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Tuesday 4th July 2023: Technical Outlook and Review

DXY:

The DXY (U.S. Dollar Index) chart demonstrates a bullish momentum, with price above a major ascending trend line acting as strong support. There is a potential for a bullish continuation towards the 1st resistance level at 103.30, which is an overlap resistance. The 2nd resistance at 103.87, identified as a pullback resistance and aligned with the 78.60% Fibonacci Retracement, further reinforces the bullish outlook. On the downside, the 1st support at 102.70, an overlap support with Fibonacci confluence, and the 2nd support at 102.27 provide additional levels of support.

EUR/USD:

The EUR/USD chart currently demonstrates a bearish momentum, indicating a downward trend in the market. There is a potential for a bearish continuation towards the 1st support level at 1.0847, which is identified as an overlap support. Additionally, the 2nd support level at 1.0789 acts as an overlap support, coinciding with the 61.80% Fibonacci Retracement and the -27% Fibonacci Expansion, indicating Fibonacci confluence.

On the upside, the 1st resistance level at 1.0911 is an overlap resistance, with Fibonacci confluence from the 50% and 61.80% Fibonacci Retracement levels. Furthermore, the 2nd resistance level at 1.0995 represents a swing high resistance, reinforced by the presence of the 78.60% Fibonacci Retracement.

It is worth noting that a symmetrical triangle chart pattern is also present, indicating a period of consolidation. A breakout above the upper trendline of the pattern may suggest a bullish breakout, while a breakdown below the lower trendline could indicate a bearish breakdown.

GBP/USD:

The GBP/USD chart currently demonstrates a neutral momentum, indicating a lack of clear direction in the market. There is a possibility for the price to fluctuate between the 1st resistance level at 1.2727 and the 1st support level at 1.2673.

The 1st support level at 1.2673 is identified as an overlap support, reinforced by the presence of the 50% Fibonacci Retracement. Additionally, the 2nd support level at 1.2599 also acts as an overlap support, coinciding with the 50% Fibonacci Retracement.

On the upside, the 1st resistance level at 1.2727 represents a multi-swing high resistance, with Fibonacci confluence from the 78.60% Fibonacci Retracement. Furthermore, the 2nd resistance level at 1.2771 is identified as an overlap resistance.

It is worth noting that a symmetrical triangle chart pattern is present, indicating a period of consolidation. A breakout above the upper trendline of the pattern may suggest a bullish breakout, while a breakdown below the lower trendline could indicate a bearish breakdown.

USD/CHF:

The USD/CHF chart currently demonstrates a neutral momentum, suggesting a lack of clear direction in the market. There is a possibility for the price to fluctuate between the 1st resistance level at 0.9013 and the 1st support level at 0.8907.

The 1st support level at 0.8907 is identified as a multi-swing low support, providing potential strength to the support zone. Additionally, the 2nd support level at 0.8861 acts as an overlap support.

On the upside, the 1st resistance level at 0.9013 represents a multi-swing high resistance, with the presence of the 50% Fibonacci Retracement. Furthermore, the 2nd resistance level at 0.9119 is identified as another multi-swing high resistance, supported by the 61.80% Fibonacci Projection.

USD/JPY:

The USD/JPY instrument currently shows a bullish momentum. This suggests the price could potentially continue its bullish trajectory towards the 1st resistance. 

The 1st support level is at 143.83, providing a solid base due to its overlap support nature and a 23.60% Fibonacci Retracement. The 2nd support stands at 142.25, offering a robust foundation due to its overlap support characteristic and a 50% Fibonacci Retracement. 

In terms of resistance levels, the 1st resistance is at 144.96, posing a significant challenge due to its swing high resistance nature. The 2nd resistance is at 146.81, presenting a substantial obstacle due to its swing high resistance characteristic. These conditions collectively contribute to the bullish momentum of USD/JPY.

USD/CAD:

The USD/CAD 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 resistance level at 1.3279 and the 1st support level at 1.3223.

The 1st support level at 1.3223 is identified as an overlap support, potentially providing strength to the support zone. Additionally, the 2nd support level at 1.3178 serves as a pullback support, further reinforcing its significance with the presence of the 61.80% Fibonacci Retracement.

On the upside, the 1st resistance level at 1.3279 represents an overlap resistance. Furthermore, the 2nd resistance level at 1.3323 acts as a pullback resistance, supported by the presence of the 38.20% Fibonacci Retracement.

AUD/USD:

The AUD/USD instrument currently shows a weak bullish momentum with low confidence. It’s suggested that the price could potentially continue its bullish trend towards the 1st resistance. 

The 1st support level is at 0.6638, providing a solid foundation due to its overlap support nature. The 2nd support stands at 0.6580, offering a robust base thanks to its overlap support characteristic and a 78.60% Fibonacci Retracement. 

In terms of resistance levels, the 1st resistance is at 0.6720, posing a significant challenge due to its swing high resistance nature and a 38.20% Fibonacci Retracement. The 2nd resistance is at 0.6806, presenting a substantial obstacle due to its swing high resistance characteristic and a 61.80% Fibonacci Retracement. 

The intermediate resistance is at 0.6676, providing a considerable hurdle as an overlap resistance and a 61.80% Fibonacci Retracement. These conditions collectively contribute to the weak bullish momentum of AUD/USD with low confidence.

NZD/USD

The NZD/USD instrument currently exhibits a bearish momentum. The price is below a major descending trend line, suggesting that bearish momentum is on the cards. This suggests the price could potentially continue its bearish trajectory towards the 1st support. 

The 1st support level stands at 0.6114, providing a solid base due to its overlap support nature. The 2nd support is at 0.6049, offering a robust foundation due to its swing low support characteristic and a 78.60% Fibonacci Retracement.

In terms of resistance levels, the 1st resistance is at 0.6189, posing a significant challenge due to its swing high resistance nature. The 2nd resistance is at 0.6239, presenting a substantial obstacle due to its swing high resistance characteristic and is reinforced by a 78.60% Fibonacci Retracement. These conditions collectively contribute to the bearish momentum of NZD/USD.

DJ30:

The DJ30 (Dow Jones Industrial Average) chart currently exhibits a neutral momentum, suggesting a lack of clear direction in the market. There is a possibility for the price to fluctuate between the 1st resistance level at 34534.35 and the 1st support level at 34283.31.

The 1st support level at 34283.31 is considered a pullback support, supported by the presence of the 23.60% Fibonacci Retracement. Additionally, the 2nd support level at 33840.48 acts as an overlap support, showing Fibonacci confluence with the presence of the 78.60% Fibonacci Retracement.

On the upside, the 1st resistance level at 34534.35 represents a multi-swing high resistance. Furthermore, the 2nd resistance level at 34803.92 indicates Fibonacci confluence, with the presence of the 127.20% Fibonacci Extension and the 61.80% Fibonacci Projection.

GER30:

The GER30 (DAX) chart currently demonstrates a bullish momentum, indicating an upward trend in the market. There is a possibility for the price to experience a bullish bounce off the 1st support level at 16072.72 and move towards the 1st resistance level at 16202.52.

The 1st support level at 16072.72 is identified as an overlap support, further reinforced by the presence of the 23.60% Fibonacci Retracement. Additionally, the 2nd support level at 15902.63 acts as another overlap support, indicating Fibonacci confluence with the 61.80% Fibonacci Retracement.

On the upside, the 1st resistance level at 16202.52 is an overlap resistance, potentially hindering further upward price movement. Furthermore, the 2nd resistance level at 16289.38 is identified as a pullback resistance, coinciding with the 78.60% Fibonacci Retracement.

US500

The GER30 (DAX) chart currently exhibits a neutral momentum, suggesting a balanced market. The price is positioned above a major ascending trend line, indicating the potential for further bullish momentum.

There is a possibility for the price to fluctuate between the 1st resistance level at 4481.1 and the 1st support level at 4432.1.

The 1st support level at 4432.1 is identified as an overlap support, further reinforced by the presence of the 23.60% Fibonacci Retracement. Additionally, the 2nd support level at 4386.2 acts as a pullback support, coinciding with the 61.80% Fibonacci Retracement.

On the upside, the 1st resistance level at 4481.1 represents a potential resistance point. Furthermore, the 2nd resistance level at 4515.5 indicates Fibonacci confluence, as it aligns with the 100% Fibonacci Projection and the 161.80% Fibonacci Extension.

BTC/USD:

The BTC/USD instrument currently demonstrates a bullish momentum. The contributing factors suggest that the price could potentially continue its bullish trend towards the 1st resistance. 

The 1st support level is at 29853, with its strength derived from being an overlap support along with a 23.60% Fibonacci Retracement. The 2nd support stands at 28440, providing a robust base due to its overlap support nature and a 50% Fibonacci Retracement. 

In terms of resistance levels, the 1st resistance is at 31528, posing a significant obstacle as an overlap resistance, reinforced by a 61.80% Fibonacci Projection. The 2nd resistance is at 32367, presenting a strong challenge due to its swing high resistance characteristic. These factors collectively contribute to the bullish momentum of BTC/USD.

ETH/USD:

The ETH/USD instrument currently shows a weak bearish momentum with low confidence. The existing factors indicate that the price could potentially react bearishly off the 1st resistance and drop to the 1st support. 

The 1st support level is at 1916.83, providing a solid foundation due to its overlap support nature. The 2nd support stands at 1824.66, offering a strong base with its swing low support characteristic and a 50% Fibonacci Retracement. 

As for resistance levels, the 1st resistance is at 1969.55, posing a significant hurdle as a swing high resistance. The 2nd resistance is at 2020.12, presenting a substantial challenge due to its swing high resistance nature and is reinforced by a 127.20% Fibonacci Expansion. These conditions collectively shape the weak bearish momentum of ETH/USD with low confidence.

WTI/USD:

The WTI (West Texas Intermediate) chart currently demonstrates a bullish momentum, indicating a potential for further upward movement in the market. There is a possibility for a bullish bounce off the 1st support level at 70.17, which is identified as an overlap support. Additionally, the 2nd support level at 68.27 serves as a pullback support, showing Fibonacci confluence with the presence of the 61.80% Fibonacci Projection and the 78.60% Fibonacci Retracement.

On the upside, the 1st resistance level at 71.54 represents a swing high resistance, supported by the presence of the 78.60% Fibonacci Retracement. Furthermore, the 2nd resistance level at 72.77 is characterized as a multi-swing high resistance.

XAU/USD (GOLD):

The XAU/USD (Gold/US Dollar) chart currently exhibits a neutral momentum, indicating a lack of clear direction in the market. There is a possibility for the price to fluctuate between the 1st resistance level at 1932.11 and the 1st support level at 1913.73.

The 1st support level at 1913.73 is identified as an overlap support, providing potential strength to the support zone. Additionally, the 2nd support level at 1889.42 acts as another overlap support.

On the upside, the 1st resistance level at 1932.11 represents an overlap resistance, potentially impeding upward price movement. Furthermore, the 2nd resistance level at 1953.57 is categorized as a swing high resistance, supported by the presence of the 78.60% Fibonacci Retracement.

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