ICMarket

Friday 19th July 2024: Technical Outlook and Review

DXY (US Dollar Index):

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 reaction off pivot and drop to 1st support.

Pivot: 104.46
Supporting reasons: Identified as a swing high resistance level, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 103.68
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 105.14
Supporting reasons: Identified as a pullback 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

Factors contributing to the momentum: Price is above the bullish Ichimoku cloud.

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

Pivot: 1.0858
Supporting reasons: Identified as an overlap support level, specifically at the 127.20% Fibonacci Extension, indicating a potential area where buyers could enter the market after a retracement.

1st support: 1.0796
Supporting reasons: Identified as an overlap support level, specifically at the 50% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 1.0915
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: Bearish

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

Pivot: 171.42
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 169.94
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 173.52
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: 0.8431
Supporting reasons: Identified as a pullback resistance level, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 0.8387
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8461
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: Bullish

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

Pivot: 1.2943
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.2862
Supporting reasons: Identified as a pullback support level, specifically at the 38.20% Fibonacci Retracement and 161.80% Fibonacci Extension, indicating Fibonacci confluence and suggesting a significant area where previous declines have found support.

1st resistance: 1.3033
Supporting reasons: Identified as a swing high 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 reaction off pivot and drop to 1st support.

Pivot: 204.09
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 201.42
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 206.11
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

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

Pivot: 0.8891
Supporting reasons: Identified as a pullback resistance level, specifically at the 50% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 0.8827
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8949
Supporting reasons: Identified as a pullback resistance level, specifically at the 78.60% Fibonacci Retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 157.68
Supporting reasons: Identified as a pullback resistance level, specifically at the 61.80% and 38.20% Fibonacci Retracement, indicating Fibonacci confluence and a potential area where sellers could enter the market after a retracement.

1st support: 155.76
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 159.32
Supporting reasons: Identified as an overlap resistance level, specifically at the 61.80% Fibonacci Retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CAD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot:1.3699
Supporting reasons: Identified as a pullback support, suggesting a potential area where buying interests could pick up to resume the uptrend. The presence of an uptrend channel adds further significance to the bullish momentum.

1st support: 1.3663
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement level, suggesting a potential area that could halt further downward movement.

1st resistance: 1.3752
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.6701
Supporting reasons: Identified as an overlap support, indicating a potential zone where buying interests could pick up to stage a minor rebound.

1st support: 0.6643
Supporting reasons: Identified as a pullback support, suggesting a potential area where price could find strong support.

1st resistance: 0.6752
Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a significant area that could halt further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price has made a bearish break through the pivot and could potentially fall lower towards the 1st support.

Pivot: 0.6037
Supporting reasons: Previously identified as an overlap support which now has been broken due to the strong bearish momentum. The presence of a bearish Ichimoku cloud adds further significance to the bearish momentum.

1st support: 0.6006
Supporting reasons: Identified as a pullback support that aligns with a 100% Fibonacci projection level, suggesting a significant area that could halt further downward momentum.

1st resistance: 0.6092
Supporting reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement.

US30 (DJIA):

Potential Direction: Bearish

Overall Momentum of the Chart: Bearish

Price has made a bearish break through the pivot and could potentially fall lower towards the 1st support.

Pivot: 40,922.42
Supporting reasons: Previously identified as a pullback support which now has been broken due to the strong bearish momentum.

1st Support: 40,075.11

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: 41,378.74

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

DE40 (DAX):

Potential Direction: Bullish

Overall Momentum of the Chart: Bearish

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

Pivot: 18,227.20
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st Support: 18,064.40

Supporting Reasons: Identified as a multi-swing-low support that aligns with a 127.2% Fibonacci extension, indicating a significant area where price could find strong support.

1st Resistance: 18,499.40

Supporting Reasons: Identified as an overlap resistance that aligns with a 38.2% Fibonacci retracement level, indicating a significant area that could halt further upward movement.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 5,520.06
Supporting reasons: Identified as an overlap 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: 5,448.66

Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement level, indicating a potential area where price could find strong support. 

1st resistance: 5,605.03

Supporting reasons: Identified as a pullback 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: 62,395.17

Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a rebound. The presence of a bullish Ichimoku cloud adds further significance to the bullish momentum.

1st support: 59,267.78

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

1st resistance: 66,971.73

Supporting reasons: Identified as a pullback resistance that aligns with a 127.2% Fibonacci extension level, indicating a potential barrier that could halt further upward movement.

ETH/USD (Ethereum):

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: 3,533.10

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. The presence of a bullish Ichimoku cloud adds further significance to the bullish momentum.

1st Support: 3,258.56

Supporting Reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement level, indicating a significant area that could halt further downward movement.

1st Resistance: 3,533.10

Supporting Reasons: Identified as a pullback resistance that aligns with a 61.8% 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 is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 80.68

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

1st Support: 77.78

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: 83.77

Supporting Reasons: Identified as a multi-swing-high resistance, indicating a potential barrier that could halt further upward movement.

XAU/USD (GOLD):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 2392.25
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: 2352.95
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 2449.62
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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