ICMarket

Monday 10th 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: 105.57 

Supporting reasons: Identified as an overlap resistance, coinciding with both the 61.80% Fibonacci Retracement and the 127.20% Fibonacci Extension, suggesting a strong level where selling pressure may emerge, supported by Fibonacci confluence.

1st support: 103.96 

Supporting reasons: Recognized as an overlap support, coinciding with the 61.80% Fibonacci Retracement, indicating a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 106.37 

Supporting reasons: Noted as a multi-swing high resistance, suggesting a significant area where selling pressure has historically been strong, potentially halting further upward movement.

EUR/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 1.0740

Supporting reasons: Identified as an overlap support, coinciding with the 61.80% Fibonacci Retracement, suggesting a strong level where buying interest may emerge.

1st support: 1.0664

Supporting reasons: Recognized as an overlap support, coinciding with the 78.60% Fibonacci Retracement, indicating another significant level where buying interest may be present.

1st resistance: 1.0904

Supporting reasons: Noted as a multi-swing high resistance, suggesting a significant area where selling pressure has historically been strong, potentially acting as a barrier for further upward movement.

EUR/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: 168.23

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

1st support: 165.21

Supporting reasons: Recognized as pullback support, coinciding with the 78.60% Fibonacci Retracement, indicating a significant level where buying interest may be present.

1st resistance: 170.69

Supporting reasons: Noted as a multi-swing high resistance, suggesting a significant area where selling pressure has historically been strong, potentially acting as a barrier for further upward movement.

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, indicating a level where selling pressure may emerge.

1st support: 0.8401 

Supporting reasons: Recognized as the 161.80% Fibonacci Extension and the 100% Fibonacci Projection, indicating Fibonacci confluence and suggesting a strong level of support where buying interest may emerge.

1st resistance: 0.8532 

Supporting reasons: Noted as an overlap resistance, suggesting a significant area where selling pressure may intensify.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 1.2677

Supporting reasons: Identified as an overlap support and coinciding with the 23.60% Fibonacci Retracement, indicating a level where buying interest may emerge.

1st support: 1.2561

Supporting reasons: Recognized as pullback support and coinciding with the 50% Fibonacci Retracement, suggesting a historical level where buying pressure has emerged in the past.

1st resistance: 1.2803

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

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: 200.58

Supporting reasons: Identified as a multi-swing high resistance, suggesting a level where selling pressure may be present.

1st support: 197.12

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

1st resistance: 202.94

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

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: 0.9018

Supporting reasons: Identified as pullback resistance, coinciding with the 50% Fibonacci Retracement, suggesting a level where selling pressure may emerge.

1st support: 0.8881

Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a level of support for price movement, also coinciding with the 38.20% Fibonacci Retracement.

1st resistance: 0.9158

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

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: 158.29

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

1st support: 154.69

Supporting reasons: Recognized as multi-swing low support, coinciding with the 50% Fibonacci Retracement, suggesting a historical level where buying interest has emerged.

1st resistance: 160.34

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

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: 1.3831

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

1st support: 1.3621

Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting an area where price could find strong buying interests to potentially halt any further downward movement.

1st resistance: 1.3880

Supporting reasons: Identified as a multi-swing-high resistance, marking a significant barrier that could cap further upward movements.

AUD/USD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 0.6572

Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up for price to stage a minor rebound.

1st support: 0.6469

Supporting reasons: Acts as a pullback support, suggesting a significant area where price has found strong support recently to provide a basis to halt further downward movement.

1st resistance: 0.6693

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: Neutral

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

Pivot: 0.6082

Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up for price to stage a minor rebound.

1st support: 0.5997

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a potential area where price could find strong support to halt further downward movement.

1st resistance: 0.6218

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

US30 (DJIA):

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: 38,106.51

Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement level, suggesting an area where buying interests could pick up for price to stage a strong rebound.

1st support: 37,093.10

Supporting reasons: Identified as a pullback support that aligns with 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: 40,023.54

Supporting reasons: Identified as a multi-swing-high resistance that aligns close to the all-time high, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 18,191.00

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

1st support: 17,712.10

Supporting reasons: Acts as a swing-low support, suggesting an area where buying interests could pick up to halt further downward movement.

1st resistance: 18,873.20

Supporting reasons: Identified as a pullback resistance that aligns with a 127.2% Fibonacci extension 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 could rise towards the pivot and potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 5,358.80

Supporting reasons: Identified as potential breakout level, suggesting an area where buying interests could pick up strongly to stage bullish breakout.

1st support: 5,236.82

Supporting reasons: Acts as a pullback 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: 5,502.63

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

Pivot: 73,176.19

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

1st support: 64,187.54

Supporting reasons: Acts as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movements.

1st resistance: 78,662.39

Supporting reasons: Marked by a resistance that aligns with a 127.2% Fibonacci extension level, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 3,687.36

Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement level, suggesting an area where buying interest could pick up for price to resume the uptrend.

1st support: 3,252.33

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area which could provide a strong foundation to halt further downward movements.

1st resistance: 4,032.94

Supporting reasons: Identified as a swing-high resistance, marking a significant barrier that could cap further upward movements.

WTI/USD (Oil):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 76.53

Supporting reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement level, suggesting an area where selling pressures could intensify for price to reverse and resume the downtrend.

1st support: 72.31

Supporting reasons: Identified as a swing-low support that aligns with a 78.6% Fibonacci retracement level, suggesting a significant area where price could find strong buying interests and provide a solid foundation to halt further downward movements.

1st resistance: 80.89

Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

XAU/USD (GOLD):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 2286.33

Supporting reasons: Identified as multi-swing low support, coinciding with the 78.60% Fibonacci Projection, suggesting a level where buying interest may emerge.

1st support: 2198.47

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

1st resistance: 2385.80

Supporting reasons: Noted as an overlap resistance, indicating 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, 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.