ICMarket

Tuesday 6th August 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish

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

Pivot: 103.18
Supporting reasons: Identified as a pullback resistance level, specifically at the 50% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 101.89
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 103.69
Supporting reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 1.0943
Supporting reasons: Identified as an overlap support level, indicating a potential area where buyers could enter the market.

1st support: 1.0864
Supporting reasons: Identified as a pullback support level, specifically at the 61.80% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 1.1016
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 160.24
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market.

1st support: 154.38
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 164.06
Supporting reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/GBP:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 0.8535
Supporting reasons: Identified as a pullback support level, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where buyers could enter the market.

1st support: 0.8497
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8613
Supporting reasons: Identified as a multi-swing high resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

GBP/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 1.2812
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market.

1st support: 1.2701
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.2885
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 185.98
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market.

1st support: 178.19
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 190.18
Supporting reasons: Identified as an overlap resistance level, specifically at the 50% Fibonacci Retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

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: 0.8562
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market.

1st support: 0.8448
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8707
Supporting reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 146.28
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market.

1st support: 140.97
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 150.83
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CAD:

Potential Direction: Bullish
Overall momentum of the chart: Neutral

Price has made a bullish bounce off the pivot and could potentially rise towards the 1st resistance.

Pivot: 1.3791
Supporting reasons: Identified as an overlap support, indicating a significant area where buying interests could pick up to stage a rebound. The presence of a bullish Ichimoku Cloud adds further significance to the strength of this support zone. 

1st support: 1.3754
Supporting reasons: Identified as an overlap support, indicating a significant area where price could find strong support.

1st resistance: 1.3855
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement level, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price could rise towards the pivot and potentially make a bearish reversal off this level to drop towards the 1st support.

Pivot: 0.6566
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify. The presence of a bearish Ichimoku Cloud adds further significance to the strength of this resistance zone.

1st support: 0.6438
Supporting reasons: Identified as a pullback support, suggesting a significant area where price has recently found support.

1st resistance: 0.6634
Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, indicating a significant area that could halt further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price has made a bearish reversal off the pivot and could potentially drop towards the 1st support.

Pivot: 0.5982
Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify to resume the downtrend. The presence of a bearish Ichimoku Cloud adds further significance to the strength of this resistance zone.

1st support: 0.5924
Supporting reasons: Identified as a pullback support, suggesting a significant area where price has recently found support.

1st resistance: 0.6037
Supporting reasons: Identified as an overlap resistance, indicating a significant area that could halt further upward movement.

US30 (DJIA):

Potential Direction: Bearish

Overall Momentum of the Chart: Bearish

Price could rise towards the pivot and potentially make a bearish reversal off this level to drop towards the 1st support.

Pivot: 39,622.34

Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify.

1st Support: 38,622.17

Supporting Reasons: Identified as a pullback support, suggesting a significant area where price has recently found support.

1st Resistance: 40,463.41

Supporting Reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement.

DE40 (DAX):

Potential Direction: Bearish

Overall Momentum of the Chart: Bearish

Price has made a bearish reversal off the pivot and could potentially drop towards the 1st support.

Pivot: 17,507.10
Supporting reasons: Identified as a pullback resistance, indicating a significant area where selling pressures could intensify to resume the downtrend.

1st Support: 17,234.00

Supporting Reasons: Identified as a pullback support, indicating a significant area where price has recently found support.

1st Resistance: 17,804.20

Supporting Reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement level, indicating a significant area that could halt further upward movement.

US500 (S&P 500): 

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could rise towards the pivot and potentially make a bearish reversal off this level to drop towards the 1st support.

Pivot: 5,337.58
Supporting reasons:  Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, indicating a significant area where selling pressures could intensify to resume the downtrend.

1st support: 5,166.20

Supporting reasons: Identified as a pullback support, suggesting a significant area where price has recently found support.

1st resistance: 5,402.66

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, suggesting a critical area that could halt further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.

Pivot: 59,262.44

Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify to resume the downtrend.

1st support: 51,330.62

Supporting reasons: Identified as a pullback support, indicating a significant area that could halt further downward movement.

1st resistance: 62,749.24

Supporting reasons: Identified as a pullback resistance, indicating a potential barrier that could halt further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.

Pivot: 2,878.94

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 to resume the downtrend.

1st Support: 2,289.04

Supporting Reasons: Identified as a pullback support, indicating a significant area that could halt further downward movement.

1st Resistance: 3,104.48

Supporting Reasons: Identified as a pullback resistance that aligns with a 78.6% Fibonacci retracement level, indicating a historical barrier where that could halt further upward movement.

WTI/USD (Oil):

Potential Direction: Bearish

Overall Momentum of the Chart: Bearish

Price could rise towards the pivot and potentially make a bearish reversal off this level to fall towards the 1st support.

Pivot: 75.89

Supporting Reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, indicating a significant where selling pressures could intensify to resume the downtrend. 

1st Support: 72.61

Supporting Reasons: Identified as a pullback support, indicating a significant area where price has recently found support.

1st Resistance: 79.84

Supporting Reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a potential barrier that could halt further upward movement.

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: 2421.93
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market.

1st support: 2356.21
Supporting reasons: Identified as a swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 2483.58
Supporting reasons: Identified as a swing high resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

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