ICMarket

Wednesday 29th 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 reaction off pivot and drop to 1st support.

Pivot: 104.87 Supporting reasons: Identified as pullback resistance, suggesting a level where selling pressure may intensify. This level coincides with the 61.80% Fibonacci Retracement, indicating a significant area where bears might take control.

1st support: 104.41 Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged. It may act as a support zone for price movement.

1st resistance: 105.11 Supporting reasons: Noted as an overlap resistance, suggesting a level where selling pressure may increase. This level could potentially act as a barrier to further upward movement.

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bearish continuation towards 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: 1.0809

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 Factors contributing to the momentum is that price is: Above the bullish Ichimoku cloud

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

Pivot: 169.40 Supporting reasons: Identified as an overlap support, indicating a significant level where buying interest has emerged.

1st support: 167.40 Supporting reasons: Recognized as another overlap support, suggesting a historical level where buyers may enter the market.

1st resistance: 171.56 Supporting reasons: Noted as swing high resistance, coinciding with the 78.60% Fibonacci Projection, indicating a potential barrier where selling pressure may increase, potentially hindering further upward movement.

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 continuation towards 1st support.

Pivot: 1.2790 

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: 1.2697 

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

1st resistance: 1.2859 

Supporting reasons: Noted as swing high resistance, coinciding with the 61.80% Fibonacci Projection, indicating a potential barrier where selling pressure may increase, potentially hindering further upward movement.

GBP/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Factors contributing to the momentum are that the price is above the bullish Ichimoku cloud

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

Pivot: 198.04

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

1st support: 193.47

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

1st resistance: 206.24

Supporting reasons: Noted as a significant level, coinciding with the 161.80% Fibonacci Extension, suggesting a potential area where selling pressure may intensify.

USD/CHF:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.9091

Supporting reasons: Identified as an overlap support, coinciding with the 38.20% Fibonacci Retracement, suggesting a significant level where buying interest may emerge.

1st support: 0.9052

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

1st resistance: 0.9151

Supporting reasons: Noted as an overlap resistance, suggesting a level where selling pressure may intensify, 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: 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: 1.3667

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

1st support: 1.3621

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: 1.3694

Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% 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 could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support.

Pivot: 0.6670

Supporting reasons: Identified as pullback resistance that aligns with a 61.8% Fibonacci retracement level, suggesting an area where selling pressures have intensified recently.

1st support: 0.6593

Supporting reasons: Acts as a pullback support that aligns with a 50% 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: 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: 0.6132

Supporting reasons: Identified as an overlap support, suggesting an area where buying interests have picked up recently.

1st support: 0.6092

Supporting reasons: Acts as an overlap support that aligns with a 23.6% Fibonacci retracement level, suggesting a potential area where price could find strong support to halt further downward movement.

1st resistance: 0.6182

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% 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: 38,561.70

Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a minor rebound.

1st support: 37,732.38

Supporting reasons: Identified as a pullback support that aligns close to a 78.6% 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: 39,042.57

Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement level, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

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: 18,528.90

Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement level, suggesting an area where buying interests have picked up recently.

1st support: 18,315.80

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

1st resistance: 18,894.40

Supporting reasons: Identified as a pullback resistance that aligns close to the all-time high, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

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: 5,257.32

Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement level, suggesting an area where buying interests have picked up recently.

1st support: 5,171.07

Supporting reasons: Acts as an overlap support that aligns close to a 38.2% 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: 5,339.76

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

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price has made a bullish reaction off the pivot and could potentially 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: 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: 3,959.62

Supporting reasons: Identified as a pullback resistance, suggesting an area where selling pressures could intensify.

1st support: 3,660.71

Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement level, suggesting a significant area which could provide a strong foundation to halt further downward movements.

1st resistance: 4,067.98

Supporting reasons: Identified as a sewing-high 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: 80.97

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: 78.72

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: 83.43

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% 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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