ICMarket

Wednesday 31st July 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish

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

Pivot: 104.54
Supporting reasons: Identified as an overlap support level, indicating a significant area where previous declines have found support.

1st support: 104.04
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 104.81
Supporting reasons: Identified as a pullback resistance level, specifically at the 50% Fibonacci Retracement and 161.80% Fibonacci Extension, indicating Fibonacci confluence and suggesting a historical point where previous rallies have faced selling pressure or reversed.

EUR/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: 1.0833
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.0769
Supporting reasons: Identified as a pullback support level, specifically at the 61.80% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 1.0870
Supporting reasons: Identified as an overlap 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: Bearish

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

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

Pivot: 165.38
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 162.67
Supporting reasons: Identified as an overlap support level, specifically at the 161.80% Fibonacci Extension, suggesting a significant area where previous declines have found support.

1st resistance: 167.55
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

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: 0.8428
Supporting reasons: Identified as an overlap resistance level, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 0.8395
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8457
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

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 continuation towards 1st support.

Pivot: 1.2858
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.2776
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.2937
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: Bearish

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

Pivot: 195.98
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 193.44
Supporting reasons: Identified as a swing low support level, specifically at the 161.80% Fibonacci Extension, suggesting a significant area where previous declines have found support.

1st resistance: 199.41
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CHF:

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 continuation towards 1st support.

Pivot: 0.8875
Supporting reasons: Identified as a pullback resistance level, specifically at the 61.80% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 0.8800
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8930
Supporting reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/JPY:

Potential Direction: Neutral
Overall momentum of the chart: Bearish

Price could potentially fluctuate between the 1st resistance and 1st support level.

1st support: 152.16
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 154.78
Supporting reasons: Identified as an overlap resistance level, specifically at the 50% Fibonacci Retracement, indicating a potential area where previous rallies have faced selling pressure or reversed.

USD/CAD:

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: 1.3838
Supporting reasons: Identified as an overlap support, indicating a significant area where buying interests could pick up to stage a rebound.

1st support: 1.3796
Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement level, indicating a potential area that could halt any further downward movement. The presence of a bullish Ichimoku Cloud adds further significance to this support zone.

1st resistance: 1.3888
Supporting reasons: Identified as a swing-high resistance that aligns with a 61.8% Fibonacci projection level, indicating a potential area that could halt any further upward movement.

AUD/USD:

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: 0.6465
Supporting reasons: Identified as a swing-low support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 0.6397
Supporting reasons: Identified as a multi-swing-low support, suggesting a potential area where price could find strong support.

1st resistance: 0.6569
Supporting reasons: Identified as an overlap resistance that aligns close to a 23.6% Fibonacci retracement, indicating a significant area that could halt further upward movement. The presence of a bearish Ichimoku Cloud adds further significance to the downward momentum.

NZD/USD

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 towards the 1st support.

Pivot: 0.5918
Supporting reasons: Identified as a pullback resistance that aligns close to a 23.6% Fibonacci retracement level, indicating a potential area where selling pressures could intensify to resume the downtrend. The presence of a bearish Ichimoku Cloud adds further significance to the downward momentum.

1st support: 0.5852
Supporting reasons: Identified as a pullback support, suggesting a potential area where price could find strong support.

1st resistance: 0.5949
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement level, indicating a significant area that could halt further upward movement. 

US30 (DJIA):

Potential Direction: Bearish

Overall Momentum of the Chart: Neutral

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

Pivot: 40,832.42

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

1st Support: 40,476.55

Supporting Reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where price could find strong support.

1st Resistance: 41,352.92

Supporting Reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a significant area that could halt further upward movement.

DE40 (DAX):

Potential Direction: Bearish

Overall Momentum of the Chart: Neutral

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

Pivot: 18,506.60
Supporting reasons: Identified as a swing-high resistance, indicating an area where selling pressures could intensify.

1st Support: 18,251.20

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

1st Resistance: 18,593.70

Supporting Reasons: Identified as a swing-high resistance that aligns close to a 78.6% Fibonacci projection level, indicating a significant area that could halt further upward movement.

US500 (S&P 500): 

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 5,492.99
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 to resume the downtrend. The presence of a bearish Ichimoku Cloud adds further significance to the downward momentum.

1st support: 5,404.64

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

1st resistance: 5,578.22

Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, suggesting a critical area that could halt further upward movement.

BTC/USD (Bitcoin):

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: 63,507.86

Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 59,262.44

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

1st resistance: 69,742.96

Supporting reasons: Identified as a pullback resistance, indicating a potential barrier that could halt further upward movement.

ETH/USD (Ethereum):

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: 3,223.44

Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a rebound.

1st Support: 3,122.34

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

1st Resistance: 3,377.15

Supporting Reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement level, indicating a historical barrier where selling pressures could intensify.

WTI/USD (Oil):

Potential Direction: Bearish

Overall Momentum of the Chart: Bearish

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

Pivot: 77.44

Supporting Reasons: Identified as a pullback resistance that aligns with a 23.6% Fibonacci retracement level, indicating a significant where selling pressures could intensify.

1st Support: 75.45

Supporting Reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement level, indicating a significant area where price could find strong support.

1st Resistance: 78.67

Supporting Reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement level, indicating a potential barrier that could halt further upward movement. The presence of a bearish Ichimoku Cloud adds further significance to the downward momentum.

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: 2424.34
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 2391.29
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 2451.93
Supporting reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

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