ICMarket

Tuesday 11th June 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 105.40

Supporting reasons: Identified as an overlap resistance, indicating a historical price level where selling pressure may emerge.

1st support: 104.41

Supporting reasons: Recognized as pullback support, coinciding with the 61.80% Fibonacci Retracement, suggesting a historical level where buying interest has emerged.

1st resistance: 106.48

Supporting reasons: Noted as multi-swing high resistance, indicating a significant area where selling pressure may intensify.

EUR/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: 1.0798

Supporting reasons: Identified as pullback resistance, coinciding with the 38.20% Fibonacci Retracement, suggesting a level where selling pressure may emerge.

1st support: 1.0728

Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a support level.

1st resistance: 1.0861

Supporting reasons: Noted as pullback resistance, coinciding with the 78.60% Fibonacci Retracement, 

EUR/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 168.59

Supporting reasons: Identified as an overlap support, suggesting a level where buying interest may emerge.

1st support: 167.35

Supporting reasons: Recognized as swing low support, indicating a historical level where buying interest has been strong.

1st resistance: 170.82

Supporting reasons: Noted as multi-swing high resistance, coinciding with the 127.20% Fibonacci Extension, suggesting a significant area where selling pressure may be encountered.

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: 0.8499

Supporting reasons: Identified as pullback resistance, coinciding with the 61.80% Fibonacci Retracement, indicating a level where selling pressure may emerge.

1st support: 0.8447

Supporting reasons: Recognized as swing low support, suggesting a historical level where buying interest has been strong.

1st resistance: 0.8532

Supporting reasons: Noted as an overlap resistance, indicating a level where selling pressure may intensify due to historical significance.

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: 1.2754

Supporting reasons: Identified as pullback resistance, coinciding with the 50% Fibonacci Retracement, suggesting a level where selling pressure may emerge.

1st support: 1.2688

Supporting reasons: Recognized as multi-swing low support, indicating a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 1.2814

Supporting reasons: Noted as multi-swing high resistance, indicating a significant area where selling pressure may intensify due to historical significance.

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: 200.72

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

1st support: 197.43

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

1st resistance: 202.70

Supporting reasons: Noted as a significant resistance level, with Fibonacci confluence between the 161.80% Fibonacci Extension and 61.80% Fibonacci Projection, indicating a strong area of potential selling pressure.

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: 0.8989

Supporting reasons: Identified as an overlap resistance, coinciding with the 38.20% Fibonacci Retracement level, indicating a potential barrier for upward movement.

1st support: 0.8886

Supporting reasons: Recognized as a multi-swing low support, suggesting a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 0.9093

Supporting reasons: Noted as pullback resistance, coinciding with the 78.60% Fibonacci Retracement level, suggesting a significant area where selling pressure may intensify, potentially limiting upward movement.

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: 156.28

Supporting reasons: Identified as pullback support, indicating a level where buying interest may emerge, potentially acting as a springboard for upward movement.

1st support: 154.69

Supporting reasons: Recognized as swing low support, suggesting a historical level where buying interest has previously emerged, potentially providing a foundation for price movement.

1st resistance: 157.67

Supporting reasons: Noted as swing high resistance, indicating a significant area where selling pressure may emerge, potentially limiting further upward movement.

USD/CAD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 1.3804

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

1st support: 1.3756

Supporting reasons: Identified as an overlap support, suggesting an area where price could find strong buying interests to potentially halt any further downward movement.

1st resistance: 1.3846

Supporting reasons: Identified as a swing-high resistance, marking a significant barrier that could cap further upward movements.

AUD/USD:

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: 0.6562

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

1st support: 0.6465

Supporting reasons: Acts as a swing-low support, suggesting a significant area where price has found strong support recently to provide a basis to halt further downward movement.

1st resistance: 0.6639

Supporting reasons: Identified as a pullback resistance, marking a barrier that has previously capped upward movements.

NZD/USD

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: 0.6082

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

1st support: 0.5982

Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a potential area where price could find strong support to halt further downward movement.

1st resistance: 0.6167

Supporting reasons: Identified as an overlap resistance, marking a barrier that has previously capped upward movements.

US30 (DJIA):

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: 38,397.07

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 strong rebound.

1st support: 38,077.26

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

1st resistance: 39,038.86

Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price could fall towards the pivot and potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 18,377.80

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

1st support: 18,224.60

Supporting reasons: Acts as a pullback support that aligns close to a 50% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movement.

1st resistance: 18,701.20

Supporting reasons: Identified as a pullback resistance, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could fall towards the pivot and potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 5,339.76

Supporting reasons: Identified as an overlap support, suggesting an area where buying interests could pick up strongly to resume the uptrend.

1st support: 5,219.67

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: 5,502.63

Supporting reasons: Acts as a resistance that aligns with a 161.8% 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 is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 67,114.23

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

1st support: 65,180.31

Supporting reasons: Acts as an overlap support that aligns with a 127.2% Fibonacci extension level, suggesting an area where buying interests could pick up to halt further downward movements.

1st resistance: 70,293.18

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

ETH/USD (Ethereum):

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: 3,535.12

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

1st support: 3,321.70

Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area which could provide a strong foundation to halt further downward movements.

1st resistance: 3,717.11

Supporting reasons: Identified as an overlap resistance, marking a significant barrier that could cap further upward movements.

WTI/USD (Oil):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 77.79

Supporting reasons: Identified as an overlap support, suggesting an area where buying interests could pick up for price to resume the uptrend.

1st support: 75.45

Supporting reasons: Identified as a pullback support that aligns with a 50% 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: 80.91

Supporting reasons: Identified as a swing-high resistance, marking a significant barrier that could cap further upward movements.

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: 2327.38

Supporting reasons: Identified as pullback resistance, coinciding with the 38.20% Fibonacci Retracement, suggesting a level where selling pressure may be present.

1st support: 2285.90

Supporting reasons: Recognized as multi-swing low support, indicating a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 2350.60

Supporting reasons: Noted as pullback resistance, coinciding with the 61.80% Fibonacci Retracement, suggesting a significant area where selling pressure may intensify.

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