ICMarket

Wednesday 24th July 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: 104.68
Supporting reasons: Identified as a pullback resistance level, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 103.70
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 1105.40
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

EUR/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 1.0844
Supporting reasons: Identified as a pullback support level, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where buyers could enter the market after a retracement.

1st support: 1.0768
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: 1.0913
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: 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: 169.63

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

1st support: 167.49
Supporting reasons: Identified as a swing-low support level, suggesting a significant area where previous declines have found support.

1st resistance: 171.93
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8403
Supporting reasons: Identified as an overlap support level, indicating a significant area where previous declines have found support.

1st support: 0.8383
Supporting reasons: Identified as a swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8429
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: Bearish

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

Pivot: 1.2943
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.2859
Supporting reasons: Identified as a pullback support level, specifically at the 61.80% Fibonacci Projection and 161.80% Fibonacci Extension, indicating Fibonacci confluence and suggesting a significant area where previous declines have found support.

1st resistance: 1.3032
Supporting reasons: Identified as a swing high resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

GBP/JPY:

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 reaction off pivot and drop to 1st support.

Pivot: 201.43
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 198.00
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 204.04
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: 0.8930
Supporting reasons: Identified as a pullback resistance level, specifically at the 61.80% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 0.8847
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8978
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: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 157.70
Supporting reasons: Identified as an overlap resistance level, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 154.71
Supporting reasons: Identified as a swing low support level, specifically at the 127.20% Fibonacci Extension, suggesting a significant area where previous declines have found support.

1st resistance: 159.87
Supporting reasons: Identified as a pullback 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: Bullish

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

Pivot: 1.3779
Supporting reasons: Previously identified as a multi-swing-high resistance that was broken due to the strong bullish momentum.

1st support: 1.3752
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 support.

1st resistance: 1.3828
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

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: 0.6591
Supporting reasons: Identified as a swing-low support that aligns with a 127.2% Fibonacci extension level, indicating a potential zone where buying interests could pick up to stage a minor rebound.

1st support: 0.6562
Supporting reasons: Identified as a swing-low support, suggesting a potential area where price could find strong support.

1st resistance: 0.6623
Supporting reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement.

NZD/USD

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: 0.5883
Supporting reasons: Identified as a swing-low support, indicating a potential zone where buying interests could pick up to stage a minor rebound.

1st support: 0.5779
Supporting reasons: Identified as a pullback support, suggesting a significant area that could halt further downward momentum.

1st resistance: 0.5979
Supporting reasons: Identified as an overlap resistance, indicating a significant area that could halt further upward movement.

US30 (DJIA):

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: 40,270.30
Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, indicating a potential area where buying interests could pick up to resume the uptrend. The presence of a bullish Ichimoku Cloud adds further significance to this support zone.

1st Support: 39,607.55

Supporting Reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement level, suggesting a significant area where price could find strong support.

1st Resistance: 40,922.42

Supporting Reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, indicating a significant area that could halt further upward movement.

DE40 (DAX):

Potential Direction: Bullish

Overall Momentum of the Chart: Bullish

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

Pivot: 18,426.80
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to resume the uptrend.

1st Support: 18,323.60

Supporting Reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement, indicating a significant area where price could find strong support.

1st Resistance: 18,587.40

Supporting Reasons: Identified as a pullback resistance that aligns close to 78.6% Fibonacci projection, indicating a significant area that could halt further upward movement.

US500 (S&P 500): 

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: 5,506.38
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: 5,448.66

Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement level, indicating a potential area where price could find strong support. 

1st resistance: 5,578.22

Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement level, suggesting a critical area that could halt further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price has stabilised the pivot and could potentially bounce off this level to rise towards the 1st resistance.

Pivot: 65,728.37

Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement level, indicating a potential area where buying interests could pick up to resume the uptrend. The presence of a bullish Ichimoku Cloud adds further significance to this support zone.

1st support: 63,507.86

Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, indicating a significant area that could halt further downward movement.

1st resistance: 70,045.45

Supporting reasons: Identified as a pullback resistance that aligns with a 161.8% Fibonacci extension 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 falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 3,377.15

Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a rebound.

1st Support: 3,276.36

Supporting Reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, indicating a significant area that could halt further downward movement.

1st Resistance: 3,533.10

Supporting Reasons: Identified as a pullback resistance, indicating a historical barrier where selling pressures could intensify.

WTI/USD (Oil):

Potential Direction: Bearish

Overall Momentum of the Chart: Bearish

Price could rise towards the pivot and potentially make a bearish reversal off this level to fall towards the 1st support.

Pivot: 79.10

Supporting Reasons: Identified as an overlap resistance that aligns close to a 23.6% Fibonacci retracement level, indicating a potential area where selling pressures could intensify to resume the downtrend.

1st Support: 77.44

Supporting Reasons: Identified as an overlap support that aligns with a 61.8% Fibonacci retracement level, indicating a significant area where price could find strong support.

1st Resistance: 80.68

Supporting Reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, 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 bounce off pivot and head towards 1st resistance.

Pivot: 2389.12
Supporting reasons: Identified as a pullback support level, specifically at the 50% Fibonacci Retracement, indicating a potential area where buyers could enter the market after a retracement.

1st support: 2335.64
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 2448.97
Supporting reasons: Identified as a pullback resistance level, specifically at the 61.80% Fibonacci Retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

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