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Friday 21th June 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation towards 1st resistance.

Pivot: 105.15

Supporting reasons: Identified as an overlap support level, indicating a historical area where buying interest has been significant.

1st support: 104.40

Supporting reasons: Identified as another overlap support level, reinforcing the strength of support around this area.

1st resistance: 105.79

Supporting reasons: Identified as a pullback resistance level, coinciding with the 127.20% Fibonacci Extension, suggesting a potential area where selling pressure might emerge, halting further upward movements.

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation towards 1st support.

Pivot: 1.0767

Supporting reasons: Identified as an overlap resistance level and coinciding with the 50% Fibonacci Retracement, indicating a significant historical and technical resistance area.

1st support: 1.0679

Supporting reasons: Identified as an overlap support level, suggesting a historical area where buying interest has previously emerged.

1st resistance: 1.0811

Supporting reasons: Identified as a pullback resistance level and coinciding with the 78.60% Fibonacci Retracement, marking a critical area where selling pressure may intensify and potentially halt further upward movement.

EUR/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bearish continuation towards 1st support.

Pivot: 170.87

Supporting reasons: Identified as a multi-swing high resistance, indicating a historical level where selling pressure has been significant.

1st support: 168.61

Supporting reasons: Identified as a pullback support level, suggesting an area where buying interest could potentially stabilize or reverse the downward movement.

1st resistance: 171.60

Supporting reasons: Identified as a swing high resistance, marking a significant barrier that could cap further upward movements, supporting the overall bearish bias.

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 0.8420

Supporting reasons: Identified as pullback support, indicating a level where buying interest could potentially pick up to support a bounce.

1st support: 0.8396

Supporting reasons: Identified as swing low support, suggesting a historical level where buying interest has previously emerged.

1st resistance: 0.8494

Supporting reasons: Identified as pullback resistance, suggesting a critical area where selling pressure may intensify and potentially halt further upward movement.

GBP/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: 1.2744

Supporting reasons: Identified as a pullback support level, marked at the 50% Fibonacci Retracement level, suggesting a potential area where buying interest could enter.

1st support: 1.2606

Supporting reasons: Identified as a pullback support, marked at the 161.80% Fibonacci Extension level, indicating a significant historical level where previous declines have found support.

1st resistance: 1.2854

Supporting reasons: Identified as a swing high resistance, suggesting a level where previous rallies have faced selling pressure.

GBP/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 200.75

Supporting reasons: Identified as an overlap support level, suggesting historical significance where buying interest could emerge.

1st support: 198.83

Supporting reasons: Identified as another overlap support level, indicating a strong historical level where previous declines have found support.

1st resistance: 203.28

Supporting reasons: Marked at the 161.80% Fibonacci Extension level, suggesting a potential target where price could face resistance based on historical price action.

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: 0.8931

Supporting reasons: Identified as an overlap resistance level coinciding with the 61.80% Fibonacci Retracement, indicating a significant historical resistance level where selling pressure could potentially increase.

1st support: 0.8837

Supporting reasons: Identified as a multi-swing low support level, suggesting historical significance where buying interest has previously entered the market.

1st resistance: 0.8988

Supporting reasons: Identified as an overlap resistance level, indicating a historical level where previous rallies have encountered selling pressure.

USD/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: 158.20

Supporting reasons: Identified as a pullback support level, indicating a historical area where buying interest has previously entered the market during pullback phases.

1st support: 156.56

Supporting reasons: Identified as an overlap support level, suggesting historical significance where previous price declines have found support.

1st resistance: 160.22

Supporting reasons: Identified as a swing high resistance level, indicating a historical point where previous rallies have stalled or reversed.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 1.3656

Supporting reasons: Identified as a pullback support level, specifically at the 127.20% Fibonacci Extension, indicating a potential area where buyers could enter the market after a retracement.

1st support: 1.3590

Supporting reasons: Identified as a swing low support level, suggesting historical significance where previous declines have found support.

1st resistance: 1.3780

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

AUD/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: 0.6623

Supporting reasons: Identified as a pullback support level, specifically at the 61.80% Fibonacci Retracement, indicating a potential area where buyers could step in after a retracement.

1st support: 0.6576

Supporting reasons: Identified as an overlap support level, suggesting historical significance where previous declines have found support.

1st resistance: 0.6707

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

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation towards 1st support.

Pivot: 0.6140

Supporting reasons: Identified as a pullback resistance level, coinciding with the 38.20% Fibonacci Retracement, suggesting a potential area where selling pressure might increase.

1st support: 0.6085

Supporting reasons: Identified as an overlap support level, indicating historical significance as a support area where buying interest has previously emerged.

1st resistance: 0.6206

Supporting reasons: Identified as a multi-swing high resistance level, suggesting a historical barrier where selling pressure has been strong.

US30 (DJIA):

Potential Direction: Bullish

Overall Momentum of the Chart: Bullish

Price Could Potentially Make a Bullish Bounce Off Pivot and Head Towards 1st Resistance

Pivot: 39050.37

Supporting Reasons: Identified as a pullback support level at the 23.60% Fibonacci Retracement, indicating a potential area where buyers could step in after a retracement.

1st Support: 38588.68

Supporting Reasons: Identified as a pullback support level at the 61.80% Fibonacci Retracement, suggesting historical significance where previous declines have found support.

1st Resistance: 39404.33

Supporting Reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure.

DE40 (DAX):

Instrument: GER40

Potential Direction: Bearish

Overall Momentum of the Chart: Bearish

Price Could Potentially Make a Bearish Reaction Off Pivot and Drop to 1st Support

Pivot: 18332.72

Supporting Reasons: Identified as a pullback resistance level at the 50% Fibonacci Retracement, suggesting a potential area where selling pressure could emerge.

1st Support: 17903.57

Supporting Reasons: Identified as an overlap support level, indicating historical significance where previous declines have found support.

1st Resistance: 18556.94

Supporting Reasons: Identified as a pullback resistance level at the 78.60% Fibonacci Retracement, suggesting a historical point where previous rallies have faced selling pressure.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 5,439.28

Supporting reasons: Identified as a pullback support level, suggesting a historical area where buying interest could emerge.

1st support: 5,363.17

Supporting reasons: Identified as a pullback support level, indicating a significant historical area where buying activity has previously occurred.

1st resistance: 5,495.51

Supporting reasons: Identified as a swing high resistance level close to 61.8% Fibonacci projection, suggesting a critical area where selling pressure may intensify and potentially halt further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 64512.65

Supporting reasons: Identified as an overlap support level, indicating historical significance as a level where buying interest has previously emerged.

1st support: 61467.09

Supporting reasons: Identified as an overlap support level, suggesting a significant historical area where buyers have previously been active.

1st resistance: 67076.37

Supporting reasons: Identified as an overlap resistance level, indicating a historical barrier where selling pressure may be encountered.

ETH/USD (Ethereum):

Potential Direction: Bearish

Overall Momentum of the Chart: Bearish

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

Pivot: 3622.16

Supporting Reasons: Identified as a multi-swing high resistance level, indicating a historical point where previous rallies have faced selling pressure.

1st Support: 3356.14

Supporting Reasons: Identified as an overlap support level, suggesting historical significance where previous declines have found support.

1st Resistance: 3873.56

Supporting Reasons: Identified as a swing high resistance level, indicating a historical point where previous rallies have faced selling pressure.

WTI/USD (Oil):

Potential Direction: Bullish

Overall Momentum of the Chart: Bullish

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

Pivot: 80.93

Supporting Reasons: Identified as an overlap support level, suggesting historical significance where previous movements have found support.

1st Support: 79.41

Supporting Reasons: Identified as a pullback support level, indicating a potential area where buyers could step in after a retracement.

1st Resistance: 83.03

Supporting Reasons: Identified as a pullback resistance level at the 127.20% Fibonacci Extension, suggesting a potential area where selling pressure could emerge.

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: 2372.88

Supporting Reasons: Identified as a pullback resistance level at the 78.60% Fibonacci Retracement, suggesting a potential area where selling pressure could emerge.

1st Support: 2340.50

Supporting Reasons: Identified as a pullback support level at the 50% Fibonacci Retracement, indicating a historical area where buyers have stepped in.

1st Resistance: 2405.90

Supporting Reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure.

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