ICMarket

Monday 24th 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: 106.38
Supporting reasons: Identified as a multi-swing high resistance level, specifically at the 161.80% Fibonacci Extension and 61.80% Fibonacci Projection, indicating Fibonacci confluence.

1st support: 105.15
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 107.06
Supporting reasons: Identified as a swing high resistance level, specifically at the 100% Fibonacci Projection, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 1.0674
Supporting reasons: Identified as an overlap support level, specifically at the 78.60% Fibonacci Retracement, indicating a potential area where buyers could enter the market after a retracement.

1st support: 1.0534
Supporting reasons: Identified as a multi-swing low support level, suggesting historical significance where previous declines have found support.

1st resistance: 1.0796
Supporting reasons: Identified as a pullback resistance level, specifically at the 50% Fibonacci Retracement, indicating a potential area where previous rallies have faced selling pressure or reversed.

EUR/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: 170.87
Supporting reasons: Identified as a multi-swing high resistance level, indicating a significant area where previous rallies have faced selling pressure.

1st support: 168.25
Supporting reasons: Identified as an overlap support level, suggesting historical significance where previous declines have found support.

1st resistance: 172.92
Supporting reasons: Identified at the 161.80% Fibonacci Extension, indicating a potential area where previous rallies could face selling pressure or reverse.

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: 0.8491
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where previous rallies have faced selling pressure.

1st support: 0.8411
Supporting reasons: Identified as a swing low support level, suggesting historical significance where previous declines have found support.

1st resistance: 0.8532
Supporting reasons: Identified as an overlap resistance level, indicating a significant area where previous rallies have faced selling pressure or reversed.

GBP/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 1.2550
Supporting reasons: Identified as a pullback support level, specifically at the 50% Fibonacci Retracement, indicating a potential area where buyers could enter the market after a retracement.

1st support: 1.2378
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.2718
Supporting reasons: Identified as an overlap resistance level, indicating a potential area 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: 200.70
Supporting reasons: Identified as an overlap support level, indicating a significant area where previous declines have found support.

1st support: 197.75
Supporting reasons: Identified as an overlap support level, suggesting another significant area where previous declines have found support.

1st resistance: 203.28
Supporting reasons: Identified at the 161.80% Fibonacci Extension, indicating a potential area where previous rallies could face selling pressure or reverse.

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: 0.8992
Supporting reasons: Identified as an overlap resistance level, specifically at the 50% Fibonacci Retracement, indicating a potential area where previous rallies have faced selling pressure.

1st support: 0.8703
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: 0.9158
Supporting reasons: Identified as a swing high resistance level, indicating a potential area where previous rallies have faced selling pressure or reversed.

USD/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: 160.22
Supporting reasons: Identified as a swing high resistance level, specifically at the 161.80% Fibonacci Extension and 100% Fibonacci Extension, indicating Fibonacci confluence.

1st support: 157.64
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 165.07
Supporting reasons: Identified at the 100% Fibonacci Projection, indicating a potential area where previous rallies could face selling pressure or reverse.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 1.3665

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, indicating a potential area where buying interests could pick up.

1st support: 1.3595

Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting historical significance where previous declines have found support.

1st resistance: 1.3777

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, indicating a historical point where previous rallies have faced selling pressure or reversed.

AUD/USD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 0.6572

Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, indicating a potential area where buying interests could pick up.

1st support: 0.6496

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

1st resistance: 0.6695

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

NZD/USD

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 0.6085

Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement level, indicating a potential area where buying interests could pick up.

1st support: 0.5977

Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement level, indicating historical significance as a support area where buying interest has previously emerged.

1st resistance: 0.6218

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

US30 (DJIA):

Potential Direction: Bullish

Overall Momentum of the Chart: Neutral

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

Pivot: 38,106.51

Supporting Reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up.

1st Support: 37,093.10

Supporting Reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting historical significance where previous declines have found support.

1st Resistance: 40,056.05

Supporting Reasons: Identified as a swing-high resistance close to the all-time high, indicating a historical point where previous rallies have faced selling pressures.

DE40 (DAX):

Potential Direction: Bullish

Overall Momentum of the Chart: Neutral

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

Pivot: 17,712.10

Supporting Reasons: Identified as a swing-low support, indicating a potential area where buying interests could pick up.

1st Support: 17,004.20

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

1st Resistance: 18,643.10

Supporting Reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, suggesting a historical point where previous rallies have faced selling pressures.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 5,326.24

Supporting reasons:  Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement level, indicating a potential area where buying interests could pick up.

1st support: 5,225.73

Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, indicating a significant historical area where buying activity has previously occurred.

1st resistance: 5,520.06

Supporting reasons: Identified as a pullback resistance that aligns with a 161.8% Fibonacci extension level, suggesting a critical area where selling pressures may intensify and potentially halt further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 60,593.34

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.

1st support: 58,252.12

Supporting reasons: Identified as a swing-low support, suggesting a significant historical area where buyers have previously been active.

1st resistance: 71,624.30

Supporting reasons: Identified as a pullback resistance, indicating a historical barrier where selling pressures may be encountered.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall Momentum of the Chart: Neutral

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

Pivot: 3,356.14

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.

1st Support: 2,863.34

Supporting Reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting historical significance where previous declines have found support.

1st Resistance: 3,889.27

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

WTI/USD (Oil):

Potential Direction: Bullish

Overall Momentum of the Chart: Bullish

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

Pivot: 80.61

Supporting Reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up.

1st Support: 78.00

Supporting Reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement level, indicating a potential area where buyers could step in after a retracement.

1st Resistance: 84.38

Supporting Reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, suggesting a potential area where selling pressures 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: 2330.31
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where previous rallies have faced selling pressure.

1st support: 2285.07
Supporting reasons: Identified as a multi-swing low support level, suggesting historical significance where previous declines have found support.

1st resistance: 2375.72
Supporting reasons: Identified as an overlap resistance level, indicating a significant area where previous rallies have faced selling pressure or reversed.

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