{"id":66147,"date":"2024-05-16T14:30:18","date_gmt":"2024-05-16T04:30:18","guid":{"rendered":"https:\/\/www.icmarkets-vnd.com\/blog\/?p=66147"},"modified":"2024-05-17T15:13:44","modified_gmt":"2024-05-17T05:13:44","slug":"thursday-16th-may-2024-technical-outlook-and-review","status":"publish","type":"post","link":"https:\/\/www.icmarkets-vnk.com\/blog\/thursday-16th-may-2024-technical-outlook-and-review\/","title":{"rendered":"Thursday 16th May 2024: Technical Outlook and Review"},"content":{"rendered":"\n

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

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

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

Pivot: 104.02
Supporting reasons: Identified as a level of pullback support, indicating a historical area where buying interest has been observed.<\/p>\n\n\n\n

1st support: 103.17
Supporting reasons: Recognized as an overlap support level, suggesting a historical area where buyers may step in to support the price.<\/p>\n\n\n\n

1st resistance: 104.54
Supporting reasons: Noted as an overlap resistance level, indicating a historical area 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
Overall momentum of the chart: Bullish<\/p>\n\n\n\n

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

Pivot: 1.0893
Supporting reasons: Identified as an overlap resistance, reinforced by the 78.60% Fibonacci Retracement and the 78.60% Fibonacci Projection, indicating Fibonacci confluence.<\/p>\n\n\n\n

1st support: 1.0811
Supporting reasons: Recognized as an overlap support level, suggesting a historical area where buyers may step in to support the price.<\/p>\n\n\n\n

1st resistance: 1.0949
Supporting reasons: Noted as a multi-swing high resistance level, indicating a historical area 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\/JPY:<\/strong><\/h1>\n\n\n\n

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

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

Pivot: 168.61
Supporting reasons: Identified as pullback resistance, suggesting a level where selling pressure might intensify.<\/p>\n\n\n\n

1st support: 165.35
Supporting reasons: Recognized as pullback support, indicating a level where buyers might step in to support the price.<\/p>\n\n\n\n

1st resistance: 169.40
Supporting reasons: Noted as a multi-swing high resistance level, suggesting a historical area where selling pressure might increase, potentially acting as a barrier to further upside movement.<\/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

In the potential bullish scenario, price could potentially make a bullish bounce off the pivot and head towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 0.8569
Supporting reasons: Identified as pullback support, coinciding with the 61.80% Fibonacci Retracement level.<\/p>\n\n\n\n

1st support: 0.8547
Supporting reasons: Identified as an overlap support level, aligned with the 78.60% Fibonacci Retracement level.<\/p>\n\n\n\n

1st resistance: 0.8590
Supporting reasons: Identified as an overlap resistance level.<\/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: Bullish<\/p>\n\n\n\n

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

Pivot: 1.2695
Supporting reasons: Identified as an overlap resistance, coinciding with the 127.20% Fibonacci Extension.<\/p>\n\n\n\n

1st support: 1.2606
Supporting reasons: Recognized as pullback support, suggesting a level where buyers might step in to support the price.<\/p>\n\n\n\n

1st resistance: 1.2796
Supporting reasons: Noted as swing high resistance, indicating a historical area where selling pressure may increase, potentially acting as a barrier to further upward 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 1st support.<\/p>\n\n\n\n

Pivot: 196.00
Supporting reasons: Identified as pullback resistance.<\/p>\n\n\n\n

1st support: 193.92
Supporting reasons: Recognized as an overlap support level, indicating a significant area where buying interest may emerge.<\/p>\n\n\n\n

1st resistance: 197.44
Supporting reasons: Noted as swing high resistance, suggesting a historical area where selling pressure may increase.<\/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<\/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: 0.9005<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance, indicating a level where selling pressure may intensify, potentially causing a bearish reaction.<\/p>\n\n\n\n

1st support: 0.8902<\/p>\n\n\n\n

Supporting reasons: Recognized as a pullback support, suggesting a level where buying interest may emerge, potentially acting as a support for downward movement.<\/p>\n\n\n\n

1st resistance: 0.9096<\/p>\n\n\n\n

Supporting reasons: Noted as an overlap resistance, indicating a significant area where selling pressure may be present, potentially hindering further upward movement.<\/p>\n\n\n\n

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

USD\/JPY:<\/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: 154.82<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance, suggesting a level where selling pressure may intensify, potentially leading to a bearish reaction.<\/p>\n\n\n\n

1st support: 151.94<\/p>\n\n\n\n

Supporting reasons: Recognized as an overlap support, indicating a significant historical level where buying interest has emerged, potentially acting as a support for downward movement.<\/p>\n\n\n\n

1st resistance: 156.88<\/p>\n\n\n\n

Supporting reasons: Noted as an overlap resistance, suggesting a significant area where selling pressure may be present, potentially hindering further upward movement.<\/p>\n\n\n\n

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

USD\/CAD:<\/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 is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.<\/p>\n\n\n\n

Pivot: 1.3628<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement level, suggesting a significant area where price could stall and reverse to resume the downtrend.<\/p>\n\n\n\n

1st support: 1.3562<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback support that aligns close to a 78.6% 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: 1.3687<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback 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

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

Pivot: 0.6648<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up.<\/p>\n\n\n\n

1st support: 0.6593<\/p>\n\n\n\n

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 recently to provide a basis to halt further downward movement.<\/p>\n\n\n\n

1st resistance: 0.6712<\/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: Bullish<\/p>\n\n\n\n

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

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

Pivot: 0.6098<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support, suggesting an area where buying interests could pick up.<\/p>\n\n\n\n

1st support: 0.6037<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a potential area where price could find strong support to halt further downward movement.<\/p>\n\n\n\n

1st resistance: 0.6139<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap resistance that aligns with a 78.6% Fibonacci retracement level, 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: Bearish<\/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 bearish reaction off this level to drop towards the 1st support.<\/p>\n\n\n\n

Pivot: 39,993.29<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance that aligns close to the all-time high, suggesting an area where price could stall and reverse to pull back towards the 1st support.<\/p>\n\n\n\n

1st support: 39,637.89<\/p>\n\n\n\n

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

1st resistance: 40,599.15<\/p>\n\n\n\n

Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection level, 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: Bearish<\/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 bearish reaction off this level to drop towards the 1st support.<\/p>\n\n\n\n

Pivot: 18,900.90<\/p>\n\n\n\n

Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension level, suggesting an area where price could stall and reverse to pull back towards the 1st support.<\/p>\n\n\n\n

1st support: 18,704.90<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support, suggesting an area where buying interests could pick up to halt further downward movement.<\/p>\n\n\n\n

1st resistance: 19,298.82<\/p>\n\n\n\n

Supporting reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. the 61.8% projection and the 161.8% extension levels, 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 has made a bullish reaction through the pivot and could potentially rise towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 5,275.81<\/p>\n\n\n\n

Supporting reasons: Previously identified as a pullback resistance that aligned close to the all-time high; bullish momentum has caused price to break out of this level.<\/p>\n\n\n\n

1st support: 5,203.86<\/p>\n\n\n\n

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

1st resistance: 5,379.39<\/p>\n\n\n\n

Supporting reasons: Acts as a resistance that aligns with a 127.2% Fibonacci extension level, 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: 66,831.34<\/p>\n\n\n\n

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

1st support: 64,518.28<\/p>\n\n\n\n

Supporting reasons: Acts as an overlap support, suggesting an area where buying interests could pick up to halt further downward movements.<\/p>\n\n\n\n

1st resistance: 68,515.86<\/p>\n\n\n\n

Supporting reasons: Marked by an overlap resistance that aligns close to a 78.6% Fibonacci retracement level, 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: 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: 3,048.22<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, suggesting an area where selling pressures have intensified in the past.<\/p>\n\n\n\n

1st support: 2,863.34<\/p>\n\n\n\n

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

1st resistance: 3,179.69<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance, 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 is rising towards the pivot and could 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 resistance that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where selling pressures have intensified recently. The presence of a bearish Ichimoku cloud also adds further significance to a major resistance zone.<\/p>\n\n\n\n

1st support: 77.18<\/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: 81.88<\/p>\n\n\n\n

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

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

XAU\/USD (GOLD):<\/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: 2392.49<\/p>\n\n\n\n

Supporting reasons: Identified as a 127.20% Fibonacci Extension, indicating a significant level where selling pressure may intensify, potentially leading to a bearish reaction.<\/p>\n\n\n\n

1st support: 2372.97<\/p>\n\n\n\n

Supporting reasons: Recognized as a pullback support, suggesting a level where buying interest may emerge, potentially acting as a support for downward movement.<\/p>\n\n\n\n

1st resistance: 2409.71<\/p>\n\n\n\n

Supporting reasons: Noted as a swing high resistance and a 161.80% Fibonacci Extension, indicating a significant area where selling pressure may be present, potentially hindering further upward movement.<\/p>\n\n\n\n

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

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DXY (US Dollar Index): Potential Direction: BullishOverall momentum of the chart: […]<\/p>\n","protected":false},"author":8,"featured_media":60698,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[340,216,215,195],"tags":[],"class_list":["post-66147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured-posts","category-forex-news-daily","category-market-analysis","category-technical-analysis"],"_links":{"self":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/66147","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=66147"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/66147\/revisions"}],"predecessor-version":[{"id":66148,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/66147\/revisions\/66148"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/media\/60698"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/media?parent=66147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/categories?post=66147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/tags?post=66147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}