ICMarket

Wednesday 17th July 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 104.04
Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 103.21
Supporting reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement level, suggesting a significant area that could halt further downward movement.

1st resistance: 104.52
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.

EUR/USD:

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 pull back towards the 1st support.

Pivot: 1.0913
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify. 

1st support: 1.0859
Supporting reasons: Identified as a pullback support level that aligns with a 23.6% Fibonacci retracement level, suggesting a potential area that could halt further downward movement. The presence of an ascending trendline and the bullish Ichimoku cloud adds further significance to the bullish momentum.

1st resistance: 1.0933
Supporting reasons: Identified as a swing-high resistance, indicating a potential area where previous rallies have faced selling pressure or reversed.

EUR/JPY:

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 pull back towards the 1st support.

Pivot: 173.23
Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st support: 171.80
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement level, suggesting a significant area that could halt further downward movement.

1st resistance: 175.18
Supporting reasons: Identified as a pullback resistance, indicating a significant point where previous rallies have faced selling pressure or reversed.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8435
Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement level, indicating a potential area where selling pressures could intensify. The presence of a descending trendline and the bearish Ichimoku cloud adds further significance to the bearish momentum.

1st support: 0.8387
Supporting reasons: Identified as a pullback support, suggesting a significant area where previous declines have found support.

1st resistance: 0.8455
Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement level, indicating a historical point where previous rallies have faced selling pressure or reversed.

GBP/USD:

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 pull back towards the 1st support.

Pivot: 1.2990
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify. 

1st support: 1.2906
Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement level, suggesting a potential area that could halt further downward movement. The presence of an uptrend channel and the bullish Ichimoku cloud adds further significance to the bullish momentum.

1st resistance: 1.3064
Supporting reasons: Identified as a pullback resistance, indicating a significant point that could halt further upward movement.

GBP/JPY:

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 pull back towards the 1st support.

Pivot: 205.97
Supporting reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st support: 204.07
Supporting reasons: Identified as a pullback support aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where previous declines have found support.

1st resistance: 207.97
Supporting reasons: Identified as a pullback resistance, indicating a significant point where previous rallies have faced selling pressures or reversed.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 0.8918
Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 0.8837
Supporting reasons: Identified as a swing-low support, suggesting a significant area that could halt further downward movement.

1st resistance: 0.8997
Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement level, indicating a potential zone where previous rallies have faced selling pressures or reversed.

USD/JPY:

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: 159.39
Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st support: 157.68
Supporting reasons: Identified as a pullback support, suggesting a significant area where price has found strong support recently.

1st resistance: 160.51
Supporting reasons: Identified as a pullback resistance, indicating a potential zone that could halt further upward movement.

USD/CAD:

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:1.3634
Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.3602
Supporting reasons: Identified as a multi-swing-low support, suggesting a potential area that could halt further downward movement.

1st resistance: 1.3699
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

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: 0.6752
Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, indicating a potential zone where selling pressures could intensify.

1st support: 0.6701
Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement level, suggesting a potential area where price could find strong support.

1st resistance: 0.6792
Supporting reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Neutral

Price has made a bearish reversal off the pivot and could potentially fall towards the 1st support.

Pivot: 0.6080
Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st support: 0.6037
Supporting reasons: Identified as an overlap support, suggesting a significant area that could halt further downward momentum.

1st resistance: 0.6106
Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement level, indicating a significant area that could halt further upward movement.

US30 (DJIA):

Potential Direction: Bullish

Overall Momentum of the Chart: Bullish

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

Pivot: 40,660.41
Supporting reasons: Previously Identified as a resistance that aligned with a 127.2% Fibonacci extension level, where strong bullish momentum has now pushed price through it to signal a bullish breakout.

1st Support: 40,056.05

Supporting Reasons: Identified as an overlap support, suggesting a significant area where price could find strong support.

1st Resistance: 41,378.74

Supporting Reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension level, 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 the 1st resistance.

Pivot: 18,499.40
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: 18,436.90

Supporting Reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, indicating a significant area where price could find strong support.

1st Resistance: 18,760.10

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

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 reversal off this level to pull back towards the 1st support.

Pivot: 5,702.70
Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection level, indicating a potential area where selling pressures could intensify.

1st support: 5,575.74

Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement level, indicating a potential area where price could find strong support. The presence of the bullish Ichimoku clouds adds further significance to the bullish momentum.

1st resistance: 5,737.88

Supporting reasons: Identified as a resistance that aligns with a 78.6% Fibonacci projection level, suggesting a critical area that could halt further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 66,971.73

Supporting reasons: Identified as a pullback resistance that aligns with a 127.2% Fibonacci extension level, indicating a potential area where selling pressures could intensify.

1st support: 62,395.17

Supporting reasons: Identified as an overlap support, indicating a significant area that could halt further downward movement.

1st resistance: 70,045.45

Supporting reasons: Identified as a pullback resistance that aligns with a 161.8% Fibonacci extension level, indicating a potential barrier that could halt further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 3,533.10

Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st Support: 3,343.77

Supporting Reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement level, indicating a significant area that could halt further downward movement.

1st Resistance: 3,717.11

Supporting Reasons: Identified as an overlap resistance that aligns with a 78.6% Fibonacci retracement level, indicating a historical barrier where selling pressures could intensify.

WTI/USD (Oil):

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: 79.85

Supporting Reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 38.2% retracement and the 100% projection levels, indicating a potential area where buying interests could pick up.

1st Support: 77.44

Supporting Reasons: Identified as a pullback support that aligns with a 61.8 Fibonacci retracement level, indicating a significant area where price could find strong support.

1st Resistance: 81.12

Supporting Reasons: Identified as an overlap resistance, indicating a potential barrier that could halt further upward movement.

XAU/USD (GOLD):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 2,449.62
Supporting reasons: Identified as a pullback support, indicating a significant area where buying interests could pick up to stage a minor rebound.

1st support: 2,415.35
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area that could halt further downward movement.

1st resistance: 2,479.53
Supporting reasons: Identified as a pullback resistance that aligns with the all-time high, indicating a historical point where previous rallies have faced selling pressure or reversed.

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