{"id":70935,"date":"2024-07-17T14:43:43","date_gmt":"2024-07-17T04:43:43","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=70935"},"modified":"2024-07-17T14:43:47","modified_gmt":"2024-07-17T04:43:47","slug":"wednesday-17th-july-2024-technical-outlook-and-review","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/wednesday-17th-july-2024-technical-outlook-and-review\/","title":{"rendered":"Wednesday 17th July 2024: Technical Outlook and Review"},"content":{"rendered":"\n<h1><strong>DXY (US Dollar Index):<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bullish<br \/>Overall momentum of the chart: Bearish<\/p>\n\n\n\n<p>Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.<\/p>\n\n\n\n<p>Pivot: 104.04<br \/>Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a minor rebound.<\/p>\n\n\n\n<p>1st support: 103.21<br \/>Supporting reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement level, suggesting a significant area that could halt further downward movement.<\/p>\n\n\n\n<p>1st resistance: 104.52<br \/>Supporting reasons: Identified as a pullback resistance that aligns with a 23.6% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXdqni3bYGSaafoFm-wn1Mtk6ftW66AncTej-uqrOqes4Cwr0dhSuaFGlJVdaXrq0KYeZYL4xHbJ-YCku_fpb79ix6OlCSTMbasxwwn4Uro6RM5-40r_WaCHSs8wt1J7yo0TnBmx8Ok6YkmUf5o7U_ESuuGj?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>EUR\/USD:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Bullish<\/p>\n\n\n\n<p>Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 1.0913<br \/>Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.&nbsp;<\/p>\n\n\n\n<p>1st support: 1.0859<br \/>Supporting reasons: Identified as a pullback support level that aligns with a 23.6% Fibonacci retracement level, suggesting a potential area that could halt further downward movement. The presence of an ascending trendline and the bullish Ichimoku cloud adds further significance to the bullish momentum.<\/p>\n\n\n\n<p>1st resistance: 1.0933<br \/>Supporting reasons: Identified as a swing-high resistance, indicating a potential area where previous rallies have faced selling pressure or reversed.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXccSnAZBU_lIqGbuUvSaqm4lekeEC-mW-0t-Uu8ay7gOivYUS-r9x9tuP5CiOsLjS3lKvqFKZ3RpyyQoak4cT05CHp72diuTmYWhFutGLyqYI7T-8dey3l-bnz-Kmo9SkabTSTc9Z_xGIctrpR1ZAeajd8h?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>EUR\/JPY:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Neutral<\/p>\n\n\n\n<p>Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 173.23<br \/>Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 171.80<br \/>Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement level, suggesting a significant area that could halt further downward movement.<\/p>\n\n\n\n<p>1st resistance: 175.18<br \/>Supporting reasons: Identified as a pullback resistance, indicating a significant point where previous rallies have faced selling pressure or reversed.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXe4g_l1CmzOOLI2jzLepThwnRmk8prmS0HpDGMLph6OdqXLSrPS35xcGp6Pxmn4WG7P-B6BdyKyIOzv28nGfUTmCZBP2KE4ksLZXhb6-f5dVPpVH157r4RCmKNDs0uaJn8KLvlDWD_bY3lLGL3ytG41eJxa?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>EUR\/GBP:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Bearish<\/p>\n\n\n\n<p>Price could rise towards the pivot and potentially make a bearish reversal off this level to drop to the 1st support.<\/p>\n\n\n\n<p>Pivot: 0.8435<br \/>Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement level, indicating a potential area where selling pressures could intensify. The presence of a descending trendline and the bearish Ichimoku cloud adds further significance to the bearish momentum.<\/p>\n\n\n\n<p>1st support: 0.8387<br \/>Supporting reasons: Identified as a pullback support, suggesting a significant area where previous declines have found support.<\/p>\n\n\n\n<p>1st resistance: 0.8455<br \/>Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement level, indicating a historical point where previous rallies have faced selling pressure or reversed.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXcSyWO5If2DdTsjBdcmk0PSjC_uFjnuFM7AVmcPYv9O4ovuCE7ikP4KY6Wdk8O2HZp0MAkYV0QwUryyW4KfZ8QAwC9qBBFn_zAJdkOdCDy56YAnawaQAPCgmohmPYXnIYFsyv8KZGbtrPtRrWOTRPlus1P1?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>GBP\/USD:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Bullish<\/p>\n\n\n\n<p>Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 1.2990<br \/>Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.&nbsp;<\/p>\n\n\n\n<p>1st support: 1.2906<br \/>Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement level, suggesting a potential area that could halt further downward movement. The presence of an uptrend channel and the bullish Ichimoku cloud adds further significance to the bullish momentum.<\/p>\n\n\n\n<p>1st resistance: 1.3064<br \/>Supporting reasons: Identified as a pullback resistance, indicating a significant point that could halt further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXcZv8s1SG4DSYUznOBI5DviJ_LokHh1Pc5FpLzQVH8YWLXZ4Xo4NAJkCcSj1P71ijKMVwZUDGz0_ba-dN7g42FW_0FiMpw4U2apHleerg5ozJpGMyQKSpGk5YTuDNR0sRJOsPXAGafeF1s_6LzmFbByDxx6?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>GBP\/JPY:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Neutral<\/p>\n\n\n\n<p>Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 205.97<br \/>Supporting reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 204.07<br \/>Supporting reasons: Identified as a pullback support aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where previous declines have found support.<\/p>\n\n\n\n<p>1st resistance: 207.97<br \/>Supporting reasons: Identified as a pullback resistance, indicating a significant point where previous rallies have faced selling pressures or reversed.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXf_MrJVNbTx6TL22BCKSJ0EPUnNBdAPJbRGAqvF6OslG49SFSUxKlGDCIFPXyZKO0hNVIODXGM5IzqOazh4Ns0ALEIXl_kWqnCWpExLIbx723mYASAM-tN8X_Xga2z5xWg7xvNAM9Br1CBGxPwOkpJjb8iW?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>USD\/CHF:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bullish<br \/>Overall momentum of the chart: Neutral<\/p>\n\n\n\n<p>Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.<\/p>\n\n\n\n<p>Pivot: 0.8918<br \/>Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a minor rebound.<\/p>\n\n\n\n<p>1st support: 0.8837<br \/>Supporting reasons: Identified as a swing-low support, suggesting a significant area that could halt further downward movement.<\/p>\n\n\n\n<p>1st resistance: 0.8997<br \/>Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement level, indicating a potential zone where previous rallies have faced selling pressures or reversed.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXf4_i6tFtdWLv0QFi2L3uEz_CEZMz_BoxnmeF53zuYExP2Y3NhYJhPzy9SKrfuFwFSkUdsBsyOJGPQiqGd1B8AqFaOjHaTMdOEXAAMXhc21HDCsUOVVsZZ8_3-f_tPQpXoLem5mj95hHVZqDzgd4ZHtqnw0?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>USD\/JPY:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Neutral<\/p>\n\n\n\n<p>Price is rising towards the pivot and could potentially make a bearish reversal off this level to drop towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 159.39<br \/>Supporting reasons: Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 157.68<br \/>Supporting reasons: Identified as a pullback support, suggesting a significant area where price has found strong support recently.<\/p>\n\n\n\n<p>1st resistance: 160.51<br \/>Supporting reasons: Identified as a pullback resistance, indicating a potential zone that could halt further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXfFOfrYq6pkuADC6ysg6ALVhmaqAL6hDvg-jNYL7yAWhwUTiEtkxPhhyQilLUtjv3FsbVHgvxEJmYT4jz91RGgQvK8Az5_iuK7zsDvZLaqyH0byBg_6UdFxw1miEEspys6L8EE7002AuDeS5HyYdS-9-IX_?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>USD\/CAD:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bullish<br \/>Overall momentum of the chart: Neutral<\/p>\n\n\n\n<p>Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.<\/p>\n\n\n\n<p>Pivot:1.3634<br \/>Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a potential area where buying interests could pick up to stage a minor rebound.<\/p>\n\n\n\n<p>1st support: 1.3602<br \/>Supporting reasons: Identified as a multi-swing-low support, suggesting a potential area that could halt further downward movement.<\/p>\n\n\n\n<p>1st resistance: 1.3699<br \/>Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXdpmXkP4OZoFEeWbGFt2h3IM2GopUIuqEWYaazRF3-CuHVKm8TRrDnGa46JwJWPqAoMg4QN8fKvgXxurZAKKW5iEX-f7W2L87Ez_uaaVH4O5B9LKtS53whapqB5FECRGq9LBrYXfv6DbkMcG7qsdQKlOI33?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>AUD\/USD:<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Neutral<\/p>\n\n\n\n<p>Price is rising towards the pivot and could potentially make a bearish reversal off this level to drop towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 0.6752<br \/>Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, indicating a potential zone where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 0.6701<br \/>Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement level, suggesting a potential area where price could find strong support.<\/p>\n\n\n\n<p>1st resistance: 0.6792<br \/>Supporting reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXcgfz8ZHlYhbWjF8iQDx_w6l5V7R-gUTIlUWs0h_IaKZD-pydV_AxTqoxq0G6hPg3cbZzsYVqj8oEQdhLukPeh_0tkHxtB43Qrj8ioBvLAu1myd46SZjxBVSA2CgprUSL25WlNyCkUvm0AMmETLcPtljeE?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>NZD\/USD<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<br \/>Overall momentum of the chart: Neutral<\/p>\n\n\n\n<p>Price has made a bearish reversal off the pivot and could potentially fall towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 0.6080<br \/>Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 0.6037<br \/>Supporting reasons: Identified as an overlap support, suggesting a significant area that could halt further downward momentum.<\/p>\n\n\n\n<p>1st resistance: 0.6106<br \/>Supporting reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement level, indicating a significant area that could halt further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXd73feB7vi0aglHGY8vqqiTU1gchzDLw_2Oev_319TI1Zcln4DTiurI36z6oO0zGdjOiC7jVIrauoiX_b4tlAqXIIX0LadJTK-J8k_q-XOLZXwX8Esbmsiat1JTqYshYOCK16YUVVTJCuq7b_jH2jQwhaw?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><\/h1>\n\n\n\n<h1><strong>US30 (DJIA):<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bullish<\/p>\n\n\n\n<p>Overall Momentum of the Chart: Bullish<\/p>\n\n\n\n<p>Price has made a bullish break above the pivot and could potentially rise towards the 1st resistance.<\/p>\n\n\n\n<p>Pivot: 40,660.41<br \/>Supporting reasons: Previously Identified as a resistance that aligned with a 127.2% Fibonacci extension level, where strong bullish momentum has now pushed price through it to signal a bullish breakout.<\/p>\n\n\n\n<p>1st Support: 40,056.05<\/p>\n\n\n\n<p>Supporting Reasons: Identified as an overlap support, suggesting a significant area where price could find strong support.<\/p>\n\n\n\n<p>1st Resistance: 41,378.74<\/p>\n\n\n\n<p>Supporting Reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension level, indicating a significant area that could halt further upward movement.<\/p>\n\n\n\n<h1><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXeTeiFiEExCDj1x253M8kexeuZXZyXe3k0axtcWR77T101-zOVruWwfgnEIU-vNkOB0csIvlEE--LfXoqX6ulSbjLcejz5mp08n2pHg1Gzz3B8xhgjmbXxpOLlM4ZQJA0kvgUc_bBfrLSpyqqWJ562ioQRX?key=m8YF4sFntgGdMNSjoXjs_g\" width=\"1473\" height=\"857\"\/><\/h1>\n\n\n\n<h1><strong>DE40 (DAX):<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bullish<\/p>\n\n\n\n<p>Overall Momentum of the Chart: Neutral<\/p>\n\n\n\n<p>Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.<\/p>\n\n\n\n<p>Pivot: 18,499.40<br \/>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.<\/p>\n\n\n\n<p>1st Support: 18,436.90<\/p>\n\n\n\n<p>Supporting Reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, indicating a significant area where price could find strong support.<\/p>\n\n\n\n<p>1st Resistance: 18,760.10<\/p>\n\n\n\n<p>Supporting Reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXdUWWjCQ0mt2fJvxYLyMwkkBVJYrcPKbMDT27JSYbwnMqMqPXh_xmhOmCESnDOk5aDe_8eVA8YXX2SkU1YOrUU-9F39yrq1zKMO1NqRbHDKVUP6e-QCeePsGJMvY9a86ZB-e6t5F4vXvUj4xCT8ge-zRLw6?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>US500 (S&amp;P 500):&nbsp;<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<\/p>\n\n\n\n<p>Overall momentum of the chart: Bullish<\/p>\n\n\n\n<p>Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 5,702.70<br \/>Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection level, indicating a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 5,575.74<\/p>\n\n\n\n<p>Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement level, indicating a potential area where price could find strong support. The presence of the bullish Ichimoku clouds adds further significance to the bullish momentum.<\/p>\n\n\n\n<p>1st resistance: 5,737.88<\/p>\n\n\n\n<p>Supporting reasons: Identified as a resistance that aligns with a 78.6% Fibonacci projection level, suggesting a critical area that could halt further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXfB9x3jbb6mKZ6ll_v785YZvsWzuv2Cb6jNe4H4VkBxnkVVangJA7LxbiTdh1VZgRb_B9Y7JGO2xT8UMXlDHu_4lFpx56rGHmYBdIdZQy2bO5U6_UVh0m-3qNTDcjjoP_-zYEWQKac6bzyD0858VeyO_ds?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>BTC\/USD (Bitcoin):<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<\/p>\n\n\n\n<p>Overall momentum of the chart: Bullish<\/p>\n\n\n\n<p>Price could rise towards the pivot and potentially make a bearish reversal off this level to fall towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 66,971.73<\/p>\n\n\n\n<p>Supporting reasons: Identified as a pullback resistance that aligns with a 127.2% Fibonacci extension level, indicating a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st support: 62,395.17<\/p>\n\n\n\n<p>Supporting reasons: Identified as an overlap support, indicating a significant area that could halt further downward movement.<\/p>\n\n\n\n<p>1st resistance: 70,045.45<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXc-zn3pYwHMyREjIS_huToWNMwzU3tFx51tBxmLgZmFCwqNTN17kBSPssjYZmMaz-tKL8_366d63KCgKWsFbWD_6wQZ6aF8mRNBaT2xMdEMLrUbFbAG7CfpabpprcnWvuw_RiIW8lvg-jf61V7aL_k_j9o?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>ETH\/USD (Ethereum):<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bearish<\/p>\n\n\n\n<p>Overall momentum of the chart: Bullish<\/p>\n\n\n\n<p>Price could rise towards the pivot and potentially make a bearish reversal off this level to fall towards the 1st support.<\/p>\n\n\n\n<p>Pivot: 3,533.10<\/p>\n\n\n\n<p>Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.<\/p>\n\n\n\n<p>1st Support: 3,343.77<\/p>\n\n\n\n<p>Supporting Reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement level, indicating a significant area that could halt further downward movement.<\/p>\n\n\n\n<p>1st Resistance: 3,717.11<\/p>\n\n\n\n<p>Supporting Reasons: Identified as an overlap resistance that aligns with a 78.6% Fibonacci retracement level, indicating a historical barrier where selling pressures could intensify.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXdImKmL_7Mmj26VmlD0i9dGU_49VshYWPG348fXCD5rnyW5RM3LSkkjZOqdXFunqQ8dl14lOO59oYjzRq6fxEnTXHwzHU-JmUO3CkrGuvGou6Bo4jZNnBlt-2VHfVZ27dtFDvG3GziBOYSjoCxCBoRKJMEl?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><\/h1>\n\n\n\n<h1><strong>WTI\/USD (Oil):<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bullish<\/p>\n\n\n\n<p>Overall Momentum of the Chart: Neutral<\/p>\n\n\n\n<p>Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.<\/p>\n\n\n\n<p>Pivot: 79.85<\/p>\n\n\n\n<p>Supporting Reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 38.2% retracement and the 100% projection levels, indicating a potential area where buying interests could pick up.<\/p>\n\n\n\n<p>1st Support: 77.44<\/p>\n\n\n\n<p>Supporting Reasons: Identified as a pullback support that aligns with a 61.8 Fibonacci retracement level, indicating a significant area where price could find strong support.<\/p>\n\n\n\n<p>1st Resistance: 81.12<\/p>\n\n\n\n<p>Supporting Reasons: Identified as an overlap resistance, indicating a potential barrier that could halt further upward movement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXeiUYcoPIipXGRMIT_Nr7yGbrVczsarH8ZhvXMZzguAFlxtrwewkpixJTnvJCZpCe8WS6chX_Sdc_uZ_cgvsmacTZiBnRxXmwHtfn9DD97Cxs9iT6b-_VsIn3CfewgkEF5zp7fLuVkI8l9J3UKri4FkYw?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<h1><strong>XAU\/USD (GOLD):<\/strong><\/h1>\n\n\n\n<p>Potential Direction: Bullish<br \/>Overall momentum of the chart: Bullish<\/p>\n\n\n\n<p>Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.<\/p>\n\n\n\n<p>Pivot: 2,449.62<br \/>Supporting reasons: Identified as a pullback support, indicating a significant area where buying interests could pick up to stage a minor rebound.<\/p>\n\n\n\n<p>1st support: 2,415.35<br \/>Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area that could halt further downward movement.<\/p>\n\n\n\n<p>1st resistance: 2,479.53<br \/>Supporting reasons: Identified as a pullback resistance that aligns with the all-time high, indicating a historical point where previous rallies have faced selling pressure or reversed.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXerXL7mSdEE7M-brPC_8_ZMr1FyIBwumXyb8WK4u6ty1uWhVk1sRv3QLqSdDR6avEKg9yhMuzGC-RxyhchiL0UUfQtEHUmzaiYx6qHZjdce9Y4dol-wOlNu7KgYJXdsJk6JUMtnPWdRcvr_yqSG41niA6jj?key=m8YF4sFntgGdMNSjoXjs_g\" alt=\"\"\/><\/figure>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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\u2019s software, hardware, data or property.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DXY (US Dollar Index): Potential Direction: BullishOverall momentum of the chart: [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":61018,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[340,216,215,339,195],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/70935"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=70935"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/70935\/revisions"}],"predecessor-version":[{"id":70937,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/70935\/revisions\/70937"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/61018"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=70935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=70935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=70935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}