DXY (US Dollar Index):

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 106.07
Supporting reasons: Identified as a swing high resistance level, specifically at the 78.60% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.

1st support: 105.43
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 106.48
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: Bullish
Overall momentum of the chart: Bullish

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

Pivot: 1.0721
Supporting reasons: Identified as an overlap support level, specifically at the 50% Fibonacci Retracement, indicating a potential area where buyers could enter the market after a retracement.

1st support: 1.0674
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 1.0796
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: Bullish

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

Pivot: 174.74
Supporting reasons: Identified as a swing high resistance level, specifically at the 127.20% Fibonacci Extension, indicating a potential area where sellers could enter the market after a retracement.

1st support: 171.58
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 176.30
Supporting reasons: Identified as a resistance level, specifically at the 161.80% Fibonacci Extension, 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: 0.8462
Supporting reasons: Identified as an overlap support level, specifically at the 50% Fibonacci Retracement, indicating a potential area where buyers could enter the market after a retracement.

1st support: 0.8433
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 0.8531
Supporting reasons: Identified as an overlap resistance level, specifically at the 61.80% Fibonacci Retracement, indicating a historical point where previous rallies have faced

GBP/USD:

Potential Direction: Neutral
Overall momentum of the chart: Bearish

Price could potentially fluctuate between the 1st resistance and 1st support level.

1st support: 1.2608
Supporting reasons: Identified as a pullback resistance level, indicating a significant area where previous declines have found support.

1st resistance: 1.2705
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.

GBP/JPY:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

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

Pivot: 205.24
Supporting reasons: Identified as a level influenced by the 61.80% Fibonacci Projection, indicating a potential area where sellers could enter the market after a retracement.

1st support: 200.65
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.

1st resistance: 206.88
Supporting reasons: Identified as a level influenced by the 78.60% Fibonacci Projection, 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: 0.8928
Supporting reasons: Identified as an overlap resistance level, specifically at the 61.80% Fibonacci Retracement and 127.20% Fibonacci Extension, indicating Fibonacci confluence and a potential area where sellers could enter the market after a retracement.

1st support: 0.8858
Supporting reasons: Identified as an overlap support level, specifically at the 38.20% Fibonacci Retracement, suggesting a significant area where previous declines have found support.

1st resistance: 0.9089
Supporting reasons: Identified as a pullback resistance level, specifically at the 78.60% Fibonacci Retracement and 161.80% Fibonacci Extension, indicating Fibonacci confluence and a historical point where previous rallies have faced selling pressure or reversed.

USD/JPY:

Potential Direction: Weak bullish with low confidence
Overall momentum of the chart: Bullish

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

Pivot: 160.28
Supporting reasons: Identified as an overlap support level, indicating a significant area where previous declines have found support.

1st support: 158.04
Supporting reasons: Identified as a pullback support level, suggesting a potential area where buyers could enter the market after a retracement.

1st resistance: 165.70
Supporting reasons: Identified as a resistance level, specifically at the 161.80% Fibonacci Extension, indicating a historical point where previous rallies have faced selling pressure or reversed.

USD/CAD:

Potential Direction: Bullish
Overall momentum of the chart: Neutral

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

Pivot: 1.3668
Supporting reasons: Identified as a swing-low support, indicating a potential area where buying interests could pick up to stage a minor rebound.

1st support: 1.3645
Supporting reasons: Identified as a swing-low support that aligns with a 78.6% Fibonacci retracement level, suggesting a potential area that could halt further downward movement.

1st resistance: 1.3730
Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci projection level, indicating a significant area where selling pressures could intensify.

AUD/USD:

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 1st support.

Pivot: 0.6685
Supporting reasons: Identified as a multi-swing-high resistance that aligns close to a 78.6% Fibonacci projection level, indicating a potential area where selling pressures could intensify.

1st support: 0.6643
Supporting reasons: Identified as a swing-low support, suggesting a significant area where price has found strong support recently.

1st resistance: 0.6701
Supporting reasons: Identified as a swing-high resistance that aligns with a 127.2% Fibonacci extension level, indicating a significant area that could halt further upward movement.

NZD/USD

Potential Direction: Bearish
Overall momentum of the chart: Bearish

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

Pivot: 0.6109
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement level, indicating a potential area where selling pressures could intensify. In addition, price is also trading below the bearish Ichimoku cloud to highlight the bearish momentum.

1st support: 0.6044
Supporting reasons: Identified as an overlap support, suggesting a significant area where price has found strong support in the past.

1st resistance: 0.6147
Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, indicating a significant area that could halt further upward movement.

US30 (DJIA):

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 1st support.

Pivot: 39,565.69
Supporting reasons: Identified as an overlap resistance that aligns close to a 78.6% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st Support: 38,980.78

Supporting Reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 38.2% and the 50% retracement levels, suggesting a significant area that could halt further downward movement. The presence of the bullish Ichimoku cloud also adds as another supporting factor to the strength of this support zone.

1st Resistance: 40,075.11

Supporting Reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a significant area that could halt further upward movement.

DE40 (DAX):

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 1st support.

Pivot: 18,424.70
Supporting reasons: Identified as a swing-high resistance that aligns close to a 100% Fibonacci projection level, indicating a potential area where selling pressures could intensify.

1st Support: 18,064.40

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

1st Resistance: 18,650.40

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

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price is rising towards the pivot and could potentially make a bullish breakout through this level to rise towards 1st resistance.

Pivot: 5,514.06

Supporting Reasons: Identified as a potential breakout level where the bullish momentum could drive price higher. The presence of a bullish Ichimoku cloud underneath price also serves as an additional bullish indicator. 

1st support: 5,449.66

Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement level, indicating a significant area that could halt further downward movement.

1st resistance: 5,571.72

Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension level, suggesting a critical area where selling pressures may intensify and potentially 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: 59,898.03

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 to stage a minor rebound.

1st support: 58,384.53

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

1st resistance: 63,693.64

Supporting reasons: Identified as an overlap resistance that aligns with a 38.2% 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 is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.

Pivot: 3,357.88

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 to stage a minor rebound.

1st Support: 3,243.43

Supporting Reasons: Identified as a swing-low support that aligns with a 161.8% Fibonacci extension level, indicating a significant area that could halt further downward movement.

1st Resistance: 3,492.41

Supporting Reasons: Identified as a swing-high resistance, indicating a historical barrier where selling pressures could intensify.

WTI/USD (Oil):

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 drop towards the 1st support.

Pivot: 84.54

Supporting reasons: Identified as a swing-high resistance that aligns with a 78.6% Fibonacci retracement level, indicating a potential area where selling pressures could intensify.

1st Support: 83.05

Supporting Reasons: Identified as a pullback support, indicating a significant area where price could find strong support to rebound and resume the uptrend. The presence of an ascending trendline and the bullish Ichimoku cloud underneath price function as additional supporting factors to the strength of this zone.

1st Resistance: 86.19

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

XAU/USD (GOLD):

Potential Direction: Bullish
Overall momentum of the chart: Bearish

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

Pivot: 2318.80
Supporting reasons: Identified as an overlap support level, indicating a significant area where previous declines have found support.

1st support: 2295.58
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.

1st resistance: 2352.81
Supporting reasons: Identified as a pullback resistance level, specifically at the 78.60% Fibonacci Retracement and 127.20% Fibonacci Extension, indicating Fibonacci confluence and a historical point where previous rallies have faced selling pressure or reversed.

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The post Wednesday 3rd July 2024: Technical Outlook and Review first appeared on IC Markets | Official Blog.