ICMarket

Friday 21th June 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 105.15

Supporting reasons: Identified as an overlap support level, indicating a historical area where buying interest has been significant.

1st support: 104.40

Supporting reasons: Identified as another overlap support level, reinforcing the strength of support around this area.

1st resistance: 105.79

Supporting reasons: Identified as a pullback resistance level, coinciding with the 127.20% Fibonacci Extension, suggesting a potential area where selling pressure might emerge, halting further upward movements.

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 1.0767

Supporting reasons: Identified as an overlap resistance level and coinciding with the 50% Fibonacci Retracement, indicating a significant historical and technical resistance area.

1st support: 1.0679

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

1st resistance: 1.0811

Supporting reasons: Identified as a pullback resistance level and coinciding with the 78.60% Fibonacci Retracement, marking a critical area where selling pressure may intensify and potentially halt further upward movement.

EUR/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 170.87

Supporting reasons: Identified as a multi-swing high resistance, indicating a historical level where selling pressure has been significant.

1st support: 168.61

Supporting reasons: Identified as a pullback support level, suggesting an area where buying interest could potentially stabilize or reverse the downward movement.

1st resistance: 171.60

Supporting reasons: Identified as a swing high resistance, marking a significant barrier that could cap further upward movements, supporting the overall bearish bias.

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 0.8420

Supporting reasons: Identified as pullback support, indicating a level where buying interest could potentially pick up to support a bounce.

1st support: 0.8396

Supporting reasons: Identified as swing low support, suggesting a historical level where buying interest has previously emerged.

1st resistance: 0.8494

Supporting reasons: Identified as pullback resistance, suggesting a critical area where selling pressure may intensify and potentially halt further upward movement.

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: 1.2744

Supporting reasons: Identified as a pullback support level, marked at the 50% Fibonacci Retracement level, suggesting a potential area where buying interest could enter.

1st support: 1.2606

Supporting reasons: Identified as a pullback support, marked at the 161.80% Fibonacci Extension level, indicating a significant historical level where previous declines have found support.

1st resistance: 1.2854

Supporting reasons: Identified as a swing high resistance, suggesting a level where previous rallies have faced selling pressure.

GBP/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 200.75

Supporting reasons: Identified as an overlap support level, suggesting historical significance where buying interest could emerge.

1st support: 198.83

Supporting reasons: Identified as another overlap support level, indicating a strong historical level where previous declines have found support.

1st resistance: 203.28

Supporting reasons: Marked at the 161.80% Fibonacci Extension level, suggesting a potential target where price could face resistance based on historical price action.

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: 0.8931

Supporting reasons: Identified as an overlap resistance level coinciding with the 61.80% Fibonacci Retracement, indicating a significant historical resistance level where selling pressure could potentially increase.

1st support: 0.8837

Supporting reasons: Identified as a multi-swing low support level, suggesting historical significance where buying interest has previously entered the market.

1st resistance: 0.8988

Supporting reasons: Identified as an overlap resistance level, indicating a historical level where previous rallies have encountered selling pressure.

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: 158.20

Supporting reasons: Identified as a pullback support level, indicating a historical area where buying interest has previously entered the market during pullback phases.

1st support: 156.56

Supporting reasons: Identified as an overlap support level, suggesting historical significance where previous price declines have found support.

1st resistance: 160.22

Supporting reasons: Identified as a swing high resistance level, indicating a historical point where previous rallies have stalled or reversed.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 1.3656

Supporting reasons: Identified as a pullback support level, specifically at the 127.20% Fibonacci Extension, indicating a potential area where buyers could enter the market after a retracement.

1st support: 1.3590

Supporting reasons: Identified as a swing low support level, suggesting historical significance where previous declines have found support.

1st resistance: 1.3780

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

AUD/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 0.6623

Supporting reasons: Identified as a pullback support level, specifically at the 61.80% Fibonacci Retracement, indicating a potential area where buyers could step in after a retracement.

1st support: 0.6576

Supporting reasons: Identified as an overlap support level, suggesting historical significance where previous declines have found support.

1st resistance: 0.6707

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

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Bearish

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

Pivot: 0.6140

Supporting reasons: Identified as a pullback resistance level, coinciding with the 38.20% Fibonacci Retracement, suggesting a potential area where selling pressure might increase.

1st support: 0.6085

Supporting reasons: Identified as an overlap support level, indicating historical significance as a support area where buying interest has previously emerged.

1st resistance: 0.6206

Supporting reasons: Identified as a multi-swing high resistance level, suggesting a historical barrier where selling pressure has been strong.

US30 (DJIA):

Potential Direction: Bullish

Overall Momentum of the Chart: Bullish

Price Could Potentially Make a Bullish Bounce Off Pivot and Head Towards 1st Resistance

Pivot: 39050.37

Supporting Reasons: Identified as a pullback support level at the 23.60% Fibonacci Retracement, indicating a potential area where buyers could step in after a retracement.

1st Support: 38588.68

Supporting Reasons: Identified as a pullback support level at the 61.80% Fibonacci Retracement, suggesting historical significance where previous declines have found support.

1st Resistance: 39404.33

Supporting Reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure.

DE40 (DAX):

Instrument: GER40

Potential Direction: Bearish

Overall Momentum of the Chart: Bearish

Price Could Potentially Make a Bearish Reaction Off Pivot and Drop to 1st Support

Pivot: 18332.72

Supporting Reasons: Identified as a pullback resistance level at the 50% Fibonacci Retracement, suggesting a potential area where selling pressure could emerge.

1st Support: 17903.57

Supporting Reasons: Identified as an overlap support level, indicating historical significance where previous declines have found support.

1st Resistance: 18556.94

Supporting Reasons: Identified as a pullback resistance level at the 78.60% Fibonacci Retracement, suggesting a historical point where previous rallies have faced selling pressure.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 5,439.28

Supporting reasons: Identified as a pullback support level, suggesting a historical area where buying interest could emerge.

1st support: 5,363.17

Supporting reasons: Identified as a pullback support level, indicating a significant historical area where buying activity has previously occurred.

1st resistance: 5,495.51

Supporting reasons: Identified as a swing high resistance level close to 61.8% Fibonacci projection, suggesting a critical area where selling pressure may intensify and potentially halt further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 64512.65

Supporting reasons: Identified as an overlap support level, indicating historical significance as a level where buying interest has previously emerged.

1st support: 61467.09

Supporting reasons: Identified as an overlap support level, suggesting a significant historical area where buyers have previously been active.

1st resistance: 67076.37

Supporting reasons: Identified as an overlap resistance level, indicating a historical barrier where selling pressure may be encountered.

ETH/USD (Ethereum):

Potential Direction: Bearish

Overall Momentum of the Chart: Bearish

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

Pivot: 3622.16

Supporting Reasons: Identified as a multi-swing high resistance level, indicating a historical point where previous rallies have faced selling pressure.

1st Support: 3356.14

Supporting Reasons: Identified as an overlap support level, suggesting historical significance where previous declines have found support.

1st Resistance: 3873.56

Supporting Reasons: Identified as a swing high resistance level, indicating a historical point where previous rallies have faced selling pressure.

WTI/USD (Oil):

Potential Direction: Bullish

Overall Momentum of the Chart: Bullish

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

Pivot: 80.93

Supporting Reasons: Identified as an overlap support level, suggesting historical significance where previous movements have found support.

1st Support: 79.41

Supporting Reasons: Identified as a pullback support level, indicating a potential area where buyers could step in after a retracement.

1st Resistance: 83.03

Supporting Reasons: Identified as a pullback resistance level at the 127.20% Fibonacci Extension, suggesting a potential area where selling pressure could emerge.

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: 2372.88

Supporting Reasons: Identified as a pullback resistance level at the 78.60% Fibonacci Retracement, suggesting a potential area where selling pressure could emerge.

1st Support: 2340.50

Supporting Reasons: Identified as a pullback support level at the 50% Fibonacci Retracement, indicating a historical area where buyers have stepped in.

1st Resistance: 2405.90

Supporting Reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure.

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. 

Latest

Ex Dividends Indices
Ex-Dividend 22/07/2024

By IC Markets Global

Market News
Trade Cable on the UK Retail Sales Data

By IC Markets Global

Featured
Network Outage

By IC Markets Global