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Wednesday 28th June 2023: Technical Outlook and Review

DXY:

The DXY (US Dollar Index) chart currently exhibits a neutral momentum, suggesting a lack of clear direction. There is a possibility for the price to fluctuate between the 1st support level at 102.27, which is an overlap support and coincides with the 61.80% Fibonacci Retracement and 100% Fibonacci Projection, indicating Fibonacci confluence, and the 1st resistance level at 102.70, which represents an overlap resistance. Additional levels to consider are the 2nd support at 101.69, an overlap support corresponding to the 78.60% Fibonacci Retracement, and the 2nd resistance at 103.05, an overlap resistance aligning with the 50% Fibonacci Retracement.

EUR/USD:

The EUR/USD chart currently shows a bearish momentum, indicating a downward bias in the market. There is a possibility for the price to continue its bearish movement towards the 1st support level at 1.0911, which is considered a pullback support and coincides with the 50% Fibonacci Retracement.

Additional support is found at the 2nd support level at 1.0847, identified as an overlap support. On the upside, the 1st resistance level at 1.0996 acts as an overlap resistance, potentially impeding upward price advancement. Furthermore, the 2nd resistance level at 1.1059 represents another overlap resistance.

It is also worth noting that an intermediate resistance level at 1.0911, coinciding with the 78.60% Fibonacci Retracement, may act as a pullback resistance, adding further significance to this level.

GBP/USD:

The GBP/USD chart currently indicates a bearish momentum, suggesting a downward trend in the market. There is a potential for the price to continue its bearish movement towards the 1st support level at 1.2678, which is identified as an overlap support.

Additional support is found at the 2nd support level at 1.2544, characterized as a pullback support and coinciding with the 61.80% Fibonacci Retracement.

On the upside, the 1st resistance level at 1.2771 acts as an overlap resistance, potentially impeding upward price advancement. Furthermore, the 2nd resistance level at 1.2847 represents a swing high resistance, indicating the presence of the 61.80% Fibonacci Projection and the 145.00% Fibonacci Retracement, which suggests Fibonacci confluence.

USD/CHF:

The USD/CHF chart currently demonstrates a neutral momentum, indicating a lack of clear direction in the market. There is a potential for the price to fluctuate between the 1st support level at 0.8907, identified as an overlap support, and the 1st resistance level at 0.8986, characterized as an overlap resistance.

Additional support is found at the 2nd support level at 0.8861, which coincides with the 78.60% Fibonacci Projection. Similarly, the 2nd resistance level at 0.9038 is considered an overlap resistance, further reinforcing its significance.

Given the neutral momentum, it is important to closely monitor these support and resistance levels for potential trading opportunities or a breakout that may provide clearer direction for the USD/CHF pair.

USD/JPY:

The USD/JPY chart currently exhibits a bullish momentum, characterized by the price movement within a bullish ascending channel, suggesting a potential for further upward movement.

There is a possibility of a bullish continuation towards the 1st resistance level at 145.01. This resistance level is considered a pullback resistance, potentially impeding upward price advancement. Additionally, the 2nd resistance level at 146.77 acts as another pullback resistance and coincides with the 78.60% Fibonacci Retracement.

On the downside, the 1st support level at 142.27 is identified as a pullback support, providing potential strength to the support zone. Furthermore, the 2nd support level at 141.28 is an overlap support and also aligns with the 78.60% Fibonacci Projection. An intermediate support level at 143.19 adds further significance as an overlap support.

USD/CAD:

The USD/CAD chart currently demonstrates a bullish momentum, indicating a potential for further upward movement.

There is a possibility of a bullish continuation towards the 1st resistance level at 1.3239. This resistance level is identified as an overlap resistance and is further reinforced by the presence of the 50% Fibonacci Retracement.

On the downside, the 1st support level at 1.3177 serves as a pullback support, potentially providing strength to the support zone. Additionally, the 2nd support level at 1.3107 is an overlap support and aligns with the 145.00% Fibonacci Retracement, adding further significance.

Furthermore, the 2nd resistance level at 1.3274 acts as an overlap resistance and coincides with the 61.80% Fibonacci Retracement and the 145.00% Fibonacci Extension, indicating Fibonacci confluence.

AUD/USD:

The AUD/USD chart currently exhibits a bullish momentum, indicating a potential for further upward movement.

There is a possibility of a bullish bounce off the 1st support level at 0.6637, which is identified as an overlap support. This support level is further strengthened by the presence of the 61.80% Fibonacci Retracement and the 78.60% Fibonacci Projection, indicating Fibonacci confluence.

Additionally, the 2nd support level at 0.6568 acts as a pullback support, adding further significance to the support zone.

On the upside, the 1st resistance level at 0.6805 represents an overlap resistance. Furthermore, the 2nd resistance level at 0.6884 is identified as a swing high resistance.

NZD/USD

The NZD/USD chart currently shows a bearish momentum, indicating a downward bias in the market. There is a potential for the price to temporarily rise towards the 1st resistance level at 0.6157 before reversing and moving towards the 1st support level at 0.6114.

The 1st support level at 0.6114 is considered an overlap support, with additional strength provided by the presence of the 50% and 61.80% Fibonacci Retracement levels, indicating Fibonacci confluence. Furthermore, the 2nd support level at 0.6082 acts as a pullback support, further reinforcing its significance.

On the upside, the 1st resistance level at 0.6157 functions as a pullback resistance. Additionally, the 2nd resistance level at 0.6206 represents a multi-swing high resistance, supported by the presence of the 100% Fibonacci Projection.

It’s important to note that the price has broken down a symmetrical triangle chart pattern, suggesting a bearish breakdown below the lower trendline

DJ30:

The DJ30 instrument is currently showing a bullish overall momentum. The factors contributing to this momentum are that the price could potentially drop further to 1st support in the short term before making a bounce and rising towards the first resistance.

1st support level is at 33870 and is considered reliable due to its status as an overlap support. There’ s 2nd support level at 33659, which is deemed beneficial as it’s an overlap support and located at the 50% Fibonacci retracement level.

Looking at resistance levels, 1st  resistance is situated at 34283, notable for being an overlap resistance and positioned at the 61.80% Fibonacci retracement level. 2nd resistance stands at 34534 and is notable for its swing high resistance characteristic.

GER30:

The overall momentum of the chart is strongly bearish with high confidence. It’s predicted that the price could potentially make a bearish reaction off the first resistance and drop down to the first support level.

The first support level is at 15691.7 and is seen as advantageous due to its status as a multi-swing low support. The second support level is found at 15496.9, and it’s considered beneficial because of its quality as an overlap support.

When it comes to resistance levels, the first resistance is located at 15902.6, notable for being an overlap resistance and for its location at the 23.60% Fibonacci retracement level. The second resistance level stands at 16072.7 and is seen as strong due to its status as an overlap resistance and its position at the 50% Fibonacci retracement level.

US500

The overall momentum of the chart is weakly bearish with low confidence. It’s anticipated that the price could potentially make a bearish continuation towards the first support level.

The first support is located at 4327.1, and is seen as beneficial due to its status as a pullback support and its position at the 61.80% Fibonacci retracement level. The second support level is found at 4294.7, regarded as advantageous because of its quality as an overlap support and its position at the 78.60% Fibonacci retracement level.

In terms of resistance levels, the first resistance stands at 4386.2 and is notable for being an overlap resistance and located at the 50% Fibonacci retracement level. The second resistance level is at 4432.1, recognized for its swing high resistance characteristic.

BTC/USD:

The BTC/USD instrument is currently exhibiting a Neutral overall momentum. The price could potentially fluctuate between the first resistance and first support level.

The first support is at 29826 and is considered advantageous due to its quality as a pullback support and being at the 23.6% Fibonacci retracement level. There’s a second support level at 28441, which is beneficial because it provides an overlap support and is positioned near the 61.80% Fibonacci retracement level. 

Looking at resistance levels, the first resistance is situated at 30996, notable for being an overlap resistance. The second resistance is at 32080 and is considered favorable due to its status as a swing high resistance and 0.618% Fibonacci projection. 

ETH/USD:

The ETH/USD instrument is currently showing a neutral overall momentum. The price could potentially fluctuate between the first resistance and first support level.

The first support level is at 1820.2 and is considered strong due to its status as an overlap support and its location at the 38.20% Fibonacci retracement level.

An intermediate support level is found at 1867.3, appreciated for its quality as an overlap support.

Regarding resistance levels, the first resistance stands at 1933.8 and is notable for being an overlap resistance. The second resistance is at 2019.5, recognized for its swing high resistance characteristic and position at the 127.20% Fibonacci extension level.

WTI/USD:

The WTI (West Texas Intermediate) chart indicates a bullish momentum, suggesting a positive outlook for the market. There is a potential for the price to experience a bullish bounce off the 1st support level at 67.2400 and move towards the 1st resistance level at 70.2000.

The 1st support level at 67.2400 is considered a significant area of multi-swing low support, highlighting its potential for providing a supportive base. Similarly, the 2nd support level at 65.0100 also acts as a multi-swing low support, adding to its importance.

On the upside, the 1st resistance level at 70.2000 represents an overlap resistance, potentially impeding further upward price movement. Additionally, the 2nd resistance level at 72.8300 is classified as a multi-swing high resistance, further emphasizing its significance. It is worth noting that the 50% Fibonacci Retracement level coincides with the 1st resistance, indicating Fibonacci confluence.

XAU/USD (GOLD):

The XAU/USD (Gold/US Dollar) chart displays a bullish momentum, indicating a positive outlook for the market. Factors contributing to this momentum include the potential for a bullish bounce off the 1st support level and a move towards the 1st resistance level.

The 1st support level at 1913.73 is identified as an overlap support, suggesting its significance in providing potential price stability. Additionally, the 61.80% Fibonacci Retracement level adds further confirmation to its importance.

The 2nd support level at 1889.42 also acts as an overlap support, contributing to its potential role in providing support to the price.

On the upside, the 1st resistance level at 1932.11 represents an overlap resistance, potentially impeding further upward price movement. Traders should closely monitor this level for potential price reactions.

Furthermore, the 2nd resistance level at 1966.46 is classified as a multi-swing high resistance, further emphasizing its significance in hindering price advancement.

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