ICMarket

Monday 3rd June 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 104.01
Supporting reasons: Identified as an overlap support, coinciding with the 61.80% Fibonacci Retracement, suggesting a significant level where buying interest may emerge.

1st support: 103.24
Supporting reasons: Recognized as an overlap support, coinciding with the 78.60% Fibonacci Retracement, indicating another level where buying interest may strengthen.

1st resistance: 105.57
Supporting reasons: Noted as an overlap resistance, coinciding with the 61.80% Fibonacci Retracement, suggesting a significant level where selling pressure may increase.

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: 1.0883
Supporting reasons: Identified as an overlap resistance, coinciding with the 78.60% Fibonacci Retracement, indicating a significant level where selling pressure may intensify.

1st support: 1.0799
Supporting reasons: Recognized as an overlap support, coinciding with the 38.20% Fibonacci Retracement, suggesting a historical level where buying interest has emerged.

1st resistance: 1.0948
Supporting reasons: Noted as multi-swing high resistance, indicating a significant level where selling pressure may increase.

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: 171.60
Supporting reasons: Identified as swing high resistance, indicating a significant level where selling pressure may emerge.

1st support: 169.25
Supporting reasons: Recognized as an overlap support, suggesting a historical level where buying interest has emerged.

1st resistance: 173.69
Supporting reasons: Noted as the 127.20% Fibonacci Extension level, indicating a potential area of resistance where selling pressure may intensify.

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: 0.8530
Supporting reasons: Identified as an overlap resistance, coinciding with the 38.20% Fibonacci Retracement level, indicating a potential area where selling pressure may increase.

1st support: 0.8503
Supporting reasons: Recognized as multi-swing low support, suggesting a historical level where buying interest has emerged.

1st resistance: 0.8569
Supporting reasons: Noted as pullback resistance, aligned with the 61.80% Fibonacci Retracement level, suggesting a potential area where selling pressure may intensify.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish
Factors contributing to the momentum are that price is in a bullish ascending channel.

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

Pivot: 1.2752
Supporting reasons: Identified as swing high resistance.

1st support: 1.2677
Supporting reasons: Recognized as an overlap support, coinciding with the 23.60% Fibonacci Retracement level, indicating a potential area where buying interest may emerge.

1st resistance: 1.2858
Supporting reasons: Noted as swing high resistance.

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 multi-swing high resistance, indicating a significant level where selling pressure may intensify.

1st support: 197.74
Supporting reasons: Recognized as pullback support, suggesting a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 203.09
Supporting reasons: Noted as the 127.20% Fibonacci Extension, indicating a potential area where selling pressure may increase, potentially hindering further upward movement.

USD/CHF:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8994
Supporting reasons: Identified as an overlap support, coinciding with the 23.60% Fibonacci Retracement, suggesting a significant area where buying interest may emerge.

1st support: 0.8901
Supporting reasons: Recognized as pullback support, indicating a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 0.9157
Supporting reasons: Noted as multi-swing high resistance, coinciding with the 78.60% Fibonacci Retracement, suggesting a significant area where selling pressure may intensify, potentially hindering further upward movement.

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: 158.29
Supporting reasons: Identified as swing high resistance, suggesting a level where selling pressure may intensify.

1st support: 156.42
Supporting reasons: Recognized as an overlap support, coinciding with the 23.60% Fibonacci Retracement, indicating a historical level where buying interest has emerged.

1st resistance: 160.23
Supporting reasons: Noted as swing high resistance, suggesting a significant level where selling pressure may increase.

USD/CAD:

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: 1.3596

Supporting reasons: Identified as a pullback support, suggesting a significant area where buying interests could pick up to stage a minor rebound.

1st support: 1.3519

Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement level, suggesting an area where price could find strong buying interests to potentially halt any further downward movement.

1st resistance: 1.3729

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

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 the 1st support.

Pivot: 0.6695

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

1st support: 0.6596

Supporting reasons: Acts as a pullback support that aligns close to a 50% Fibonacci retracement level, suggesting a significant area where price has found strong support recently to provide a basis to halt further downward movement.

1st resistance: 0.6762

Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement level, marking a barrier that has previously capped upward movements.

NZD/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 the 1st support.

Pivot: 0.6196

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

1st support: 0.6085

Supporting reasons: Acts as an overlap support that aligns close to a 23.6% Fibonacci retracement level, suggesting a potential area where price could find strong support to halt further downward movement.

1st resistance: 0.6249

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, marking a barrier that has previously capped upward movements.

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: 39,303.36

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

1st support: 38,525.55

Supporting reasons: Identified as an overlap support, suggesting a significant area where price could find strong buying interests to provide a solid foundation to halt further downward movement.

1st resistance: 40,056.05

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

DE40 (DAX):

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: 18,873.20

Supporting reasons: Identified as a pullback resistance at the all-time high that aligns also with a 127.2% Fibonacci extension level, suggesting an area where selling pressures could intensify.

1st support: 18,365.00

Supporting reasons: Acts as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movement.

1st resistance: 19,300.95

Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension level, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

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: 5,326.24

Supporting reasons: Identified as a pullback resistance that aligns close to the all-time high, suggesting an area where selling pressures could intensify.

1st support: 5,217.83

Supporting reasons: Acts as an overlap 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: 5,381.20

Supporting reasons: Acts as a resistance that aligns with a 127.2% Fibonacci extension level, suggesting a significant area where selling pressures could intensify to cap further upward movement.

BTC/USD (Bitcoin):

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: 66,836.40

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

1st support: 64,216.51

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: 71,810.70

Supporting reasons: Marked by a pullback resistance, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

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: 3,687.36

Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement level, suggesting an area where buying interests could pick up.

1st support: 3,508.01

Supporting reasons: Identified as a pullback support that aligns with a 38.2% 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: 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: 76.53

Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where buying interests could pick up for price to stage a minor rebound.

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 with a 38.2% 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: 2285.17
Supporting reasons: Identified as multi-swing low support, coinciding with the 38.20% Fibonacci Retracement, suggesting a significant level where buying interest may emerge.

1st support: 2150.66
Supporting reasons: Recognized as an overlap support, aligning with the 61.80% Fibonacci Retracement, indicating a historical level where buying interest has been strong.

1st resistance: 2361.16
Supporting reasons: Noted as an overlap resistance, suggesting a level where selling pressure may intensify.

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