403080 July 26, 2024 16:14 Forexlive Latest News Market News
Based on the earnings results of companies reporting on 25 July (AMC), here’s a summary focusing on the moves made by these companies and their possible impact on the overall market indices such as SPX and NDX. The list is ordered by market cap to highlight the biggest movers and provide an average weighted move. Emphasis is placed on the most popular companies and brands likely to influence market sentiment. Companies with moves less than 2 percent are disregarded unless they are popular brands or stocks.
Highlights of most popular companies
Other notable movers
Baker Hughes Company (BKR)
Deckers Outdoor (DECK)
Hartford Financial Services Group (HIG)
Overall market cap weighted trend
Positive influence:
Negative influence:
Overall sentiment:
Expected directional bias for 26 July
Investors and traders should prepare for a potentially mixed market with a slight bullish bias, adjusting their strategies accordingly based on the performance of these influential companies and the overall market sentiment derived from these earnings reports.
This article was written by Itai Levitan at www.forexlive.com.
403079 July 26, 2024 16:14 Forexlive Latest News Market News
The headline finding is similar to May and marks the lowest level since September 2021. Meanwhile, uncertainty about inflation expectations over the next 12 months also remained unchanged at its lowest level since February 2022. Overall, it points to consumers still feeling better on the inflation outlook but the levels are still not quite where the ECB desires just yet.
This article was written by Justin Low at www.forexlive.com.
403078 July 26, 2024 15:40 Forexlive Latest News Market News
The idea here is that Trump wants to be the people’s man. He wants to boost opportunities for domestic manufacturing and that means making production in the US more attractive. To achieve that, his go to will be to aim for a weaker currency. But realistically, can he make that happen?
On the surface, it looks rather unlikely. And even if you try to search for reasons, it is a tough one to imagine. It didn’t happen during his first term as president and it doesn’t look like it will this time either.
For one, Trump is still looking to adopt the same approach on trade. Tariffs and trade wars are not something to drag the dollar down. Instead, these protectionism policies only raises more risks for emerging markets and the geopolitical implications also only serve to bolster the dollar’s standing; all else being equal.
In particular, Trump’s constant feud with China is one that could stoke higher inflation down the road and that will make it even tougher for the Fed to pursue lower rates. Gotta bring back this classic every now and then.
Besides that, Trump is also planning for more tax cuts as a whole. Again, when you take that into consideration, this just serves to bolster domestic demand and in turn keeps spending high and stoke the flames of inflation as well. At the end of the day, it just means the Fed will once again have to deal with that and likely keep policy in a tighter spot.
You can sort of see where this is going now, can you?
Yet, the only realistic option for Trump to weaken the dollar is to pressure the Fed into cutting rates quicker. However, will the central bank throw away whatever independence they have left just to appease him? It is doubtful.
Powell certainly didn’t do it during Trump’s first term and the Fed certainly won’t want to mess things up especially during such a crucial stage of the economic cycle. Stagflation risks are still very much up in the air and it’ll leave such a stain on Powell’s legacy if he makes the wrong step, and more so just because he wanted to play politics.
All that being said, it doesn’t mean that Trump will not get his wish.
The disinflation trend in the US is continuing to take hold, albeit still at a more gradual pace. But as it stays the course in the months ahead, the Fed might just be in a spot to cut rates in a continuing manner going into next year.
And that is a key factor that could pressure the dollar lower amid lower rates/yields. All that before Trump’s policymaking is accounted for.
So, there is a chance he may get his wish after all. But in all likelihood, it probably won’t be because of his doing. Yet, as a true politician, he will definitely take credit for it – if it happens that is.
This article was written by Justin Low at www.forexlive.com.
403077 July 26, 2024 15:40 Forexlive Latest News Market News
It’s been a mixed week for European indices, though a really poor one for French stocks. The CAC 40 is still down 1.2% this week even after accounting for the slight gains to start the day. US futures are holding in a better spot though, with S&P 500 futures up 0.5% and Nasdaq futures up 0.8% currently.
This article was written by Justin Low at www.forexlive.com.
403076 July 26, 2024 15:14 Forexlive Latest News Market News
Household confidence improved in July but remains well below the long-term average of 100 still. Expectations for future inflation eased further while the outlook for the financial situation improved slightly, though still remaining in negative territory.
This article was written by Justin Low at www.forexlive.com.
403075 July 26, 2024 15:14 ICMarkets Market News
Asia-Pacific markets rebounded on Friday after Thursday’s sell-off hit multi-month lows for several indexes. Traders assessed Tokyo’s July inflation data, a key indicator of national trends. Tokyo’s headline inflation dipped to 2.2% in July from 2.3% in May, with core inflation steady at 2.2%. The “core-core” inflation, excluding fresh food and energy, fell to 1.5% from 1.8%. The yen strengthened sharply against the dollar, now trading at 153.79.
Japan’s Nikkei 225 was nearly flat, while the Topix rose 0.25%. Renesas Electronics plunged over 6%, reaching its lowest price since April, following a 29% drop in net profit for the first half of the year. This resulted in a 760 billion yen ($4.9 billion) market cap loss on Thursday. Nissan fell 3.92% after dismal Q1 results, with a 99% drop in operating profit and a 72.9% fall in net profit. Honda, however, rose 0.91% on plans to close a factory in China and increase electric vehicle production.
Taiwan’s market returned post-typhoon, with the Taiwan Weighted Index plunging 3.33%. Heavyweights Hon Hai Precision and Taiwan Semiconductor Manufacturing fell 4.71% and 5.52%, respectively. South Korea’s Kospi rose 0.62%, while Australia’s S&P/ASX 200 increased 0.76%. Hong Kong’s Hang Seng index climbed 0.14%, and mainland China’s CSI 300 traded flat.
Singapore’s monetary authority maintained its policy, keeping exchange rate settings unchanged. In the U.S., tech stocks continued to slide, with the S&P 500 and Nasdaq Composite losing 0.51% and 0.93% respectively, while the Dow Jones rose 0.2%. Adam Sarhan of 50 Park Investments noted this is part of a typical “great mini rotation” in a bull market.
The post Friday 26th July 2024: Asia-Pacific Markets Recover After Sell-Off first appeared on IC Markets | Official Blog.
403074 July 26, 2024 14:39 ICMarkets Market News
IC Markets Europe Fundamental Forecast | 26 July 2024
What happened in the Asia session?
Tokyo’s core CPI has now accelerated for the third consecutive month as it jumped from 1.6% in April to 2.2% YoY in July. Inflationary pressures are building and it could pave the way for the Bank of Japan (BoJ) to move ahead with a rate hike at next week’s monetary policy announcement. The yen has gained nearly 4.3% over the past three weeks as USD/JPY fell under 152.50 yesterday. This currency pair has since retraced higher to hover around 153.90 but overhead pressures remain.
What does it mean for the Europe & US sessions?
After easing on a monthly and annualised basis in May, the PCE Price Index – which is the Federal Reserve’s preferred gauge of inflation – is expected to post a slightly stronger monthly gain in prices for the month of June. However, should PCE prices also moderate lower as per the latest CPI results two weeks ago, it will likely trigger a strong sell-off in the greenback later today.
The Dollar Index (DXY)
Key news events today
PCE Price Index (12:30 pm GMT)
What can we expect from DXY today?
After easing on a monthly and annualised basis in May, the PCE Price Index – which is the Federal Reserve’s preferred gauge of inflation – is expected to post a slightly stronger monthly gain in prices for the month of June. However, should PCE prices also moderate lower as per the latest CPI results two weeks ago, it will likely trigger a strong sell-off in the greenback later today.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
Gold (XAU)
Key news events today
PCE Price Index (12:30 pm GMT)
What can we expect from Gold today?
After easing on a monthly and annualised basis in May, the PCE Price Index – which is the Federal Reserve’s preferred gauge of inflation – is expected to post a slightly stronger monthly gain in prices for the month of June. However, should PCE prices also moderate lower as per the latest CPI results two weeks ago, it will likely trigger a strong sell-off in the greenback later today – a move that should spur this precious metal.
Next 24 Hours Bias
Medium Bearish
The Australian Dollar (AUD)
Key news events today
No major news events.
What can we expect from AUD today?
The Aussie has shed 3.5% over the last couple of weeks as it dived from 0.6783 in mid-July to as low as 0.6514 overnight before retracing higher. This currency pair was trading around 0.6550 as Asian markets came online – these are the support and resistance levels for today.
Support: 0.6465
Resistance: 0.6580
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
Significant weakness in the Kiwi has caused it to decline nearly 4.3% over the past three weeks. This currency pair hit a low of 0.5882 overnight before stabilizing around this level. Overhead pressures remain and further downside can be expected for the Kiwi – these are the support and resistance levels for today.
Support: 0.5875
Resistance: 0.5950
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Japanese Yen (JPY)
Key news events today
Tokyo Core CPI (11:30 pm GMT 25th July)
What can we expect from JPY today?
Tokyo’s core CPI has now accelerated for the third consecutive month as it jumped from 1.6% in April to 2.2% YoY in July. Inflationary pressures are building and it could pave the way for the Bank of Japan (BoJ) to move ahead with a rate hike at next week’s monetary policy announcement. The yen has gained nearly 4.3% over the past three weeks as USD/JPY fell under 152.50 yesterday. This currency pair has since retraced higher to hover around 153.90 but overhead pressures remain.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Euro (EUR)
Key news events today
No major news events.
What can we expect from EUR today?
The German ifo Business Climate deteriorated further in July as it fell from 88.9 in the previous month to 87.0 as the German economy remains in the doldrums. Business sentiment for all the major sectors such as services, trade and construction declined – with the manufacturing sector falling significantly more than the others. The Euro pulled back to a low of 1.0825 yesterday before ranging between this lower bound and 1.0865 overnight – these are the support and resistance levels for today.
Support: 1.0810
Resistance: 1.0895
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Swiss Franc (CHF)
Key news events today
No major news events.
What can we expect from CHF today?
Demand for the greenback waned overnight as USD/CHF briefly dipped under the threshold of 0.8800 before retracing higher by the end of the U.S. session. This currency pair was trading around 0.8810 at the beginning of the Asia session – these are the support and resistance levels for today.
Support: 0.8780
Resistance: 0.8880
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Pound (GBP)
Key news events today
No major news events.
What can we expect from GBP today?
Cable has drifted lower this week before finally dropping below the threshold of 1.2900 overnight. This currency pair was trading around 1.2860 as Asian markets came online and is expected to edge lower as the day progresses – these are the support and resistance levels for today.
Support: 1.2780
Resistance: 1.2940
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Canadian Dollar (CAD)
Key news events today
No major news events.
What can we expect from CAD today?
Recent weakness in the Loonie has propelled USD/CAD higher as it rose from 1.3600 to an overnight high of 1.3850. However, this currency pair retreated away from this level and was trading around 1.3810 at the beginning of the Asia session – these are the support and resistance levels for today.
Support: 1.3780
Resistance: 1.3850
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
Stronger-than-anticipated GDP output in the U.S. for the second quarter of this year triggered a massive demand for crude oil – the advance estimate showed the American economy rebounding strongly from 1.4% in Q1-24 to 2.8% YoY. WTI oil was hovering $77.50 per barrel before spiking as high as $79.70 – strong tailwinds remain in place and this commodity is likely to climb higher as the day progresses. However, crude prices look set to notch a third straight week of decline.
Next 24 Hours Bias
Weak Bullish
The post IC Markets Europe Fundamental Forecast | 26 July 2024 first appeared on IC Markets | Official Blog.
403073 July 26, 2024 14:14 Forexlive Latest News Market News
The bounce today comes as the overall risk mood in markets is also searching for a bit of a respite. S&P 500 futures are now up 0.5%, as equities look to a calmer end to the week. At the same time, AUD/USD is also staving off a drop below the 61.8 Fib retracement level at 0.6529 for now.
In the bigger picture, sellers remain in control and this is just a minor relief thus far. It will take a lot more on the part of buyers to convince of a turnaround in the recent selling pressure. That will also have to come alongside a better showing in risk trades in broader markets.
The near-term chart lays out the challenge for buyers as well, with the 100-hour moving average only seen at 0.6599. That is seen closer to the range of the key moving averages on the daily chart above, seen at the 0.6586-05 region. As such, keep below that and sellers will stay firmly in control of the pair.
That is the limiting scope for any rebound we’ll be seeing in the near-term. So, the onus is on buyers to break back above that in order to reestablish some semblance of control.
This article was written by Justin Low at www.forexlive.com.
403072 July 26, 2024 13:39 ICMarkets Market News
IC Markets Asia Fundamental Forecast | 26 July 2024
What happened in the U.S. session?
The advance estimate for second quarter GDP beat market forecasts of 2.0% with a reading of 2.8% as consumer spending grew due to a rebound in goods consumption along with an increase in wholesale trade and retail trade industries. In addition, non-residential investment accelerated while defence government spending also grew. After slowing quite significantly from 3.4% in Q4-23 to 1.4% in Q1-24, economic growth appears to have bounced back in the second quarter of this year.
Meanwhile, unemployment claims printed slightly lower than its estimate of 237K with a reading of 235K. However, this figure remains elevated and continues to trend in line with its 4-week average of 234.5K, suggesting a potential weakness in the labour market. The dollar index (DXY) was trading around 104.20 prior to the release of these economic data points but it experienced wild swings overnight – surging as high as 104.45 before reversing sharply to drop as low as 104.17. This index finally stabilized around 104.35 by the end of this session.
What does it mean for the Asia Session?
Tokyo’s core CPI has now accelerated for the third consecutive month as it jumped from 1.6% in April to 2.2% YoY in July. Inflationary pressures are building and it could pave the way for the Bank of Japan (BoJ) to move ahead with a rate hike at next week’s monetary policy announcement. The yen has gained nearly 4.3% over the past three weeks as USD/JPY fell under 152.50 yesterday. This currency pair has since retraced higher to hover around 153.90 but overhead pressures remain.
The Dollar Index (DXY)
Key news events today
PCE Price Index (12:30 pm GMT)
What can we expect from DXY today?
After easing on a monthly and annualised basis in May, the PCE Price Index – which is the Federal Reserve’s preferred gauge of inflation – is expected to post a slightly stronger monthly gain in prices for the month of June. However, should PCE prices also moderate lower as per the latest CPI results two weeks ago, it will likely trigger a strong sell-off in the greenback later today.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
Gold (XAU)
Key news events today
PCE Price Index (12:30 pm GMT)
What can we expect from Gold today?
After easing on a monthly and annualised basis in May, the PCE Price Index – which is the Federal Reserve’s preferred gauge of inflation – is expected to post a slightly stronger monthly gain in prices for the month of June. However, should PCE prices also moderate lower as per the latest CPI results two weeks ago, it will likely trigger a strong sell-off in the greenback later today – a move that should spur this precious metal.
Next 24 Hours Bias
Medium Bearish
The Australian Dollar (AUD)
Key news events today
No major news events.
What can we expect from AUD today?
The Aussie has shed 3.5% over the last couple of weeks as it dived from 0.6783 in mid-July to as low as 0.6514 overnight before retracing higher. This currency pair was trading around 0.6550 as Asian markets came online – these are the support and resistance levels for today.
Support: 0.6465
Resistance: 0.6580
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
Significant weakness in the Kiwi has caused it to decline nearly 4.3% over the past three weeks. This currency pair hit a low of 0.5882 overnight before stabilizing around this level. Overhead pressures remain and further downside can be expected for the Kiwi – these are the support and resistance levels for today.
Support: 0.5875
Resistance: 0.5950
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Japanese Yen (JPY)
Key news events today
Tokyo Core CPI (11:30 pm GMT 25th July)
What can we expect from JPY today?
Tokyo’s core CPI has now accelerated for the third consecutive month as it jumped from 1.6% in April to 2.2% YoY in July. Inflationary pressures are building and it could pave the way for the Bank of Japan (BoJ) to move ahead with a rate hike at next week’s monetary policy announcement. The yen has gained nearly 4.3% over the past three weeks as USD/JPY fell under 152.50 yesterday. This currency pair has since retraced higher to hover around 153.90 but overhead pressures remain.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Euro (EUR)
Key news events today
No major news events.
What can we expect from EUR today?
The German ifo Business Climate deteriorated further in July as it fell from 88.9 in the previous month to 87.0 as the German economy remains in the doldrums. Business sentiment for all the major sectors such as services, trade and construction declined – with the manufacturing sector falling significantly more than the others. The Euro pulled back to a low of 1.0825 yesterday before ranging between this lower bound and 1.0865 overnight – these are the support and resistance levels for today.
Support: 1.0810
Resistance: 1.0895
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Swiss Franc (CHF)
Key news events today
No major news events.
What can we expect from CHF today?
Demand for the greenback waned overnight as USD/CHF briefly dipped under the threshold of 0.8800 before retracing higher by the end of the U.S. session. This currency pair was trading around 0.8810 at the beginning of the Asia session – these are the support and resistance levels for today.
Support: 0.8780
Resistance: 0.8880
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Pound (GBP)
Key news events today
No major news events.
What can we expect from GBP today?
Cable has drifted lower this week before finally dropping below the threshold of 1.2900 overnight. This currency pair was trading around 1.2860 as Asian markets came online and is expected to edge lower as the day progresses – these are the support and resistance levels for today.
Support: 1.2780
Resistance: 1.2940
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Canadian Dollar (CAD)
Key news events today
No major news events.
What can we expect from CAD today?
Recent weakness in the Loonie has propelled USD/CAD higher as it rose from 1.3600 to an overnight high of 1.3850. However, this currency pair retreated away from this level and was trading around 1.3810 at the beginning of the Asia session – these are the support and resistance levels for today.
Support: 1.3780
Resistance: 1.3850
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
Stronger-than-anticipated GDP output in the U.S. for the second quarter of this year triggered a massive demand for crude oil – the advance estimate showed the American economy rebounding strongly from 1.4% in Q1-24 to 2.8% YoY. WTI oil was hovering $77.50 per barrel before spiking as high as $79.70 – strong tailwinds remain in place and this commodity is likely to climb higher as the day progresses. However, crude prices look set to notch a third straight week of decline.
Next 24 Hours Bias
Weak Bullish
The post IC Markets Asia Fundamental Forecast | 26 July 2024 first appeared on IC Markets | Official Blog.
403071 July 26, 2024 13:14 Forexlive Latest News Market News
The low yesterday touched 151.93 and that resonated with the May low before catching a bounce. The drive lower fell short of testing the 200-day moving average (blue line), seen at 151.58 currently. But still, sellers are in control with price having dropped by 4.5% already in July trading.
The pair might be slightly calmer for now but don’t let that deceive you. Price action is very much still susceptible to volatile swings on the day, especially with the risk mood in a vulnerable spot and with the US PCE price index coming up.
S&P 500 futures are up 0.4% at the moment but the index itself is down nearly 2% already on the week. So, the minor bounce here is just a bit part reprieve.
Going back to USD/JPY, the focus now turns towards the BOJ policy meeting next week. Sellers still have scope to push the downside momentum to the 200-day moving average noted above. But I fear dip buyers will feel more confident once we get over the BOJ hump in the week ahead.
Despite the potential rate hike surprise by the BOJ, I reckon we’ll see a sell the fact trade in the yen regardless once the dust settles. So, keep an eye out for that.
This article was written by Justin Low at www.forexlive.com.
403070 July 26, 2024 13:14 ICMarkets Market News
1
|
Ex-Dividends | ||
---|---|---|---|
2
|
26/7/2024 | ||
3
|
Indices | Name |
Index Adjustment Points
|
4
|
Australia 200 CFD
|
AUS200 | |
5
|
IBEX-35 Index | ES35 | |
6
|
France 40 CFD | F40 | |
7
|
Hong Kong 50 CFD
|
HK50 | |
8
|
Italy 40 CFD | IT40 | |
9
|
Japan 225 CFD
|
JP225 | |
10
|
EU Stocks 50 CFD
|
STOXX50 | |
11
|
UK 100 CFD | UK100 | |
12
|
US SP 500 CFD
|
US500 | 0.38 |
13
|
Wall Street CFD
|
US30 | |
14
|
US Tech 100 CFD
|
USTEC | 0.97 |
15
|
FTSE CHINA 50
|
CHINA50 | 13.37 |
16
|
Canada 60 CFD
|
CA60 | |
17
|
Germany Tech 40 CFD
|
TecDE30 | |
18
|
Germany Mid 50 CFD
|
MidDE50 | |
19
|
Netherlands 25 CFD
|
NETH25 | 0.24 |
20
|
Switzerland 20 CFD
|
SWI20 | |
21
|
Hong Kong China H-shares CFD
|
CHINAH | |
22
|
Norway 25 CFD
|
NOR25 | |
23
|
South Africa 40 CFD
|
SA40 | |
24
|
Sweden 30 CFD
|
SE30 | |
25
|
US 2000 CFD | US2000 | 0.04 |
The post Ex-Dividend 26/07/2024 first appeared on IC Markets | Official Blog.
403069 July 26, 2024 13:14 ICMarkets Market News
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish continuation towards 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.
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: 1.0876
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: 1.0816
Supporting reasons: Identified as an overlap support level, specifically at the 50% Fibonacci Retracement, suggesting a significant area where previous declines have found support.
1st resistance: 1.0921
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.
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 an overlap resistance level, specifically at the 23.60% Fibonacci Retracement, 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, specifically at the 50% Fibonacci Retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could potentially make a bullish bounce off pivot and head towards 1st resistance.
Pivot: 0.8435
Supporting reasons: Identified as a pullback support level, indicating a potential area where buyers could enter the market after a retracement.
1st support: 0.8499
Supporting reasons: Identified as a pullback 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.
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.
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 reaction off pivot and drop to 1st support.
Pivot: 200.66
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: 196.61
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.
1st resistance: 202.52
Supporting reasons: Identified as a pullback resistance level, specifically at the 50% Fibonacci Retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reaction off pivot and drop to 1st support.
Pivot: 0.8836
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.
1st support: 0.8755
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.
1st resistance: 0.8917
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.
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 reaction off pivot and drop to 1st support.
Pivot: 154.74
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 an overlap support level, suggesting a significant area where previous declines have found support.
1st resistance: 155.80
Supporting reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.
Potential Direction: Bearish
Overall momentum of the chart: Bullish
Price has made a bearish reversal off the pivot and could potentially make a 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 that aligns close to a 23.6% Fibonacci retracement, 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.
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: 0.6562
Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify. 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 that aligns close to a 23.6% Fibonacci retracement, indicating a significant area that could halt further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bearish
Price is trading close to 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 multi-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 that aligns with a 127.2% Fibonacci extension, 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 cloud adds further significance to the overhead pressures.
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: 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 38.2% Fibonacci retracement level, indicating a significant area that could halt further upward movement.
Potential Direction: Bearish
Overall Momentum of the Chart: Neutral
Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.
Pivot: 18,353.80
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, indicating an area where selling pressures could intensify to resume the downtrend. The presence of a bearish Ichimoku cloud adds further significance to the overhead pressures.
1st Support: 18,149.30
Supporting Reasons: Identified as a multi-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 that aligns close to a 78.6% Fibonacci projection level, indicating a significant area that could halt further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bearish
Price has made a bullish bounce off the pivot and could potentially rise towards the 1st resistance.
Pivot: 5,408.81
Supporting reasons: Identified as a pullback support, 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 with a 38.2% Fibonacci retracement level, suggesting a critical area that could halt further upward movement. The presence of a bearish Ichimoku cloud adds further significance to the overhead pressures.
Potential Direction: Bearish
Overall momentum of the chart: Neutral
Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.
Pivot: 68,388.29
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.
1st support: 63,507.86
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, indicating a significant area that could halt further downward movement.
1st resistance: 70,168.65
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.
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: 3,276.36
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.
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 that aligns with a 61.8% Fibonacci retracement level, indicating a historical barrier where selling pressures could intensify.
Potential Direction: Bearish
Overall Momentum of the Chart: Neutral
Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.
Pivot: 80.95
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. The presence of a bearish Ichimoku cloud adds further significance to the overhead pressures.
1st Support: 77.53
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.
1st Resistance: 83.78
Supporting Reasons: Identified as a multi-swing-high resistance, indicating a potential barrier that could halt further upward movement.
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.
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The post Friday 26th July 2024: Technical Outlook and Review first appeared on IC Markets | Official Blog.