ICMarket

Thursday 25th July 2024: Technical Outlook and Review

DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 104.47
Supporting reasons: Identified as a pullback resistance level, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 103.70
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 105.16
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market after a retracement.

EUR/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Factors contributing to the momentum: Price is below the bearish Ichimoku cloud

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

Pivot: 1.0856
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 1.0768
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: 1.0913
Supporting reasons: Identified as a pullback 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

Factors contributing to the momentum: Price is below the bearish Ichimoku cloud

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

Pivot: 167.35
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 163.99
Supporting reasons: Identified as a swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 169.96
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: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.8435
Supporting reasons: Identified as an overlap resistance level, specifically at the 50% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 0.8387
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8476
Supporting reasons: Identified as an overlap resistance level, specifically at the 78.60% Fibonacci Retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.

GBP/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 1.2854
Supporting reasons: Identified as a pullback support level, specifically at the 61.80% Fibonacci Projection, indicating a potential area where buyers could enter the market after a retracement.

1st support: 1.2778
Supporting reasons: Identified as an overlap support level, specifically at the 61.80% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 1.2934
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: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 197.16
Supporting reasons: Identified as an overlap support level, indicating a potential area where buyers could enter the market after a retracement.

1st support: 193.40
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 201.29
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: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 0.8837
Supporting reasons: Identified as a multi-swing high resistance level, indicating a potential area where buyers could enter the market after a retracement.

1st support: 0.8779
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8899
Supporting reasons: Identified as a pullback resistance level, specifically at the 78.60% Fibonacci Retracement, 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 reaction off pivot and drop to 1st support.

Pivot: 153.63
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 151.92
Supporting reasons: Identified as a swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 155.31
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 off this level to pull back towards the 1st support.

Pivot: 1.3832
Supporting reasons: Identified as a multi-swing-high resistance, indicating a significant area where selling pressures could intensify.

1st support: 1.3779
Supporting reasons: Identified as an overlap support, indicating a potential area where price could find support.

1st resistance: 1.3888
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bearish
Overall momentum of the chart: Bearish

Price has made a bearish break through the pivot and could potentially fall towards the 1st support.

Pivot: 0.6562
Supporting reasons: Previously identified as a swing-low support which now has been broken due to the strong bearish momentum. The presence of a bearish Ichimoku cloud adds further significance to the downside momentum.

1st support: 0.6529
Supporting reasons: Identified as a pullback support that aligns with a 161.8% Fibonacci extension level, suggesting a potential area where price could find strong support.

1st resistance: 0.6585
Supporting reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement.

NZD/USD

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: 0.5883
Supporting reasons: Identified as a swing-low support, indicating a potential zone where buying interests could pick up to stage a minor rebound.

1st support: 0.5779
Supporting reasons: Identified as a pullback support, suggesting a significant area that could halt further downward momentum.

1st resistance: 0.5948
Supporting reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement. The presence of a bearish Ichimoku clouds adds further significance to the overhead pressures.

US30 (DJIA):

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: 39,607.55
Supporting reasons: Identified as an overlap 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: 38,980.78

Supporting Reasons: Identified as a pullback support, suggesting a significant area where price could find strong support.

1st Resistance: 40,4677.11

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

DE40 (DAX):

Potential Direction: Bearish

Overall Momentum of the Chart: Bearish

Price could fall towards the pivot and potentially make a bearish break below this level to fall towards the 1st support.

Pivot: 18,323.60
Supporting reasons: Identified as a potential breakout level, indicating an area where the strong bearish momentum could drive the price lower from here.

1st Support: 18,168.28

Supporting Reasons: Identified as a swing-low support, indicating a significant area where price could find strong support.

1st Resistance: 18,505.94

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

US500 (S&P 500): 

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: 5,408.81
Supporting reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 50% retracement and the 100% projection levels, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 5,339.76

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

1st resistance: 5,503.91

Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement level, 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 bounce off this level to rise towards the 1st resistance.

Pivot: 63,507.86

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

1st support: 59,546.99

Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement level, indicating a significant area that could halt further downward movement.

1st resistance: 66,374.96

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 has made a bearish break through the pivot and could potentially fall towards the 1st support.

Pivot: 3,276.36

Supporting reasons: Previously identified as a pullback support which now has been broken due to the strong bearish momentum.

1st Support: 3,052.53

Supporting Reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement level, indicating a significant area that could halt further downward movement.

1st Resistance: 3,377.15

Supporting Reasons: Identified as a pullback resistance, 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: 77.53

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: 75.45

Supporting Reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement level, indicating a significant area where price could find strong support.

1st Resistance: 79.24

Supporting Reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement level, indicating a potential barrier that could halt further upward movement. The presence of a bearish Ichimoku cloud adds further significance to the bearish momentum.

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: 2391.29
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.

1st support: 2361.72
Supporting reasons: Identified as an overlap support level, specifically at the 161.80% Fibonacci Extension and 78.60% Fibonacci Retracement, indicating Fibonacci confluence and suggesting a significant area where previous declines have found support.

1st resistance: 2423.81
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

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.