{"id":66114,"date":"2024-05-14T14:13:55","date_gmt":"2024-05-14T04:13:55","guid":{"rendered":"https:\/\/www.icmarkets-vnd.com\/blog\/?p=66114"},"modified":"2024-05-17T15:23:32","modified_gmt":"2024-05-17T05:23:32","slug":"tuesday-14th-may-2024-technical-outlook-and-review","status":"publish","type":"post","link":"https:\/\/www.icmarkets-vnk.com\/blog\/tuesday-14th-may-2024-technical-outlook-and-review\/","title":{"rendered":"Tuesday 14th May 2024: Technical Outlook and Review"},"content":{"rendered":"\n

DXY (US Dollar Index):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bearish<\/p>\n\n\n\n

Price could potentially make a bearish reaction off pivot and drop to 1st support.<\/p>\n\n\n\n

Pivot: 105.41<\/p>\n\n\n\n

Supporting reasons: An Overlap resistance, indicating a significant level where selling pressure might intensify.<\/p>\n\n\n\n

1st support: 104.88<\/p>\n\n\n\n

Supporting reasons: Swing low support, suggesting a level where buyers might step in to support the price.<\/p>\n\n\n\n

1st resistance: 105.93<\/p>\n\n\n\n

Supporting reasons: An Overlap resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

EUR\/USD:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price could potentially make a bearish reaction off pivot and drop to 1st support.<\/p>\n\n\n\n

Pivot: 1.0808<\/p>\n\n\n\n

Supporting reasons: An Overlap resistance, indicating a significant level where selling pressure might intensify.<\/p>\n\n\n\n

1st support: 1.0727<\/p>\n\n\n\n

Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price.<\/p>\n\n\n\n

1st resistance: 1.0861<\/p>\n\n\n\n

Supporting reasons: An Overlap resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement, further supported by the 78.60% Fibonacci Projection.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

EUR\/JPY:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish
Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price could potentially make a bearish reaction off pivot and drop to 1st support.<\/p>\n\n\n\n

Pivot: 169.41
Supporting reasons: The pivot level coincides with a significant swing high resistance, indicating a level where selling pressure might intensify.<\/p>\n\n\n\n

1st support: 167.35
Supporting reasons: This level is marked by an overlap support, suggesting it as a potential area where buyers could step in to support the price.<\/p>\n\n\n\n

1st resistance: 171.58
Supporting reasons: A swing high resistance is observed at this level, indicating a point where selling pressure might increase. Additionally, this resistance level is further supported by the bullish momentum of the chart.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

<\/h1>\n\n\n\n

EUR\/GBP:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish
Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price could potentially make a bullish bounce off the pivot and head towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 0.8581
Supporting reasons: The pivot level aligns with a significant pullback support, coinciding with the 38.20% Fibonacci Retracement level.<\/p>\n\n\n\n

1st support: 0.8564
Supporting reasons: This level is marked by an overlap support and also corresponds to the 61.80% Fibonacci Retracement level, indicating a strong area of potential buying interest.<\/p>\n\n\n\n

1st resistance: 0.6813
Supporting reasons: A multi-swing high resistance is observed at this level, suggesting it as a significant barrier for further upside movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

GBP\/USD:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish
Overall momentum of the chart: Bearish<\/p>\n\n\n\n

Factors contributing to the momentum: The price is currently facing resistance from an overlap resistance level and the 61.80% Fibonacci Retracement level, indicating potential selling pressure.<\/p>\n\n\n\n

Price could potentially make a bearish reaction off the pivot and drop to the 1st support.<\/p>\n\n\n\n

Pivot: 1.2565
Supporting reasons: The pivot level coincides with an overlap resistance and the 61.80% Fibonacci Retracement level, suggesting a strong area of resistance.<\/p>\n\n\n\n

1st support: 1.2473
Supporting reasons: This level is characterized by multi-swing low support, indicating a significant level where buying interest may emerge.<\/p>\n\n\n\n

1st resistance: 1.2633
Supporting reasons: A swing high resistance is observed at this level, suggesting it as a significant barrier for further upside movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

GBP\/JPY:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish
Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price could potentially make a bearish reaction off the pivot and drop to the 1st support.<\/p>\n\n\n\n

Pivot: 197.45
Supporting reasons: The pivot level aligns with a swing high resistance and the 61.80% Fibonacci Retracement level, indicating a strong area of resistance.<\/p>\n\n\n\n

1st support: 193.49
Supporting reasons: This level is characterized by an overlap support, suggesting a significant level where buying interest may emerge.<\/p>\n\n\n\n

1st resistance: 200.64
Supporting reasons: A swing high resistance is observed at this level, suggesting it as a significant barrier for further upside movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

<\/h1>\n\n\n\n

USD\/CHF:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish
Overall momentum of the chart: Bearish<\/p>\n\n\n\n

Price could potentially make a bearish reaction off the pivot and drop to the 1st support.<\/p>\n\n\n\n

Pivot: 0.9097
Supporting reasons: The pivot level coincides with an overlap resistance and the 38.20% Fibonacci Retracement level, indicating a strong area of resistance.<\/p>\n\n\n\n

1st support: 0.9019
Supporting reasons: This level is characterized by multiple swing lows, suggesting a significant level where buying interest may emerge.<\/p>\n\n\n\n

1st resistance: 0.9152
Supporting reasons: A pullback resistance is observed at this level, indicating a potential barrier for further upside movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

USD\/JPY:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish
Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price could potentially make a bearish reaction off the pivot and drop to the 1st support.<\/p>\n\n\n\n

Pivot: 156.47
Supporting reasons: The pivot level aligns with a pullback resistance at the 78.60% Fibonacci Retracement, suggesting a strong area of resistance.<\/p>\n\n\n\n

1st support: 153.37
Supporting reasons: This level is characterized by an overlap support, indicating a significant level where buying interest may emerge.<\/p>\n\n\n\n

1st resistance: 158.40
Supporting reasons: A swing high resistance is observed at this level, suggesting a potential barrier for further upside movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

USD\/CAD:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Neutral<\/p>\n\n\n\n

Price could make a bullish reaction through the pivot and potentially rise towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 1.3687<\/p>\n\n\n\n

Supporting reasons: Acts as a potential breakout level where the bullish momentum could drive price higher.<\/p>\n\n\n\n

1st support: 1.3628<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where price has found strong buying interests in the past to potentially halt any further downward movement.<\/p>\n\n\n\n

1st resistance: 1.3732<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

AUD\/USD:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Neutral<\/p>\n\n\n\n

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support.<\/p>\n\n\n\n

Pivot: 0.6624<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback resistance, suggesting an area where selling pressures have intensified recently.<\/p>\n\n\n\n

1st support: 0.6562<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support that aligns with a 50% 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.<\/p>\n\n\n\n

1st resistance: 0.6639<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance, marking a barrier that has previously capped upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

NZD\/USD<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Neutral<\/p>\n\n\n\n

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support.<\/p>\n\n\n\n

Pivot: 0.6037<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback resistance, suggesting an area where selling pressures have intensified recently.<\/p>\n\n\n\n

1st support: 0.5982<\/p>\n\n\n\n

Supporting reasons: Acts as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting a potential area where price has found strong support in the past to provide a basis to halt further downward movement.<\/p>\n\n\n\n

1st resistance: 0.6073<\/p>\n\n\n\n

Supporting reasons: Identified as a swing-high resistance, marking a barrier that has previously capped upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

US30 (DJIA):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price is trading close to the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 39,412.72<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap support where price could stage a rebound to climb higher.<\/p>\n\n\n\n

1st support: 39,045.82<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap support, suggesting a significant area where price could find strong buying interest to could provide a solid foundation to halt further downward movement.<\/p>\n\n\n\n

1st resistance: 39,993.29<\/p>\n\n\n\n

Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential barrier that could cap any upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

<\/h1>\n\n\n\n

DE40 (DAX):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price could fall towards the pivot and potentially make a bullish reaction off this level to rise towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 18,545.10<\/p>\n\n\n\n

Supporting reasons: Identified as a pull back support that aligns close to a 23.6% Fibonacci retracement level, suggesting a significant area where buying interests could pick up.<\/p>\n\n\n\n

1st support: 18,324.11<\/p>\n\n\n\n

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 movement.<\/p>\n\n\n\n

1st resistance: 18,848.30<\/p>\n\n\n\n

Supporting reasons: Identified as a resistance that aligns close to the all-time high, potentially functioning as a barrier that could cap any upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

US500 (S&P 500): <\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price is trading close to the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 5,203.86<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap support where price could stage a rebound to climb higher.<\/p>\n\n\n\n

1st support: 5,167.12<\/p>\n\n\n\n

Supporting reasons: Acts as an overlap support, suggesting a significant area where price could find strong buying interest to could provide a solid foundation to halt further downward movement.<\/p>\n\n\n\n

1st resistance: 5,278.56<\/p>\n\n\n\n

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

\"\"\/<\/figure>\n\n\n\n

BTC\/USD (Bitcoin):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Neutral<\/p>\n\n\n\n

Price has made a bearish reaction off the pivot and could potentially drop towards the 1st support.<\/p>\n\n\n\n

Pivot: 63,223.31<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where selling pressures have intensified recently.<\/p>\n\n\n\n

1st support: 60,593.34<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movements.<\/p>\n\n\n\n

1st resistance: 65,521.94<\/p>\n\n\n\n

Supporting reasons: Marked by a swing-high resistance, indicating a significant barrier that could cap further upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

ETH\/USD (Ethereum):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Neutral<\/p>\n\n\n\n

Price could fall towards the pivot and potentially make a bullish reaction off this level to rise towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 2,863.34<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support, suggesting a significant area where buying interests have increased in the past.<\/p>\n\n\n\n

1st support: 2,685.96<\/p>\n\n\n\n

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

1st resistance: 3,048.22<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

<\/h1>\n\n\n\n

WTI\/USD (Oil):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Neutral<\/p>\n\n\n\n

Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support.<\/p>\n\n\n\n

Pivot: 80.10<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where selling pressures have increased recently.<\/p>\n\n\n\n

1st support: 77.65<\/p>\n\n\n\n

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

1st resistance: 81.81<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

XAU\/USD (GOLD):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish
Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price could potentially make a bullish bounce off the pivot and head towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 2327.00
Supporting reasons: The pivot level coincides with a pullback support at the 50% Fibonacci Retracement, indicating a strong area of potential buying interest.<\/p>\n\n\n\n

1st support: 2308.23
Supporting reasons: An overlap support is observed at this level, suggesting a significant area where buyers may enter the market.<\/p>\n\n\n\n

1st resistance: 2360.00
Supporting reasons: This level represents a pullback resistance, indicating a potential barrier for further upward movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

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Price could potentially make a bearish reaction off pivot and drop to 1st support.<\/p>\n","protected":false},"author":8,"featured_media":61982,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[216,215,195],"tags":[],"class_list":["post-66114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex-news-daily","category-market-analysis","category-technical-analysis"],"_links":{"self":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/66114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/comments?post=66114"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/66114\/revisions"}],"predecessor-version":[{"id":66115,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/66114\/revisions\/66115"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/media\/61982"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/media?parent=66114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/categories?post=66114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/tags?post=66114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}