Thursday 21st March 2024 : Technical Outlook and Review

content provided with permission by IC MArkets

DXY:

For DXY, in alignment with the overall bullish momentum of the chart, there’s a potential scenario indicating a bullish bounce off the pivot level, possibly leading towards the 1st resistance.

The pivot at 103.04 serves as a significant pullback support, reinforced by the 61.80% Fibonacci Retracement, suggesting a level where buying interest may emerge, potentially driving the price higher.

Additionally, the 1st support at 102.21 acts as multi-swing low support, indicating historical significance as a level where buyers have intervened previously, further strengthening the bullish bias.

On the upside, the 1st resistance at 104.14 presents a barrier to further upward movement, supported by multi-swing high resistance.

EUR/USD:

For EUR/USD, reflecting the prevailing bearish momentum, there’s a possibility of a bearish reaction from the pivot level, potentially leading to a decline towards the 1st support.

The pivot at 1.0951 indicates multi-swing high resistance, suggesting a significant level where selling pressure might intensify, potentially triggering a bearish move.

Supporting this view, the 1st support at 1.0900 serves as a pullback support, indicating a historical level where buying interest has emerged previously, potentially slowing down the downward momentum.

On the upside, the 1st resistance at 1.0998 forms multi-swing high resistance, reinforced by the 127.20% Fibonacci Extension, acting as a barrier to further upward movement.

EUR/JPY:

For EUR/JPY, reflecting the prevailing bullish momentum, there’s a potential for a bullish bounce from the pivot level, indicating a move towards the 1st resistance.

The pivot at 163.70 serves as an overlap support, suggesting a significant level where buying interest may emerge, further bolstered by its historical significance.

Additionally, the 1st support at 162.89 acts as pullback support, coinciding with the 50% Fibonacci Retracement level, indicating a confluence of support factors that could attract buyers and potentially fuel upward movement.

Conversely, the 1st resistance at 165.17 forms a barrier to further upward movement, supported by swing high resistance, suggesting a level where selling pressure might intensify.

EUR/GBP:

For EUR/GBP, with the chart indicating neutral momentum, there’s a likelihood of price fluctuating between the 1st support and 1st resistance levels.

The 1st support at 0.8532 is significant, serving as an overlap support, indicating historical significance as a level where buying interest has intervened previously.

Conversely, the 1st resistance at 0.8558 acts as multi-swing high resistance, forming a barrier to upward movement. 

GBP/USD:

For GBP/USD, aligning with the bearish momentum, there’s a potential scenario indicating a bearish reaction from the pivot level, possibly leading to a decline towards the 1st support.

The pivot at 1.2805 signifies an overlap resistance, reinforced by the 61.80% Fibonacci Retracement, suggesting a significant level where selling pressure could strengthen.

Supporting this outlook, the 1st support at 1.2700 acts as an overlap support, indicating historical significance as a level where buying interest has emerged previously, potentially providing a floor for the price decline.

On the resistance side, the 1st resistance at 1.2894 serves as swing high resistance, suggesting a barrier to further upward movement.

.

GBP/JPY:

For GBP/JPY, in line with the bullish momentum, there’s a potential scenario indicating a bullish bounce from the pivot level, possibly aiming towards the 1st resistance.

The pivot at 191.29 is significant, identified as pullback support, reinforced by the 38.20% Fibonacci Retracement, suggesting a pivotal level where buying interest might emerge. Additionally, the 1st support at 189.66 serves as overlap support, indicating historical significance as a level where buyers intervened.

On the resistance side, the 1st resistance at 193.37 presents a barrier to upward movement, supported by swing high resistance, potentially prompting profit-taking or selling pressure near this level.

USD/CHF:

For USD/CHF, in line with the bullish momentum, there’s a potential scenario suggesting a bullish bounce from the pivot level, possibly leading to an advance towards the 1st resistance.

The pivot at 0.8818 signifies an overlap support, indicating a significant level where buying interest may emerge, potentially providing a foundation for a bullish move.

Supporting this outlook, the 1st support at 0.8753 acts as multi-swing low support, indicating historical significance as a level where buyers have previously intervened, further strengthening the potential for a bounce.

On the resistance side, the 1st resistance at 0.8885 is noted as pullback resistance, suggesting a barrier where selling pressure might increase, potentially limiting further upward movement. 

USD/JPY:

For USD/JPY, in alignment with the prevailing bullish momentum, there’s a potential for a bullish bounce from the pivot level, indicating a move towards the 1st resistance.

The pivot at 149.53 acts as pullback support, reinforced by the 50% Fibonacci Retracement, suggesting a significant level where buying interest may emerge.

Supporting this outlook, the 1st support at 147.80 serves as an overlap support, indicating historical significance as a level where buyers have intervened, potentially providing additional support for a bullish move.

On the resistance side, the 1st resistance at 150.82 acts as pullback resistance, suggesting a barrier where selling pressure could increase, potentially limiting further upward movement. 

USD/CAD:

The USD/CAD chart currently demonstrates an overall bearish momentum. However, there is a potential scenario for price to make a weak bullish bounce off the pivot and rise towards the 1st resistance.

The pivot level at 1.3461 is identified as a pullback resistance that aligns with the 78.60% Fibonacci Retracement level where price could potentially make a weak bullish bounce and climb higher. The 1st resistance level at 1.3509 is noted as an overlap resistance, potentially limiting any further upward movement.

On the support side, the 1st support level at 1.3435 is marked as a multi-swing-low support, reinforcing its significance as a key support level.

AUD/USD:

The AUD/USD chart currently demonstrates an overall bullish momentum. In this context, there is a potential scenario for price to rise towards the pivot before potentially making a bearish reaction and pull back towards the 1st support.

The pivot level at 0.6639 is identified as a pullback resistance that aligns close to the 78.60% Fibonacci Retracement level where price could potentially pull back from to drop lower. The 1st support level at 0.6591 is marked as a pullback support, reinforcing its significance as a key support level.

On the resistance side, the 1st resistance level at 0.6667 is noted as a swing-high resistance, potentially limiting any further upward movement.

NZD/USD

The NZD/USD chart currently demonstrates an overall bearish momentum. However, there is a potential scenario for price to rise towards the pivot before reversing to fall towards the 1st support.

The pivot level at 0.6098 is identified as a pullback resistance that aligns close to the 38.20% Fibonacci Retracement level where price could potentially reverse from and drop lower. The 1st support level at 0.6072 is marked as a pullback support, reinforcing its significance as a key support level.

On the resistance side, the 1st resistance level at 0.6139 is noted as an overlap resistance that aligns close to the 61.80% Fibonacci Retracement level, potentially limiting any further upward movement.

DJ30:

The Dow Jones chart (DJ30) currently demonstrates an overall bullish momentum. In this context, there is a potential scenario for price to rise towards the pivot and make a bearish reaction to pull back towards the 1st support.

The pivot level at 39,817.48 is identified as a resistance level that aligns with the 61.80% Fibonacci Projection level where price could potentially reverse from and drop lower. The 1st support level at 39,186.86 is marked as a pullback support, reinforcing its significance as a key support level.

The 1st resistance level at 40,178.47 is noted as a resistance level that aligns with the 78.60% Fibonacci Projection level, potentially impeding any further bullish movement.

GER40:

The DAX chart (GER40) currently demonstrates an overall bullish momentum. In this context, there is a potential scenario for price to rise towards the pivot and make a bearish reaction to pull back towards the 1st support.

The pivot level at 18,263.22 is identified as a resistance level that aligns with the 61.80% Fibonacci Projection level where price could potentially reverse from and drop lower. The 1st support level at 18,005.20 is marked as a pullback support, reinforcing its significance as a key support level.

The 1st resistance level at 18,431.16 is noted as a resistance level that aligns with the 78.60% Fibonacci Projection level, potentially impeding any further bullish movement.

US500: 

The S&P 500 chart (US500) currently demonstrates an overall bullish momentum. In this context, there is a potential scenario for price to rise towards the pivot and make a bearish reaction to pull back towards the 1st support.

The pivot level at 5,304.80 is identified as a resistance level that aligns with the 61.80% Fibonacci Projection level where price could potentially reverse from and drop lower. The 1st support level at 5,189.10 is marked as a pullback support, reinforcing its significance as a key support level.

The 1st resistance level at 5,361.57 is noted as a resistance level that aligns with the 78.60% Fibonacci Projection level, potentially impeding any further bullish movement.

BTC/USD:

The Bitcoin chart (BTC/USD) currently demonstrates an overall bearish momentum. However, there is a potential scenario for price to rise towards the pivot and reverse to drop lower towards the 1st support.

The pivot level at 68,816.14 is identified as a pullback support that aligns with the 61.80% Fibonacci Retracement level where price could potentially make a bearish reversal and drop lower. The 1st support level at 60,981.92 is marked as a pullback support that aligns close to the 61.80% Fibonacci Retracement level, reinforcing its significance as a key support level.

To the upside, the 1st resistance level at 73,304.38 is noted as a swing-high resistance at the all-time high, further reinforcing its significance as a potential barrier to further bullish movement.

ETH/USD: 

The Ethereum chart (ETH/USD) currently demonstrates an overall bearish momentum. However, there is a potential scenario for price to rise towards the pivot and reverse to drop lower towards the 1st support.

The pivot level at 3,755.03 is identified as a pullback support that aligns close to the 61.80% Fibonacci Retracement level where price could potentially make a bearish reversal and drop lower. The 1st support level at 3,111.04 is marked as a pullback support that aligns with the 50.00% Fibonacci Retracement level, reinforcing its significance as a key support level.

To the upside, the 1st resistance level at 4,056.59 is noted as a swing-high resistance, further reinforcing its significance as a potential barrier to further bullish movement.

WTI/USD:

The WTI (West Texas Intermediate) oil chart currently demonstrates an overall bullish momentum. In this context, there is a potential scenario for price to rise towards the pivot and make a bullish breakout to rise towards the 1st resistance.

The pivot level at 82.53 is identified as a pullback resistance where price could potentially make a bullish breakout and climb higher. The 1st resistance level at 84.08 is noted as an overlap resistance that aligns close to the 78.60% Fibonacci Projection level, further reinforcing its significance as a potential barrier to further bullish movement.

To the downside, the 1st support level at 81.33 is marked as an overlap support that aligns close to the 38.20% Fibonacci Retracement level, reinforcing its significance as a key support level.

XAU/USD (GOLD):

For XAU/USD, in line with the bullish momentum, there’s a potential for a bullish bounce from the pivot level, indicating a move towards the 1st resistance.

The pivot at 2186.35 acts as pullback support, suggesting a significant level where buying interest may emerge. This level is further reinforced by its role as a pivot, indicating potential market sentiment shifts.

Supporting this, the 1st support at 2146.54 serves as multi-swing low support, highlighting its historical significance as a level where buyers have previously intervened, adding further credibility to the potential bullish move.

On the resistance side, the 1st resistance at 2225.66 is identified by the 161.80% Fibonacci Extension, suggesting a level where selling pressure might increase, potentially acting as a barrier to further upward movement

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. 

The post Thursday 21st March 2024 : Technical Outlook and Review first appeared on IC Markets | Official Blog.