Tuesday 29th October 2024: Technical Outlook and Review
DXY (US Dollar Index):
Potential Direction: Bullish
Overall momentum of the chart: Neutral
Price could potentially make a bullish bounce off the pivot and rise towards the 1st resistance.
Pivot: 104.01
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 resume the uptrend.
1st support: 103.45
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where price could find support once again.
1st resistance: 104.52
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any further upward movement.
EUR/USD:
Potential Direction: Bearish
Overall momentum of the chart: Neutral
Price could potentially make a bearish reversal off the pivot and drop towards the 1st support.
Pivot: 1.0868
Supporting reasons: Identified as a swing-high resistance that aligns with a 23.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.
1st support: 1.0774
Supporting reasons: Identified as a swing-low support, suggesting a potential area where price could find support once more.
1st resistance: 1.0951
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
EUR/JPY:
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could potentially make a bullish bounce off the pivot and rise towards the 1st resistance.
Pivot: 164.92
Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend.
1st support: 163.98
Supporting reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 50% retracements, indicating a potential level where price could find support once again.
1st resistance: 165.86
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.
EUR/GBP:
Potential Direction: Bearish
Overall momentum of the chart: Neutral
Price could potentially make a bearish reversal off the pivot and drop towards the 1st support.
Pivot: 0.8352
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area where selling pressures could intensify.
1st support: 0.8308
Supporting reasons: Identified as a multi-swing-low support, indicating a potential level where price could find support once more.
1st resistance: 0.8369
Supporting reasons: Identified as a swing-high resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
GBP/USD:
Potential Direction: Bearish
Overall momentum of the chart: Neutral
Price could potentially make a bearish reversal off the pivot and drop towards the 1st support.
Pivot: 1.3000
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.
1st support: 1.2916
Supporting reasons: Identified as a swing-low support that aligns close to a 127.2% Fibonacci extension, indicating a potential level where price could find support once more.
1st resistance: 1.3049
Supporting reasons: Identified as a swing-high resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
GBP/JPY:
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could potentially make a bullish bounce off the pivot and rise towards the 1st resistance.
Pivot: 196.58
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where buying interests could pick up to resume the uptrend.
1st support: 195.53
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price could find support once again.
1st resistance: 199.03
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.
USD/CHF:
Potential Direction: Bullish
Overall momentum of the chart: Neutral
Price could potentially make a bullish bounce off the pivot and rise towards the 1st resistance.
Pivot: 0.8636
Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 0.8608
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.
1st resistance: 0.8697
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.
USD/JPY:
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could potentially make a bullish bounce off the pivot and rise towards the 1st resistance.
Pivot: 151.62
Supporting reasons: Identified as pullback support, indicating a potential level where buying interests could pick up to resume the uptrend.
1st support: 150.29
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where price could find support.
1st resistance: 153.64
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.
USD/CAD:
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: 1.3883
Supporting reasons: Identified as an overlap support, indicating a potential area where buying interests could pick up to resume the uptrend.
1st support: 1.3843
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 again.
1st resistance: 1.3946
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 falling towards the pivot and could potentially make a bearish break below this level to fall towards the 1st support.
Pivot: 0.6563
Supporting reasons: Identified as an overlap support where the strong downward momentum could trigger a potential bearish breakout.
1st support: 0.6513
Supporting reasons: Identified as a swing-low support, indicating a potential level where price could find support once again.
1st resistance: 0.6609
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.
NZD/USD
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: 0.5913
Supporting reasons: Identified as a swing-low support, indicating a potential level where buying interests could pick up to stage a minor rebound.
1st support: 0.5866
Supporting reasons: Identified as a swing-low support, indicating a potential level where price could find support once more.
1st resistance: 0.5989
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: Neutral
Price is falling towards the pivot and could potentially make a bullish bounce off this level to fall rise towards the 1st resistance.
Pivot: 42,084.33
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 stage a rebound.
1st support: 41,737.31
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, indicating a potential level where price could find support.
1st resistance: 42,526.18
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
DE40 (DAX):
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: 19,681.50
Supporting reasons: Identified as a swing-high resistance that aligns with the all-time high, indicating a potential level where selling pressures could intensify.
1st support: 19,309.60
Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement level, indicating a key level where price could find support once again.
1st resistance: 19,785.10
Supporting reasons: Identified as a resistance that aligns with 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 fall rise towards the 1st resistance.
Pivot: 5,802.90
Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement, indicating a potential level where buying interests could pick up to stage a rebound.
1st support: 5,771.00
Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement level, indicating a potential level where price could find support once again.
1st resistance: 5,851.50
Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement, 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 fall towards the 1st support.
Pivot: 71,607.46
Supporting reasons: Identified as a swing-high resistance that aligns with a 61.8% Fibonacci projection, indicating a potential level where selling pressures could intensify.
1st support: 69,643.65
Supporting reasons: Identified as a pullback support that aligns with a close to a 38.2% Fibonacci retracement level, indicating a potential level where price could find support.
1st resistance: 73,468.61
Supporting reasons: Identified as a swing-high resistance that aligns with a 78.6% Fibonacci projection, 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 fall towards the 1st support.
Pivot: 2,644.49
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: 2,540.64
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support.
1st resistance: 2,745.12
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: Bearish
Price is falling towards the pivot and could potentially make a bearish break below this level to fall towards the 1st support.
Pivot: 67.68
Supporting reasons: Identified as a swing-low support where the strong downward momentum could trigger a potential bearish breakout.
1st support: 66.02
Supporting reasons: Identified as a swing-low support, indicating a key level where price could find support once more.
1st resistance: 69.16
Supporting reasons: Identified as an overlap 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 is trading close to the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.
Pivot: 2,753.21
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: 2,714.81
Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a key level where price could find support once more.
1st resistance: 2,771.96
Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.
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