{"id":66193,"date":"2024-05-21T13:38:32","date_gmt":"2024-05-21T03:38:32","guid":{"rendered":"https:\/\/www.icmarkets-vnd.com\/blog\/?p=66193"},"modified":"2024-05-21T13:38:34","modified_gmt":"2024-05-21T03:38:34","slug":"tuesday-21st-may-2024-technical-outlook-and-review","status":"publish","type":"post","link":"https:\/\/www.icmarkets-vnk.com\/blog\/tuesday-21st-may-2024-technical-outlook-and-review\/","title":{"rendered":"Tuesday 21st May 2024: Technical Outlook and Review"},"content":{"rendered":"\n

DXY (US Dollar Index):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bearish<\/p>\n\n\n\n

Factors contributing to the momentum is that price is: In a bearish descending channel<\/p>\n\n\n\n

Price could potentially make a: Bearish reaction off pivot and drop to 1st support<\/p>\n\n\n\n

Pivot: 104.88<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance with confluence from the 38.20% Fibonacci Retracement, suggesting a level where selling pressure may intensify, potentially leading to a bearish reaction.<\/p>\n\n\n\n

1st support: 104.09<\/p>\n\n\n\n

Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a support for downward movement.<\/p>\n\n\n\n

1st resistance: 105.56<\/p>\n\n\n\n

Supporting reasons: Noted as an overlap resistance with confluence from the 61.80% Fibonacci Retracement, suggesting a significant area where selling pressure may be present, potentially hindering further upward movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

EUR\/USD:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Factors contributing to the momentum is that price is: Within the bullish Ichimoku cloud<\/p>\n\n\n\n

Price could potentially make a: Bullish bounce off pivot and heads toward 1st resistance<\/p>\n\n\n\n

Pivot: 1.0812<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a pivot for bullish movement.<\/p>\n\n\n\n

1st support: 1.0745<\/p>\n\n\n\n

Supporting reasons: Recognized as an overlap support with confluence from the 50% Fibonacci Retracement, suggesting a significant area where buying pressure may intensify, potentially providing additional support for upward movement.<\/p>\n\n\n\n

1st resistance: 1.0890<\/p>\n\n\n\n

Supporting reasons: Noted as an overlap resistance, suggesting a significant area where selling pressure may be present, potentially hindering further upward movement<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

EUR\/JPY:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price could potentially make a bearish reaction off pivot and drop to 1st support<\/p>\n\n\n\n

Pivot: 170.01<\/p>\n\n\n\n

Supporting reasons: Identified as a pivot with confluence from the 78.60% Fibonacci Retracement, suggesting a significant area where selling pressure may intensify, potentially leading to a bearish reaction.<\/p>\n\n\n\n

1st support: 167.39<\/p>\n\n\n\n

Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a support for downward movement.<\/p>\n\n\n\n

1st resistance: 171.63<\/p>\n\n\n\n

Supporting reasons: Noted as a swing high resistance, indicating a significant historical level where selling pressure may be present, potentially hindering further upward movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

<\/h1>\n\n\n\n

EUR\/GBP:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bearish<\/p>\n\n\n\n

Price could potentially make a bearish reaction off pivot and drop to 1st support<\/p>\n\n\n\n

Pivot: 0.8565<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap resistance, suggesting a significant historical level where selling pressure may intensify, potentially leading to a bearish reaction.<\/p>\n\n\n\n

1st support: 0.8530<\/p>\n\n\n\n

Supporting reasons: Recognized as a multi-swing low support, indicating a historical level where buying interest has emerged, potentially acting as a support for downward movement.<\/p>\n\n\n\n

1st resistance: 0.8590<\/p>\n\n\n\n

Supporting reasons: Noted as an overlap resistance, indicating another significant historical level where selling pressure may be present, potentially hindering further upward movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

GBP\/USD:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Factors contributing to the momentum is that price is: In a bullish ascending channel<\/p>\n\n\n\n

Price could potentially make a bullish bounce off pivot and heads towards 1st resistance<\/p>\n\n\n\n

Pivot: 1.2634<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback support, suggesting a level where buying interest may emerge, potentially acting as a pivot for bullish movement.<\/p>\n\n\n\n

1st support: 1.2561<\/p>\n\n\n\n

Supporting reasons: Recognized as a pullback support, indicating another level where buying interest may emerge, potentially providing additional support for upward movement.<\/p>\n\n\n\n

1st resistance: 1.2763<\/p>\n\n\n\n

Supporting reasons: Noted as a pullback resistance with confluence from the 78.60% Fibonacci Retracement and 100% Fibonacci Projection, suggesting a significant area where selling pressure may intensify, potentially hindering further upward movement. The Fibonacci confluence enhances the significance of this resistance level.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

GBP\/JPY:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price could potentially make a bullish bounce off pivot and heads towards 1st resistance<\/p>\n\n\n\n

Pivot: 197.47<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a pivot for bullish movement.<\/p>\n\n\n\n

1st support: 195.49<\/p>\n\n\n\n

Supporting reasons: Recognized as an overlap support, indicating another historical level where buying interest may emerge, potentially providing additional support for upward movement.<\/p>\n\n\n\n

1st resistance: 200.60<\/p>\n\n\n\n

Supporting reasons: Noted as a swing high resistance with confluence from the 100% Fibonacci Projection, suggesting a significant historical level where selling pressure may be present, potentially hindering further upward movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

USD\/CHF:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bearish<\/p>\n\n\n\n

Price could potentially make a bearish reaction off pivot and drop to 1st support<\/p>\n\n\n\n

Pivot: 0.9152<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance with confluence from the 61.80% Fibonacci Retracement and 127.20% Fibonacci Extension, suggesting a significant area where selling pressure may intensify, potentially leading to a bearish reaction.<\/p>\n\n\n\n

1st support: 0.8996<\/p>\n\n\n\n

Supporting reasons: Recognized as a multi-swing low support, indicating a historical level where buying interest has emerged, potentially acting as a support for downward movement.<\/p>\n\n\n\n

1st resistance: 0.9223<\/p>\n\n\n\n

Supporting reasons: Noted as a swing high resistance, indicating a significant historical level where selling pressure may be present, potentially hindering further upward movement.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

USD\/JPY:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bearish<\/p>\n\n\n\n

Price could potentially make a bearish reaction off pivot and drop to 1st support<\/p>\n\n\n\n

Pivot: 156.58<\/p>\n\n\n\n

Supporting reasons: Identified as a swing high resistance, indicating a significant historical level where selling pressure may intensify, potentially leading to a bearish reaction.<\/p>\n\n\n\n

1st support: 153.63<\/p>\n\n\n\n

Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a support for downward movement.<\/p>\n\n\n\n

1st resistance: 158.41<\/p>\n\n\n\n

Supporting reasons: Noted as a swing high resistance with confluence from the 78.60% Fibonacci Retracement and 127.20% Fibonacci Extension, suggesting a significant area where selling pressure may intensify, potentially hindering further upward movement. The Fibonacci confluence enhances the significance of this resistance level.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

USD\/CAD:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Neutral<\/p>\n\n\n\n

Price is rising towards the pivot and could potentially make a bearish reaction off this level to drop towards the 1st support.<\/p>\n\n\n\n

Pivot: 1.3649<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where price could stall and reverse to drop lower.<\/p>\n\n\n\n

1st support: 1.3590<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback support, suggesting an area where price has found strong buying interests in the past to potentially halt any further downward movement.<\/p>\n\n\n\n

1st resistance: 1.3687<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

AUD\/USD:<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 0.6648<\/p>\n\n\n\n

Supporting reasons: Acts as an overlap support, suggesting an area where buying interests could pick up to stage a rebound.<\/p>\n\n\n\n

1st support: 0.6593<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where price has found strong support recently to provide a basis to halt further downward movement.<\/p>\n\n\n\n

1st resistance: 0.6714<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance that aligns close to a 127.2% Fibonacci extension level, marking a barrier that has previously capped upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

NZD\/USD<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 0.6074<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support that aligns with a 23.6% Fibonacci retracement level, suggesting an area where buying interests could pick up.<\/p>\n\n\n\n

1st support: 0.6038<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting a potential area where price could find strong support to halt further downward movement.<\/p>\n\n\n\n

1st resistance: 0.6136<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap resistance, marking a barrier that has previously capped upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

US30 (DJIA):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance. In addition, the presence of a RSI bearish divergence increases the probability of a pull back towards the pivot.<\/p>\n\n\n\n

Pivot: 39,310.89<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a rebound.<\/p>\n\n\n\n

1st support: 38,572.60<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap support that aligns close to 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.<\/p>\n\n\n\n

1st resistance: 40,075.11<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance at the all-time high, indicating a potential barrier that could cap any upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

<\/h1>\n\n\n\n

DE40 (DAX):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 18,534.90<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback support that aligns close to a 23.6% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a rebound.<\/p>\n\n\n\n

1st support: 18,319.76<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support that aligns close to a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movement.<\/p>\n\n\n\n

1st resistance: 18,894.40<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance close to the all-time high, potentially functioning as a barrier that could cap any upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

US500 (S&P 500): <\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price could fall towards the pivot and potentially make a bullish reaction off this level to rise towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 5,276.06<\/p>\n\n\n\n

Supporting reasons: Identified as pullback support, suggesting an area where buying interests could pick up to stage a rebound.<\/p>\n\n\n\n

1st support: 5,206.96<\/p>\n\n\n\n

Supporting reasons: Acts 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.<\/p>\n\n\n\n

1st resistance: 5,379.91<\/p>\n\n\n\n

Supporting reasons: Acts as a resistance that aligns with a 127.2% Fibonacci extension level, suggesting a significant area where selling pressures could intensify.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

BTC\/USD (Bitcoin):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price has made a bearish reaction off the pivot and could potentially drop towards the 1st support.<\/p>\n\n\n\n

Pivot: 71,299.24<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance, suggesting an area where selling pressures have intensified in the past.<\/p>\n\n\n\n

1st support: 67,274.48<\/p>\n\n\n\n

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movements.<\/p>\n\n\n\n

1st resistance: 73,435.36<\/p>\n\n\n\n

Supporting reasons: Marked by a pullback resistance, indicating a significant barrier that could cap further upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

ETH\/USD (Ethereum):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bearish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price has made a bearish reaction off the pivot and could potentially drop towards the 1st support.<\/p>\n\n\n\n

Pivot: 3,702.62<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance, suggesting an area where selling pressures have intensified in the past.<\/p>\n\n\n\n

1st support: 3,457.27<\/p>\n\n\n\n

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

1st resistance: 3,951.32<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap resistance that aligns close to a 127.2% Fibonacci extension level, marking a significant barrier that could cap further upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

<\/h1>\n\n\n\n

WTI\/USD (Oil):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Neutral<\/p>\n\n\n\n

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.<\/p>\n\n\n\n

Pivot: 77.22<\/p>\n\n\n\n

Supporting reasons: Identified as pullback support, suggesting an area where buying interests could pick up to stage a rebound.<\/p>\n\n\n\n

1st support: 75.84<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback support, suggesting a significant area where price has previously found strong buying interest recently and could provide a solid foundation to halt further downward movements.<\/p>\n\n\n\n

1st resistance: 80.89<\/p>\n\n\n\n

Supporting reasons: Identified as a pullback resistance that aligns close to a 38.2% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

XAU\/USD (GOLD):<\/strong><\/h1>\n\n\n\n

Potential Direction: Bullish<\/p>\n\n\n\n

Overall momentum of the chart: Bullish<\/p>\n\n\n\n

Price could potentially make a bullish bounce-off pivot and head towards 1st resistance<\/p>\n\n\n\n

Pivot: 2409.34<\/p>\n\n\n\n

Supporting reasons: Identified as an overlap support with confluence from the 23.60% Fibonacci Retracement, suggesting a significant historical level where buying interest may emerge, potentially acting as a pivot for bullish movement.<\/p>\n\n\n\n

1st support: 2372.23<\/p>\n\n\n\n

Supporting reasons: Recognized as an overlap support with confluence from the 50% Fibonacci Retracement, indicating another historical level where buying interest has emerged, potentially providing additional support for upward movement.<\/p>\n\n\n\n

1st resistance: 2474.00<\/p>\n\n\n\n

Supporting reasons: Noted as a significant resistance level, suggesting a potential target for bullish movement, with confluence from the 127.20% Fibonacci Extension.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

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Identified as a pullback resistance with confluence from the 38.20% Fibonacci Retracement, suggesting a level where selling pressure may intensify, potentially leading to a bearish reaction.<\/p>\n","protected":false},"author":8,"featured_media":62174,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[216],"tags":[],"class_list":["post-66193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex-news-daily"],"_links":{"self":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/66193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/comments?post=66193"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/66193\/revisions"}],"predecessor-version":[{"id":66194,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/66193\/revisions\/66194"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/media\/62174"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/media?parent=66193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/categories?post=66193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/tags?post=66193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}