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Thursday 20th 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 bounce off pivot and head towards 1st resistance.

Pivot: 105.15

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

1st support: 104.40

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

1st resistance: 105.79

Supporting reasons: Identified as an overlap resistance level, marking a critical area where selling pressure may intensify and potentially halt further upward movement.

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: 169.84

Supporting reasons: Identified as an overlap resistance level, suggesting a historical barrier where selling pressure may increase.

1st support: 167.39

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

1st resistance: 171.60

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

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: 0.84954

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 continuation towards 1st support.

Pivot: 1.2744

Supporting reasons: Identified as pullback support, coinciding with a 50% Fibonacci Retracement level, indicating a significant historical and technical support area.

1st support: 1.2606

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

1st resistance: 1.2854

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

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: 197.45

Supporting reasons: Identified as an overlap support level, suggesting a strong historical and technical support area.

1st support: 193.49

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

1st resistance: 201.35

Supporting reasons: Identified as a swing high resistance level, marking a critical area where selling pressure may intensify and potentially halt further upward movement.

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: 0.8885

Supporting reasons: Identified as a pullback resistance level, indicating a historical barrier where selling pressure may intensify.

1st support: 0.8753

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

1st resistance: 0.8989

Supporting reasons: Identified as an overlap resistance level, marking a significant barrier that could cap further upward movements.

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: 158.31

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

1st support: 156.56

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

1st resistance: 160.22

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

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: 1.3702

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

1st support: 1.3655

Supporting reasons: Identified as another pullback support level, reinforcing the potential for buying interest at this price point.

1st resistance: 1.3780

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

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: 0.6638

Supporting reasons: Identified as a pullback support level, indicating a point where buying interest may emerge.

1st support: 0.6576

Supporting reasons: Identified as an overlap support level, reinforcing its significance as a historical support area.

1st resistance: 0.6714

Supporting reasons: Identified as a swing high resistance level, suggesting a historical barrier where selling pressure may intensify.

NZD/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: 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: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 39022.56

Supporting reasons: Identified as an overlap resistance level, indicating historical significance as a barrier where selling pressure has been observed.

1st support: 38579.19

Supporting reasons: Identified as a pullback support level, coinciding with the 61.80% Fibonacci Retracement, suggesting a potential area where buying interest might emerge to support the price.

1st resistance: 39412.19

Supporting reasons: Identified as a pullback resistance level, indicating a historical barrier where selling pressure may intensify and potentially halt further upward movement.

DE40 (DAX):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 18,231.43

Supporting reasons: Identified as a pullback resistance level, aligned with the 38.20% Fibonacci Retracement, suggesting a significant historical area where selling pressure may increase.

1st support: 17,903.57

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

1st resistance: 18,505.28

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

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 continuation 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: 3573.68

Supporting reasons: Identified as a pullback resistance level, coinciding with the 78.60% Fibonacci Retracement, suggesting a strong historical level where selling pressure has previously been significant.

1st support: 3356.14

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

1st resistance: 3714.16

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

WTI/USD (Oil):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 79.40

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

1st support: 76.60

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

1st resistance: 83.03

Supporting reasons: Identified as an overlap resistance level, which lines up with the 127.2% Fibonacci extension marking a critical area where selling pressure may intensify and potentially 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: 2335.63

Supporting reasons: Identified as a multi-swing high resistance level, coinciding with the 50% Fibonacci Retracement, indicating a significant historical barrier where selling pressure has been observed.

1st support: 2298.19

Supporting reasons: Identified as an overlap support level, suggesting a historical area where buying interest has previously emerged, potentially providing a floor for price declines.

1st resistance: 2361.62

Supporting reasons: Identified as a pullback resistance level, coinciding with the 78.60% Fibonacci Retracement, indicating a historical level where selling pressure may intensify.

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