Friday 24th May 2024: Technical Outlook and Review

content provided with permission by IC MArkets

DXY (US Dollar Index):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 105.11

Supporting reasons: Identified as pullback resistance with confluence from the 61.80% Fibonacci Retracement, suggesting a level where selling pressure may intensify, potentially leading to a bearish reaction.

1st support: 104.43

Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a support for downward movement.

1st resistance: 105.75

Supporting reasons: Noted as swing high resistance, suggesting a significant historical level where selling pressure may be present, potentially hindering further upward movement.

EUR/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a Bullish bounce off pivot and head toward 1st resistance

Pivot: 1.0812

Supporting reasons: Identified as an overlap support with confluence from the 50% Fibonacci Retracement, indicating a significant historical level where buying interest may emerge, potentially acting as a pivot for bullish movement.

1st support: 1.0760

Supporting reasons: Recognized as an overlap support with confluence from the 78.60% Fibonacci Retracement, suggesting another significant historical level where buying interest has emerged, potentially providing additional support for upward movement.

1st resistance: 1.0891

Supporting reasons: Noted as an overlap resistance, suggesting a significant historical level where selling pressure may be present, potentially hindering further upward movement.

EUR/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: 170.00

Supporting reasons: Identified as multi-swing high resistance, with confluence from the 78.60% Fibonacci Retracement, indicating a significant historical level where selling pressure may intensify, potentially leading to a bearish reaction.

1st support: 167.39

Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a support for downward movement.

1st resistance: 171.63

Supporting reasons: Noted as swing high resistance with confluence from the 78.60% Fibonacci Projection, suggesting a significant historical level where selling pressure may be present, potentially hindering further upward movement.

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could potentially make a Bullish bounce-off pivot and head towards 1st resistance

Pivot: 0.8499

Supporting reasons: Identified as multi-swing low support, with confluence from the 127.20% Fibonacci Extension, indicating a significant historical level where buying interest may emerge, potentially acting as a pivot for bullish movement.

1st support: 0.8474

Supporting reasons: Recognized as a level with the 161.80% Fibonacci Extension, suggesting another historical level where buying interest has emerged, potentially providing additional support for upward movement.

1st resistance: 0.8531

Supporting reasons: Noted as pullback resistance, indicating a historical level where selling pressure may be present, potentially hindering further upward movement.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a Bullish bounce off pivot and heads towards 1st resistance

Pivot: 1.2634

Supporting reasons: Identified as pullback support with confluence from the 38.20% Fibonacci Retracement, suggesting a level where buying interest may emerge, potentially acting as a pivot for bullish movement.

1st support: 1.2562

Supporting reasons: Recognized as another level of pullback support with confluence from the 61.80% Fibonacci Retracement, indicating a historical level where buying interest has emerged, potentially providing additional support for upward movement.

1st resistance: 1.2763

Supporting reasons: Noted as pullback resistance with confluence from the 100% Fibonacci Projection, suggesting a significant area where selling pressure may intensify, potentially hindering further upward movement.

GBP/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a Bullish continuation towards 1st resistance

Pivot: 197.43

Supporting reasons: Identified as an overlap support with confluence from the 50% Fibonacci Retracement, indicating a historical level where buying interest may emerge, potentially acting as a support for further upward movement.

1st support: 195.49

Supporting reasons: Recognized as another level of overlap support, indicating a historical level where buying interest has emerged.

1st resistance: 200.60

Supporting reasons: Noted as swing high resistance with confluence from the 100% Fibonacci Projection, suggesting a significant historical level where selling pressure may be present, potentially hindering further upward movement.

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: 0.9152

Supporting reasons: Identified as an overlap resistance, suggesting a level where selling pressure may intensify, potentially leading to a bearish reaction.

1st support: 0.9092

Supporting reasons: Recognized as an overlap support with confluence from the 38.20% Fibonacci Retracement, indicating a historical level where buying interest may emerge, potentially acting as a support for downward movement.

1st resistance: 0.9223

Supporting reasons: Noted as swing high resistance, suggesting a significant historical level where selling pressure may be present, potentially hindering further upward movement.

USD/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a Bullish continuation towards 1st resistance

Pivot: 156.58

Supporting reasons: Identified as an overlap support, indicating a historical level where buying interest may emerge.

1st support: 154.74

Supporting reasons: Recognized as pullback support, suggesting a level where buying interest has emerged, potentially providing support for further upward movement.

1st resistance: 158.41

Supporting reasons: Noted as swing high resistance with confluence from the 78.60% Fibonacci Retracement and 100% Fibonacci Projection, indicating a significant historical level where selling pressure may be present, potentially hindering further upward movement.

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 1.3756

Supporting reasons: Identified as a swing-high resistance, suggesting a significant area where price could stall and reverse to drop lower.

1st support: 1.3712

Supporting reasons: Identified as a pullback support, suggesting an area where price could find strong buying interests to potentially halt any further downward movement.

1st resistance: 1.3784

Supporting reasons: Identified as a swing-high resistance, marking a significant barrier that could cap further upward movements.

AUD/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 0.6560

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a minor rebound.

1st support: 0.6521

Supporting reasons: Acts as a pullback support that aligns with a 78.6% Fibonacci retracement level, suggesting a significant area where price has found strong support in the past to provide a basis to halt further downward movement.

1st resistance: 0.6641

Supporting reasons: Identified as an overlap resistance, marking a barrier that has previously capped upward movements.

NZD/USD

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 0.6094

Supporting reasons: Acts as a pullback support that aligns close to a 23.6% Fibonacci retracement level, suggesting an area where buying interests could pick up.

1st support: 0.6038

Supporting reasons: Acts as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting a potential area where price could find strong support to halt further downward movement.

1st resistance: 0.6138

Supporting reasons: Identified as a pullback resistance, marking a barrier that has previously capped upward movements.

US30 (DJIA):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 38,992.16

Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a minor rebound.

1st support: 38,546.69

Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement level, suggesting a significant area where price could find strong buying interests to provide a solid foundation to halt further downward movement.

1st resistance: 39,310.89

Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement level, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 18,534.90

Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a rebound.

1st support: 18,319.76

Supporting reasons: Acts as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movement.

1st resistance: 18,892.20

Supporting reasons: Identified as a pullback resistance close to the all-time high, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price could fall towards the pivot and potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 5,248.37

Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a rebound.

1st support: 5,206.96

Supporting reasons: Acts as an overlap support that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where price could find strong buying interests to provide a solid foundation to halt further downward movement.

1st resistance: 5,339.76

Supporting reasons: Acts as a pullback resistance that aligns close to the all-time high, suggesting a significant area where selling pressures could intensify.

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price could fall towards the pivot and potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 65,914.30

Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick to stage a rebound.

1st support: 64,450.59

Supporting reasons: Acts as a pullback support that aligns close to a 50% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movements.

1st resistance: 69,167.99

Supporting reasons: Marked by a pullback resistance that aligns with a 50% Fibonacci retracement level, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price has made a bullish reaction off the pivot and could potentially bounce off this level to rise towards the 1st resistance.

Pivot: 3,702.62

Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement, suggesting an area where buying interests could pick to stage a rebound.

1st support: 3,457.27

Supporting reasons: Identified as an overlap support, suggesting a significant area which could provide a strong foundation to halt further downward movements.

1st resistance: 3,951.25

Supporting reasons: Identified as a pullback resistance, marking a significant barrier that could cap further upward movements.

WTI/USD (Oil):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 76.84

Supporting reasons: Identified as pullback support, suggesting an area where buying interests could pick up to stage a minor rebound.

1st support: 75.84

Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci projection level, suggesting a significant area where price has previously found strong buying interest in the past and could provide a solid foundation to halt further downward movements.

1st resistance: 79.35

Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

XAU/USD (GOLD):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 2329.87

Supporting reasons: Identified as an overlap support, indicating a historical level where buying interest may emerge.

1st support: 2287.12

Supporting reasons: Recognized as multi-swing low support, suggesting a level where buying interest has previously emerged, potentially providing significant support for upward movement.

1st resistance: 2373.25

Supporting reasons: Noted as pullback resistance, indicating a level where selling pressure may intensify, potentially hindering further upward movement.

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The post Friday 24th May 2024: Technical Outlook and Review first appeared on IC Markets | Official Blog.