Thursday 17th October 2024: Technical Outlook and Review

content provided with permission by IC MArkets

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 103.72
Supporting reasons: Identified as a pullback resistance with 61.8% Fibonacci retracement, indicating this level may act as a significant resistance point.

1st support: 103.06
Supporting reasons: Identified as overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 104.80
Supporting reasons: Identified as an overlap resistance close to 78.6% Fibonacci Retracement, marking a level where the price might encounter selling pressure if it attempts to rise.

EUR/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 1.0844
Supporting reasons: Identified as a pullback support, indicating this level may act as a significant support point.

1st support: 1.0776
Supporting reasons: Identified as an overlap support, suggesting this level could provide strong support if the price declines.

1st resistance: 1.0896
Supporting reasons: Identified as an overlap resistance, marking a level where the price might encounter selling pressure if it attempts to rise.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish break-off pivot and drop toward 1st support.

Pivot: 162.27
Supporting reasons: Identified as pullback resistance, indicating this level may act as resistance during price fluctuations.

1st support: 160.75
Supporting reasons: Identified as pullback support, aligned with the 50% Fibonacci retracement, suggesting this level could provide strong support if the price declines.

1st resistance: 163.78
Supporting reasons: Identified as multi-swing high resistance, indicating this level may act as a significant resistance point where selling pressure could arise.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation towards 1st resistance.

Pivot: 0.8382
Supporting reasons: Identified as an overlap resistance with 50% Fibonacci retracement, indicating this level may provide significant resistance during price fluctuations.

1st support: 0.8341
Supporting reasons: Identified as a pullback support, suggesting this level could offer strong support if the price declines.

1st resistance: 0.8415
Supporting reasons: Identified as multi-swing high resistance with 78.6% Fibonacci retracement, marking a level where the price might encounter 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 resistance.

Pivot: 1.3033
Supporting reasons: Identified as a pullback resistance, indicating this level may act as a significant resistance point.

1st support: 1.2887

Supporting reasons: Identified as pullback support close to 127.2% Fibonacci extension, suggesting this level could provide strong support if the price declines.

1st resistance: 1.3156
Supporting reasons: Identified as an overlap resistance, marking a level where the price might encounter selling pressure 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 toward 1st resistance.

Pivot: 193.098

Supporting reasons: Identified as an overlap support close to 23.6% Fibonacci retracement, indicating a potential area where price may find support.

1st support: 190.39

Supporting reasons: Another overlap support, suggesting this level could offer additional support if the price declines further.

1st resistance: 195.66
Supporting reasons: Identified as a multi-swing high resistance, marking a significant level where price may encounter selling pressure.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation towards 1st resistance.

Pivot: 0.8606
Supporting reasons: Identified as an overlap support, indicating this level may provide significant support during price fluctuations.

1st support: 0.8512
Supporting reasons: Identified as a pullback support, suggesting this level could offer strong support if the price declines.

1st resistance: 0.8692
Supporting reasons: Identified as an overlap resistance, aligned with 61.8% Fibonacci projection indicating a potential resistance level where selling pressure may arise.

USD/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: 147.25
Supporting reasons: Identified as an overlap support, indicating this level may act as a significant support during retracements.

1st support: 145.78
Supporting reasons: Identified as a pullback support, suggesting this level could provide additional support if the price moves lower.

1st resistance: 150.90
Supporting reasons: Identified as a pullback resistance, aligned with 50% Fibonacci retracement, indicating a potential area where selling pressure may emerge.

USD/CAD:

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: 1.3735
Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 1.3668
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, indicating a key level where price could find support.

1st resistance: 1.3841
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.6706
Supporting reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement, indicating a potential level where selling pressures could intensify.

1st support: 0.6647
Supporting reasons: Identified as a multi-swing-low support, indicating a potential level where price could find support once more.

1st resistance: 0.6761
Supporting reasons: Identified as a swing-high resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

NZD/USD

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: 0.6099

Supporting reasons: Identified as a pullback resistance, indicating a potential level where selling pressures could intensify.

1st support: 0.6050
Supporting reasons: Identified as a swing-low support, indicating a potential level where price could find support once more.

1st resistance: 0.6151
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

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 pull back towards the 1st support.

Pivot: 43,177.16

Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential level where selling pressures could intensify.

1st support: 42,654.55

Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 43,545.14

Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 19,347.50
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where buying interests could pick up to stage a rebound.

1st support: 19,182.10
Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement, indicating a key level where price could find support.

1st resistance: 19,598.10
Supporting reasons: Identified as a swing-high resistance that aligns close to a 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): 

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 5,797.50
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 5,753.20
Supporting reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 61.8% retracements, indicating a potential level where price could find support.

1st resistance: 5,867.40
Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance. So if you want to know which is the best crypto investment right now, you can head out to sites like telescopia.

Pivot: 66,007.96
Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 63,716.31
Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 67,873.43
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

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: 2,701.76
Supporting reasons: Identified as a multi-swing-high resistance, suggesting a potential area where selling pressures could intensify.

1st support: 2,569.08
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 2,792.34
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 69.89
Supporting reasons: Identified as an overlap support that aligns close to a confluence of Fibonacci levels i.e. a 78.6% retracement and a 100% projection, suggesting a potential area where buying interests could pick up to stage a minor rebound.

1st support: 67.74
Supporting reasons: Identified as a swing-low support, indicating a key level where price could find support once more.

1st resistance: 72.22
Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement, 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 reaction off pivot and drop to 1st support

Pivot: 2685.48
Supporting reasons: Identified as a swing high resistance, aligned with the 161.80% Fibonacci extension and 78.6% Fibonacci projection, indicating this level could act as a significant resistance during price fluctuations.

1st support: 2659.79
Supporting reasons: Identified as an overlap support, suggesting this level could offer strong support if the price declines.

1st resistance: 2708.51
Supporting reasons: Aligns with 127.2% Fibonacci extension, indicating this level may act as a key resistance point where selling pressure could emerge.

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