ICMarket

Wednesday 26th July 2023: Technical Outlook and Review

DXY:

The DXY chart displays a bullish momentum, suggesting a potential upward continuation towards the 1st resistance.

The 1st support is at 100.84, identified as an overlap support. The 2nd support at 100.02 aligns with the 78.60% Fibonacci retracement level, further enhancing its significance.

Looking at resistance levels, the 1st resistance is at 101.98, acting as a pullback resistance and aligns with the 61.80% Fibonacci retracement. The 2nd resistance is at 102.74, also a pullback resistance. An intermediate resistance level is present at 101.98, which is significant due to its positioning at a previous swing high.

EUR/USD:

The EUR/USD chart is currently showing a bearish momentum, indicating a possible downward continuation towards the 1st support.

The 1st support level is at 1.1007, serving as a pullback support and coinciding with the 61.80% Fibonacci retracement level, which could potentially halt the bearish momentum. The 2nd support level is at 1.0938 and is an overlap support, coinciding with the 78.60% Fibonacci retracement level, suggesting a strong potential rebound area.

The 1st resistance level is at 1.1091, and it is defined as an overlap resistance, suggesting a potential area of selling pressure. The 2nd resistance level is at 1.1172, which serves as a pullback resistance, indicating another potential area of selling pressure if the price rises.

EUR/JPY:

The EUR/JPY chart is currently in a bearish trend, and if the price breaks below the ascending trendline, it could continue to fall towards the 1st support level. This is indicative of a potential bearish continuation.

The 1st support level is situated at 155.21, corresponding with an overlap support, the 61.80% Fibonacci retracement level and 61.80% Fibonacci projection level, showing Fibonacci confluence. This could potentially mark a significant point of buying interest, which could stimulate upward price movements.

Meanwhile, the 2nd support level stands at 153.45, and it coincides with a swing low support and the 50% Fibonacci retracement level. This might serve as another area of potential buying interest.

On the other hand, the 1st resistance level is positioned at 157.96, indicating a multi-swing high resistance. This could possibly apply significant selling pressure, potentially halting or reversing the upward price trajectory.

EUR/GBP:

The EUR/GBP chart shows a bearish momentum, indicating a potential continuation towards the 1st support at 0.8543. This support level is significant as it coincides with an overlap support, the 78.60% Fibonacci retracement, and the 100% Fibonacci projection, indicating a Fibonacci confluence.

Furthermore, the 2nd support at 0.8510 acts as another important level, representing multi-swing low support.

On the other hand, the 1st resistance at 0.8584 is considered an overlap resistance, while the 2nd resistance at 0.8628 also serves as another overlap resistance. These resistance levels may play crucial roles in determining the potential price movement of EUR/GBP.

GBP/USD:

The GBP/USD chart is currently showing a bullish momentum, with the price being above a major ascending trend line, suggesting more bullish activity is expected. However, there may be a short-term drop to the 1st support before a bounce back towards the 1st resistance.

The 1st support level is at 1.2824, serving as an overlap support and coinciding with the 61.80% Fibonacci retracement level. This could potentially halt any short-term bearish momentum. The 2nd support level is at 1.2676, an overlap support coinciding with the 78.60% Fibonacci retracement level, further strengthening its potential rebound capability.

The 1st resistance level is at 1.2905, defined as an overlap resistance and also aligns with the 38.20% Fibonacci retracement, indicating a potential selling pressure area. The 2nd resistance level is at 1.3002, serving as a pullback resistance and corresponding to the 61.80% Fibonacci retracement level, adding to its significance as a potential turnaround area in a bullish scenario.

GBP/JPY:

The GBP/JPY chart is currently exhibiting a neutral momentum, suggesting potential fluctuation between the 1st resistance and 1st support level. This could be attributed to the presence of a symmetrical triangle chart pattern, which often represents a period of consolidation before the price breaks out or breaks down.

The 1st support level, located at 179.92, represents a multi-swing low support. This could serve as a significant point of buying interest, halting downward movement.

The intermediate support level is at 180.63 and serves as an overlap support, offering additional potential buying interest.

On the other hand, the 1st resistance level, at 182.40, is a multi-swing high resistance that also coincides with the 61.80% Fibonacci projection level. This could potentially signify a point of selling pressure, potentially reversing the price trend.

The 2nd resistance level is at 183.81, representing another multi-swing high resistance. This level could serve as an additional selling pressure point, likely limiting further price ascents.

Should the price break above the upper trendline of the symmetrical triangle pattern, it could signal a bullish breakout, possibly indicating a continuation of the uptrend. Conversely, a break below the lower trendline might suggest a bearish breakdown, possibly leading to a continuation of the downtrend.

USD/CHF:

The USD/CHF chart is currently showing bullish momentum, suggesting potential for a bullish bounce off the 1st support and a move towards the 1st resistance.

The 1st support level stands at 0.8632. This level is significant due to its overlap support and 50% Fibonacci retracement position, which could potentially stop a downward trend. The 2nd support level is at 0.8562 and serves as a multi-swing low support, adding to its potential to halt further price declines.

On the upside, the 1st resistance level is at 0.8757 and acts as a pullback resistance, aligned with the 61.80% Fibonacci projection, implying potential selling pressure. The 2nd resistance is at 0.8819, serving as a pullback resistance and is further strengthened by its alignment with the 78.60% Fibonacci retracement level, indicating a potential turnaround area in a bullish scenario.

USD/JPY:

The USD/JPY chart currently shows a bullish momentum, with the price above a significant ascending trend line, suggesting possible further bullish movement.

The 1st support level is at 140.76. This level is considered an overlap support and aligns with the 23.60% Fibonacci retracement level, indicating potential buying pressure. The 2nd support is at 139.68, aligning with an overlap support and the 50% Fibonacci retracement level, further enhancing its significance.

The 1st resistance level is at 141.93, which serves as a swing high resistance and aligns with the 61.80% Fibonacci projection. This suggests the price could face selling pressure at this level. The 2nd resistance level is at 143.82, which acts as a pullback resistance and aligns with the 78.60% Fibonacci retracement level, marking a potential turnaround point in a bullish scenario.

USD/CAD:

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

There is a possibility of a bullish continuation towards the 1st resistance level at 1.3225. This resistance level holds significance as it represents an overlap resistance that coincides with both the 50% Fibonacci retracement and the 61.80% Fibonacci projection levels. This confluence of Fibonacci levels further reinforces its importance as a key resistance level to watch.

In addition, the 2nd resistance level at 1.3279 is characterized as an overlap resistance that coincides with the 61.80% Fibonacci retracement level.

On the downside, the 1st support at 1.3152 is identified as a pullback support, providing a potential area where the price might find temporary stability if it declines. Additionally, the 2nd support at 1.3118 is also recognized as an overlap support, adding to its significance as a potential level of price reaction.

AUD/USD:

The AUD/USD chart exhibits strong bearish momentum with high confidence, indicating a potential continuation of the downtrend.

There is a likelihood of a bearish continuation towards the 1st support level at 0.6718, which is an overlap support that coincides with both the 61.80% Fibonacci retracement and the 61.80% Fibonacci projection levels. This alignment of Fibonacci levels strengthens the support’s significance as a potential area where the price might find stability amid the bearish movement. In addition, the 2nd support at 0.6651 is considered a pullback support and corresponds to the 78.60% Fibonacci retracement level.

On the upside, the 1st resistance at 0.6795 is recognized as an overlap resistance and aligns with the 61.80% Fibonacci retracement level.

Further upward movement may encounter another barrier at the 2nd resistance level of 0.6833. This resistance is identified as both an overlap resistance and coincides with the 61.80% Fibonacci retracement level, making it a significant area to watch for potential price resistance.

NZD/USD

The NZD/USD chart is currently demonstrating a bearish momentum. This trend is influenced by the price being within the bearish Ichimoku cloud and below a significant descending trend line, suggesting that further bearish movement is expected.

In this scenario, the price could potentially continue its bearish run towards the 1st support level. The 1st support level is at 0.6166 and is considered a multi-swing low support, a potential level where buyers could enter the market. If the price falls further, the 2nd support level is at 0.6128, aligning with an overlap support and the 78.60% Fibonacci retracement level, another potential buying zone.

The 1st resistance level is at 0.6221, defined as an overlap resistance and the 23.60% Fibonacci retracement level. This could be a potential selling zone. The 2nd resistance level is at 0.6272, which acts as a pullback resistance, another potential level for sellers to enter the market.

DJ30:

The DJ30 (Dow Jones Industrial Average) chart exhibits a bullish momentum, underlined by the fact that the price is above a major ascending trend line, thereby suggesting a potential continuation of this bullish trend towards the 1st resistance level.

The 1st support level is situated at 35229.97 and acts as a pullback support, which could indicate an area where the price may find buying interest.

The 2nd support level, standing at 35076.48, also functions as a pullback support and coincides with the 23.60% Fibonacci retracement level. This level could offer additional buying interest, fortifying the lower boundaries of the price movement.

On the upside, the 1st resistance level is pegged at 35508.02 and represents a multi-swing high resistance, indicating potential selling pressure which might cause a price pullback.

The 2nd resistance level, marked at 35868.15, corresponds to a swing high resistance level, suggesting another potential area of selling interest which might lead to a further price downturn upon reaching this level.

GER30:

The GER30 (DAX) chart is currently demonstrating bullish momentum, with price above a major ascending trend line, indicating potential further bullish activity.

The 1st support level is situated at 16213.35, acting as an overlap support. This level could signify a notable area of buyer interest, possibly prompting a price bounce. The 2nd support level is at 16079.56, another overlap support, further buttressing the lower price boundary.

Moving upwards, the 1st resistance level at 16322.00 is characterized as an overlap resistance. This level could suggest a point of selling pressure, potentially triggering a price reversal. The 2nd resistance level is at 16428.43, marking a swing high resistance, and aligns with the 61.80% Fibonacci projection. This level could serve as an additional hurdle for further price ascents.

US500

The US500 (S&P 500) chart is currently in a bearish trend, suggesting the possibility of a downward price movement.

The 1st support level is pinpointed at 4527.0 and is identified as a pullback support. This level is further reinforced by the 23.60% Fibonacci retracement and the 100% Fibonacci projection, indicating a Fibonacci confluence that could potentially stimulate buying interest.

The 2nd support level stands at 4497.5, representing a swing low support. This level aligns with the 38.20% Fibonacci retracement, potentially serving as another area of buying interest that could stimulate an upward price bounce.

On the other hand, the 1st resistance level is located at 4575.2. This level acts as a swing high resistance and could provide significant selling pressure, potentially stalling any upward price movements.

Furthermore, the 2nd resistance level is marked at 4638.7. It also serves as a swing high resistance and could act as another significant barrier to upward price movements.

BTC/USD:

The BTC/USD chart currently displays a bearish trend, with the price positioned below the bearish Ichimoku cloud, contributing to the negative momentum. The expectation is for a bearish continuation towards the 1st support level.

The 1st support level, identified at 28342, stands as a pullback support and coincides with the 50% Fibonacci retracement level, suggesting that it could serve as a substantial area of buying interest. A 2nd support level can be found at 27395, which functions as an overlap support and aligns with the 61.80% Fibonacci retracement level, indicating another potential area of significant buying interest.

In terms of resistance, the 1st level is located at 29826 and acts as an overlap resistance. This suggests that it could present a substantial barrier to further price ascents, and potentially attract selling pressure. The 2nd resistance level is found at 31283, also an overlap resistance, implying it could serve as an additional point of selling pressure and a potential obstacle for price growth.

ETH/USD: 

The ETH/USD chart is currently demonstrating a bearish momentum, with the price being positioned below the bearish Ichimoku cloud, which suggests an expected bearish continuation towards the 1st support level.

The 1st support level is set at 1825.71, functioning as a multi-swing low support, and could serve as a key area for potential buying interest.

The 2nd support level is found at 1774.70, operating as an overlap support. This level further bolsters the lower boundaries of the price movement and can act as an additional stronghold for buyers.

On the upside, the 1st resistance level is at 1861.56. This pullback resistance coincides with the 50% Fibonacci retracement level, indicating a potential area of selling pressure.

The 2nd resistance level is marked at 1886.16. This overlap resistance also aligns with the 78.60% Fibonacci retracement level, suggesting another significant hurdle for upward price movements, and possibly a region of increased selling pressure.

WTI/USD:

The WTI/USD chart shows a weak bearish momentum with low confidence. There is a potential scenario for a bearish continuation towards the 1st support at 78.95, which is an overlap support. Additionally, the 2nd support at 76.65 serves as another key area, which is also an overlap support that coincides with the 23.60% Fibonacci retracement. Furthermore, there is an ascending trend line that also lies above the Ichimoku cloud.

On the upside, the 1st resistance at 80.14 is an overlap resistance and also aligns with the 78.60% Fibonacci retracement and 61.80% Fibonacci projection levels, indicating a Fibonacci confluence. Further upward movement may find resistance at the 2nd resistance level of 81.62, which is an overlap resistance and corresponds to the 78.60% Fibonacci projection level.

XAU/USD (GOLD):

The XAU/USD chart is currently showing a neutral momentum, with the price potentially fluctuating between the 1st resistance and 1st support level.

The 1st support level is at 1953.30, marked by overlap support and coincides with both 38.20% Fibonacci retracement levels, suggesting a significant Fibonacci confluence. The 2nd support is at 1931.88, another overlap support that aligns with both 61.80% Fibonacci retracement levels, further confirming a Fibonacci confluence.

The 1st resistance level is at 1967.08, characterized by overlap resistance, which could potentially cap the price ascent. The 2nd resistance is at 1985.73, marked as a multi-swing high resistance, implying a possible significant barrier for further price increase.

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.