ICMarket

Thursday 4th July 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 105.43
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 104.28
Supporting reasons: Identified as a swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 106.07
Supporting reasons: Identified as a multi-swing high resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

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: 1.0768
Supporting reasons: Identified as a pullback support level, indicating a potential area where buyers could enter the market after a retracement.

1st support: 1.0719
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.0855
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.

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: 171.58
Supporting reasons: Identified as an overlap support level, indicating a significant area where previous declines have found support.

1st support: 168.00
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 176.30
Supporting reasons: Identified as a resistance level, specifically at the 161.80% Fibonacci Extension, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8458
Supporting reasons: Identified as an overlap support level, specifically at the 61.80% Fibonacci Retracement, indicating a potential area where buyers could enter the market after a retracement.

1st support: 0.8430
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8498
Supporting reasons: Identified as an overlap resistance level, 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: 1.2700
Supporting reasons: Identified as a pullback support level, indicating a potential area where buyers could enter the market after a retracement.

1st support: 1.2607
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.2813
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/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: 206.87
Supporting reasons: Identified as a level influenced by the 78.60% Fibonacci Projection, indicating a potential area where sellers could enter the market after a retracement.

1st support: 201.35
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 209.11
Supporting reasons: Identified as a level influenced by the 100% Fibonacci Projection, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8986
Supporting reasons: Identified as an overlap support level, specifically at the 23.60% Fibonacci Retracement, indicating a potential area where buyers could enter the market after a retracement.

1st support: 0.8889
Supporting reasons: Identified as a pullback support level, specifically at the 78.60% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 0.9082
Supporting reasons: Identified as a pullback resistance level, specifically at the 78.60% Fibonacci Retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

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: 160.28
Supporting reasons: Identified as an overlap support level, indicating a significant area where previous declines have found support.

1st support: 158.04
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 165.70
Supporting reasons: Identified as a resistance level, specifically at the 161.80% Fibonacci Extension, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CAD:

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: 1.3608
Supporting reasons: Identified as a swing-low support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.3590
Supporting reasons: Identified as a swing-low support, suggesting a potential area that could halt further downward movement.

1st resistance: 1.3645
Supporting reasons: Identified as a pullback resistance, indicating a significant area where selling pressures could intensify to halt any further upward movement.

AUD/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.6701
Supporting reasons: Identified as an overlap support, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 0.6643
Supporting reasons: Identified as a swing-low support, suggesting a significant area where price has found strong support recently.

1st resistance: 0.6749
Supporting reasons: Identified as a pullback resistance that aligns close to a 127.2% Fibonacci extension level, indicating a significant area that could halt further upward movement.

NZD/USD

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.6101
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 0.6074
Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area where price has found strong support in the past.

1st resistance: 0.6129
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: Bearish

Overall Momentum of the Chart: Neutral

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

Pivot: 39,565.69
Supporting reasons: Identified as an overlap resistance that aligns close to a 78.6% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st Support: 38,980.78

Supporting Reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 38.2% and the 50% retracement levels, suggesting a significant area that could halt further downward movement. The presence of the bullish Ichimoku cloud also adds as another supporting factor to the strength of this support zone.

1st Resistance: 40,075.11

Supporting Reasons: Identified as a swing-high resistance that aligns close to the all-time high, 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 drop towards 1st support.

Pivot: 18,424.70
Supporting reasons: Identified as a swing-high resistance that aligns close to a 100% Fibonacci projection level, indicating a potential area where selling pressures could intensify.

1st Support: 18,064.40

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

1st Resistance: 18,650.40

Supporting Reasons: Identified as a swing-high resistance, indicating a significant area that could halt further upward movement.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 5,514.06

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

1st support: 5,449.66

Supporting reasons: Identified as an overlap support, indicating a significant area that could halt further downward movement. The presence of a bullish Ichimoku cloud underneath price also serves as an additional support zone. 

1st resistance: 5,571.72

Supporting reasons: Identified as a 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: Bearish

Overall momentum of the chart: Bearish

Price could rise towards the pivot and potentially make a bearish reversal off this level to drop towards the 1st support.

Pivot: 59,267.78

Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify to resume the downtrend.

1st support: 56,802.43

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

1st resistance: 60,122.74

Supporting reasons: Identified as an overlap resistance that aligns with a 38.2% Fibonacci retracement level, indicating a potential barrier that could halt further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could rise towards the pivot and potentially make a bearish reversal off this level to drop towards the 1st support.

Pivot: 3,225.06

Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify to resume the downtrend.

1st Support: 3,057.27

Supporting Reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. the 78.6% retracement and the 161.8% extension levels, indicating a significant area that could halt further downward movement.

1st Resistance: 3,357.88

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

WTI/USD (Oil):

Potential Direction: Bullish

Overall Momentum of the Chart: Bullish

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

Pivot: 83.05

Supporting Reasons: Identified as an overlap support, indicating a potential area where buying interests could pick up to resume the uptrend.

1st Support: 81.91

Supporting Reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement level, indicating a significant area that could halt further downward movement. The presence of the bullish Ichimoku cloud underneath price functions as an additional supporting factor to the strength of this zone.

1st Resistance: 84.54

Supporting Reasons: Identified as a swing-high resistance that aligns with a 78.6% Fibonacci retracement level, indicating a potential barrier that could halt further upward movement.

XAU/USD (GOLD):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 2335.63
Supporting reasons: Identified as a pullback support level, indicating a potential area where buyers could enter the market after a retracement.

1st support: 2295.58
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 2391.61
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.

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