ICMarket

Tuesday 2nd July 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 105.09
Supporting reasons: Identified as an overlap resistance level, specifically at the 78.60% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 105.45
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 106.20
Supporting reasons: Identified as an overlap 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: 1.0721
Supporting reasons: Identified as an overlap support level, specifically at the 50% Fibonacci Retracement, indicating a potential area where buyers could enter the market after a retracement.

1st support: 1.0674
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.0796
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: Bullish

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

Pivot: 174.74
Supporting reasons: Identified as a swing high resistance level, specifically at the 127.20% Fibonacci Extension, indicating a potential area where sellers could enter the market after a retracement.

1st support: 171.58
Supporting reasons: Identified as an overlap 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: Bearish

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

Pivot: 0.8471
Supporting reasons: Identified as an overlap support level, indicating a significant area where previous declines have found support.

1st support: 0.8433
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8531
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.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Factors contributing to the momentum: Price is below the bearish Ichimoku cloud

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

Pivot: 1.2608
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.2537
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.2705
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: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 205.24
Supporting reasons: Identified as a level influenced by the 61.80% Fibonacci Projection, indicating a potential area where sellers could enter the market after a retracement.

1st support: 200.65
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 206.88
Supporting reasons: Identified as a level influenced by the 78.60% Fibonacci Projection, 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: 0.8928
Supporting reasons: Identified as an overlap resistance level, specifically at the 61.80% Fibonacci Retracement and 127.20% Fibonacci Extension, indicating Fibonacci confluence and a potential area where sellers could enter the market after a retracement.

1st support: 0.8858
Supporting reasons: Identified as an overlap support level, specifically at the 38.20% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 0.9089
Supporting reasons: Identified as a pullback resistance level, specifically at the 78.60% Fibonacci Retracement and 161.80% Fibonacci Extension, indicating Fibonacci confluence and a historical point where previous rallies have faced selling pressure or reversed.

USD/JPY:

Potential Direction: Weak bullish with low confidence
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 potential area where buyers could enter the market after a retracement.

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: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.3752
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: 1.3709
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting a potential area that could halt further downward movement.

1st resistance: 1.3777
Supporting reasons: Identified as a multi-swing-high resistance, indicating a significant area where previous rallies have fizzled out.

AUD/USD:

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 1st resistance.

Pivot: 0.6635
Supporting reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 78.6% retracement and the 100% projection levels, indicating a potential area where buying interests could pick up.

1st support: 0.6623
Supporting reasons: Identified as a swing-low support, suggesting a significant area where previous declines have found strong support.

1st resistance: 0.6663
Supporting reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement.

NZD/USD

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 1st resistance.

Pivot: 0.6037
Supporting reasons: Identified as a pullback support that aligns close to a 127.2% Fibonacci extension level, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 0.6006
Supporting reasons: Identified as a pullback support, suggesting a significant area where price has found strong support in the past.

1st resistance: 0.6106
Supporting reasons: Identified as a multi-swing-high resistance, indicating a significant area that could halt further upward movement.

US30 (DJIA):

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 1st resistance.

Pivot: 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, indicating a potential area where buying interests could pick up to stage a rebound.

1st Support: 38,793.10

Supporting Reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 50% and the 61.8% retracement levels, suggesting a significant area that could halt further downward movement.

1st Resistance: 39,372.86

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

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 1st resistance.

Pivot: 18,224.10

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 to stage a rebound.

1st Support: 18,125.36

Supporting Reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, indicating a significant area that could halt further downward movement.

1st Resistance: 18,424.70

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

US500 (S&P 500): 

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 1st resistance.

Pivot: 5,449.66

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

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 that could halt further downward movement.

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: Neutral

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

Pivot: 63,693.64

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

1st support: 60,791.23

Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, indicating a significant area that could halt further downward movement.

1st resistance: 66,725.70

Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, indicating a potential barrier that could halt further upward movement.

ETH/USD (Ethereum):

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 the 1st support.

Pivot: 3,532.94

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: 3,357.88

Supporting Reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement level, indicating a significant area that could halt further downward movement.

1st Resistance: 3,617.19

Supporting Reasons: Identified as a multi-swing-high resistance, indicating a historical barrier where selling pressures could intensify.

WTI/USD (Oil):

Potential Direction: Bearish

Overall Momentum of the Chart: Bullish

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

Pivot: 85.54

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

1st Support: 81.91

Supporting Reasons: Identified as a pullback support, indicating a significant area where price could find strong support.

1st Resistance: 87.77

Supporting Reasons: Identified as a multi-swing high resistance, indicating a potential barrier where selling pressures could intensify.

XAU/USD (GOLD):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 2318.80
Supporting reasons: Identified as an overlap support level, indicating a significant area where previous declines have found support.

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: 2352.81
Supporting reasons: Identified as a pullback resistance level, specifically at the 78.60% Fibonacci Retracement and 127.20% Fibonacci Extension, indicating Fibonacci confluence and a historical point where previous rallies have faced selling pressure or reversed.

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