ICMarket

Monday 1st July 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 105.18
Supporting reasons: Identified as a pullback support level, specifically at the 50% Fibonacci Retracement, indicating a potential area where buyers could enter the market after a retracement.

1st support: 104.44
Supporting reasons: Identified as an overlap support level, specifically at the 78.60% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 106.37
Supporting reasons: Identified as a multi-swing high resistance level, specifically at the 61.80% Fibonacci Projection, indicating 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: 1.0808
Supporting reasons: Identified as an overlap resistance level, specifically at the 61.80% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.0665
Supporting reasons: Identified as an overlap support level, specifically at the 100% Fibonacci Extension, suggesting a significant area where previous declines have found support.

1st resistance: 1.0922
Supporting reasons: Identified as a swing high resistance level, specifically at the 78.60% Fibonacci Projection, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/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: 174.74
Supporting reasons: Identified as a swing high resistance level, specifically at the 127.20% Fibonacci Extension, indicating a potential area where sellers could enter the market after a retracement.

1st support: 168.49
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 178.35
Supporting reasons: Identified as a swing high 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: 0.8519
Supporting reasons: Identified as a multi-swing high resistance level, specifically at the 50% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 0.8412
Supporting reasons: Identified as a swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8608
Supporting reasons: Identified as a swing high 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

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

Pivot: 1.2721
Supporting reasons: Identified as an overlap resistance level, specifically at the 50% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.2561
Supporting reasons: Identified as a pullback support level, specifically at the 50% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 1.2858
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: Bullish

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

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

Pivot: 213.62
Supporting reasons: Identified as a swing high resistance level, specifically at the 127.20% Fibonacci Extension, indicating a potential area where sellers could enter the market after a retracement.

1st support: 197.42
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 240.66
Supporting reasons: Identified as a swing high resistance level, specifically at the 161.80% Fibonacci Extension, 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: 0.8993
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market after a retracement.

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

1st resistance: 0.9158
Supporting reasons: Identified as a multi-swing high 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: Bullish

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

Pivot: 160.73
Supporting reasons: Identified as a pullback resistance level, specifically at the 78.60% Fibonacci Projection, indicating a potential area where sellers could enter the market after a retracement.

1st support: 158.29
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 165.64
Supporting reasons: Identified as a resistance level, specifically at the 100% Fibonacci Projection, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CAD:

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: 1.3590
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, indicating a significant area where price has found support.

1st support: 1.3454
Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting a potential area that could halt further downward movement.

1st resistance: 1.3777
Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, indicating a significant area where selling pressures could intensify.

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 1st support.

Pivot: 0.6695
Supporting reasons: Identified as a pullback resistance that aligns close to a 127.2% Fibonacci extension level, indicating a potential area where selling pressures could intensify.

1st support: 0.6572
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where previous declines have found strong support.

1st resistance: 0.6846
Supporting reasons: Identified as a high resistance that aligns close to a 161.8% Fibonacci extension level, indicating a significant area that could halt further upward movement.

NZD/USD

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: 0.6144
Supporting reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st support: 0.6059
Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement level, suggesting a significant area where price has found strong support.

1st resistance: 0.6203
Supporting reasons: Identified as a multi-swing-high resistance, indicating a significant area that could halt further upward movement.

US30 (DJIA):

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: 40,023.54

Supporting Reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci projection level, indicating a potential area where selling pressures could intensify.

1st Support: 38,106.51

Supporting Reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area where price has found support recently.

1st Resistance: 40,983.77

Supporting Reasons: Identified as a resistance that aligns with a confluence of Fibonacci levels i.e. the 100% projection and the 127.2% extension levels, indicating a significant area that could halt further upward movement.

DE40 (DAX):

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: 17,850.10

Supporting Reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement level, indicating a potential area where buying interests have picked in recent times.

1st Support: 17,398.60

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

1st Resistance: 18,873.20

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

US500 (S&P 500): 

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 5,656.68

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: 5,326.24

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

1st resistance: 5,851.83

Supporting reasons: Identified as a resistance that aligns with a 78.6% Fibonacci projection level, suggesting a critical area where selling pressures may intensify and potentially 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 reaction off this level to drop towards the 1st support.

Pivot: 67,434.43

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: 58,252.12

Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement level, 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: 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: 3,271.73

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 stage a rebound.

1st Support: 2,863.34

Supporting Reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, indicating a significant area that could halt further downward movement.

1st Resistance: 3,889.99

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: Bullish

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

Pivot: 80.61

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 resume the uptrend.

1st Support: 77.81

Supporting Reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, indicating a significant area where price could find strong support.

1st Resistance: 84.38

Supporting Reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement level, indicating a potential barrier where selling pressures could intensify.

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: 2375.68
Supporting reasons: Identified as a swing high resistance level, specifically at the 78.60% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 2286.33
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 2431.52
Supporting reasons: Identified as a multi-swing high resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

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