ICMarket

Monday 10th June 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish 

Overall momentum of the chart: Bearish

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

Pivot: 105.57 

Supporting reasons: Identified as an overlap resistance, coinciding with both the 61.80% Fibonacci Retracement and the 127.20% Fibonacci Extension, suggesting a strong level where selling pressure may emerge, supported by Fibonacci confluence.

1st support: 103.96 

Supporting reasons: Recognized as an overlap support, coinciding with the 61.80% Fibonacci Retracement, indicating a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 106.37 

Supporting reasons: Noted as a multi-swing high resistance, suggesting a significant area where selling pressure has historically been strong, potentially halting further upward movement.

EUR/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: 1.0740

Supporting reasons: Identified as an overlap support, coinciding with the 61.80% Fibonacci Retracement, suggesting a strong level where buying interest may emerge.

1st support: 1.0664

Supporting reasons: Recognized as an overlap support, coinciding with the 78.60% Fibonacci Retracement, indicating another significant level where buying interest may be present.

1st resistance: 1.0904

Supporting reasons: Noted as a multi-swing high resistance, suggesting a significant area where selling pressure has historically been strong, potentially acting as a barrier for further upward movement.

EUR/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: 168.23

Supporting reasons: Identified as an overlap support, coinciding with the 38.20% Fibonacci Retracement, suggesting a level where buying interest may emerge.

1st support: 165.21

Supporting reasons: Recognized as pullback support, coinciding with the 78.60% Fibonacci Retracement, indicating a significant level where buying interest may be present.

1st resistance: 170.69

Supporting reasons: Noted as a multi-swing high resistance, suggesting a significant area where selling pressure has historically been strong, potentially acting as a barrier for further upward movement.

EUR/GBP:

Potential Direction: Bearish 

Overall momentum of the chart: Bearish

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

Pivot: 0.8499 Supporting reasons: Identified as pullback resistance, indicating a level where selling pressure may emerge.

1st support: 0.8401 

Supporting reasons: Recognized as the 161.80% Fibonacci Extension and the 100% Fibonacci Projection, indicating Fibonacci confluence and suggesting a strong level of support where buying interest may emerge.

1st resistance: 0.8532 

Supporting reasons: Noted as an overlap resistance, suggesting a significant area where selling pressure may intensify.

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: 1.2677

Supporting reasons: Identified as an overlap support and coinciding with the 23.60% Fibonacci Retracement, indicating a level where buying interest may emerge.

1st support: 1.2561

Supporting reasons: Recognized as pullback support and coinciding with the 50% Fibonacci Retracement, suggesting a historical level where buying pressure has emerged in the past.

1st resistance: 1.2803

Supporting reasons: Noted as a multi-swing high resistance, indicating a significant area where selling pressure may intensify.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 200.58

Supporting reasons: Identified as a multi-swing high resistance, suggesting a level where selling pressure may be present.

1st support: 197.12

Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 202.94

Supporting reasons: Noted as a significant area where selling pressure may intensify, coinciding with the 161.80% Fibonacci Extension level.

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: 0.9018

Supporting reasons: Identified as pullback resistance, coinciding with the 50% Fibonacci Retracement, suggesting a level where selling pressure may emerge.

1st support: 0.8881

Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a level of support for price movement, also coinciding with the 38.20% Fibonacci Retracement.

1st resistance: 0.9158

Supporting reasons: Noted as a multi-swing high resistance, suggesting a significant area where selling pressure may intensify.

USD/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: 158.29

Supporting reasons: Identified as multi-swing high resistance, indicating a level where selling pressure may emerge.

1st support: 154.69

Supporting reasons: Recognized as multi-swing low support, coinciding with the 50% Fibonacci Retracement, suggesting a historical level where buying interest has emerged.

1st resistance: 160.34

Supporting reasons: Noted as swing high resistance, indicating a significant area where selling pressure may intensify.

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 1.3831

Supporting reasons: Identified as a swing-high resistance, suggesting an area where selling pressures could intensify.

1st support: 1.3621

Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting an area where price could find strong buying interests to potentially halt any further downward movement.

1st resistance: 1.3880

Supporting reasons: Identified as a multi-swing-high resistance, marking a significant barrier that could cap further upward movements.

AUD/USD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 0.6572

Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up for price to stage a minor rebound.

1st support: 0.6469

Supporting reasons: Acts as a pullback support, suggesting a significant area where price has found strong support recently to provide a basis to halt further downward movement.

1st resistance: 0.6693

Supporting reasons: Identified as a pullback resistance, marking a barrier that has previously capped upward movements.

NZD/USD

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 0.6082

Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up for price to stage a minor rebound.

1st support: 0.5997

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a potential area where price could find strong support to halt further downward movement.

1st resistance: 0.6218

Supporting reasons: Identified as a multi-swing-high resistance, marking a barrier that has previously capped upward movements.

US30 (DJIA):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 38,106.51

Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement level, suggesting an area where buying interests could pick up for price to stage a strong rebound.

1st support: 37,093.10

Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where price could find strong buying interests to provide a solid foundation to halt further downward movement.

1st resistance: 40,023.54

Supporting reasons: Identified as a multi-swing-high resistance that aligns close to the all-time high, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price could fall towards the pivot and potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 18,191.00

Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a rebound.

1st support: 17,712.10

Supporting reasons: Acts as a swing-low support, suggesting an area where buying interests could pick up to halt further downward movement.

1st resistance: 18,873.20

Supporting reasons: Identified as a pullback resistance that aligns with a 127.2% Fibonacci extension level, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could rise towards the pivot and potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 5,358.80

Supporting reasons: Identified as potential breakout level, suggesting an area where buying interests could pick up strongly to stage bullish breakout.

1st support: 5,236.82

Supporting reasons: Acts as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where price could find strong buying interests to provide a solid foundation to halt further downward movement.

1st resistance: 5,502.63

Supporting reasons: Acts as a resistance that aligns with a 161.8% Fibonacci extension level, suggesting a significant area where selling pressures could intensify to cap 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 reaction off this level to drop towards the 1st support.

Pivot: 73,176.19

Supporting reasons: Identified as a pullback resistance, suggesting an area where selling pressures could intensify.

1st support: 64,187.54

Supporting reasons: Acts as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movements.

1st resistance: 78,662.39

Supporting reasons: Marked by a resistance that aligns with a 127.2% Fibonacci extension level, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 3,687.36

Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement level, suggesting an area where buying interest could pick up for price to resume the uptrend.

1st support: 3,252.33

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area which could provide a strong foundation to halt further downward movements.

1st resistance: 4,032.94

Supporting reasons: Identified as a swing-high resistance, marking a significant barrier that could cap further upward movements.

WTI/USD (Oil):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price is rising towards the pivot and could potentially bearish reaction off this level to drop towards the 1st support.

Pivot: 76.53

Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement level, suggesting an area where selling pressures could intensify for price to reverse and resume the downtrend.

1st support: 72.31

Supporting reasons: Identified as a swing-low support that aligns with a 78.6% Fibonacci retracement level, suggesting a significant area where price could find strong buying interests and provide a solid foundation to halt further downward movements.

1st resistance: 80.89

Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

XAU/USD (GOLD):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 2286.33

Supporting reasons: Identified as multi-swing low support, coinciding with the 78.60% Fibonacci Projection, suggesting a level where buying interest may emerge.

1st support: 2198.47

Supporting reasons: Recognized as pullback support, indicating a historical level where buying interest has previously emerged.

1st resistance: 2385.80

Supporting reasons: Noted as an overlap resistance, indicating a significant area where selling pressure may intensify.

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