Friday 18th 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: 1.0805
Supporting reasons: Identified as a pullback support close to 78.6% Fibonacci retracement, indicating this level may act as a significant support point.

1st support: 1.0676
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: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.8311
Supporting reasons: Identified as a swing low support with 127.20% Fibonacci extension, indicating this level may provide significant support during price fluctuations.

1st support: 0.8289
Supporting reasons: Identified as a support  with 161.80% Fibonacci extension, suggesting this level could offer strong support if the price declines.

1st resistance: 0.8352
Supporting reasons: Identified as a pullback resistance, 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.

Additionally, when the price remains below the Ichimoku cloud, it’s typically seen as a strong bearish signal, indicating downward momentum.

GBP/JPY:

Potential Direction: Neutral

Overall momentum of the chart: Bullish

Price could potentially fluctuate between the 1st resistance and 1st support levels.

1st support: 193.08

Supporting reasons: Identified as an overlap support, indicating this level could act as a strong support point.

1st resistance: 195.66

Supporting reasons: Identified as a multi-swing resistance, marking a level where the price might face selling pressure if it rises.

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 continuation 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: 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: 1.3841
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential level where selling pressures could intensify.

1st support: 1.3749
Supporting reasons: Identified as a swing-low support that aligns close to a 23.6% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 1.3889
Supporting reasons: Identified as a 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: 0.6726
Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% 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 again.

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 multi-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: 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.

Pivot: 43,177.16

Supporting reasons: Identified as a pullback support, indicating a potential level where buying interests could pick up to resume the uptrend.

1st support: 42,747.66

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

1st resistance: 43,547.91

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 close to a 61.8% Fibonacci retracement, indicating a key level where price could find support once again.

1st resistance: 19,638.40
Supporting reasons: Identified as a multi-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 could fall towards the pivot and 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 close to 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 multi-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: 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: 68,405.49
Supporting reasons: Identified as a swing-high resistance, indicating a potential level where selling pressures could intensify.

1st support: 66,007.96
Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement, indicating a potential level where price could find support.

1st resistance: 69,570.66
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 once more.

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: 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: 72.22
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement, suggesting a potential area where selling pressures could intensify.

1st support: 69.89
Supporting reasons: Identified as an overlap support that aligns close to a 78.6% Fibonacci retracement, indicating a key level where price could find support once more.

1st resistance: 73.75
Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% 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: 2708.53
Supporting reasons: Identified as a resistance, aligned with the 127.20% Fibonacci extension, indicating this level could act as a significant resistance during price fluctuations.

1st support: 2685.48
Supporting reasons: Identified as a pullback support, suggesting this level could offer strong support if the price declines.

1st resistance: 2736.87
Supporting reasons: Aligns with 161.8% Fibonacci extension, indicating this level may act as a key resistance point where selling pressure could emerge.

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