ICMarket

Wednesday 12th June 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 105.49

Supporting reasons: Identified as an overlap resistance, indicating a historical price level where selling pressure may emerge.

1st support: 104.41

Supporting reasons: Recognized as pullback support, coinciding with the 61.80% Fibonacci Retracement, suggesting a historical level where buying interest has emerged.

1st resistance: 106.48

Supporting reasons: Noted as multi-swing high resistance, indicating a significant area where selling pressure may intensify.

EUR/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 1.0728

Supporting reasons: Identified as an overlap support level, coinciding with the 161.80% Fibonacci Extension, suggesting a potential area of buying interest.

1st support: 1.0666

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

1st resistance: 1.0798

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

EUR/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 168.36

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

1st support: 167.35

Supporting reasons: Recognized as swing low support, indicating a historical level where buying interest has been strong.

1st resistance: 170.05

Supporting reasons: Noted as multi-swing high resistance, coinciding with the 127.20% Fibonacci Extension, suggesting a significant area where selling pressure may be encountered.

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: 0.8499

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

1st support: 0.8420

Supporting reasons: Recognized as swing low support, suggesting a historical level where buying interest has been strong.

1st resistance: 0.8532

Supporting reasons: Noted as an overlap resistance, indicating a level where selling pressure may intensify due to historical significance.

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: 1.2764

Supporting reasons: Identified as pullback resistance, coinciding with the 61.8% Fibonacci Retracement, suggesting a level where selling pressure may emerge.

1st support: 1.2688

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

1st resistance: 1.2814

Supporting reasons: Noted as multi-swing high resistance, indicating a significant area where selling pressure may intensify due to historical significance.

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: 200.72

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

1st support: 197.43

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

1st resistance: 202.70

Supporting reasons: Noted as a significant resistance level, with Fibonacci confluence between the 161.80% Fibonacci Extension and 61.80% Fibonacci Projection, indicating a strong area of potential selling pressure.

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: 0.8989

Supporting reasons: Identified as an overlap resistance, coinciding with the 38.20% Fibonacci Retracement level, indicating a potential barrier for upward movement.

1st support: 0.8886

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

1st resistance: 0.9093

Supporting reasons: Noted as pullback resistance, coinciding with the 78.60% Fibonacci Retracement level, suggesting a significant area where selling pressure may intensify, potentially limiting 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: 156.28

Supporting reasons: Identified as pullback support, indicating a level where buying interest may emerge, potentially acting as a springboard for upward movement.

1st support: 154.69

Supporting reasons: Recognized as swing low support, suggesting a historical level where buying interest has previously emerged, potentially providing a foundation for price movement.

1st resistance: 157.67

Supporting reasons: Noted as swing high resistance, indicating a significant area where selling pressure may emerge, potentially limiting 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: 1.3735

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

1st support: 1.3701

Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting an area where price could find strong buying interests to potentially halt any further downward movement.

1st resistance: 1.3790

Supporting reasons: Identified as a swing-high resistance that aligns with a 78.6% Fibonacci retracement level, 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: 0.6639

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: 0.6562

Supporting reasons: Acts as a swing-low support that aligns with 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: 0.6689

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: Neutral

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

Pivot: 0.6167

Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement level, suggesting an area where selling pressures could intensify.

1st support: 0.6098

Supporting reasons: Acts as a multi-swing-low support that aligns with a 50% Fibonacci retracement level, suggesting a potential area where price could find strong support to halt further downward movement.

1st resistance: 0.6211

Supporting reasons: Identified as a multi-swing-high resistance, marking a barrier that has previously capped upward movements.

US30 (DJIA):

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: 39,038.86

Supporting reasons: Identified as an overlap 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 that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area where price could find strong buying interests to provide a solid foundation to halt further downward movement.

1st resistance: 39,637.89

Supporting reasons: Identified as an overlap resistance that aligns with a 78.6% 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: 18,530.30

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

1st support: 18,338.90

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

1st resistance: 18,701.20

Supporting reasons: Identified as a multi-swing-high resistance that aligns with a 61.8% Fibonacci retracement level, potentially functioning as a barrier that could cap any upward movements.

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: 5,339.76

Supporting reasons: Identified as an overlap support, suggesting an area where buying interests could pick up strongly to resume the uptrend.

1st support: 5,219.67

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: 5,502.63

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: Neutral

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

Pivot: 70,293.18

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

1st support: 66,040.06

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

1st resistance: 71,941.70

Supporting reasons: Marked by a multi-swing-high resistance, 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: 3,717.11

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

1st support: 3,443.08

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: 3,875.26

Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement level, 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: 80.91

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

1st support: 77.44

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: 82.57

Supporting reasons: Identified as an overlap resistance that aligns with a 78.6% 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: 2327.38

Supporting reasons: Identified as pullback resistance, coinciding with the 38.20% Fibonacci Retracement, suggesting a level where selling pressure may be present.

1st support: 2285.90

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

1st resistance: 2350.60

Supporting reasons: Noted as pullback resistance, coinciding with the 61.80% Fibonacci Retracement, suggesting a significant area where selling pressure may intensify.

The accuracy, completeness and timeliness of the information contained on this site cannot be guaranteed. IC Markets does not warranty, guarantee or make any representations, or assume any liability regarding financial results based on the use of the information in the site.

News, views, opinions, recommendations and other information obtained from sources outside of www.icmarkets.com.au, used in this site are believed to be reliable, but we cannot guarantee their accuracy or completeness. All such information is subject to change at any time without notice. IC Markets assumes no responsibility for the content of any linked site.

The fact that such links may exist does not indicate approval or endorsement of any material contained on any linked site. IC Markets is not liable for any harm caused by the transmission, through accessing the services or information on this site, of a computer virus, or other computer code or programming device that might be used to access, delete, damage, disable, disrupt or otherwise impede in any manner, the operation of the site or of any user’s software, hardware, data or property.