ICMarket

Thursday 6th June 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish

 Overall momentum of the chart: Bearish

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

Pivot: 104.05 Supporting reasons: Identified as multi-swing high resistance, suggesting a level where selling pressure may decrease.

1st support: 103.73 Supporting reasons: Recognized as the 161.80% Fibonacci Extension, indicating a potential level where buying interest could emerge.

1st resistance: 104.41 Supporting reasons: Noted as an overlap resistance, suggesting a significant area where selling pressure may intensify, potentially hindering further upward movement.

EUR/USD:

Potential Direction: Bearish

 Overall momentum of the chart: Bullish

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

Pivot: 1.0914 Supporting reasons: Identified as an overlap resistance, suggesting a level where selling pressure may emerge.

1st support: 1.0792 Supporting reasons: Identified as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a support level for price movement.

1st resistance: 1.1007 Supporting reasons: Noted as a swing high resistance, indicating a significant level where selling pressure may intensify, hindering further upward movement.

EUR/JPY:

Potential Direction: Bearish Overall momentum of the chart: Bearish

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

Pivot: 169.86 Supporting reasons: Identified as an overlap resistance, coinciding with the 78.60% Fibonacci Retracement, indicating a potential area where selling pressure may emerge.

1st support: 168.02 Supporting reasons: Recognized as swing low support, suggesting a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 170.82 Supporting reasons: Noted as multi-swing high resistance, indicating a significant level where selling pressure has been observed, potentially hindering further upward movement.

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: 0.8495 Supporting reasons: Identified as swing low support, suggesting a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st support: 0.8468 Supporting reasons: Noted at the 127.20% Fibonacci Extension level, indicating a potential area where buying interest might increase, supporting upward movement.

1st resistance: 0.8532 Supporting reasons: Recognized as an overlap resistance, suggesting a significant area where selling pressure may emerge, potentially hindering further upward movement

GBP/USD:

Potential Direction: Bearish 

Overall momentum of the chart: Bullish

Price could potentially make a bearish break off pivot and drop towards 1st support.

Pivot: 1.2814 Supporting reasons: Identified as multi-swing high resistance, indicating a level where selling pressure has historically been significant, potentially acting as a barrier to further upward movement.

1st support: 1.2697 Supporting reasons: Recognized as an overlap support, suggesting a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 1.2893 Supporting reasons: Noted as swing high resistance, indicating a significant area where selling pressure may intensify, potentially hindering further upward movement.

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: 199.30 Supporting reasons: Identified as pullback resistance, coinciding with the 61.80% Fibonacci Retracement, indicating a level where selling pressure may intensify.

1st support: 197.45 Supporting reasons: Recognized as an overlap support, suggesting a historical level where buying interest has emerged, potentially acting as a support level for price movement.

1st resistance: 200.69 Supporting reasons: Noted as swing high resistance, indicating a significant level where selling pressure may increase, potentially hindering further upward movement.

USD/CHF:

Potential Direction: Bullish 

Overall momentum of the chart: Bearish

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

Pivot: 0.8892 Supporting reasons: Identified as an overlap support, coinciding with the 161.80% Fibonacci Extension, suggesting a potential level where buying interest may emerge.

1st support: 0.8819 Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has previously emerged, potentially acting as a support level for price movement.

1st resistance: 0.8995 Supporting reasons: Noted as pullback resistance, indicating a significant area where selling pressure may increase, potentially hindering further upward movement.

USD/JPY:

Potential Direction: Bearish 

Overall momentum of the chart: Bearish

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

Pivot: 156.58 Supporting reasons: Identified as an overlap resistance, coinciding with the 61.80% Fibonacci Retracement, suggesting a level where selling pressure may be present.

1st support: 154.54 Supporting reasons: Recognized as swing low support, indicating a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 157.69 Supporting reasons: Noted as swing high resistance, suggesting a significant area where selling pressure may intensify, potentially hindering further upward movement.

USD/CAD:

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: 1.3655

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where buying interests could pick up for price to stage a minor rebound.

1st support: 1.3624

Supporting reasons: Identified as a pullback support, suggesting an area where price could find strong buying interests to potentially halt any further downward movement.

1st resistance: 1.3700

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

AUD/USD:

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: 0.6689

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

1st support: 0.6639

Supporting reasons: Acts as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area where price has found strong support recently to provide a basis to halt further downward movement.

1st resistance: 0.6712

Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci projection level, marking a barrier that has previously capped upward movements.

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price has made a bearish reaction off the pivot and could potentially drop towards the 1st support.

Pivot: 0.6211

Supporting reasons: Identified as a multi-swing-high resistance that aligns close to a 161.8% Fibonacci extension level, suggesting an area where selling pressures could intensify.

1st support: 0.6167

Supporting reasons: Acts as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting a potential area where price could find strong support to halt further downward movement.

1st resistance: 0.6253

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

US30 (DJIA):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 39,038.86

Supporting reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement level, suggesting an area where selling pressures could intensify.

1st support: 38,397.07

Supporting reasons: Identified as a pullback support, suggesting a significant area where price could find strong buying interests to provide a solid foundation to halt further downward movement.

1st resistance: 39,399.72

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 18,683.70

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

1st support: 18,377.80

Supporting reasons: Acts as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movement.

1st resistance: 18,807.30

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: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 5,392.63

Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension level, suggesting an area where selling pressures could intensify.

1st support: 5,339.76

Supporting reasons: Acts as a pullback support, suggesting a significant area where price could find strong buying interests to provide a solid foundation to halt further downward movement.

1st resistance: 5,447.81

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: Bullish

Price has made a bearish reaction off the pivot and could potentially drop towards the 1st support.

Pivot: 71,650.14

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

1st support: 70,434.72

Supporting reasons: Acts as an overlap support that aligns with a 23.6% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movements.

1st resistance: 73,435.36

Supporting reasons: Marked by a swing-high 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: Bearish

Overall momentum of the chart: Neutral

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

Pivot: 3,959.62

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

1st support: 3,711.26

Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement level, suggesting a significant area which could provide a strong foundation to halt further downward movements.

1st resistance: 4,067.98

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

Pivot: 75.84

Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement level, suggesting an area where selling pressures could intensify for price to reverse and resume the downtrend.

1st support: 72.80

Supporting reasons: Identified as a pullback support, suggesting a significant area where price could find strong buying interests and provide a solid foundation to halt further downward movements.

1st resistance: 77.79

Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

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: 2373.00 Supporting reasons: Identified as pullback resistance, coinciding with the 161.80% Fibonacci Extension, suggesting a level where selling pressure may emerge.

1st support: 2351.34 Supporting reasons: Noted as pullback support, indicating a level where buying interest may arise, potentially providing a floor for price movement.

1st resistance: 2394.01 Supporting reasons: Recognized as pullback resistance, suggesting a level where selling pressure may intensify, potentially impeding further upward movement.

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