Daily Technical Analysis of Gold,Currencies,and Indices16/8/2024
Daily Technical Analysis for Gold, Currencies, and Indices - August 16, 2024
Introduction
Welcome, I am Mohammed Qais Abdulghani, a financial markets expert. Recent key U.S. economic data has shown a clear divergence. While core retail sales have increased and jobless claims have decreased, the Philadelphia Fed Index came in negative. Overall, these data points did not see significant increases, suggesting that the U.S. economy has not been severely impacted by the rise in interest rates. Consequently, the U.S. dollar experienced positive trading, and this analysis will cover the U.S. Dollar Index (DXY) and its future outlook.
U.S. Dollar Index (DXY) Analysis
The U.S. Dollar Index rose on the back of positive economic data but remains within a downward trend below the main downtrend line, the 55-day moving average, and the 103 level. This indicates that downward risks persist.
EUR/USD Analysis
The EUR/USD pair continues to trade within a positive upward scenario. If prices manage to maintain support at 1.1000, the upward trend towards 1.1100 is likely to resume. However, a break below 1.0900 could invalidate this positive outlook.
GBP/USD Analysis
The GBP/USD pair maintains its current gains. The pair could resume buying opportunities if it breaks above 1.29000. For the USD/JPY pair, recent attempts have been made to erase previous losses.
USD/JPY Analysis
If the USD/JPY pair successfully breaks through the 149-yen level, a bullish wave could target levels of 153 and 158 yen. As for the USD/CHF pair, it has managed to hold onto its gains.
USD/CHF Analysis
Should the USD/CHF pair break through the 0.87250 level, it could continue to rise towards 0.8815 and 0.8890. However, failure to break this level could lead to a retreat in prices.
AUD/USD Analysis
The AUD/USD pair is attempting to regain upward momentum, but this will only be confirmed with a break above 0.667.
NZD/USD Analysis
The NZD/USD pair continues to trade under selling pressure, and it will only be able to escape this pressure by surpassing the 0.600 level. A break below 0.59600, however, may negate the positive scenario.
USD/CAD Analysis
The USD/CAD pair remains under selling pressure, with the bearish scenario targeting levels of 1.36000 and below.
GBP/JPY Analysis
The GBP/JPY pair is trading above its previous close at 185 yen, suggesting a positive scenario. However, confirming this uptrend requires a break above 196 yen.
EUR/JPY Analysis
The EUR/JPY pair continues to erase previous losses. If it manages to break above 166 yen, we could see a restoration of positive momentum and a rise towards 174 yen.
EUR/GBP Analysis
The EUR/GBP pair is relinquishing its positive trajectory. A break below 0.85500 could lead to a bearish wave targeting 0.85.
USD/TRY Analysis
The USD/TRY pair is shifting into a positive scenario. If prices remain above 33.5 lira, we could see a rise towards 34 and 35 lira against the U.S. dollar.
Bitcoin (BTC/USD) Analysis
Bitcoin is trading near the 60,000-dollar level, which coincides with the 55-day moving average. A complete break above this level could lead to a bullish wave targeting 68,000 dollars and 75,000 dollars. However, if the 66,000-dollar level fails to be breached, Bitcoin may fall back to 48,000 dollars.
Ethereum (ETH/USD) Analysis
Ethereum continues to battle for stability above 2800 dollars. Failure to maintain this level could result in a decline back to 2000 dollars. However, if buying interest returns at the 2800-dollar level, the bearish scenario could be negated.
Ripple (XRP/USD) Analysis
Ripple is currently holding above 55 cents. If this stability persists, it could lead to a rise towards 66 cents and 55.5 cents.
Gold Analysis
Gold is oscillating around the 2460-dollar level. Despite recent mixed U.S. economic data, gold prices have not been significantly affected. Gold continues to hold onto its gains due to geopolitical and military tensions in the Middle East. A break below 2400 dollars could signal weakness in gold, especially if inflation decreases, leading to interest rate cuts, which could negatively impact gold prices.
Oil Analysis
Crude oil is trying to maintain its gains and stay above the 77-dollar-per-barrel level. To regain a positive outlook, oil needs to break above 80 dollars per barrel. Meanwhile, silver has successfully regained its previous gains.
Silver Analysis
Silver is trending positively, holding above 27.5 dollars. To confirm the positive trend, prices need to fully break above 29 dollars.
Natural Gas Analysis
Natural gas is attempting to confirm its positive trend. If it breaks above 2.20 dollars, we could see a rise towards 2.60 dollars and 3.20 dollars in the medium term.
Dow Jones Industrial Average Analysis
The Dow Jones Industrial Average continues to gain and remains stable above the 40,000-point level, giving it momentum to rise towards 41,400 points. A successful break above this level could lead to further gains.
S&P 500 Analysis
The S&P 500 continues its upward trajectory. If it successfully breaks through the 5,500-point level, it could head towards the 5,800-point target in the upcoming trading sessions.
Nasdaq 100 Analysis
If the Nasdaq 100 breaks through the 19,250-point level, it could move towards the 19,750-point target in the next trading sessions.
Russell 2000 Analysis
If the Russell 2000 Index successfully breaks through the 2,125-point level, it could resume its ascent towards the 2,225 and 2,325-point targets.
FTSE Analysis
The FTSE Index continues to rise towards the 8,600-point level, provided it breaks through the 8,200-point level.
DAX Analysis
The DAX Index is targeting the 18,200-point level. If surpassed, it could continue to rise towards 18,650 points.
CAC Analysis
The CAC Index continues to reduce losses and stabilize at the 7,200-point level, potentially leading to targets of 7,600 and 8,000 points.
Nikkei Analysis
The Nikkei Index is steadily gaining, surpassing the 37,000-point level, which could lead to a target of 41,000 points in the near future, reflecting the continued positive performance of the Japanese market.
Introduction
Welcome, I am Mohammed Qais Abdulghani, a financial markets expert. Recent key U.S. economic data has shown a clear divergence. While core retail sales have increased and jobless claims have decreased, the Philadelphia Fed Index came in negative. Overall, these data points did not see significant increases, suggesting that the U.S. economy has not been severely impacted by the rise in interest rates. Consequently, the U.S. dollar experienced positive trading, and this analysis will cover the U.S. Dollar Index (DXY) and its future outlook.
U.S. Dollar Index (DXY) Analysis
The U.S. Dollar Index rose on the back of positive economic data but remains within a downward trend below the main downtrend line, the 55-day moving average, and the 103 level. This indicates that downward risks persist.
EUR/USD Analysis
The EUR/USD pair continues to trade within a positive upward scenario. If prices manage to maintain support at 1.1000, the upward trend towards 1.1100 is likely to resume. However, a break below 1.0900 could invalidate this positive outlook.
GBP/USD Analysis
The GBP/USD pair maintains its current gains. The pair could resume buying opportunities if it breaks above 1.29000. For the USD/JPY pair, recent attempts have been made to erase previous losses.
USD/JPY Analysis
If the USD/JPY pair successfully breaks through the 149-yen level, a bullish wave could target levels of 153 and 158 yen. As for the USD/CHF pair, it has managed to hold onto its gains.
USD/CHF Analysis
Should the USD/CHF pair break through the 0.87250 level, it could continue to rise towards 0.8815 and 0.8890. However, failure to break this level could lead to a retreat in prices.
AUD/USD Analysis
The AUD/USD pair is attempting to regain upward momentum, but this will only be confirmed with a break above 0.667.
NZD/USD Analysis
The NZD/USD pair continues to trade under selling pressure, and it will only be able to escape this pressure by surpassing the 0.600 level. A break below 0.59600, however, may negate the positive scenario.
USD/CAD Analysis
The USD/CAD pair remains under selling pressure, with the bearish scenario targeting levels of 1.36000 and below.
GBP/JPY Analysis
The GBP/JPY pair is trading above its previous close at 185 yen, suggesting a positive scenario. However, confirming this uptrend requires a break above 196 yen.
EUR/JPY Analysis
The EUR/JPY pair continues to erase previous losses. If it manages to break above 166 yen, we could see a restoration of positive momentum and a rise towards 174 yen.
EUR/GBP Analysis
The EUR/GBP pair is relinquishing its positive trajectory. A break below 0.85500 could lead to a bearish wave targeting 0.85.
USD/TRY Analysis
The USD/TRY pair is shifting into a positive scenario. If prices remain above 33.5 lira, we could see a rise towards 34 and 35 lira against the U.S. dollar.
Bitcoin (BTC/USD) Analysis
Bitcoin is trading near the 60,000-dollar level, which coincides with the 55-day moving average. A complete break above this level could lead to a bullish wave targeting 68,000 dollars and 75,000 dollars. However, if the 66,000-dollar level fails to be breached, Bitcoin may fall back to 48,000 dollars.
Ethereum (ETH/USD) Analysis
Ethereum continues to battle for stability above 2800 dollars. Failure to maintain this level could result in a decline back to 2000 dollars. However, if buying interest returns at the 2800-dollar level, the bearish scenario could be negated.
Ripple (XRP/USD) Analysis
Ripple is currently holding above 55 cents. If this stability persists, it could lead to a rise towards 66 cents and 55.5 cents.
Gold Analysis
Gold is oscillating around the 2460-dollar level. Despite recent mixed U.S. economic data, gold prices have not been significantly affected. Gold continues to hold onto its gains due to geopolitical and military tensions in the Middle East. A break below 2400 dollars could signal weakness in gold, especially if inflation decreases, leading to interest rate cuts, which could negatively impact gold prices.
Oil Analysis
Crude oil is trying to maintain its gains and stay above the 77-dollar-per-barrel level. To regain a positive outlook, oil needs to break above 80 dollars per barrel. Meanwhile, silver has successfully regained its previous gains.
Silver Analysis
Silver is trending positively, holding above 27.5 dollars. To confirm the positive trend, prices need to fully break above 29 dollars.
Natural Gas Analysis
Natural gas is attempting to confirm its positive trend. If it breaks above 2.20 dollars, we could see a rise towards 2.60 dollars and 3.20 dollars in the medium term.
Dow Jones Industrial Average Analysis
The Dow Jones Industrial Average continues to gain and remains stable above the 40,000-point level, giving it momentum to rise towards 41,400 points. A successful break above this level could lead to further gains.
S&P 500 Analysis
The S&P 500 continues its upward trajectory. If it successfully breaks through the 5,500-point level, it could head towards the 5,800-point target in the upcoming trading sessions.
Nasdaq 100 Analysis
If the Nasdaq 100 breaks through the 19,250-point level, it could move towards the 19,750-point target in the next trading sessions.
Russell 2000 Analysis
If the Russell 2000 Index successfully breaks through the 2,125-point level, it could resume its ascent towards the 2,225 and 2,325-point targets.
FTSE Analysis
The FTSE Index continues to rise towards the 8,600-point level, provided it breaks through the 8,200-point level.
DAX Analysis
The DAX Index is targeting the 18,200-point level. If surpassed, it could continue to rise towards 18,650 points.
CAC Analysis
The CAC Index continues to reduce losses and stabilize at the 7,200-point level, potentially leading to targets of 7,600 and 8,000 points.
Nikkei Analysis
The Nikkei Index is steadily gaining, surpassing the 37,000-point level, which could lead to a target of 41,000 points in the near future, reflecting the continued positive performance of the Japanese market.
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