402407 July 16, 2024 17:14 Forexlive Latest News Market News
There were some decent shoves lower on Friday in USD/JPY but it came after the US PPI report. It wasn’t immediate but it is something worth noting, with the BOJ data suggesting the intervention amount to be ¥2.14 trillion. That is less than what Japan offered on Thursday with the US CPI report as seen here. In any case, this should put some added emphasis on the US retail sales data later as the BOJ may choose to act again then.
This article was written by Justin Low at www.forexlive.com.
402406 July 16, 2024 17:14 Forexlive Latest News Market News
The euro area trade balance narrowed with the seasonally adjusted number coming in at €12.3 billion on the month. That comes as exports were seen down 2.6% while imports were down 0.1% in May.
This article was written by Justin Low at www.forexlive.com.
402405 July 16, 2024 17:14 Forexlive Latest News Market News
Political uncertainty in France and a lack of clarity regarding the ECB’s next monetary policy steps are said to be reasons weighing on economic sentiment in the latest survey. Domestically speaking, a fall in German exports by more than expected is also contributing to the softer mood overall. That despite a better headline reading, which is still deeply negative.
This article was written by Justin Low at www.forexlive.com.
402399 July 16, 2024 16:14 Forexlive Latest News Market News
Slight delay in the release by the source. Core annual inflation is seen at 1.9%, down slightly from 2.0% in May. But at least this is one report that the ECB can be happy about.
This article was written by Justin Low at www.forexlive.com.
402398 July 16, 2024 15:39 Forexlive Latest News Market News
The hangover from the French election results has deflated much of the optimistic mood in European indices up until June. For French stocks itself, we are seeing price levels hold in a bit of a range after the plunge last month:
This article was written by Justin Low at www.forexlive.com.
402397 July 16, 2024 15:14 Forexlive Latest News Market News
Just a couple of findings from the latest BofA fund manager survey:
I reckon the final point is quite significant. It’s a testament to the perception in markets that inflation is not as prominent a problem as it was in the months before. That said, stickier CPI readings could easily change that in the months ahead but we’ll see. For now, the disinflation trend is still persisting albeit very gradually.
This article was written by Justin Low at www.forexlive.com.
402396 July 16, 2024 15:14 ICMarkets Market News
Asia-Pacific markets were mixed on Tuesday following dovish remarks from Federal Reserve Chair Jerome Powell, which boosted Wall Street overnight. Powell indicated that the central bank will not wait for inflation to reach 2% before cutting interest rates, noting the delayed effects of the Fed’s policies. His comments, coupled with expectations of Republican gains after the failed assassination attempt on presidential candidate Donald Trump, propelled the Dow Jones Industrial Average to new highs.
Hong Kong’s Hang Seng index dropped 1.57%, led by declines in consumer stocks, while mainland China’s CSI 300 rose 0.21%. Ping An Insurance shares fell over 5% after the company announced the cancellation of $102.6 million A shares. India’s Nifty 50 hit an all-time high, gaining 0.23% ahead of the upcoming union budget presentation. Japan’s Nikkei 225 and Topix increased by 0.24% and 0.48% respectively, with TDK Corporation shares surging over 4%.
South Korea’s Kospi climbed 0.14%, while the Kosdaq dropped 1.33%. Australia’s S&P/ASX 200 saw a slight decline, pulling back from its record closing high on Monday. Following China’s weaker-than-expected GDP growth, Goldman Sachs lowered its full-year GDP forecast to 4.9% from 5%, and JPMorgan revised its prediction to 4.7% from 5.2%, highlighting the need for increased government policy support.
Singapore state investor Temasek announced plans to invest up to $10 billion in India’s financial services and healthcare sectors over the next three years. Temasek, with 19% of its investments in China, remains cautious due to trade tensions. Overnight in the U.S., the Dow rose 0.53% to a record close of 40,211.72, the S&P 500 increased by 0.28% to 5,631.22, and the Nasdaq Composite gained 0.4% to finish at 18,472.57.
The post Tuesday 16th July 2024: Asian Markets Mixed After Powell’s Dovish Remarks first appeared on IC Markets | Official Blog.
402395 July 16, 2024 14:39 ICMarkets Market News
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Ex-Dividends | ||
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17/7/2024 | ||
3
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Indices | Name |
Index Adjustment Points
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4
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Australia 200 CFD
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AUS200 | |
5
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IBEX-35 Index | ES35 | 1.52 |
6
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France 40 CFD | F40 | 2.09 |
7
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Hong Kong 50 CFD
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HK50 | |
8
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Italy 40 CFD | IT40 | |
9
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Japan 225 CFD
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JP225 | |
10
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EU Stocks 50 CFD
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STOXX50 | 0.67 |
11
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UK 100 CFD | UK100 | |
12
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US SP 500 CFD
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US500 | 0.06 |
13
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Wall Street CFD
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US30 | |
14
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US Tech 100 CFD
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USTEC | |
15
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FTSE CHINA 50
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CHINA50 | 8.8 |
16
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Canada 60 CFD
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CA60 | |
17
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Germany Tech 40 CFD
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TecDE30 | |
18
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Germany Mid 50 CFD
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MidDE50 | |
19
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Netherlands 25 CFD
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NETH25 | |
20
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Switzerland 20 CFD
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SWI20 | |
21
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Hong Kong China H-shares CFD
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CHINAH | |
22
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Norway 25 CFD
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NOR25 | |
23
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South Africa 40 CFD
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SA40 | |
24
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Sweden 30 CFD
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SE30 | |
25
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US 2000 CFD | US2000 | 0.03 |
The post Ex-Dividend 17/07/2024 first appeared on IC Markets | Official Blog.
402394 July 16, 2024 14:39 ICMarkets Market News
IC Markets Europe Fundamental Forecast | 16 July 2024
What happened in the Asia session?
The dollar index (DXY) rebounded off this morning’s low to rise towards 104.50 while gold failed to break above $2,433/oz. Overhead pressures for crude were strong driving oil prices lower with WTI oil falling to $81.50.
What does it mean for the Europe & US sessions?
The ZEW Economic Sentiment has improved quite significantly since the fourth quarter of 2023 as June’s reading surged to 51.3, the highest since July 2021. This index was lifted by potential interest rate cuts by the ECB and optimism on lower inflation that could offer an improved environment for the European economy to gain traction. However, July’s estimate of 48.1 points to the first decline in sentiment since last September – a result that could dampen the Euro.
Inflation in Canada accelerated in May across the various CPI metrics but the latest estimates for June point to a potential stall in prices. Should consumer inflation come in softer than anticipated, the Loonie could face selling pressures which could potentially lift USD/CAD later today.
The Dollar Index (DXY)
Key news events today
Retail Sales (12:30 pm GMT)
What can we expect from DXY today?
Retail sales have been mixed over the past three months and the estimate for June points to a decline of 0.3% MoM, which is partly attributed to the tech-related issues suffered by many large auto dealer networks during that period. At an annualized rate, sales have also been slowing – after rising 3.6% YoY in March, sales moderated lower to 2.3% YoY in May. Should sales register a larger-than-anticipated decline, it could function as a near-term bearish catalyst for the dollar.
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
Gold (XAU)
Key news events today
Retail Sales (12:30 pm GMT)
What can we expect from Gold today?
Retail sales have been mixed over the past three months and the estimate for June points to a decline of 0.3% MoM, which is partly attributed to the tech-related issues suffered by many large auto dealer networks during that period. At an annualized rate, sales have also been slowing – after rising 3.6% YoY in March, sales moderated lower to 2.3% YoY in May. Should sales register a larger-than-anticipated decline, it could function as a near-term bearish catalyst for the dollar and potentially lift gold later today.
Next 24 Hours Bias
Weak Bullish
The Australian Dollar (AUD)
Key news events today
No major news events.
What can we expect from AUD today?
The Aussie retreated from yesterday’s high of 0.6788 as it slid lower towards 0.6750. This currency pair dipped under 0.6750 as Asian markets came online – these are the support and resistance levels for today.
Support: 0.6715
Resistance: 0.6790
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
As demand for the dollar rebounded yesterday, the Kiwi fell under the 0.6100-level. This currency pair was trading around 0.6060 at the beginning of the Asia session – these are the support and resistance levels for today.
Support: 0.6045
Resistance: 0.6130
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
Despite last Thursday’s intervention measures by the Bank of Japan (BoJ), the yen continues to remain under pressure as USD/JPY stabilized around 157.70 before staging a minor rebound on Monday. This currency pair was trading around 158.60 as Asian markets came online – these are the support and resistance levels for today.
Support: 157.70
Resistance: 160.30
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Euro (EUR)
Key news events today
ZEW Economic Sentiment (9:00 am GMT)
What can we expect from EUR today?
The ZEW Economic Sentiment has improved quite significantly since the fourth quarter of 2023 as June’s reading surged to 51.3, the highest since July 2021. This index was lifted by potential interest rate cuts by the ECB and optimism on lower inflation that could offer an improved environment for the European economy to gain traction. However, July’s estimate of 48.1 points to the first decline in sentiment since last September – a result that could dampen the Euro.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Swiss Franc (CHF)
Key news events today
No major news events.
What can we expect from CHF today?
Stronger demand for the greenback lifted USD/CHF overnight as it reversed off 0.8935. This currency pair was trading 0.8960 as Asian markets came online – these are the support and resistance levels for today.
Support: 0.8920
Resistance: 0.9000
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Pound (GBP)
Key news events today
No major news events.
What can we expect from GBP today?
Despite stronger demand for the dollar overnight, Cable was resilient as it remained elevated above the level of 1.2650. This currency pair was trading around 1.2965 at the beginning of the Asia session – these are the support and resistance levels for today.
Support: 1.2895
Resistance: 1.3000
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Canadian Dollar (CAD)
Key news events today
CPI (12:30 GMT)
What can we expect from CAD today?
Inflation in Canada accelerated in May across the various CPI metrics but the latest estimates for June point to a potential stall in prices. Should consumer inflation come in softer than anticipated, the Loonie could face selling pressures which could potentially lift USD/CAD later today.
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
Oil
Key news events today
API Crude Oil Stock (8:30 pm GMT)
What can we expect from Oil today?
Demand for crude oil remains weak as concerns on a slowing Chinese economy gain traction – WTI oil shed 0.33% yesterday, tumbling under $82 per barrel. China’s economy grew much slower than anticipated in the second quarter of this year, as the protracted downturn in the property sector continues to weigh on the economy. Moving over to U.S. inventories, the API stockpiles have signalled stronger demand over the last couple of weeks. Should inventories register a larger-than-expected drawdown once more, it could be the catalyst that markets are looking for prices to finally find a floor.
Next 24 Hours Bias
Medium Bearish
The post IC Markets Europe Fundamental Forecast | 16 July 2024 first appeared on IC Markets | Official Blog.
402393 July 16, 2024 14:14 Forexlive Latest News Market News
US stocks might be continuing to scale to fresh record highs but European indices aren’t really joining in on the party. The concerns after the French election is leaving for quite the hangover still. As for US futures, S&P 500 futures are seen up 0.1% currently.
This article was written by Justin Low at www.forexlive.com.
402392 July 16, 2024 14:14 ICMarkets Market News
Canadian dollar traders will be eagerly awaiting the latest CPI data, due to be released later today. The Bank of Canada was one of the first major central banks to embark on its easing cycle, and the market is looking for signs that it can continue to pull its rates back at coming meetings, with the next rate decision due on 24 July. The monthly data is expected to show a sharp decrease to 0.1% from 0.6%, with the year-on-year number dropping to 2.8% after what had been an unexpected pick-up in the May data. If the key inflation numbers come down in line with expectations, or even lower, then the possibility of another rate cut next week will increase, which should put some pressure on the local currency.
USD/CAD is sitting in the middle of recent ranges, and a CPI print significantly off expectations should see it challenge the range extremities. A lower-than-expected result should see the loonie sell off and the pair challenge resistance around 1.3750, while another surprise higher print should see a sharp rally for the CAD and a threat to short-term support around the 1.3590 level. US retail sales numbers are due to be released at the same time; however, for the CAD, expect the Canadian data to have more of an impact.
Resistance 2: 1.3817 – Long-Term Trendline Resistance
Resistance 1: 1.3758 – Short-Term Trendline Resistance
Support 1: 1.3585 – Short-Term Support and July/May Lows
Support 2: 1.3420 – Long-Term Trendline Support
The post Trade the Canadian Dollar on the CPI Data first appeared on IC Markets | Official Blog.
402391 July 16, 2024 13:14 ICMarkets Market News
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: 104.52
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. The presence of a descending trendline and the bearish Ichimoku cloud adds further significance to the bearish momentum.
1st support: 104.04
Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area that could halt further downward movement.
1st resistance: 105.12
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.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.
Pivot: 1.0859
Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement level, indicating a potential area where buying interests could pick up. The presence of an ascending trendline and the bullish Ichimoku cloud adds further significance to the bullish momentum.
1st support: 1.0844
Supporting reasons: Identified as a pullback support level, suggesting a potential area that could halt further downward movement.
1st resistance: 1.0913
Supporting reasons: Identified as a pullback resistance, indicating a potential area where previous rallies have faced selling pressure or reversed.
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: 173.23
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.
1st support: 171.80
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.
1st resistance: 175.18
Supporting reasons: Identified as a pullback resistance, indicating a significant point where previous rallies have faced selling pressure or reversed.
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 to the 1st support.
Pivot: 0.8435
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.
1st support: 0.8387
Supporting reasons: Identified as a pullback support, suggesting a significant area where previous declines have found support.
1st resistance: 0.8455
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.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.
Pivot: 1.2906
Supporting reasons: Identified as a pullback support level that aligns with a 23.6% Fibonacci retracement level, indicating a potential area where buying interests could pick up to resume the uptrend. The presence of an uptrend channel and the bullish Ichimoku cloud adds further significance to the bullish momentum.
1st support: 1.2853
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a potential area that could halt further downward movement.
1st resistance: 1.2990
Supporting reasons: Identified as a pullback resistance, indicating a significant point where price has stalled recently.
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: 205.97
Supporting reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.
1st support: 204.07
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.
1st resistance: 207.97
Supporting reasons: Identified as a pullback resistance, indicating a significant point where previous rallies have faced selling pressures or reversed.
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 drop towards the 1st support.
Pivot: 0.8997
Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement level, indicating a potential area where selling pressures could intensify. The presence of a bearish Ichimoku cloud adds further significance to the bearish momentum.
1st support: 0.8918
Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting a significant area where previous declines have found support.
1st resistance: 0.9044
Supporting reasons: Identified as a swing-high resistance, indicating a potential zone where previous rallies have faced selling pressures or reversed.
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 drop towards the 1st support.
Pivot: 159.39
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.
1st support: 157.68
Supporting reasons: Identified as a pullback support, suggesting a significant area where price has found strong support recently.
1st resistance: 160.51
Supporting reasons: Identified as a pullback resistance, indicating a potential zone that could halt further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Neutral
Price is trading close to the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.
Pivot:1.3680
Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, suggesting a potential area where selling pressures could intensify.
1st support: 1.3634
Supporting reasons: Identified as a pullback support, suggesting a potential area that could halt further downward movement.
1st resistance: 1.3731
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.
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: 0.6732
Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, indicating a potential zone where buying interests could pick up. The presence of a bullish Ichimoku cloud adds further significance to the bullish momentum.
1st support: 0.6701
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.
1st resistance: 0.6792
Supporting reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Neutral
Price could fall towards the pivot and potentially make a bullish bounce off this level to rise higher towards the 1st resistance.
Pivot: 0.6048
Supporting reasons: Identified as an overlap support that aligns with a 50% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a minor rebound.
1st support: 0.5982
Supporting reasons: Identified as an overlap support that aligns with a 161.8% Fibonacci extension level, suggesting a significant area that could halt further downward momentum.
1st resistance: 0.6125
Supporting reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement.
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: 40,660.41
Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension level, indicating a potential area where selling pressures could intensify.
1st Support: 40,056.05
Supporting Reasons: Identified as an overlap support, suggesting a significant area where price could find strong support.
1st Resistance: 41,378.74
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.
Potential Direction: Bullish
Overall Momentum of the Chart: Neutral
Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.
Pivot: 18,509.30
Supporting reasons: Identified as a pullback support that aligns close to a 50% Fibonacci retracement level, indicating a potential area where buying interests could pick up.
1st Support: 18,436.90
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: 18,808.10
Supporting Reasons: Identified as a multi-swing-high resistance, indicating a significant area that could halt further upward movement.
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: 5,702.70
Supporting reasons: Identified as a resistance that aligns with a 61.8% Fibonacci projection level, indicating a potential area where selling pressures could intensify.
1st support: 5,575.74
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.
1st resistance: 5,737.88
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.
Potential Direction: Bearish
Overall momentum of the chart: Bullish
Price could rise towards the pivot and potentially make a bearish reversal off this level to fall towards the 1st support.
Pivot: 66,971.73
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.
1st support: 62,395.17
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.
1st resistance: 70,045.45
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: Bullish
Price could rise towards the pivot and potentially make a bearish reversal off this level to fall towards the 1st support.
Pivot: 3,533.10
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.
1st Support: 3,343.77
Supporting Reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement level, indicating a significant area that could halt further downward movement.
1st Resistance: 3,717.11
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.
Potential Direction: Bullish
Overall Momentum of the Chart: Neutral
Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.
Pivot: 81.12
Supporting Reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci projection level, indicating a potential area where buying interests could pick up.
1st Support: 79.85
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 significant area where price could find strong support.
1st Resistance: 83.78
Supporting Reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, indicating a potential barrier that could halt further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bullish
Price could rise towards the pivot and potentially make a bearish reversal off this level to pull back towards the 1st support.
Pivot: 2,449.62
Supporting reasons: Identified as a swing-high resistance that aligns with a 78.6% Fibonacci projection level, indicating a significant area where selling pressures could intensify.
1st support: 2,403.73
Supporting reasons: Identified as a pullback support that aligns with a 23.6% Fibonacci retracement level, suggesting a significant area where price has found support recently.
1st resistance: 2,466.55
Supporting reasons: Identified as a resistance that aligns with a 100% Fibonacci projection level, indicating a historical point where previous rallies have faced selling pressure or reversed.
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The post Tuesday 16th July 2024: Technical Outlook and Review first appeared on IC Markets | Official Blog.