Welcome to today’s comprehensive technical outlook and market analysis for July 29, 2024. This detailed analysis covers key financial instruments including major currency pairs, indices, and commodities, providing valuable insights for traders seeking reliable forex trading signals and informed market decisions. Our analysis includes critical support and resistance levels, potential market directions, and the overall momentum of each chart. Whether you’re a seasoned trader or new to the forex market, this analysis will help you navigate today’s trading opportunities effectively. Dive in to discover what to trade today and stay ahead in the dynamic world of forex trading.
DXY (US Dollar Index)
Potential Direction: Bullish Overall Momentum: Bearish
Analysis: The DXY shows potential for a bullish bounce off the pivot point, heading towards the first resistance.
- Pivot: 103.69
- Reason: Swing low support level, indicating a significant area where previous declines have found support.
- 1st Support: 102.72
- Reason: Overlap support level at 161.80% Fibonacci Extension, indicating a significant support area from previous declines.
- 1st Resistance: 105.15
- Reason: Overlap resistance level at 61.80% Fibonacci Retracement, marking a historical point where previous rallies faced selling pressure or reversed.
EUR/USD
Potential Direction: Bearish Overall Momentum: Bearish
Analysis: The EUR/USD is likely to experience a bearish reaction off the pivot, dropping to the first support.
- Pivot: 1.0948
- Reason: Multi-swing high resistance level at 127.20% Fibonacci Extension, a potential entry point for sellers after a retracement.
- 1st Support: 1.0799
- Reason: Overlap support level at 50% Fibonacci Retracement, suggesting significant support from previous declines.
- 1st Resistance: 1.1106
- Reason: Swing high resistance level, marking a historical point where previous rallies faced selling pressure or reversed.
EUR/JPY
Potential Direction: Bearish Overall Momentum: Bearish
Analysis: The EUR/JPY could see a bearish reaction off the pivot, falling towards the first support.
- Pivot: 168.34
- Reason: Pullback resistance level at 38.20% Fibonacci Retracement, a potential entry point for sellers after a retracement.
- 1st Support: 164.59
- Reason: Overlap support level at 50% Fibonacci Retracement, indicating significant support from previous declines.
- 1st Resistance: 171.60
- Reason: Overlap resistance level at 61.80% Fibonacci Retracement, marking a historical point where previous rallies faced selling pressure or reversed.
EUR/GBP
Overall Momentum: Bearish
Analysis: EUR/GBP is expected to make a bearish reaction off the pivot, dropping to the first support.
- Pivot: 0.8498
- Reason: Overlap resistance level at 50% Fibonacci Retracement, a potential entry point for sellers after a retracement.
- 1st Support: 0.8385
- Reason: Swing low support level, indicating significant support from previous declines.
- 1st Resistance: 0.8532
- Reason: Overlap resistance level at 78.60% Fibonacci Retracement, marking a historical point where previous rallies faced selling pressure or reversed.
GBP/USD
Potential Direction: Bullish Overall Momentum: Bullish
Analysis: GBP/USD could see a bullish bounce off the pivot, heading towards the first resistance.
- Pivot: 1.2817
- Reason: Pullback support level at 50% Fibonacci Projection, indicating a potential entry point for buyers after a retracement.
- 1st Support: 1.2615
- Reason: Pullback support level at 61.80% Fibonacci Retracement, indicating significant support from previous declines.
- 1st Resistance: 1.3008
- Reason: Swing high resistance level, marking a historical point where previous rallies faced selling pressure or reversed.
GBP/JPY
Potential Direction: Bullish Overall Momentum: Bullish
Analysis: GBP/JPY could experience a bullish bounce off the pivot, heading towards the first resistance.
- Pivot: 197.53
- Reason: Overlap support level at 38.20% Fibonacci Retracement, indicating a potential entry point for buyers after a retracement.
- 1st Support: 191.86
- Reason: Overlap support level at 61.80% Fibonacci Retracement, indicating significant support from previous declines.
- 1st Resistance: 207.73
- Reason: Swing high resistance level, marking a historical point where previous rallies faced selling pressure or reversed.
USD/CHF
Potential Direction: Bearish Overall Momentum: Bearish
Analysis: USD/CHF is likely to make a bearish reaction off the pivot, dropping to the first support.
- Pivot: 0.8913
- Reason: Overlap resistance level at 50% Fibonacci Retracement, a potential entry point for sellers after a retracement.
- 1st Support: 0.8728
- Reason: Overlap support level at 61.80% Fibonacci Extension, indicating significant support from previous declines.
- 1st Resistance: 0.9044
- Reason: Multi-swing high resistance level, marking a historical point where previous rallies faced selling pressure or reversed.
USD/JPY
Potential Direction: Bullish Overall Momentum: Bearish
Analysis: USD/JPY might see a bullish bounce off the pivot, heading towards the first resistance.
- Pivot: 152.91
- Reason: Overlap support level at 38.20% Fibonacci Retracement, indicating a potential entry point for buyers after a retracement.
- 1st Support: 146.42
- Reason: Overlap support level at 78.60% Fibonacci Retracement, indicating significant support from previous declines.
- 1st Resistance: 157.89
- Reason: Overlap resistance level at 61.80% Fibonacci Retracement, marking a historical point where previous rallies faced selling pressure or reversed.
USD/CAD
Potential Direction: Bearish Overall Momentum: Bullish
Analysis: USD/CAD has made a bearish reversal off the pivot and could pull back towards the first support.
- Pivot: 1.3828
- Reason: Swing-high resistance, indicating significant selling pressure.
- 1st Support: 1.3735
- Reason: Pullback support close to 38.2% Fibonacci retracement, indicating potential support.
- 1st Resistance: 1.3880
- Reason: Multi-swing-high resistance, indicating potential resistance to upward movement.
AUD/USD
Potential Direction: Bullish Overall Momentum: Bearish
Analysis: AUD/USD could fall towards the pivot and make a bullish bounce, heading towards the first resistance.
- Pivot: 0.6469
- Reason: Pullback support close to 78.6% Fibonacci retracement, indicating potential buying interest.
- 1st Support: 0.6349
- Reason: Swing-low support, indicating significant support.
- 1st Resistance: 0.6635
- Reason: Pullback resistance close to 38.2% Fibonacci retracement, indicating potential resistance.
NZD/USD
Potential Direction: Bullish Overall Momentum: Bearish
Analysis: NZD/USD is trading close to the pivot and could make a bullish bounce, heading towards the first resistance.
- Pivot: 0.5872
- Reason: Multi-swing-low support at 100% Fibonacci projection, indicating potential buying interest.
- 1st Support: 0.5798
- Reason: Swing-low support, indicating significant support.
- 1st Resistance: 0.5995
- Reason: Pullback resistance close to 50% Fibonacci retracement, indicating potential resistance.
US30 (DJIA)
Potential Direction: Bullish Overall Momentum: Bullish
Analysis: US30 has made a bullish bounce off the pivot, potentially rising towards the first resistance.
- Pivot: 40,056.05
- Reason: Overlap support close to 50% Fibonacci retracement, indicating potential buying interest.
- 1st Support: 38,106.51
- Reason: Pullback support, indicating significant support.
- 1st Resistance: 41,277.57
- Reason: Pullback resistance close to 161.8% Fibonacci extension, indicating potential resistance.
DE40 (DAX)
Potential Direction: Bearish Overall Momentum: Neutral
Analysis: DE40 is rising towards the pivot and could make a bearish reversal, falling towards the first support.
- Pivot: 18,894.50
- Reason: Pullback resistance at 61.8% Fibonacci projection, indicating potential selling pressure.
- 1st Support: 18,003.90
- Reason: Pullback support at 61.8% Fibonacci retracement, indicating significant support.
- 1st Resistance: 19,487.53
- Reason: Resistance at 100% Fibonacci projection, indicating potential resistance.
US500 (S&P 500)
Potential Direction: Bearish Overall Momentum: Bearish
Analysis: US500 is rising towards the pivot and could make a bearish reversal, falling towards the first support.
- Pivot: 5,561.91
- Reason: Pullback resistance at 61.8% Fibonacci retracement, indicating potential selling pressure.
- 1st Support: 5,236.31
- Reason: Pullback support close to 61.8% Fibonacci retracement, indicating significant support.
- 1st Resistance: 5,673.33
- Reason: Swing-high resistance close to the all-time high, indicating potential resistance.
BTC/USD (Bitcoin)
Potential Direction: Bearish Overall Momentum: Neutral
Analysis: BTC/USD is rising towards the pivot and could make a bearish reversal, pulling back towards the first support.
- Pivot: 73,176.19
- Reason: Pullback resistance close to the all-time high, indicating potential selling pressure.
- 1st Support: 63,982.37
- Reason: Pullback support, indicating significant support.
- 1st Resistance: 77,001.53
- Reason: Resistance at 127.2% Fibonacci extension, indicating potential resistance.
ETH/USD (Ethereum)
Potential Direction: Bearish Overall Momentum: Neutral
Analysis: ETH/USD is rising towards the pivot and could make a bearish reversal, falling towards the first support.
- Pivot: 3,540.71
- Reason: Pullback resistance at 61.8% Fibonacci retracement, indicating potential selling pressure.
- 1st Support: 2,881.88
- Reason: Multi-swing-low support close to 61.8% Fibonacci retracement, indicating significant support.
- 1st Resistance: 3,889.27
- Reason: Swing-high resistance, indicating potential selling pressure.
WTI/USD (Oil)
Potential Direction: Bearish Overall Momentum: Bearish
Analysis: WTI/USD could fall towards the pivot and potentially make a bearish breakthrough, falling towards the first support.
- Pivot: 77.37
- Reason: Potential breakout level with strong bearish momentum, supported by a downward channel.
- 1st Support: 72.31
- Reason: Multi-swing-low support at 78.6% Fibonacci retracement, indicating significant support.
- 1st Resistance: 80.81
- Reason: Pullback resistance at 50% Fibonacci retracement, indicating potential resistance.
XAU/USD (Gold)
Potential Direction: Bearish Overall Momentum: Bearish
Analysis: XAU/USD could make a bearish reaction off the pivot, dropping to the first support.
- Pivot: 2468.69
- Reason: Multi-swing high resistance level, indicating potential selling pressure after a retracement.
- 1st Support: 2286.33
- Reason: Overlap support level at 38.20% Fibonacci Retracement, indicating significant support.
- 1st Resistance: 2550.94
- Reason: 161.80% Fibonacci Extension level, marking a historical point where previous rallies faced selling pressure or reversed.
By following this structured analysis, traders can better understand potential market movements and make more informed trading decisions. Stay tuned for daily updates to keep abreast of the latest market trends.
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