 0.8488
Supporting reasons: Pullback resistance, marking a level where the price might face selling pressure if it attempts to rise.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.3430
Supporting reasons: Multi-swing high resistance and 161.80% Fibonacci Extension, indicating this level could act as a strong resistance point.

1st support: 1.3266
Supporting reasons: An overlap support, suggesting this level may provide significant support if the price declines.

1st resistance: 1.3614
Supporting reasons: An overlap resistance and 100% Fibonacci Projection, marking a level where the price might face resistance if it attempts to rise.

GBP/JPY:


Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 188.29
Supporting reasons: Pullback support, indicating this level may act as a significant support point for the price.

1st support: 182.96
Supporting reasons: Multi-swing low support, suggesting this level could provide additional support if the price moves lower.

1st resistance: 197.78
Supporting reasons: Pullback resistance and 61.80% Fibonacci Retracement, marking a significant resistance level where the price might face upward pressure.

USD/CHF:

Potential Direction: Neutral
Overall momentum of the chart: Neutral

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

1st support: 0.8393
Supporting reasons: Multi-swing low support, indicating this level may provide a significant point of support if the price declines.

1st resistance: 0.8524
Supporting reasons: Multi-swing high resistance, suggesting this level could act as a significant barrier if the price attempts to rise.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: Price is below the bearish Ichimoku cloud.

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

Pivot: 146.31
Supporting reasons: An overlap resistance, indicating this level could act as a significant resistance point.

1st support: 140.18
Supporting reasons: Multi-swing low support, suggesting this level may provide a strong point of support if the price declines.

1st resistance: 150.91
Supporting reasons: Pullback resistance and 50% Fibonacci Projection, marking a key resistance level where the price could face upward pressure.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Neutral

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

Pivot: 1.3610
Supporting reasons: Identified as a swing-high resistance that aligns close to a 100% Fibonacci projection, suggesting a potential area where selling pressures could intensify. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.

1st support: 1.3431
Supporting reasons: Identified as a swing-low support, indicating a key level where price has found support recently.

1st resistance: 1.3735
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 0.6983
Supporting reasons: Identified as an overlap resistance that aligns close to a 78.6% Fibonacci projection, indicating a potential level where selling pressures could intensify.

1st support: 0.6895
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 0.7136
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 0.6395

Supporting reasons: Identified as a swing-high resistance that aligns close to a 61.8% Fibonacci projection, suggesting a potential level where selling pressures could intensify.

1st support: 0.6339
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 0.6513
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 43,294.61
Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. a 78.6% projection, a 100% projection and a 161.8% extension, suggesting a potential area where selling pressures could intensify.

1st support: 41,604.84

Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 44,941.39

Supporting reasons: Identified as a resistance that aligns with a 100% Fibonacci projection, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 19,736.98
Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. a 61.8% projection and a 78.6% projection, suggesting a potential area where selling pressures could intensify.

1st support: 18,948.60
Supporting reasons: Identified as a pullback support, indicating a key level where price could find support.

1st resistance: 20,180.97
Supporting reasons: Identified as a resistance that aligns with a 100% Fibonacci projection, indicating a potential area that could halt any further upward movement.

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 reversal off this level to pull back towards the 1st support.

Pivot: 5,832.00
Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. a 78.6% projection and a 127.2% extension, suggesting a potential area where selling pressures could intensify.

1st support: 5,669.89
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.

1st resistance: 5,953.58
Supporting reasons: Identified as a resistance that aligns with a 100% Fibonacci projection, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 62,951.62
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, suggesting a potential level where buying interests could pick up to resume the uptrend.

1st support: 60,386.23
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support.

1st resistance: 65,851.92
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 2,456.65
Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement, suggesting a potential level where buying interests could pick up to stage a rebound.

1st support: 2,223.09
Supporting reasons: Identified as a swing-low support, indicating a potential level where price has found support recently.

1st resistance: 2,805.94
Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 72.31
Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement, suggesting a potential level where selling pressures could intensify. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.

1st support: 66.34
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price has found support in the past.

1st resistance: 78.08
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 2678.43
Supporting reasons: Swing high resistance and 78.60% Fibonacci Projection, indicating this level could act as a significant resistance point.

1st support: 2480.26
Supporting reasons: An overlap support and 50% Fibonacci Retracement, suggesting this level may provide strong support if the price declines.

1st resistance: 2787.21
Supporting reasons: 78.60% Fibonacci Projection, marking a notable resistance level where the price might face upward pressure.

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.

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.

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’s software, hardware, data or property.