Friday 5th April 2024: Technical Outlook and Review | IC Markets

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Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 104.14

Supporting reasons: Acts as an Overlap support with a 38.20% Fibonacci Retracement, indicating a key level where buying interest might intensify, suggesting a solid foundation for a potential upward movement within the context of the overall bullish trend.

1st support: 103.49

Supporting reasons: Known as Pullback support with a 61.80% Fibonacci Retracement, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound within the bullish movement.

1st resistance: 104.95

Supporting reasons: Identified as Multi-swing high resistance, marking a significant barrier that has capped previous upward movements. 

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation toward 1st support

Pivot: 1.0872

Supporting reasons: Acts as an Overlap resistance with a 61.80% Fibonacci Retracement, indicating a key level where selling pressure might intensify, suggesting a potential turning point for the price to continue its downward movement within the overall bearish trend.

1st support: 1.0802

Supporting reasons: Pullback support suggests a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound within the bearish movement.

1st resistance: 1.0916

Supporting reasons: Identified as an Overlap resistance, marking a significant barrier that has capped previous upward movements.

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 163.44

Supporting reasons: Acts as Pullback support, indicating a key level where buying interest might intensify, suggesting a solid foundation for a potential upward movement within the context of the overall bearish trend.

1st support: 162.11

Supporting reasons: Known as an Overlap support, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound.

1st resistance: 164.37

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

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.8586

Supporting reasons: Acts as Multi-swing high resistance with a 78.60% Fibonacci Retracement, indicating a key level where selling pressure might intensify, suggesting a potential turning point for the price to reverse and move downwards within the overall bearish trend.

1st support: 0.8547

Supporting reasons: Pullback support suggests a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound within the bearish movement.

1st resistance: 0.8602

Supporting reasons: Identified as Swing high resistance, marking a significant barrier that has capped previous upward movements.

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation toward 1st support

Pivot: 1.2674

Supporting reasons: The pivot acts as Pullback resistance with a combination of a 50% Fibonacci Retracement and a 127.20% Fibonacci Extension, indicating a significant level of Fibonacci confluence. This suggests a strong technical backdrop where selling pressure might increase, pointing to a potential for continued bearish movement within the context of the overall downward trend.

1st support: 1.2587

Supporting reasons: Known as Pullback support, indicating a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound within the context of the ongoing bearish movement.

1st resistance: 1.2755

Supporting reasons: Serves as Pullback resistance with a 78.60% Fibonacci Retracement, marking a significant barrier that could limit upward movements. 

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 190.08

Supporting reasons: Acts as Pullback support, indicating a key level where buying interest might intensify, suggesting a solid foundation for a potential upward movement within the context of the overall bullish trend.

1st support: 189.39

Supporting reasons: Known as Pullback support with a 127.20% Fibonacci Extension, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound, reinforcing the bullish momentum.

1st resistance: 190.89

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

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.9009

Supporting reasons: Acts as an Overlap resistance with a 23.60% Fibonacci Retracement, indicating a key level where buying pressure might intensify, suggesting a solid foundation for a potential upward movement within the overall bullish trend.

1st support: 0.8909

Supporting reasons: Known as Pullback support with a 50% Fibonacci Retracement, suggesting a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound within the bullish movement.

1st resistance: 0.9089

Supporting reasons: Identified as Multi-swing high resistance, marking a significant barrier that has capped previous upward movements.

Potential Direction: Neutral

Overall momentum of the chart: Neutral

Price could potentially fluctuate between the 1st resistance and 1st support level.

1st support: 150.84

Supporting reasons: Acts as an Overlap support, indicating a key level where buying interest has historically been strong, suggesting a solid foundation for potential price stabilization or a rebound if it retreats from higher levels.

1st resistance: 151.96

Supporting reasons: Identified as Multi-swing high resistance with a 127.20% Fibonacci Extension, marking a significant barrier that has capped previous upward movements. This indicates a crucial threshold for traders to watch, as overcoming this level could signal a shift in market sentiment or the continuation of the current neutral trend.

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop lower

Pivot: 1.3613

Supporting reasons: Identified as a pullback support that aligns close to a 127.2% Fibonacci extension level suggesting a significant area where the market has previously found strong selling interest.

1st support: 1.3522

Supporting reasons: Identified as a pullback support, suggesting a significant area where the market has previously found strong buying interest and could provide a foundation for potential price stabilization.

1st resistance: 1.3656

Supporting reasons: Identified as an overlap resistance that aligns close to a 161.8% Fibonacci extension level, marking a significant barrier that could cap further upward movements.

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could potentially make a bullish reaction off the pivot to rise toward the 1st resistance

Pivot: 0.6588

Supporting reasons: Acts as an overlap support that aligns close to a 38.2% Fibonacci retracement level, suggesting a potential support area for price stabilization.

1st support: 0.6532

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

1st resistance: 0.6615

Supporting reasons: Identified as a swing-high, marking a significant barrier that has previously capped upward movements.

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.6049

Supporting reasons: Acts as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, where selling pressures have picked up recently.

1st support: 0.5939

Supporting reasons: Acts as a pullback support, suggesting a potential area for price stabilization or a minor rebound within the bearish context.

1st resistance: 0.6094

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

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 38,512.64

Supporting reasons: Acts as a pullback support that aligns close to a 78.6% Fibonacci retracement level where price has found strong buying interest in recent weeks.

1st support: 38,151.50

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 movement.

1st resistance: 39,316.05

Supporting reasons: Identified as an overlap resistance resistance that aligns with a 50% Fibonacci retracement level, indicating a potential barrier that could cap further upward movements.

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 18,082.30

Supporting reasons: Identified as a pullback support, suggesting a potential zone where price could find support and make a bullish bounce.

1st support: 17,899.30

Supporting reasons: Acts as an overlap 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: 18,422.50

Supporting reasons: Identified as a pullback resistance that could potentially function as a significant barrier that could cap further upward movements. Overcoming this level would underscore the strength of the bullish momentum.

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 5,140.35

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level where buying interest could be strong, suggesting a potential foundation for a price stabilization or a rebound.

1st support: 5,102.10

Supporting reasons: Acts as a pullback support that aligns with a 50% Fibonacci retracement level suggesting a significant area where price has previously found strong buying interest, providing a solid foundation to halt further downward movement.

1st resistance: 5,195.20

Supporting reasons: Marked by a pullback resistance which could function as a potential barrier that could cap further upward movements.

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price could potentially rise towards the 1st resistance

1st support: 61,521.91

Supporting reasons: Acts as a swing-low support that aligns with a confluence of Fibonacci levels i.e. the 50% retracement and 78.6% projection levels, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation for potential price stabilization or a rebound in the event of a pullback.

1st resistance: 71,672.15

Supporting reasons: Marked by a pullback resistance, indicating a significant barrier that could cap further upward movements.

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: 3,233.72

Supporting reasons: Acts as a pullback support that aligns close to a 78.6% Fibonacci retracement level indicating a key level where buying interest has historically been strong, suggesting a solid foundation for a potential price stabilization or a rebound.

1st support: 3,111.04

Supporting reasons: Identified as a swing-low support suggesting a significant area where price has previously found support, providing a strong foundation for further downward movements.

1st resistance: 3,661.29

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, marking a significant barrier that has previously capped upward movements.

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could make a bullish continuation towards the pivot to potentially stall around this level before reversing to drop lower

Pivot: 87.84

Supporting reasons: Marked by an overlap resistance that aligns with a 100% Fibonacci projection level, indicating a significant level where selling pressure might intensify.

1st support: 84.13

Supporting reasons: Identified as an overlap support, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation for potential price stabilization or a rebound.

1st resistance: 89.26

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bearish continuation toward 1st support

Pivot: 2311.03

Supporting reasons: Acts as Swing high resistance with a 78.60% Fibonacci Projection, indicating a significant level where selling pressure might intensify, suggesting a potential turning point for the price to reverse and move downwards within the overall bullish trend.

1st support: 2212.51

Supporting reasons: Pullback support suggests a significant area where the market has previously found strong buying interest, providing a foundation for potential price stabilization or a minor rebound within the bearish movement.

1st resistance: 2400.61

Supporting reasons: Marked by a 78.60% Fibonacci Projection, indicating a significant barrier that could cap upward movements.

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