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Thursday 11th July 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Factors contributing to the momentum: Price is below the bearish Ichimoku cloud

Price could potentially make a bearish continuation towards 1st support

Pivot: 105.15
Supporting reasons: Identified as an overlap resistance level, specifically at the 23.60% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 104.46
Supporting reasons: Identified as a pullback support level, specifically at the 78.60% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 105.49
Supporting reasons: Identified as a pullback resistance level, specifically at the 50% Fibonacci Retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

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

Pivot: 1.0794
Supporting reasons: Identified as an overlap support level, indicating a significant area where previous declines have found support.

1st support: 1.0723
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.0862
Supporting reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

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: 171.58
Supporting reasons: Identified as an overlap support level, indicating a significant area where previous declines have found support.

1st support: 169.86
Supporting reasons: Identified as an overlap support level, suggesting a potential area where buyers could enter the market after a retracement.

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: Bearish
Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation towards 1st support

Pivot: 0.8457
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 0.8404
Supporting reasons: Identified as a swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8499
Supporting reasons: Identified as an overlap 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: Bullish

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

Pivot: 1.2859
Supporting reasons: Identified as a swing high resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.2778
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.2894
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.

RSI: Also displaying bearish divergence versus price, suggesting that a reversal might occur soon.

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: 212.77
Supporting reasons: Identified as an overlap resistance level, specifically at the 100% Fibonacci Projection, indicating a potential area where sellers could enter the market after a retracement.

1st support: 197.99
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 225.58
Supporting reasons: Identified as an overlap resistance level, 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: 0.8996
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: 0.8945
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.9045
Supporting reasons: Identified as a multi-swing high resistance level, 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: 161.68
Supporting reasons: Identified as a pullback resistance level, specifically at the 78.60% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 160.33
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 162.04
Supporting reasons: Identified as a swing high resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CAD:

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:1.3602
Supporting reasons: Identified as a multi-swing-low support that aligns close to a 161.8% Fibonacci extension level, suggesting a potential area where price could stage a minor rebound.

1st support: 1.3559
Supporting reasons: Identified as a pullback support, suggesting a potential area that could halt further downward movement.

1st resistance: 1.3645
Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify to resume the downtrend. The presence of the bearish Ichimoku cloud adds further significance to the bearish momentum.

AUD/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.6753
Supporting reasons: Identified as a potential breakout level where the bullish momentum could carry price higher. The presence of the bullish Ichimoku cloud adds further significance to the bullish momentum.

1st support: 0.6731
Supporting reasons: Identified as a pullback support, suggesting a potential area where price could find strong support.

1st resistance: 0.6778
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.

NZD/USD

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 lower towards the 1st support.

Pivot: 0.6113
Supporting reasons: Identified as a pullback resistance that aligns close to the 61.8% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st support: 0.6070
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 momentum.

1st resistance: 0.6148
Supporting reasons: Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 61.8% retracement and the 78.6% projection levels, indicating a significant area that could halt further upward movement.

US30 (DJIA):

Potential Direction: Bullish

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: 40,062.11
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: 39,622.34

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

1st Resistance: 40,660.41

Supporting Reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension level, indicating a significant area that could halt further upward movement.

DE40 (DAX):

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: 18,424.70
Supporting reasons: Identified as an overlap support, indicating a potential area where buying interests could pick up to stage a rebound.

1st Support: 18,227.90

Supporting Reasons: Identified as a swing-low support, indicating a significant area where price could find strong support.

1st Resistance: 18,568.00

Supporting Reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement 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 trading close to the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.

Pivot: 5,651.96
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: 5,586.66

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: 5,707.32 

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: Bearish

Price has made a bearish reversal off the pivot and could potentially drop towards the 1st support.

Pivot: 59,022.29

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 to resume the downtrend. The presence of the bearish Ichimoku cloud adds further significance to the bearish momentum.

1st support: 55,143.09

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

1st resistance: 61,756.71

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

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 3,065.28

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

1st Support: 2,878.94

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

1st Resistance: 3,258.56

Supporting Reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a historical barrier where selling pressures could intensify.

WTI/USD (Oil):

Potential Direction: Bullish

Overall Momentum of the Chart: Neutral

Price is rising towards the pivot and could potentially make a bullish break above this level to rise towards the 1st resistance.

Pivot: 83.21

Supporting Reasons: Identified as a potential breakout level where the bullish momentum could drive price higher.

1st Support: 80.95

Supporting Reasons: Identified as an overlap support, indicating a significant area where price could find strong support.

1st Resistance: 84.78

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

XAU/USD (GOLD):

Potential Direction: Bullish
Overall momentum of the chart: Bullish

Price could potentially make a bullish continuation towards 1st resistance.

Pivot: 2351.41
Supporting reasons: Identified as an overlap support level, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where buyers could enter the market after a retracement.

1st support: 2335.08
Supporting reasons: Identified as a pullback support level, specifically at the 61.80% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 2392.15
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

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