ICMarket

Tuesday 25th 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, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where buyers could enter the market after a retracement.

1st support: 104.42
Supporting reasons: Identified as an overlap support level, specifically at the 78.60% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 105.92
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: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.0739
Supporting reasons: Identified as an overlap resistance level, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.0678
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.0797
Supporting reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 170.87
Supporting reasons: Identified as a pullback support level, indicating a potential area where buyers could enter the market after a retracement.

1st support: 168.64
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 172.92
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: 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, specifically at the 61.80% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 0.8420
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8532
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: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.2705
Supporting reasons: Identified as an overlap resistance level, specifically at the 61.80% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.2590
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.2804
Supporting reasons: Identified as an overlap resistance level, indicating a historical point 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 continuation towards 1st resistance.

Pivot: 200.77
Supporting reasons: Identified as an overlap support level, indicating a significant area where previous declines have found support.

1st support: 197.45
Supporting reasons: Identified as an overlap support level, suggesting a potential area where buyers could enter the market after a retracement.

1st resistance: 203.28
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/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 sellers could enter the market after a retracement.

1st support: 0.8836
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.9095
Supporting reasons: Identified as a pullback resistance level, specifically at the 161.80% Fibonacci Extension, indicating a historical point 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, indicating a potential area where sellers could enter the market after a retracement.

1st support: 158.33
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 161.31
Supporting reasons: Identified as an overlap resistance level, 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 is trading close to the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 1.3655

Supporting reasons: Identified as an overlap support that aligns with a 127.2% Fibonacci extension level, indicating a potential area where buying interests could pick up.

1st support: 1.3608

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

1st resistance: 1.3719

Supporting reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement level, indicating a historical point where selling pressures could intensify.

AUD/USD:

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: 0.6673

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

1st support: 0.6634

Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level suggesting significant area where price has found support recently.

1st resistance: 0.6706

Supporting reasons: Identified as a multi-swing-high resistance, indicating a significant area where previous rallies have faced strong selling pressures.

NZD/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: 0.6144

Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st support: 0.6100

Supporting reasons: Identified as a multi-swing-low support, indicating a significant area where strong buying interests have picked up in the past.

1st resistance: 0.6181

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area where selling pressures could intensify.

US30 (DJIA):

Potential Direction: Bearish

Overall Momentum of the Chart: Bullish

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

Pivot: 39,622.34

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: 39,116.89

Supporting Reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where price has found support recently.

1st Resistance: 40,056.05

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

DE40 (DAX):

Potential Direction: Bullish

Overall Momentum of the Chart: Neutral

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

Pivot: 18,150.17

Supporting Reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, indicating a potential area where buying interests could pick up.

1st Support: 18,059.47

Supporting Reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement level, indicating a significant area where price has found support recently.

1st Resistance: 18,346.10

Supporting Reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a significant area where selling pressures could intensify.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price has made a bullish reaction off the pivot and could potentially rise towards the 1st resistance.

Pivot: 5,448.66

Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement level, indicating a potential area where buying interests could pick up.

1st support: 5,408.81

Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, indicating a significant area where price has found support recently.

1st resistance: 5,514.06

Supporting reasons: Identified as a pullback resistance that aligns close to the all-time high, 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 reaction off this level to drop towards the 1st support.

Pivot: 63,415.35

Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st support: 59,267.78

Supporting reasons: Identified as a pullback support, indicating a significant area where price has found support recently.

1st resistance: 66,725.70

Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, indicating a historical barrier where selling pressures may be encountered.

ETH/USD (Ethereum):

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: 3,401.90

Supporting Reasons: Identified as a pullback resistance that aligns with a 23.6% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st Support: 3,276.36

Supporting Reasons: Identified as a pullback support, indicating a significant area where price has found support recently.

1st Resistance: 3,533.10

Supporting Reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement level, indicating a historical barrier where selling pressures may be encountered.

WTI/USD (Oil):

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: 84.54

Supporting Reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st Support: 80.91

Supporting Reasons: Identified as an overlap support, indicating a significant area where price has found support recently.

1st Resistance: 87.76

Supporting Reasons: Identified as a swing-high resistance, indicating a historical barrier where selling pressures may be encountered.

XAU/USD (GOLD):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 2334.92
Supporting reasons: Identified as an overlap resistance level, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 2298.97
Supporting reasons: Identified as an overlap support level, specifically at the 78.60% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 2372.72
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

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