Thursday 28th March 2024: Technical Outlook and Review | IC Markets


Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 104.72

Supporting reasons: Acts as an Overlap resistance, indicating a key level where selling pressure might intensify, suggesting a pivotal spot for potential downturns in price movement.

1st support: 103.97

Supporting reasons: Known as an Overlap support, a strong area that could halt further declines, indicating its significance as a foundation for potential price stabilization or a rebound.

1st resistance: 104.97

Supporting reasons: Characterized by Multi-swing high resistance, a major barrier that has previously capped upward movements, highlighting its importance as a critical threshold for the price action.

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 1.0805

Supporting reasons: Serves as Multi-swing low support, a critical area where buying pressure has historically been strong enough to initiate upward movements, indicating its significance as a launchpad for potential rallies.

1st support: 1.0756

Supporting reasons: Known as Pullback support with a 78.60% Fibonacci Projection, marking a significant level where the market has found support in the past, offering a solid foundation for buyers and potentially halting further declines.

1st resistance: 1.0853

Supporting reasons: Acts as an Overlap resistance, a key level where selling pressure may emerge, suggesting it’s an important threshold for price action, possibly capping upward momentum as traders watch for a reversal or continuation of the trend.

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Factors contributing to the momentum include the price being in a bearish descending channel.

Price could potentially make a bearish continuation towards 1st support

Pivot: 163.42

Supporting reasons: Acts as Pullback resistance, indicating a level where selling pressure has historically increased, suggesting a potential reversal point for price to continue its downward trajectory.

1st support: 162.53

Supporting reasons: Known as Pullback support, represents a significant area where the market has found support previously, offering a basis for potential price stabilization or a minor rebound within the bearish trend.

1st resistance: 164.36

Supporting reasons: Identified as an Overlap resistance, marking a key barrier that has capped previous attempts to move higher, indicating a crucial point for monitoring potential reversals or continuation of the bearish momentum.

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.8569

Supporting reasons: Acts as Pullback resistance, a level where selling pressure could intensify, indicating a potential spot for the price to reverse and continue its downward movement.

1st support: 0.8552

Supporting reasons: Known as Pullback support, suggesting a significant area where the market has found support previously, offering a foundation for potential stabilization or a minor rebound within the bearish trend.

1st resistance: 0.8585

Supporting reasons: Identified as Multi-swing high resistance, marking a crucial barrier that has capped previous upward movements, highlighting its importance as a critical threshold for monitoring the bearish momentum.

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 1.2673

Supporting reasons: Acts as an Overlap resistance, aligning with a 38.20% Fibonacci Retracement, marking a significant level where selling pressure might increase, suggesting a pivotal spot for potential downturns in price movement.

1st support: 1.2583

Supporting reasons: Known as Multi-swing low support, indicating a strong area that could halt further declines, highlighting its importance as a foundation for potential price stabilization or a rebound.

1st resistance: 1.2758

Supporting reasons: Serves as Pullback resistance, a key barrier that could limit further advances, marking a crucial point for monitoring potential reversals or continuation of the bearish momentum.

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 191.84

Supporting reasons: Acts as Pullback resistance with a 50% Fibonacci Retracement, indicating a significant level where selling pressure might increase, suggesting a potential reversal point for the price to continue its downward movement.

1st support: 190.52

Supporting reasons: Known as Multi-swing low support, suggesting a strong area where the market has previously found support, providing a foundation for potential stabilization or a minor rebound within the bullish trend.

1st resistance: 193.39

Supporting reasons: Identified as Multi-swing high resistance, marking a crucial barrier that has capped previous attempts to move higher.

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 0.9098

Supporting reasons: Acts as an Overlap resistance, a crucial point where selling pressure might intensify, suggesting a potential turning point for price to head downwards.

1st support: 0.8903

Supporting reasons: Known as Pullback support, indicating a significant area where the market has found support previously, offering a foundation for potential stabilization or a rebound in price.

1st resistance: 0.9221

Supporting reasons: Characterized by Multi-swing high resistance, a major barrier that has previously capped upward movements, highlighting its importance as a critical threshold for the bullish trend to overcome.

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 strong area where buying interest has historically been present, offering a foundation for price stabilization or potential upward movement.

1st resistance: 151.96

Supporting reasons: Marked by a 127.20% Fibonacci Projection, highlighting a significant barrier that could cap upward movements, making it a pivotal point for potential reversals or pauses in price action

Potential Direction: Neutral

Overall momentum of the chart: Neutral

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

1st support: 1.3551

Supporting reasons: Acts as an Overlap support, indicating a strong area where buying interest has historically been present, offering a foundation for price stabilization or potential upward movement. This level suggests a solid base that could prevent further declines.

1st resistance: 1.3613

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

Potential Direction: Neutral

Overall momentum of the chart: Neutral

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

1st support: 0.6514

Supporting reasons: Acts as an Overlap support, indicating a key level where buying interest has historically been strong, providing a foundation for potential price stabilization or a rebound

1st resistance: 0.6550

Supporting reasons: Identified as an Overlap resistance, 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 a continuation of the neutral trend.

Potential Direction: Neutral

Overall momentum of the chart: Neutral

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

1st support: 0.5982

Supporting reasons: Acts as Multi-swing low support, indicating a key level where buying interest has historically been present, suggesting a solid foundation for potential price stabilization or a rebound. This level has shown to be a strong area that could prevent further declines.

1st resistance: 0.6028

Supporting reasons: Identified as an Overlap resistance, marking a significant barrier that has capped previous upward movements. This indicates a crucial threshold for traders to monitor, as breaking through 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: Bullish

Price could potentially make a bullish breakthrough of pivot and rise to 1st resistance

Pivot: 39865.96

Supporting reasons: Identified as Multi-swing high resistance, indicating a key level that, if broken, could signify strong buying pressure and a continuation of the bullish trend.

1st support: 39298.12

Supporting reasons: Acts as an Overlap support, suggesting a strong area where buying interest has historically been present, providing a solid foundation for the price to stabilize or rebound if it retreats from higher levels.

1st resistance: 40101.57

Supporting reasons: Marked by a 127.20% Fibonacci Extension and a 61.80% Fibonacci Projection, indicating a significant level of Fibonacci confluence. This confluence acts as a strong technical indicator that the price could target, underscoring its importance for bullish momentum continuation.

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 18567.67

Supporting reasons: Marked by 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.

1st support: 18037.52

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

1st resistance: 18837.43

Supporting reasons: Characterized by a 100% Fibonacci Projection, marking a crucial barrier that has previously capped upward movements, indicating a significant threshold for monitoring the bearish momentum against the backdrop of the overall bullish trend.

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 5257.29

Supporting reasons: Acts as Multi-swing high resistance, a critical level that might indicate where selling pressure can increase, suggesting a potential turning point for price to reverse and move downwards within the context of an overall bullish trend.

1st support: 5190.72

Supporting reasons: Known as Pullback support, suggesting a significant area where the market has found support previously, providing a foundation for potential price stabilization or a minor rebound if it retreats from higher levels.

1st resistance: 5300.29

Supporting reasons: Marked by a 161.80% Fibonacci Extension, indicating a crucial barrier that could cap upward movements, highlighting its importance as a critical threshold for bullish attempts to continue the upward momentum.

Potential Direction: Neutral

Overall momentum of the chart: Neutral

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

1st support: 68558.30

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: 71672.15

Supporting reasons: Identified as Multi-swing high resistance, 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: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation towards 1st support

Pivot: 3539.69

Supporting reasons: Acts as an Overlap resistance, a crucial level that might indicate where selling pressure can intensify, suggesting a potential turning point for the price to continue its downward movement.

1st support: 3343.48

Supporting reasons: Known as Pullback support, indicating a significant area where the market has previously found support, providing a foundation for potential price stabilization or a minor rebound within the bearish trend.

1st resistance: 3673.88

Supporting reasons: Identified as an Overlap resistance, marking a significant barrier that could cap upward movements, highlighting its importance as a threshold for monitoring bearish momentum within the context of an overall bearish market.

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 82.33

Supporting reasons: Acts as an Overlap resistance, a crucial level that might indicate where selling pressure can intensify, suggesting a potential turning point for the price to reverse and move downwards despite the overall bullish trend.

1st support: 80.91

Supporting reasons: Known as Overlap support with a 38.20% Fibonacci Retracement, indicating a significant area where the market has previously found support, providing a foundation for potential price stabilization or a minor rebound within the bearish move.

1st resistance: 83.54

Supporting reasons: Identified as Swing high resistance, marking a critical barrier that could cap upward movements, highlighting its importance as a threshold for monitoring bearish momentum within the context of an overall bullish market.

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Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bearish continuation towards 1st support

Pivot: 2197.00

Supporting reasons: Serves as an Overlap resistance with a 61.80% Fibonacci Projection, indicating a significant level where selling pressure might intensify, suggesting a potential turning point for price to head downwards.

1st support: 2182.82

Supporting reasons: Known as Pullback support, indicating a strong area where the market has previously found support, offering a foundation for potential price stabilization or a minor rebound.

1st resistance: 2204.86

Supporting reasons: Characterized by a 78.60% Fibonacci Projection, marking a key barrier that has previously capped upward movements, highlighting its importance as a critical threshold for the price action.

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