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Monday 24th February 2025: Technical Outlook and Review

DXY (US Dollar Index): Potential Direction: Bearish Overall momentum of the chart: Bearish Price could potentially make a short-term rise toward the pivot before reversing and falling toward the 1st support. Also, price has crossed below the Ichimoku cloud, signaling a shift to the downside. Pivot: 107.49 Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressure could emerge. 1st support: 105.44 Supporting reasons: Identified as an overlap support that aligns with the 50% Fibonacci retracement and the 161.8% Fibonacci extension, forming a strong Fibonacci confluence where price could find support. 1st resistance: 108.67 Supporting reasons: Identified as a swing high resistance, indicating a potential level that could cap further upward movement.

EUR/USD: Potential Direction: Bullish Overall momentum of the chart: Bullish Price could potentially make a bullish continuation toward the 1st resistance. Also, price has crossed above the Ichimoku cloud, signaling further upside potential. Pivot: 1.0402 Supporting reasons: Identified as an overlap support, indicating a potential level where buyers could step in. 1st support: 1.0293 Supporting reasons: Identified as a swing low support, indicating as a potential area where price could stabilize before continuing higher. 1st resistance: 1.0601 Supporting reasons: Identified as a swing high resistance that aligns with the 38.2% Fibonacci retracement and the 161.8% Fibonacci extension, forming a Fibonacci confluence that could act as a key resistance level.

EUR/JPY: Potential Direction: Bullish Overall momentum of the chart: Bearish Price could potentially make a bullish bounce off the pivot and head towards the 1st resistance. Pivot: 155.94 Supporting reasons: Identified as a multi-swing low support that aligns with the 61.8% Fibonacci projection, indicating a potential area where price could rebound. 1st support: 152.12 Supporting reasons: Identified as a swing low support that aligns with the 161.8% Fibonacci extension and 100% Fibonacci projection, forming a strong Fibonacci confluence where price could find support. 1st resistance: 159.79 Supporting reasons: Identified as an overlap resistance that aligns with the 50% Fibonacci retracement, indicating a potential level where price could face selling pressure.

EUR/GBP: Potential Direction: Bearish Overall momentum of the chart: Bearish Price could potentially make a short-term rise toward the pivot before reversing off it and dropping toward the 1st support. Pivot: 0.8358 Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressure could emerge. 1st support: 0.8224 Supporting reasons: Identified as a multi-swing low support that aligns with the 161.8% Fibonacci extension and 78.6% Fibonacci projection, forming a strong Fibonacci confluence where price could find support. 1st resistance: 0.8462 Supporting reasons: Identified as a multi-swing high resistance, indicating a potential level that could cap further upward movement.

GBP/USD: Potential Direction: Bullish Overall momentum of the chart: Bullish Factors contributing to the momentum: Price has crossed above the Ichimoku cloud, signaling further upside potential. Price could potentially drop further to the pivot in the short term before bouncing from there and rising to the 1st resistance. Pivot: 1.2501 Supporting reasons: Identified as a pullback support, indicating a potential area where buyers could step in. 1st support: 1.2362 Supporting reasons: Identified as a swing low support, acting as a potential level where price could stabilize before continuing higher. 1st resistance: 1.2771 Supporting reasons: Identified as a multi-swing high resistance that aligns with the 100% Fibonacci projection and 50% Fibonacci retracement, forming a Fibonacci confluence that could act as a key resistance level.

GBP/JPY: Potential Direction: Bullish Overall momentum of the chart: Bullish Price could potentially drop further to the pivot in the short term before bouncing from there and rising to the 1st resistance. Pivot: 187.05 Supporting reasons: Identified as a swing low support that aligns with the 78.6% Fibonacci projection, indicating a potential area where buyers could step in. 1st support: 182.95 Supporting reasons: Identified as a swing low support that aligns with the 161.8% Fibonacci extension, indicating a potential level where price could stabilize before continuing higher. 1st resistance: 194.68 Supporting reasons: Identified as an overlap resistance, indicating a potential level where price could face selling pressure.

USD/CHF: Potential Direction: Bullish Overall momentum of the chart: Bullish Price could potentially drop further to the pivot in the short term before bouncing from there and rising to the 1st resistance. Pivot: 0.8864 Supporting reasons: Identified as a pullback support that aligns with the 38.2% Fibonacci retracement and 100% Fibonacci projection, forming a strong Fibonacci confluence where price could find support. 1st support: 0.8763 Supporting reasons: Identified as an overlap support, indicating a potential level where price could stabilize before continuing higher. 1st resistance: 0.9045 Supporting reasons: Identified as a swing high resistance, indicating a potential level where price could face selling pressure.

USD/JPY: Potential Direction: Bullish Overall momentum of the chart: Bullish Price could potentially make a bullish bounce off the pivot and head towards the 1st resistance. Pivot: 149.28 Supporting reasons: Identified as a pullback support that aligns with the 161.8% Fibonacci extension, indicating a strong level where buyers could step in. 1st support: 146.90 Supporting reasons: Identified as a pullback support that aligns with the 100% Fibonacci projection, suggesting a potential area where price could stabilize before resuming its upward movement. 1st resistance: 151.23 Supporting reasons: Identified as a pullback resistance, indicating a potential level where price could face selling pressure.

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: 1.4093 Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a minor rebound. 1st support: 1.3953 Supporting reasons: Identified as an overlap support that aligns with a 61.8% Fibonacci retracement, indicating a key level where the price could stabilize once more. 1st resistance: 1.4279 Supporting reasons: Identified as a pullback resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

AUD/USD: Potential Direction: Bullish Overall momentum of the chart: Bullish Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance. Pivot: 0.6313 Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement, indicating a potential area where buying interests could pick up to resume the uptrend. 1st support: 0.6144 Supporting reasons: Identified as a multi-swing-low support, suggesting a potential area where the price could stabilize once again. 1st resistance: 0.6448 Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

NZD/USD Potential Direction: Bullish Overall momentum of the chart: Bullish Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance. Pivot: 0.5686 Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a potential area where buying interests could pick up to resume the uptrend. 1st support: 0.5542 Supporting reasons: Identified as a multi-swing-low support, suggesting a potential area where the price could stabilize once more. 1st resistance: 0.5827 Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

US30 (DJIA): Potential Direction: Bullish Overall momentum of the chart: Neutral Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance. Pivot: 43,238.47 Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound. 1st support: 41,777.16 Supporting reasons: Identified as a multi-swing-low support, indicating a potential level where the price could stabilize once again. 1st resistance: 43,964.75 Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

DE40 (DAX): Potential Direction: Bullish Overall momentum of the chart: Bullish Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance. Pivot: 21,877.50 Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, indicating a potential area where buying interests could pick up to resume the uptrend. 1st support: 21,293.20 Supporting reasons: Identified as a multi-swing-low support that aligns with a confluence of Fibonacci levels i.e. the 38.2% and 50% retracements, indicating a key level where the price could stabilize once more. 1st resistance: 22,867.00 Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.

US500 (S&P 500): Potential Direction: Bullish Overall momentum of the chart: Neutral Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance. Pivot: 5,937.54 Supporting reasons: Identified as a multi-swing-low support that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 61.8% retracements, indicating a potential level where buying interests could pick up to resume the uptrend. The presence of the green Ichimoku Cloud adds further significance to the strength of the bullish momentum. 1st support: 5,818.22 Supporting reasons: Identified as a multi-swing-low support, indicating a potential level where the price could stabilize once again. 1st resistance: 6,138.20 Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin): Potential Direction: Bullish Overall momentum of the chart: Neutral Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance. Pivot: 91,855.25 Supporting reasons: Identified as an overlap support, indicating a potential level where buying interests could pick up to stage a rebound. 1st support: 73,240.64 Supporting reasons: Identified as a pullback support that aligns close to a 161.8% Fibonacci extension, indicating a potential level where the price could stabilize once more. 1st resistance: 101,963.41 Supporting reasons: Identified as a swing-high resistance that aligns close to a 61.8 Fibonacci retracement, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum): Potential Direction: Bearish Overall momentum of the chart: Neutral Price could rise towards the pivot and potentially make a bearish reversal off this level to fall towards the 1st support. Pivot: 2,936.51 Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where selling pressures could intensify. 1st support: 2,347.98 Supporting reasons: Identified as a multi-swing-low support, indicating a potential level where the price could stabilize once again. 1st resistance: 3,311.17 Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil): 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: 69.62 Supporting reasons: Identified as a swing-low support that aligns close to a 78.6% Fibonacci retracement, indicating a potential level where buying interests could pick up to stage a rebound. 1st support: 66.66 Supporting reasons: Identified as a multi-swing-low support, indicating a key level where the price could stabilize once more. 1st resistance: 72.58 Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD): Potential Direction: Bullish Overall momentum of the chart: Bullish Price could potentially drop further to the pivot in the short term before bouncing from there and rising to the 1st resistance. Additionally, price has crossed above the Ichimoku cloud, signaling further upside potential. Pivot: 2867.02 Supporting reasons: Identified as a pullback support, indicating a potential area where buyers could step in. 1st support: 2790.27 Supporting reasons: Identified as a pullback support, acting as a potential level where price could stabilize before continuing higher. 1st resistance: 2953.33 Supporting reasons: Identified as a multi-swing high resistance that aligns with the 161.8% Fibonacci extension, forming a strong confluence level where price could face selling pressure.

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Publication date:

2025-02-24 11:29:51 (GMT)

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