ICMarket

Monday 15th July 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 104.07
Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 103.24
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: 105.12
Supporting reasons: Identified as a pullback resistance that aligns with a 50% 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 drop towards the 1st support.

Pivot: 1.0922
Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci projection level, indicating a significant area where selling pressures could intensify.

1st support: 1.0800
Supporting reasons: Identified as a pullback support level, suggesting a potential area that could halt further downward movement.

1st resistance: 1.0972
Supporting reasons: Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 100% projection and the 127.2% extension levels, indicating a potential area where previous rallies have faced selling pressure or reversed.

EUR/JPY:


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: 170.73
Supporting reasons: Identified as an overlap support that aligns with a 61.8% Fibonacci retracement level, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 168.38
Supporting reasons: Identified as a pullback support, suggesting a significant area that could halt further downward movement.

1st resistance: 175.15
Supporting reasons: Identified as a pullback resistance, 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 rise towards the pivot and potentially make a bearish reversal off this level to drop to the 1st support.

Pivot: 0.8457
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. The presence of a bearish Ichimoku cloud adds further significance to the bearish momentum.

1st support: 0.8344
Supporting reasons: Identified as a swing-low support, suggesting a significant area where previous declines have found support.

1st resistance: 0.8490
Supporting reasons: Identified as an overlap resistance, indicating a historical point where previous rallies have faced selling pressure or reversed.

GBP/USD:

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: 1.2893
Supporting reasons: Identified as a pullback support level, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 1.2777
Supporting reasons: Identified as a pullback support, suggesting a significant area where previous declines have found support.

1st resistance: 1.3135
Supporting reasons: Identified as a swing-high resistance that aligns close to a 100% Fibonacci projection level, indicating a historical point where previous rallies have faced selling pressure or reversed.

GBP/JPY:

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: 200.5
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 resume the uptrend.

1st support: 197.49
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: 207.73
Supporting reasons: Identified as a pullback resistance, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CHF:

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: 0.9039
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. The presence of a bearish Ichimoku cloud adds further significance to the bearish momentum.

1st support: 0.8841
Supporting reasons: Identified as a pullback support, suggesting a significant area where previous declines have found support.

1st resistance: 0.9157
Supporting reasons: Identified as a pullback resistance, indicating a potential zone where previous rallies have faced selling pressure or reversed.

USD/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 157.71
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 154.75
Supporting reasons: Identified as a pullback support that aligns close to 38.2% Fibonacci retracement level, suggesting a significant area where buying interests could pick up. The presence of a bullish Ichimoku cloud adds further significance to the bullish momentum.

1st resistance: 161.72
Supporting reasons: Identified as a pullback resistance, indicating a significant zone where previous rallies have faced selling pressure or reversed.

USD/CAD:

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 fall towards the 1st support.

Pivot:1.3735
Supporting reasons: Identified as a pullback resistance that aligns with a 100% Fibonacci projection level, suggesting a potential area where selling pressures could intensify. 

1st support: 1.3594
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a potential area that could halt further downward movement.

1st resistance: 1.3777
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: Bullish

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

Pivot: 0.6846
Supporting reasons: Identified as a swing-high resistance, indicating a significant zone where selling pressures could intensify.

1st support: 0.6705
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting a potential area where price could find strong support.

1st resistance: 0.6892
Supporting reasons: Identified as a multi-swing-high resistance, indicating a significant area that could halt further upward movement.

NZD/USD

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 higher towards the 1st resistance.

Pivot: 0.6059
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 0.5995
Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area that could halt further downward momentum.

1st resistance: 0.6144
Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a significant area that could halt further upward movement.

US30 (DJIA):

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: 40,670.59
Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension level, indicating a potential area where selling pressures could intensify.

1st Support: 40,056.05

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

1st Resistance: 41,383.39

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: Bearish

Overall Momentum of the Chart: Neutral

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

Pivot: 18,873.20
Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential area where selling pressures could intensify.

1st Support: 18,250.70

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

1st Resistance: 19,175.09

Supporting Reasons: Identified as a resistance that aligns with 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: 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: 5,730.18
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: 5,449.89

Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement level, indicating a potential area where price could find strong support.

1st resistance: 5,925.19

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: Neutral

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

Pivot: 65,247.06

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: 55,708.48

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

1st resistance: 71,810.70

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

ETH/USD (Ethereum):

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 fall towards the 1st support.

Pivot: 3,460.22

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

1st Support: 2,869.13

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

1st Resistance: 3,889.27

Supporting Reasons: Identified as a pullback resistance, 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: 81.12

Supporting Reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to resume the uptrend.

1st Support: 78.00

Supporting Reasons: Identified as a pullback support that aligns with a 61.85 Fibonacci retracement level, indicating a significant area where price could find strong support.

1st Resistance: 84.98

Supporting Reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, indicating a potential barrier that could halt further upward movement.

XAU/USD (GOLD):

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: 2,431.52
Supporting reasons: Identified as a multi-swing-high resistance that aligns with a 78.6% Fibonacci projection level, indicating a significant area where selling pressures could intensify.

1st support: 2,357.39
Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting a significant area where previous declines have found support.

1st resistance: 2,459.15
Supporting reasons: Identified as a resistance that aligns with a 100% Fibonacci projection level, indicating a historical point where previous rallies have faced selling pressure or reversed.

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