DXY (US Dollar Index):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Factors contributing to the momentum is that the price is in a bullish ascending channel.

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

Pivot: 105.92

Supporting reasons: Pullback support at the 61.80% Fibonacci Retracement level, indicating a significant level where buyers might step in to support the price, potentially providing a foundation for a bounce or continuation of the bullish momentum.

1st support: 104.07

Supporting reasons: Multi-swing low support, representing a level where buyers have previously intervened to support the price, potentially acting as a foundation for further upward movement.

1st resistance: 106.37

Supporting reasons: Multi-swing high resistance, indicating a level where selling pressure might increase, potentially acting as a barrier to further upside movement.

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Factors contributing to the momentum is that the price is below a major descending trend line, suggesting that bearish momentum is on the cards.

Price could potentially make a bearish continuation towards 1st support.

PIvot: 1.0737

Supporting reasons: An Overlap resistance combined with the 50% Fibonacci Retracement level, indicating a significant level where selling pressure might intensify, potentially leading to a continuation of the bearish movement.

1st support: 1.0601

Supporting reasons: Swing low support, representing a level where buyers have previously intervened to support the price, potentially acting as a foundation for a temporary halt or bounce in the downward movement.

1st resistance: 1.0859

Supporting reasons: Multi-swing high resistance, indicating a level where selling pressure might increase, potentially acting as a barrier to further upside movement.

EUR/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Factors contributing to the momentum are that the price is above a major ascending trend line, suggesting further bullish momentum is on the cards.

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

Pivot: 169.44

Supporting reasons: Pullback support, indicating a level where buying pressure might increase, potentially providing support for a bounce or continuation of the bullish trend.

1st support: 165.18

Supporting reasons: Pullback support, representing a level where buyers have previously intervened to support the price, potentially acting as a foundation for further upward movement.

1st resistance: 174.67

Supporting reasons: Swing high resistance combined with the 161.80% Fibonacci Extension, suggesting a level where selling pressure might intensify, potentially acting as a barrier to further upside movement.

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.8532

Supporting reasons: Multi-swing low support, indicating a level where buyers have previously intervened to support the price, potentially providing a foundation for a bounce or continuation of the bullish momentum.

1st support: 0.8502

Supporting reasons: Multi-swing low support, suggesting a level where buyers might step in again to support the price, potentially acting as a foundation for further upward movement.

1st resistance: 0.8582

Supporting reasons: Pullback resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.

GBP/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 1.2527

Supporting reasons: An Overlap resistance combined with the 61.80% Fibonacci Retracement, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or continuation of the bearish momentum.

1st support: 1.2300

Supporting reasons: Swing low support, representing a level where buyers have previously intervened to support the price, potentially acting as a foundation for a bounce or temporary halt in the downward movement.

1st resistance: 1.2708

Supporting reasons: An Overlap resistance, suggesting a level where selling pressure might increase, potentially acting as a barrier to further upside movement.

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: 197.82

Supporting reasons: Pullback support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or continuation of the bullish momentum.

1st support: 193.38

Supporting reasons: Pullback support, representing a level where buyers have previously intervened to support the price, potentially acting as a foundation for further upward movement.

1st resistance: 204.50

Supporting reasons: 78.60% Fibonacci Projection, indicating a significant level where selling pressure might intensify, potentially acting as a barrier to further upside 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: Multi-swing high resistance, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bullish momentum.

1st support: 0.8896

Supporting reasons: Pullback support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bullish momentum.

1st resistance: 0.9242

Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bullish trend.

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: 160.19

Supporting reasons: Swing high resistance combined with the 161.80% Fibonacci Extension, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bullish momentum.

1st support: 151.94

Supporting reasons: Pullback support, representing a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bullish momentum.

1st resistance: 164.36

Supporting reasons: Swing high resistance, acting as a barrier to further upside movement within the context of the overall bullish trend.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 1.3609

Supporting reasons: Acts as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area where price could find a solid foundation for potential price stabilization or a rebound.

1st support: 1.3525

Supporting reasons: Identified as a pullback support, suggesting an area where price has previously found strong buying interest to potentially halt any further downward movement.

1st resistance: 1.3703

Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

AUD/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could make a bearish reaction off the pivot and potentially drop toward the 1st support

Pivot: 0.6550

Supporting reasons: Acts an overlap resistance that aligns close to a 61.8% Fibonacci retracement level where price has previously seen strong selling pressures.

1st support: 0.6442

Supporting reasons: Acts as an overlap support, suggesting a significant area where price has previously found strong support and could provide a basis to halt further downward movement.

1st resistance: 0.6628

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

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price could make a bearish reaction off the pivot and potentially drop toward the 1st support

Pivot: 0.5974

Supporting reasons: Acts an overlap resistance that aligns close to a 50% Fibonacci retracement level where price could potential stall before reversing to drop lower.

1st support: 0.5870

Supporting reasons: Acts as a pullback support, suggesting a potential area where price has previously found strong support and could provide a basis to halt further downward movement.

1st resistance: 0.6059

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: Neutral

Price has made a bullish reaction off the pivot and could potentially rise towards the 1st resistance

Pivot: 37,727.16

Supporting reasons: Acts as a pullback support, suggesting a significant area where buying interests have increased recently.

1st support: 37,093.10

Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation to halt further downward movement.

1st resistance: 39,034.98

Supporting reasons: Identified as a pullback resistance that aligns with a 61.8 Fibonacci retracement level, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price could rise towards the pivot and could potentially make a bearish reaction to drop towards the 1st support

Pivot: 18,301.50

Supporting reasons: Acts as a pullback support that aligns with a 78.6% Fibonacci retracement level, suggesting a significant area where buying interests have increased recently.

1st support: 17,680.80

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation to halt further downward movement.

1st resistance: 18,534.90

Supporting reasons: Identified as a pullback resistance at 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 has made a bullish reaction off the pivot and could potentially rise towards the 1st resistance

Pivot: 4,956.50

Supporting reasons: Acts as a pullback support, suggesting a significant area where buying interests have increased recently.

1st support: 4,847.20

Supporting reasons: Acts as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation for a rebound.

1st resistance: 5,223.68

Supporting reasons: Marked by a pullback resistance that aligns with a 78.6% Fibonacci retracement level, which could function as a potential barrier and cap any upward movements.

BTC/USD (Bitcoin):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price has made a bearish reaction through the pivot and could potentially drop towards the 1st support

Pivot: 63,619.63

Supporting reasons: Previously functioned as a an overlap support that aligns with a 50% Fibonacci retracement level, suggesting a significant area where buying interests have increased recently.

1st support: 61,279.08

Supporting reasons: Acts as a pullback support, suggesting a significant area where price has previously found support and could provide a strong foundation to halt further downward movements.

1st resistance: 66,857.22

Supporting reasons: Marked by a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price has made a bullish reaction off the pivot and could rise towards the 1st resistance

Pivot: 3,106.80

Supporting reasons: Acts as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where buying interests have increased recently.

1st support: 2,989.64

Supporting reasons: Identified as an overlap support, suggesting a significant area where price has previously found support and could provide a strong foundation to halt further downward movements.

1st resistance: 3,394.19

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

WTI/USD (Oil):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price has made a bullish reaction off the pivot and could potentially rise towards the 1st resistance

Pivot: 83.02

Supporting reasons: Acts as a pullback support, suggesting a significant area where price has previously found support to provide a strong foundation for a potential rebound.

1st support: 81.86

Supporting reasons: Identified as a pullback support, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation to halt further downward movements.

1st resistance: 85.42

Supporting reasons: Identified as a pullback 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: Bearish

Overall momentum of the chart: Bullish

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

PIvot: 2343.07

Supporting reasons: An Overlap resistance combined with the 38.20% Fibonacci Retracement, suggesting a significant level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bullish momentum.

1st support: 2194.05

Supporting reasons: Swing low support, representing a level where buyers might step in to support the price. The support is reinforced by the presence of the 50% and 78.60% Fibonacci Retracement levels, indicating Fibonacci confluence and adding strength to this support level.

1st resistance: 2393.12

Supporting reasons: Multi-swing high resistance, acting as a barrier to further upside movement within the context of the overall bullish trend.

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The post Monday 29th April 2024: Technical Outlook and Review first appeared on IC Markets | Official Blog.