ICMarket

Monday 29th July 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

Price could potentially make a bullish bounce off pivot and head towards 1st resistance.

Pivot: 103.69
Supporting reasons: Identified as a swing low support level, indicating a significant area where previous declines have found support.

1st support: 102.72
Supporting reasons: Identified as an overlap support level, specifically at the 161.80% Fibonacci Extension, suggesting a significant area where previous declines have found support.

1st resistance: 105.15
Supporting reasons: Identified as an overlap resistance level, specifically at the 61.80% Fibonacci Retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.0948
Supporting reasons: Identified as a multi-swing high resistance level, specifically at the 127.20% Fibonacci Extension, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.0799
Supporting reasons: Identified as an overlap support level, specifically at the 50% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 1.1106
Supporting reasons: Identified as a swing high resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 168.34
Supporting reasons: Identified as a pullback resistance level, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 164.59
Supporting reasons: Identified as an overlap support level, specifically at the 50% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 171.60
Supporting reasons: Identified as an overlap resistance level, specifically at the 61.80% Fibonacci Retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/GBP:

Overall momentum of the chart: Bearish

Factors contributing to the momentum: Price is below the bearish Ichimoku cloud

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

Pivot: 0.8498
Supporting reasons: Identified as an overlap resistance level, specifically at the 50% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 0.8385
Supporting reasons: Identified as a swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8532
Supporting reasons: Identified as an overlap resistance level, specifically at the 78.60% Fibonacci Retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

GBP/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off pivot and head towards 1st resistance.

Pivot: 1.2817
Supporting reasons: Identified as a pullback support level, specifically at the 50% Fibonacci Projection, indicating a potential area where buyers could enter the market after a retracement.

1st support: 1.2615
Supporting reasons: Identified as a pullback support level, specifically at the 61.80% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 1.3008
Supporting reasons: Identified as a swing high resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

GBP/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off pivot and head towards 1st resistance.

Pivot: 197.53
Supporting reasons: Identified as an overlap support level, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where buyers could enter the market after a retracement.

1st support: 191.86
Supporting reasons: Identified as an overlap support level, specifically at the 61.80% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 207.73
Supporting reasons: Identified as a swing high resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8913
Supporting reasons: Identified as an overlap resistance level, specifically at the 50% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 0.8728
Supporting reasons: Identified as an overlap support level, specifically at the 61.80% Fibonacci Extension, suggesting a significant area where previous declines have found support.

1st resistance: 0.9044
Supporting reasons: Identified as a multi-swing high resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

Factors contributing to the momentum: Price is in a bearish descending channel

Price could potentially make a bullish bounce off pivot and head towards 1st resistance.

Pivot: 152.91
Supporting reasons: Identified as an overlap support level, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where buyers could enter the market after a retracement.

1st support: 146.42
Supporting reasons: Identified as an overlap support level, specifically at the 78.60% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 157.89
Supporting reasons: Identified as an overlap resistance level, specifically at the 61.80% Fibonacci Retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

Price has made a bearish reversal off the pivot and could potentially make a pull back towards the 1st support.

Pivot: 1.3828
Supporting reasons: Identified as a swing-high resistance, indicating a significant area where selling pressures could intensify.

1st support: 1.3735
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement, indicating a potential area where price could find support.

1st resistance: 1.3880
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

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: 0.6469
Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 0.6349
Supporting reasons: Identified as a swing-low support, suggesting a potential area where price could find strong support.

1st resistance: 0.6635
Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement, indicating a significant area that could halt further upward movement.

NZD/USD

Potential Direction: Bullish
Overall momentum of the chart: Bearish

Price is trading close to the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 0.5872
Supporting reasons: Identified as a multi-swing-low support that aligns with a 100% Fibonacci projection level, indicating a potential zone where buying interests could pick up to stage a minor rebound.

1st support: 0.5798
Supporting reasons: Identified as a swing-low support, suggesting a significant area that could halt further downward momentum.

1st resistance: 0.5995
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, indicating a significant area that could halt further upward movement. 

US30 (DJIA):

Potential Direction: Bullish

Overall Momentum of the Chart: Bullish

Price has made a bullish bounce off the pivot and could potentially rise towards the 1st resistance.

Pivot: 40,056.05
Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement level, indicating a potential area where buying interests could pick up to resume the uptrend.

1st Support: 38,106.51

Supporting Reasons: Identified as a pullback support, suggesting a significant area where price could find strong support.

1st Resistance: 41,277.57

Supporting Reasons: Identified as a pullback resistance that aligns close to a 161.8% Fibonacci extension level, indicating a significant area that could halt further upward movement.

DE40 (DAX):

Potential Direction: Bearish

Overall Momentum of the Chart: Neutral

Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.

Pivot: 18,894.50
Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci projection level, indicating an area where selling pressures could intensify.

1st Support: 18,003.90

Supporting Reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, indicating a significant area where price could find strong support.

1st Resistance: 19,487.53

Supporting Reasons: Identified as a resistance that aligns with a 100% Fibonacci projection level, indicating a significant area that could halt further upward movement.

US500 (S&P 500): 

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.

Pivot: 5,561.91
Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, indicating a potential area where selling pressures could intensify to resume the downtrend.

1st support: 5,236.31

Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, indicating a potential area where price could find strong support. 

1st resistance: 5,673.33

Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, suggesting a critical area that could halt further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.

Pivot: 73,176.19

Supporting reasons: Identified as a pullback resistance that aligns close to the all-time high, indicating a potential area where selling pressures could intensify.

1st support: 63,982.37

Supporting reasons: Identified as a pullback support, indicating a significant area that could halt further downward movement.

1st resistance: 77,001.53

Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension level, indicating a potential barrier that could halt further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.

Pivot: 3,540.71

Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st Support: 2,881.88

Supporting Reasons: Identified as a multi-swing-low support that aligns close to a 61.8% Fibonacci retracement level, indicating a significant area that could halt further downward movement.

1st Resistance: 3,889.27

Supporting Reasons: Identified as a swing-high resistance, indicating a historical barrier where selling pressures could intensify.

WTI/USD (Oil):

Potential Direction: Bearish

Overall Momentum of the Chart: Bearish

Price could fall towards the pivot and potentially make a bearish break through this level to fall towards the 1st support.

Pivot: 77.37

Supporting Reasons: Identified as a potential breakout level where the strong bearish momentum could drive the price lower. The presence of a downward channel adds further significance to the bearish momentum.

1st Support: 72.31

Supporting Reasons: Identified as a multi-swing-low support that aligns with a 78.6% Fibonacci retracement level, indicating a significant area where price could find strong support.

1st Resistance: 80.81

Supporting Reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement level, indicating a potential barrier that could halt further upward movement.

XAU/USD (GOLD):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 2468.69
Supporting reasons: Identified as a multi-swing high resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 2286.33
Supporting reasons: Identified as an overlap support level, specifically at the 38.20% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 2550.94
Supporting reasons: Identified as a 161.80% Fibonacci Extension level, indicating a historical point where previous rallies have faced selling pressure or reversed.

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