ICMarket

Monday 8th 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: 105.43
Supporting reasons: Identified as an overlap support level, specifically at the 38.2% Fibonacci Retracement and 78.60% Fibonacci Projection, indicating Fibonacci confluence and a significant area where previous declines have found support.

1st support: 102.77
Supporting reasons: Identified as an overlap support level, specifically at the 61.80% Fibonacci Retracement and 161.80% Fibonacci Extension, indicating Fibonacci confluence and a significant area where previous declines have found support.

1st resistance: 106.07
Supporting reasons: Identified as a multi-swing high resistance level, 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: 1.0904
Supporting reasons: Identified as a swing high resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.0664
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.0978
Supporting reasons: Identified as a multi-swing high resistance level, specifically at the 100% Fibonacci Projection and 127.20% Fibonacci Extension, indicating Fibonacci confluence and 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 continuation towards 1st support.

Pivot: 174.44
Supporting reasons: Identified as a multi-swing high resistance level, specifically at the 100% Fibonacci Projection, indicating a potential area where sellers could enter the market after a retracement.

1st support: 171.58
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 176.28
Supporting reasons: Identified as a resistance level, specifically at the 161.80% Fibonacci Extension, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.8412
Supporting reasons: Identified as a swing low support level, indicating a potential area where buyers could enter the market after a retracement.

1st support: 0.8345
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8519
Supporting reasons: Identified as a multi-swing high resistance level, specifically at the 50% Fibonacci Retracement, 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: 1.2858
Supporting reasons: Identified as an overlap resistance level, specifically at the 78.60% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.2607
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: 1.3135
Supporting reasons: Identified as an overlap resistance level, specifically at the 100% Fibonacci Projection, indicating a historical point where previous rallies have faced selling pressure or reversed.

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: 206.34
Supporting reasons: Identified as a multi-swing high resistance level, specifically at the 161.80% Fibonacci Extension, indicating a potential area where sellers could enter the market after a retracement.

1st support: 201.35
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 213.40
Supporting reasons: Identified as a level influenced by the 100% Fibonacci Projection, indicating 

USD/CHF:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation towards 1st support.

Pivot: 0.9018
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: 0.8775
Supporting reasons: Identified as a pullback support level, specifically at the 50% Fibonacci Retracement and 78.60% Fibonacci Projection, indicating Fibonacci confluence and a significant area where previous declines have found support.

1st resistance: 0.9192
Supporting reasons: Identified as a swing high resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/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: 158.29
Supporting reasons: Identified as a pullback support level, indicating a potential area where buyers could enter the market after a retracement.

1st support: 152.91
Supporting reasons: Identified as an overlap support level, specifically at the 38.20% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 165.40
Supporting reasons: Identified as a resistance level, specifically at the 161.80% Fibonacci Extension, 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 is falling towards the pivot and could 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 potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.3442
Supporting reasons: Identified as a pullback support that aligns with 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, indicating a significant area where selling pressures could intensify to 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 1st support.

Pivot: 0.6846
Supporting reasons: Identified as a swing-high resistance that aligns close to a 78.6% Fibonacci projection level, indicating a potential area where selling pressures could intensify and cause price to pull back slightly.

1st support: 0.6696
Supporting reasons: Identified as a pullback support, suggesting a significant area where price could find strong support.

1st resistance: 0.6892
Supporting reasons: Identified as a multi-swing-high resistance that aligns close to a 100% Fibonacci projection level, indicating a significant area that could halt further upward movement.

NZD/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 1st support.

Pivot: 0.6195
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area where selling pressures could intensify and cause price to pull back slightly.

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 in the past.

1st resistance: 0.6339
Supporting reasons: Identified as a swing-high resistance that aligns close to a 127.2% Fibonacci extension level, 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 reversal off this level to drop towards 1st support.

Pivot: 39,463.75
Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st Support: 38,907.45

Supporting Reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area that could halt further downward movement. The presence of the bullish Ichimoku cloud also adds as another supporting factor to the strength of this support zone.

1st Resistance: 40,023.54

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

DE40 (DAX):

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 1st support.

Pivot: 18,644.00
Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st Support: 18,166.30

Supporting Reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement level, indicating a significant area that could halt further downward movement.

1st Resistance: 18,894.50

Supporting Reasons: Identified as a swing-high 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 is rising towards the pivot and could potentially make a bearish reversal off this level to drop towards 1st support.

Pivot: 5,656.83
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: 5,433.07

Supporting reasons: Identified as an overlap support, indicating a significant area that could halt further downward movement – the presence of an ascending trendline also serves as an additional support zone. 

1st resistance: 5,853.01

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: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 51,110.68

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: 47,105.06

Supporting reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement level, indicating a significant area that could halt further downward movement.

1st resistance: 58,252.12

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

ETH/USD (Ethereum):

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: 2,863.34

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

1st Support: 2,181.29

Supporting Reasons: Identified as a pullback support that aligns close to a 78.6% Fibonacci retracement level, indicating a significant area that could halt further downward movement.

1st Resistance: 3,292.56

Supporting Reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement level, indicating a historical barrier where selling pressures could intensify.

WTI/USD (Oil):

Potential Direction: Bullish

Overall Momentum of the Chart: Bullish

Price has broken under an ascending trendline and could fall towards the pivot.

Pivot: 81.06

Supporting Reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a rebound.

1st Support: 78.00

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: 84.54

Supporting Reasons: Identified as a pullback resistance that aligns with 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 potentially make a bearish reaction off pivot and drop to 1st support.

Pivot: 2431.52
Supporting reasons: Identified as a multi-swing high resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 2285.17
Supporting reasons: Identified as an overlap support level, specifically at the 38.20% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 2494.46
Supporting reasons: Identified as a level influenced by the 127.20% Fibonacci Extension, indicating a historical point where previous rallies have faced selling pressure or reversed.

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