Thursday 24th October 2024: Technical Outlook and Review
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: 104.79
Supporting reasons: Identified as an overlap resistance with 78.6% Fibonacci retracement, indicating this level may act as a significant resistance point.
1st support: 103.87
Supporting reasons: Identified as an overlap support, suggesting this level could provide strong support if the price declines.
1st resistance: 106.04
Supporting reasons: Identified as a multi-swing high resistance, 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: 1.0777
Supporting reasons: Identified as an overlap support close to 78.6% Fibonacci retracement and 161.8% Fibonacci extension, indicating this level may act as a significant support point.
1st support: 1.0669
Supporting reasons: Identified as a swing low support, suggesting this level could provide strong support if the price declines.
1st resistance: 1.0871
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: bullish
Overall momentum of the chart: Bearish
Price could potentially make a bullish bounce off pivot and head towards 1st resistance.
Pivot: 163.49
Supporting reasons: Identified as pullback support, indicating this level may act as support during price fluctuations.
1st support: 160.85
Supporting reasons: Identified as an overlap support, suggesting this level could provide strong support if the price declines.
1st resistance: 166.38
Supporting reasons: Identified as a pullback 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 reaction off pivot and drop to 1st support.
Pivot: 0.8359
Supporting reasons: Identified as an overlap resistance aligned with 127.2% Fibonacci extension and 50% Fibonacci retracement, indicating potential resistance where price may encounter selling pressure.
1st support: 0.8325
Supporting reasons: Identified as a pullback support, suggesting this level could provide strong support if the price declines.
1st resistance: 0.8394
Supporting reasons: Identified as a multi-swing high resistance, marking a possible level where the price might face resistance.
GBP/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: 1.2885
Supporting reasons: Identified as a pullback resistance close to 127.2% Fibonacci extension and 78.6% Fibonacci projection, indicating this level may act as a significant support point.
1st support: 1.2721
Supporting reasons: Identified as pullback support close to 161.8% Fibonacci extension, suggesting this level could provide strong support if the price declines.
1st resistance: 1.2990
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 towards 1st resistance.
Pivot: 196.01
Supporting reasons: Identified as a pullback support, indicating this level may act as a significant support point.
1st support: 193.15
Supporting reasons: Identified as an overlap support, indicating this level could act as a strong support point.
1st resistance: 199.26
Supporting reasons: Identified as an overlap resistance, marking a level where the price might face selling pressure if it rises.
USD/CHF:
Potential Direction: Bearish
Overall momentum of the chart: Bullish
Price could potentially make a bearish reaction off pivot and drop to 1st support.
Pivot: 0.8669
Supporting reasons: Identified as multi-swing high resistance with 78.6% Fibonacci retracement, indicating this level may provide significant resistance during price fluctuations.
1st support: 0.8608
Supporting reasons: Identified as an overlap support with 23.6% Fibonacci retracement, suggesting this level could offer strong support if the price declines.
1st resistance: 0.8731
Supporting reasons: Identified as a swing high resistance, indicating a potential resistance level where selling pressure may arise.
Additionally, bearish divergence indicates that the trend is weakening, and the upward direction will soon reverse.
USD/JPY:
Potential Direction: Bearish
Overall momentum of the chart: Bullish
Price could potentially make a bearish reaction off pivot and drop to 1st support.
Pivot: 153.38
Supporting reasons: Identified as pullback resistance, indicating this level may act as a significant resistance during retracements.
1st support: 149.38
Supporting reasons: Identified as an overlap support, suggesting this level could provide additional support if the price moves lower.
1st resistance: 155.67
Supporting reasons: Identified as a pullback resistance, 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: 1.3797
Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, indicating a potential level where buying interests could pick up to stage a rebound.
1st support: 1.3764
Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement, indicating a key level where price could find support.
1st resistance: 1.3849
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: 0.6651
Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where selling pressures could intensify.
1st support: 0.6589
Supporting reasons: Identified as a swing-low support, indicating a potential level where price could find support once again.
1st resistance: 0.6693
Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
NZD/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: 0.6025
Supporting reasons: Identified as a pullback resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where selling pressures could intensify.
1st support: 0.5981
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.
1st resistance: 0.6074
Supporting reasons: Identified as an overlap resistance that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 61.8% retracements, indicating a potential area that could halt any further upward movement.
US30 (DJIA):
Potential Direction: Bullish
Overall momentum of the chart: Neutral
Price is trading close to the pivot and could potentially make a bullish bounce to rise towards the 1st resistance.
Pivot: 42,410.05
Supporting reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. a 61.8% retracement and a 161.8% extension, indicating a potential level where buying interests could pick up to stage a rebound.
1st support: 41,895.87
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support once more.
1st resistance: 42,747.66
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.
DE40 (DAX):
Potential Direction: Bullish
Overall momentum of the chart: Neutral
Price has made a bullish bounce off the pivot and could potentially rise towards the 1st resistance.
Pivot: 19,292.10
Supporting reasons: Identified as an overlap support that aligns with a 50% 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.
1st resistance: 19,543.90
Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement, 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 has made a bullish bounce off the pivot and could potentially rise towards the 1st resistance.
Pivot: 5,767.00
Supporting reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 50% retracements, indicating a potential level where buying interests could pick up to stage a rebound.
1st support: 5,690.60
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price could find support once again.
1st resistance: 5,872.60
Supporting reasons: Identified as a multi-swing-high resistance level 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: Neutral
Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.
Pivot: 68,062.66
Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where selling pressures could intensify.
1st support: 66,088.70
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where price could find support once more.
1st resistance: 69,406.52
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: Neutral
Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.
Pivot: 2,593.88
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement, indicating a potential level where selling pressures could intensify.
1st support: 2,493.39
Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where price could find support once again.
1st resistance: 2,652.84
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.
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 pull back towards the 1st support.
Pivot: 72.48
Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement, indicating a potential level where selling pressures could intensify.
1st support: 71.22
Supporting reasons: Identified as an overlap support that aligns with a 38.2% 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: 2739.51
Supporting reasons: Identified as a pullback resistance, aligned with the 61.8 Fibonacci retracement indicating this level could act as a significant resistance during price fluctuations.
1st support: 2685
Supporting reasons: Identified as pullback support close to 50% Fibonacci retracement and 161.8% Fibonacci extension, suggesting this level could offer strong support if the price declines.
1st resistance: 2758.59
Supporting reasons: Identified as a swing high resistance, indicating this level may act as a key resistance point where selling pressure could emerge.
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