ICMarket

Thursday 6th July 2023: Technical Outlook and Review

DXY:

The DXY (U.S. Dollar Index) chart demonstrates a bullish momentum, with price above a major ascending trendline and the bullish Ichimoku cloud.

There is potential for the price to drop further towards the 1st support level in the short term before bouncing and rising towards the 1st resistance level.

The 1st support at 102.75 is an overlap support, and the 2nd support at 102.33 also acts as an overlap support.

On the upside, the 1st resistance at 103.43 is an overlap resistance, with the presence of the 61.80% Fibonacci Projection. Additionally, the 2nd resistance at 103.86 is a pullback resistance and aligns with the 78.60% Fibonacci Retracement.

EUR/USD:

The EUR/USD chart exhibits a bearish momentum, with the price breaking below an ascending support line and being below a major descending trend line.

There is potential for the price to rise towards the 1st resistance in the short term before reversing off it and dropping towards the 1st support.

The 1st support at 1.0847 is an overlap support, and the 2nd support at 1.0780 also acts as an overlap support, coinciding with the 61.80% Fibonacci Retracement.

On the upside, the 1st resistance at 1.0919 represents a multi-swing high resistance. Additionally, the 2nd resistance at 1.0995 is a swing high resistance, aligned with the 78.60% Fibonacci Retracement.

EUR/JPY:

The EUR/JPY instrument currently demonstrates a bearish overall momentum. This movement is primarily due to the price breaking below an ascending support line, thus triggering a potential bearish move.

It’s plausible that the price might follow a bearish continuation towards the 1st support at 155.25, considered strong due to its overlap support. Additionally, the 2nd support is at 154.10 and is viewed as robust because of its swing low support attribute.

Conversely, the 1st resistance is at 156.81 and is deemed significant due to an overlap resistance. Lastly, the 2nd resistance is located at 157.96 and is noted for being a multi-swing high resistance, potentially posing a significant barrier to the price’s upward movement.

EUR/GBP:

The EUR/GBP chart currently demonstrates a bearish momentum, suggesting a potential continuation of the downward movement in the market.

There is a possibility for a bearish continuation towards the 1st support level at 0.8524, which is considered a multi-swing low support. Additionally, the 2nd support level at 0.8493 acts as an overlap support, further indicating potential downside strength.

On the upside, the 1st resistance level at 0.8577 represents an overlap resistance, while the 2nd resistance level at 0.8627 also acts as an overlap resistance.

GBP/USD:

The GBP/USD chart currently demonstrates a bearish momentum, despite being above a major ascending trend line that suggests potential bullish momentum.

There is a possibility for a bearish continuation towards the 1st support level at 1.2673, which is an overlap support and coincides with the 50% Fibonacci Retracement. The 2nd support level at 1.2599 also acts as an overlap support and aligns with the 50% Fibonacci Retracement.

On the upside, the 1st resistance level at 1.2721 represents a multi-swing high resistance, with Fibonacci confluence from the 50% Fibonacci Retracement. Additionally, the 2nd resistance level at 1.2771 is a swing high resistance and coincides with the 78.60% Fibonacci Retracement.

GBP/JPY:

The GBP/JPY instrument is currently demonstrating a bearish momentum on the chart.Price could potentially continue its bearish momentum towards the 1st support level.

The 1st support is located at 182.153, which is considered good due to its overlap support. Additionally, the 2nd support at 180.046 is also favorable as it aligns with an overlap support. On the upside, the 1st resistance at 184.265 is significant as it corresponds to an overlap resistance.

USD/CHF:

The USD/CHF chart currently exhibits a neutral momentum, suggesting a lack of clear market direction.

There is potential for price to fluctuate between the 1st support level at 0.8907, which is a multi-swing low support, and the 1st resistance level at 0.9013, a multi-swing high resistance. Additionally, the 2nd support level at 0.8861 acts as a pullback support, with Fibonacci confluence from the -27% Fibonacci Expansion and the 161.80% Fibonacci Extension. The 2nd resistance level at 0.9111 represents a multi-swing high resistance and aligns with the 61.80% Fibonacci Projection.

Furthermore, the presence of a symmetrical triangle chart pattern indicates a period of consolidation. A breakout above the upper trendline suggests a bullish breakout, while a breakdown below the lower trendline may indicate a bearish breakdown.

USD/JPY:

The USD/JPY chart currently demonstrates a neutral momentum, indicating a lack of clear market direction.

There is potential for price to fluctuate between the 1st support level at 142.30, which is a pullback support with a 38.20% Fibonacci Retracement, and the 1st resistance level at 145.10, an overlap resistance with a 50% Fibonacci Retracement. Additionally, the 2nd support level at 138.08 acts as an overlap support with a 23.60% Fibonacci Retracement, while the 2nd resistance level at 146.67 coincides with a 78.60% Fibonacci Retracement.

USD/CAD:

The USD/CAD chart currently exhibits a weak bearish momentum with low confidence, suggesting a lack of clear direction in the market.

There is a potential for price to have a bearish reaction off the 1st resistance level at 1.3334, which is a pullback resistance with a 38.20% Fibonacci Retracement and a 78.60% Fibonacci Projection. This could lead to a drop towards the 1st support level at 1.3279, identified as an overlap support.

 Additionally, the 2nd support level at 1.3230 acts as a pullback support.

On the upside, the 2nd resistance level at 1.3410 is an overlap resistance and coincides with a 100% Fibonacci Projection.

AUD/USD:

The AUD/USD chart currently exhibits a bullish momentum, suggesting a potential upward movement in the market.

There is a possibility for a bullish bounce off the 1st support level at 0.6639, which is an overlap support and aligns with a 61.80% Fibonacci Retracement. This could lead the price towards the 1st resistance level at 0.6717, identified as an overlap resistance with a 38.20% Fibonacci Retracement. 

Additionally, the 2nd support level at 0.6597 acts as a swing low support, while the 2nd resistance level at 0.6799 represents a multi-swing high resistance and coincides with a 61.80% Fibonacci Retracement.

NZD/USD

The NZD/USD chart currently demonstrates a bearish momentum, indicating a potential downward movement in the market.

There is a possibility for a bearish continuation towards the 1st support level at 0.6153, which is an overlap support and aligns with a 38.20% Fibonacci Retracement. Additionally, the 2nd support level at 0.6114 acts as an overlap support and coincides with a 61.80% Fibonacci Retracement.

On the upside, the 1st resistance level at 0.6211 represents a multi-swing high resistance with a 38.20% Fibonacci Retracement. Furthermore, the 2nd resistance level at 0.6246 is a swing high resistance and exhibits a 78.60% Fibonacci Projection.

DJ30:

The DJ30 (Dow Jones Industrial Average) chart currently exhibits a bearish overall. It’s possible that the price might follow a bearish continuation towards the 1st support, which is at 33958.49. This support level is considered strong due to an overlap support and a 61.80% Fibonacci Retracement.

Furthermore, the 2nd support level is at 33633.41 and is deemed strong due to its nature as a swing low support. On the other hand, the 1st resistance level is found at 34534.35, making it a significant barrier owing to its status as a multi-swing high resistance.

The 2nd resistance is even more formidable at 34803.92, primarily due to its swing high resistance attribute, a 61.80% Fibonacci Projection, and a 127.20% Fibonacci Extension, indicating a robust Fibonacci confluence.

GER30:

The GER30 (DAX) chart currently showcases a bullish overall momentum. There’s a possibility that the price might experience a bullish bounce off the 1st support and move towards the 1st resistance.

The 1st support is placed at 15902.63, and it’s considered strong due to the overlap support and a 61.80% Fibonacci Retracement. Furthermore, the 2nd support is found at 15674.94 and is deemed reliable due to its status as an overlap support and a 78.60% Fibonacci Projection.

Conversely, the 1st resistance is situated at 16108.30, and it’s notable for its overlap resistance. Finally, the 2nd resistance stands at 16214.64, recognized as a swing high resistance, posing a significant barrier to the price’s upward movement.

US500

The US500 (S&P 500) index currently exhibits a bullish momentum, with the price above a major ascending trend line indicating the potential for further upward movement.

There is a possibility of a bullish bounce off the 1st support level at 4432.1, which is a strong pullback support, leading the price towards the 1st resistance level at 4481.1, notable for its 127.20% Fibonacci Extension.

The 2nd support level at 4386.2 provides robust support as an overlap support, while the 2nd resistance level at 4515.5 acts as a significant hurdle with its status as a swing high resistance and a 161.80% Fibonacci Extension. This level could present a substantial barrier to the price’s upward advancement.

BTC/USD:

The BTC/USD chart currently demonstrates a neutral momentum, indicating a lack of clear direction in the market. The price has the potential to fluctuate between the 1st resistance level at 31457 and the 1st support level at 29826.

The 1st resistance level at 31457 is characterized by multi-swing high resistance and a 61.80% Fibonacci projection. The 2nd resistance level at 32252 represents a swing high resistance.

ETH/USD: 

The ETH/USD instrument currently showcases a bullish overall momentum. The price could potentially experience a bullish bounce off the 1st support, which is at 1893.23, and head towards the 1st resistance. This support level is considered robust due to an overlap support, a 50% Fibonacci Retracement, and a 61.80% Fibonacci Projection, indicating a Fibonacci confluence.

Moreover, the 2nd support is at 1826.24 and is viewed as strong due to its nature as a multi-swing low support.

On the other hand, the 1st resistance is at 1974.61, which is considered significant due to its status as a multi-swing high resistance. Finally, the 2nd resistance is at 2017.96 and is noteworthy due to its swing high resistance, which could pose a considerable barrier to the price’s upward movement.

WTI/USD:

The WTI (Crude Oil) chart currently exhibits a bullish momentum, indicating a potential upward movement in the market.

There is a possibility for a bullish continuation towards the 1st resistance level at 72.77, which represents a multi-swing high resistance and aligns with a 61.80% Fibonacci Projection. Additionally, the 2nd resistance level at 74.24 acts as an overlap resistance and coincides with a 100% Fibonacci Projection.

On the downside, the 1st support level at 71.54 provides pullback support, while the 2nd support level at 70.13 acts as an overlap support and aligns with a 78.60% Fibonacci Retracement.

XAU/USD (GOLD):

The XAU/USD (Gold) chart currently demonstrates a bearish momentum, indicating a potential downward movement in the market.

There is a possibility for a short-term rise towards the 1st resistance level at 1932.11, which represents an overlap resistance and aligns with a 50% Fibonacci Retracement. However, the overall bearish momentum suggests a potential reversal from this resistance level, leading to a drop towards the 1st support level at 1913.73, identified as an overlap support.

Additionally, the 2nd support level at 1889.4 acts as another overlap support, providing further potential downside support. On the upside, the 2nd resistance level at 1953.53 represents a swing high resistance and coincides with a 78.60% Fibonacci Retracement.

The accuracy, completeness and timeliness of the information contained on this site cannot be guaranteed. IC Markets does not warranty, guarantee or make any representations, or assume any liability regarding financial results based on the use of the information in the site.

News, views, opinions, recommendations and other information obtained from sources outside of www.icmarkets.com, used in this site are believed to be reliable, but we cannot guarantee their accuracy or completeness. All such information is subject to change at any time without notice. IC Markets assumes no responsibility for the content of any linked site.

The fact that such links may exist does not indicate approval or endorsement of any material contained on any linked site. IC Markets is not liable for any harm caused by the transmission, through accessing the services or information on this site, of a computer virus, or other computer code or programming device that might be used to access, delete, damage, disable, disrupt or otherwise impede in any manner, the operation of the site or of any user’s software, hardware, data or property.