ICMarket

Tuesday 28th May 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: 10510.00

Supporting reasons: Identified as an overlap resistance, coinciding with the 38.20% Fibonacci Retracement, suggesting a significant area where selling pressure may be present.

1st support: 104.17

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

1st resistance: 105.70

Supporting reasons: Noted as an overlap resistance, suggesting a level 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 reaction off pivot and drop to 1st support.

Pivot: 1.0891

Supporting reasons: Identified as an overlap resistance, suggesting it has historically hindered upward movement. Additionally, the presence of the 127.20% Fibonacci Extension and the 78.60% Fibonacci Projection indicates Fibonacci confluence, adding to its significance.

1st support: 1.0808

Supporting reasons: Recognized as an overlap support, implying historical buying interest.

1st resistance: 1.0933

Supporting reasons: Noted as a multi-swing high resistance, the 127.20% Fibonacci Extension and the 78.60% Fibonacci Projection indicate Fibonacci confluence, suggesting a strong barrier to further upward movement.

EUR/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation towards 1st resistance.

Pivot: 169.40

Supporting reasons: Identified as an overlap support, indicating historical buying interest.

1st support: 167.40

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

1st resistance: 171.58

Supporting reasons: Noted as swing high resistance, coinciding with the 78.60% Fibonacci Projection, indicating a significant level where selling pressure may increase.

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could potentially make a bullish continuation towards 1st resistance.

Pivot: 0.8502

Supporting reasons: Identified as multi-swing low support, suggesting a level where buying interest may emerge.

1st support: 0.8474

Supporting reasons: Recognized as the 161.80% Fibonacci Extension, indicating a potential area of support based on Fibonacci levels.

1st resistance: 0.8531

Supporting reasons: Noted as an overlap resistance, suggesting a level where selling pressure may intensify, potentially hindering further upward movement.

GBP/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 1.2782

Supporting reasons: Identified as an overlap resistance, coinciding with the 78.60% Fibonacci Retracement, suggesting a significant area where selling pressure may be present.

1st support: 1.2634

Supporting reasons: Recognized as pullback support, indicating a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 1.2590

Supporting reasons: Noted as multi-swing high resistance, suggesting a level where selling pressure may intensify, potentially hindering further upward movement.

GBP/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: 197.42

Supporting reasons: Identified as an overlap support, suggesting a level where buying interest may be present.

1st support: 193.94

Supporting reasons: Recognized as pullback support, indicating a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 200.60

Supporting reasons: Noted as swing high resistance, suggesting a level where selling pressure may intensify, potentially hindering further upward movement.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 0.9151

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

1st support: 0.9094

Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged. Additionally, it coincides with the 38.20% Fibonacci Retracement, further reinforcing its potential significance as a support level.

1st resistance: 0.9213

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

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: 156.58

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

1st support: 155.82

Supporting reasons: Recognized as an overlap support, suggesting a historical level where buying interest has been significant. Additionally, it coincides with the 38.20% Fibonacci Retracement, reinforcing its potential significance as a support level.

1st resistance: 157.97

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

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 1.3590

Supporting reasons: Identified as a pullback support, suggesting a significant area where buying interests could pick to stage a minor rebound.

1st support: 1.3562

Supporting reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement level, suggesting an area where price could find strong buying interests to potentially halt any further downward movement.

1st resistance: 1.3667

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

AUD/USD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price could make a bullish reaction through the pivot and potentially rise towards the 1st resistance.

Pivot: 0.6654

Supporting reasons: Identified as potential breakout level where the bullish momentum could carry price towards the 1st resistance.

1st support: 0.6593

Supporting reasons: Acts as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where price has found strong support in the past to provide a basis to halt further downward movement.

1st resistance: 0.6712

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

NZD/USD

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: 0.6182

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where selling pressures have intensified in the past.

1st support: 0.6092

Supporting reasons: Acts as an overlap support, suggesting a potential area where price could find strong support to halt further downward movement.

1st resistance: 0.6254

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

US30 (DJIA):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 38,992.12

Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a minor rebound.

1st support: 38,565.31

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

1st resistance: 39,410.04

Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% 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 is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.

Pivot: 18,894.40

Supporting reasons: Identified as a pullback resistance that aligns with a 127.2% Fibonacci extension level, suggesting an area where selling pressures have intensified in the past.

1st support: 18,528.90

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

1st resistance: 19,152.85

Supporting reasons: Identified as a resistance that aligns with a 78.6% Fibonacci projection 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 is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.

Pivot: 5,339.76

Supporting reasons: Identified as a pullback resistance that aligns close to the all-time high, suggesting an area where selling pressures could intensify.

1st support: 5,248.12

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

1st resistance: 5,380.58

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

BTC/USD (Bitcoin):

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: 67,109.07

Supporting reasons: Identified as a pullback support, suggesting an area where buying interests could pick up and stage a rebound in price.

1st support: 65,171.62

Supporting reasons: Acts as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movements.

1st resistance: 70,431.38

Supporting reasons: Marked by a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

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: 3,660.71

Supporting reasons: Identified as a pullback support, suggesting an area where buying interests could pick up and stage a rebound in price.

1st support: 3,392.97

Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting a significant area which could provide a strong foundation to halt further downward movements.

1st resistance: 3,959.62

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

WTI/USD (Oil):

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: 80.46

Supporting reasons: Identified as an overlap resistance, suggesting an area where selling pressures have intensified in the past.

1st support: 76.17

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

1st resistance: 81.87

Supporting reasons: Identified as an overlap resistance that aligns close to a 50% 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: 2372.00

Supporting reasons: Identified as pullback resistance, indicating a level where selling pressure may intensify. It coincides with the 38.20% Fibonacci Retracement, suggesting a significant area where bears may take control.

1st support: 2328.10

Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged. This level may act as a support zone for price movement.

1st resistance: 2397.30

Supporting reasons: Noted as pullback resistance, suggesting a level where selling pressure may increase. It coincides with the 61.80% Fibonacci level, reinforcing its potential significance as a resistance level.

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