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Tuesday 18th 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 heads towards 1st resistance

Pivot: 104.90

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

1st support: 104.28

Supporting reasons: Identified as an overlap support level, reinforcing its significance as a historical area where buyers have previously stepped in.

1st resistance: 105.80

Supporting reasons: Identified as a swing high resistance level, indicating a critical area where selling pressure may intensify and potentially stall further upward movements.

EUR/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: 1.0732

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

1st support: 1.0639

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

1st resistance: 1.0796

Supporting reasons: Identified as pullback resistance, suggesting a critical area where selling pressure could potentially halt further upward movements.

EUR/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: 167.39

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

1st support: 165.20

Supporting reasons: Identified as pullback support, suggesting a historical level where buying interest could potentially pick up to support a bounce.

1st resistance: 169.81

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

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could potentially make a bullish bounce off pivot and heads 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: 0.8495

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 reaction off pivot and drop to 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: 197.43

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: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 0.8885

Supporting reasons: Identified as a multi-swing low support level, suggesting a significant historical level where buying interest has previously emerged.

1st support: 0.8753

Supporting reasons: Identified as an overlap support level, marking another historical area where buyers have previously shown interest.

1st resistance: 0.8989

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

USD/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: 156.56

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

1st support: 154.77

Supporting reasons: Identified as another overlap support level, suggesting a significant historical area where buyers have shown interest.

1st resistance: 158.32

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

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 1.3780

Supporting reasons: Identified as a multi-swing high resistance level, suggesting a historical area where selling pressure has previously emerged.

1st support: 1.3702

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

1st resistance: 1.3844

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

AUD/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: 0.6637

Supporting reasons: Identified as an overlap resistance level and coinciding with the 61.80% Fibonacci Retracement, indicating a strong historical and technical resistance area.

1st support: 0.6559

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

1st resistance: 0.6714

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

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 support level and coinciding with the 38.20% Fibonacci Retracement, suggesting a historical area where buying interest might emerge.

1st support: 0.6085

Supporting reasons: Identified as an overlap support level, indicating a significant historical area where buyers have previously shown interest.

1st resistance: 0.6206

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

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: 39,048.27

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

1st support: 38,390.41

Supporting reasons: Identified as a multi-swing low support level, suggesting a significant historical area where buying interest has previously emerged.

1st resistance: 39,412.19

Supporting reasons: Identified as a pullback resistance level, indicating a critical area 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: 28,231.43

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: 27,903.57

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

1st resistance: 28,505.28

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: 5,328.29

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

1st support: 5,218.41

Supporting reasons: Identified as an overlap 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, 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 bounce off pivot and heads towards 1st resistance.

Pivot: 64,512.65

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

1st support: 61,467.09

Supporting reasons: Identified as an overlap support level, indicating another historical area where buying activity has been notable.

1st resistance: 67,076.37

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

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 3,316.32

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

1st support: 3,181.07

Supporting reasons: Identified as a pullback support level, coinciding with the 161.80% Fibonacci Extension, indicating a significant historical level that could provide strong support.

1st resistance: 3,519.20

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

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, 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: 2361.90

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

1st support: 2316.63

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

1st resistance: 2392.08

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

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