ICMarket

Monday 5th 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: 103.66
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 102.64
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 104.68
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/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: 1.0948
Supporting reasons: Identified as a multi-swing high resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.0677
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.1106
Supporting reasons: Identified as a swing high resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

EUR/JPY:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 157.47
Supporting reasons: Identified as an overlap support level, specifically at the 78.60% Fibonacci Retracement, indicating a potential area where buyers could enter the market after a retracement.

1st support: 151.60
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 163.52
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: 0.8489
Supporting reasons: Identified as a pullback support level, indicating a potential area where buyers could enter the market after a retracement.

1st support: 0.8441
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8573
Supporting reasons: Identified as an overlap resistance level, specifically at the 161.80% Fibonacci Extension, 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: 1.2860
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.2614
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.3048
Supporting reasons: Identified as a swing high 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: 188.39
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

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: 197.55
Supporting reasons: Identified as a pullback resistance level, 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: 0.8730
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 0.8523
Supporting reasons: Identified as an overlap support level, specifically at the 78.60% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 0.8838
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 a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 137.66
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 151.93
Supporting reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CAD:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 1.3880
Supporting reasons: Identified as a multi-swing-high resistance, indicating a significant area where selling pressures could intensify.

1st support: 1.3801
Supporting reasons: Identified as a pullback support, indicating a significant area where price has recently found support.

1st resistance: 1.3977
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 0.6469
Supporting reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 0.6349
Supporting reasons: Identified as a swing-low support, suggesting a significant area where price has found strong support in the past.

1st resistance: 0.6598
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement, indicating a significant area that could halt further upward movement.

NZD/USD

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 drop towards the 1st support.

Pivot: 0.5995
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement level, indicating a potential area where selling pressures could intensify to resume the downtrend.

1st support: 0.5872
Supporting reasons: Identified as a multi-swing-low support, suggesting a significant area where price has recently found support.

1st resistance: 0.6082
Supporting reasons: Identified as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 61.8% retracement and the 61.8% projection levels, indicating a significant area that could halt further upward movement. 

US30 (DJIA):

Potential Direction: Bullish

Overall Momentum of the Chart: Neutral

Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 39,038.86

Supporting reasons: Identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 61.8% retracement levels, indicating a potential 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: 37,093.10

Supporting Reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement level, suggesting a significant area where price could find strong support.

1st Resistance: 40,881.34

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

DE40 (DAX):

Potential Direction: Bullish

Overall Momentum of the Chart: Neutral

Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 17,398.60
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, indicating a significant area where buying interests could pick up to stage a minor rebound.

1st Support: 16,759.70

Supporting Reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement level, indicating a significant area where price could find strong support.

1st Resistance: 18,003.90

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

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price is trading close to the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 5,236.31
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.

1st support: 4,956.50

Supporting reasons: Identified as a pullback support, indicating a potential area where price could find strong support.

1st resistance: 5,532.91

Supporting reasons: Identified as a pullback resistance, suggesting a critical area that could halt further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 50,744.70

Supporting reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 61.87% retracement and the 100% projection levels, indicating a potential area where buying interests could pick up to stage a rebound.

1st support: 39,203.30

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

1st resistance: 62,851.97

Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement level, indicating a potential barrier that could halt further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 2,135.44

Supporting reasons: Identified as an overlap support that aligns close to a 78.6% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a rebound.

1st Support: 1,511.83

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

1st Resistance: 2,602.49

Supporting Reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement level, indicating a historical barrier where selling pressures could intensify.

WTI/USD (Oil):

Potential Direction: Bullish

Overall Momentum of the Chart: Bearish

Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 72.31

Supporting Reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement level, indicating a significant where buying interests could pick up to stage a minor rebound. 

1st Support: 68.73

Supporting Reasons: Identified as a pullback support that aligns close to a 127.2% Fibonacci extension level, indicating a significant area where price could find strong support.

1st Resistance: 76.31

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

XAU/USD (GOLD):

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 2468.49
Supporting reasons: Identified as a multi-swing high resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 2361.70
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 2519.64
Supporting reasons: Identified as a resistance level at the 127.20% Fibonacci Extension, indicating a historical point where previous rallies have faced selling pressure or reversed.

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