DXY (US Dollar Index):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a Bearish continuation towards 1st support

Pivot: 105.00

Supporting reasons: Identified as an overlap resistance, coinciding with the 38.20% Fibonacci Retracement, indicating a significant historical level where selling pressure may be present.

1st support: 104.14

Supporting reasons: Recognized as an overlap support, suggesting a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 106.36

Supporting reasons: Noted as multi-swing high resistance, indicating a level where selling pressure has intensified in the past, potentially hindering further upward movement.

EUR/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 1.0915

Supporting reasons: Identified as an overlap resistance, coinciding with the 78.60% Fibonacci Retracement, suggesting a significant area where selling pressure may be present.

1st support: 1.0805

Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 1.0993

Supporting reasons: Noted as an overlap resistance, suggesting a level where selling pressure may intensify, potentially hindering further upward movement.

EUR/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 169.30

Supporting reasons: Identified as an overlap support, indicating a historical level where buying interest has emerged.

1st support: 165.40

Supporting reasons: Recognized as a pullback support level, suggesting a potential area where buyers might enter the market.

1st resistance: 171.59

Supporting reasons: Noted as a swing high resistance level, indicating a historical level where selling pressure may intensify.

EUR/GBP:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

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

Pivot: 0.8502

Supporting reasons: Identified as a multi-swing low support, suggesting a historical level where buying interest has emerged.

1st support: 0.8474

Supporting reasons: Recognized as a level coinciding with the 161.80% Fibonacci Extension, indicating a potential area where buyers might enter the market.

1st resistance: 0.8516

Supporting reasons: Noted as an overlap resistance, coinciding with the 23.60% Fibonacci Retracement, suggesting a level where selling pressure may intensify.

GBP/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 1.2782

Supporting reasons: Identified as an overlap resistance, coinciding with the 78.60% Fibonacci Retracement, suggesting a significant area where selling pressure may be present.

1st support: 1.2635

Supporting reasons: Recognized as pullback support, coinciding with the 38.20% Fibonacci Retracement, indicating a historical level where buying interest has emerged.

1st resistance: 1.2860

Supporting reasons: Noted as swing high resistance, suggesting a level where selling pressure has previously halted upward movement.

GBP/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 197.15

Supporting reasons: Identified as pullback support, indicating a level where buying interest has historically emerged during pullback phases.

1st support: 193.40

Supporting reasons: Recognized as pullback support, suggesting a historical level where buying pressure has previously halted downward movement.

1st resistance: 200.60

Supporting reasons: Noted as swing high resistance, indicating a level where selling pressure has previously hindered further upward movement.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

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

Pivot: 0.9195

Supporting reasons: Identified as swing high resistance, suggesting a level where selling pressure may be present based on historical price action.

1st support: 0.8991

Supporting reasons: Noted as multi-swing low support, indicating a historical level where buying interest has emerged from multiple price swings.

1st resistance: 0.9305

Supporting reasons: Identified as an overlap resistance and coinciding with the 127.20% Fibonacci level, suggesting a significant area where selling pressure may intensify.

USD/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 156.46

Supporting reasons: Identified as an overlap support, suggesting a level where buying interest may emerge based on historical price action.

1st support: 151.81

Supporting reasons: Recognized as an overlap support and coinciding with the 61.80% Fibonacci Retracement, indicating a significant area where buying interest might strengthen.

1st resistance: 160.19

Supporting reasons: Noted as swing high resistance, suggesting a level where selling pressure may increase, potentially hindering further upward movement.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 1.3650

Supporting reasons: Identified as an overlap support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where buying interests could pick to stage a minor rebound.

1st support: 1.3596

Supporting reasons: Identified as a pullback support, suggesting an area where price could find strong buying interests to potentially halt any further downward movement.

1st resistance: 1.3729

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

AUD/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.

Pivot: 0.6667

Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement level, suggesting an area where selling pressures have intensified in the past.

1st support: 0.6565

Supporting reasons: Acts as an overlap support that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where price has found strong support in the past to provide a basis to halt further downward movement.

1st resistance: 0.6721

Supporting reasons: Identified as an overlap resistance, marking a barrier that has previously capped upward movements.

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.

Pivot: 0.6175

Supporting reasons: Identified as a pullback resistance that aligns with a 61.8% Fibonacci retracement level, suggesting an area where selling pressures have intensified in the past.

1st support: 0.6081

Supporting reasons: Acts as an overlap support that aligns with a 23.6% Fibonacci retracement level, suggesting a potential area where price could find strong support to halt further downward movement.

1st resistance: 0.6249

Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement level, marking a barrier that has previously capped upward movements.

US30 (DJIA):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

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

Pivot: 39,000.73

Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a minor rebound.

1st support: 38,523.42

Supporting reasons: Identified as an overlap support, suggesting a significant area where price could find strong buying interests to provide a solid foundation to halt further downward movement.

1st resistance: 40,056.05

Supporting reasons: Identified as a pullback resistance that aligns close to the all-time high, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.

Pivot: 18,873.20

Supporting reasons: Identified as a pullback resistance that aligns with a 127.2% Fibonacci extension level, suggesting an area where selling pressures have intensified in the past.

1st support: 18,534.90

Supporting reasons: Acts as an overlap support that aligns close to a 23.6% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movement.

1st resistance: 19,148.57

Supporting reasons: Identified as a resistance that aligns with a 78.6% Fibonacci projection level, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Bullish

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

Pivot: 5,263.47

Supporting reasons: Identified as an overlap support that aligns with a 23.6% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a rebound.

1st support: 5,147.29

Supporting reasons: Acts as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting a significant area where price could find strong buying interests to provide a solid foundation to halt further downward movement.

1st resistance: 5,380.58

Supporting reasons: Acts as a resistance that aligns with a 127.2% Fibonacci extension, suggesting a significant area where selling pressures could intensify.

BTC/USD (Bitcoin):

Potential Direction: Bearish

Overall momentum of the chart: Neutral

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.

Pivot: 73,176.19

Supporting reasons: Identified as a pullback resistance, suggesting an area where selling pressures have intensified in the past.

1st support: 67,155.16

Supporting reasons: Acts as an overlap support that aligns close to a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movements.

1st resistance: 77,176.60

Supporting reasons: Marked by a resistance that aligns with a 127.2% Fibonacci extension level, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.

Pivot: 4,032.94

Supporting reasons: Identified as a pullback resistance, suggesting an area where selling pressures have intensified in the past.

1st support: 3,679.43

Supporting reasons: Identified as an overlap support, suggesting a significant area which could provide a strong foundation to halt further downward movements.

1st resistance: 4,440.86

Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension level, marking a significant barrier that could cap further upward movements.

WTI/USD (Oil):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.

Pivot: 80.20

Supporting reasons: Identified as pullback resistance, suggesting an area where selling pressures have intensified recently.

1st support: 76.35

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where price has found strong buying interests in the past and could provide a solid foundation to halt further downward movements.

1st resistance: 84.38

Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

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: 2391.00

Supporting reasons: Identified as pullback resistance, indicating a level where selling pressure may intensify.

1st support: 2285.75

Supporting reasons: Recognized as multi-swing low support, suggesting a historical level where buying interest has emerged.

1st resistance: 2452.70

Supporting reasons: Noted as swing high resistance, indicating a significant level where selling pressure may increase, potentially hindering further upward movement.

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. 

The post Monday 27th May 2024: Technical Outlook and Review first appeared on IC Markets | Official Blog.