Daily Technical Analysis of Gold,Currencies,and Indices22/8/2024
Daily Technical Analysis of Gold, Currencies, and Indices - August 22, 2024
Introduction
Welcome, I am Mohammed Qais, a financial markets expert, presenting you with a detailed analysis of key currency pairs, commodities, and financial indices for today Thursday, August 22nd. The markets are awaiting significant economic data that could influence price movements, particularly the U.S. dollar. This data includes unemployment claims, the manufacturing and services PMI, and existing home sales. Additionally, the markets are closely watching the much-anticipated speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium on monetary policy and economic conditions.
DXY - U.S. Dollar Index Analysis
The U.S. dollar continues to show a bearish technical outlook as it remains under selling pressure ahead of the release of crucial economic data. The ongoing trading below the 10500 level suggests a further decline to lower levels.
EUR/USD Analysis
The EUR/USD pair continues to gain, supported by the weakening U.S. dollar. If the price successfully consolidates above the 1.1000 level, the upward trend may continue, targeting higher levels.
GBP/USD Analysis
The GBP/USD pair remains in a positive trading stance. If it breaks the 1.3500 level, we could see the continuation of the upward trend targeting 1.3250.
USD/JPY Analysis
The USD/JPY pair is declining and approaching a significant support level at 145 yen. Breaking this level could lead to further declines towards 144 and 134 yen.
USD/CHF Analysis
The USD/CHF pair has broken the 0.85 level, indicating the potential for continued weakness towards the 0.83 level.
AUD/USD Analysis
The AUD/USD pair maintains a positive outlook, with prices holding above the 0.667 level, supporting the upward trend towards 0.69.
NZD/USD Analysis
The NZD/USD pair’s stability at the 0.600 level suggests a continuation of the positive trend, targeting 0.63.
USD/CAD Analysis
The USD/CAD pair remains under pressure, and if it breaks the 1.36 level, we may see a decline towards 1.343. The Canadian dollar is supported by the U.S. crude oil inventory report, which showed a significant decrease.
GBP/JPY Analysis
The GBP/JPY pair’s continued trading below the 126 yen level indicates the potential for further declines towards 184 yen and possibly 170 yen in the medium term.
EUR/JPY Analysis
The EUR/JPY pair’s continued trading below the 166 yen level suggests the possibility of a decline towards 158 and 152 yen.
EUR/GBP Analysis
The EUR/GBP pair’s continued trading below the 0.85500 level indicates the potential for a decline towards 0.84500.
USD/TRY Analysis
The USD/TRY pair continues to gain, targeting 34.5 lira and possibly 35 lira.
Bitcoin/USD Analysis
Bitcoin is trading sideways around the 60,000 dollar level. Breaking this level could lead to a rise towards 68,000 and 75,000 dollars, while failure to do so could see Bitcoin fall back to 50,000 dollars.
Ethereum/USD Analysis
Ethereum is under pressure, with prices continuing to trade below 2800 dollars, indicating the potential for a decline towards 2000 dollars.
Ripple/USD Analysis
Ripple is holding at 55 cents, supporting an upward move towards 75 cents.
Gold Analysis
Gold’s failure to break the 2520 dollar level may lead to a slight correction towards 2460 dollars, but the overall upward trend remains as long as prices trade above this level.
Oil Analysis
Crude oil prices face significant support at the 73 dollars per barrel level. Breaking this level could lead to a decline towards 70 and 67 dollars per barrel, while a return above 77 dollars could restore bullish momentum.
Silver Analysis
Silver is holding support at the 29 dollars level, which could support a rise towards 30.5 and 32 dollars. Breaking below 29 dollars may lead to a deeper correction.
Natural Gas Analysis
Natural gas stability at 2 dollars and 2 cents suggests a potential decline towards 1 dollar and 6 cents if the downward trend continues.
Dow Jones Index Analysis
The Dow Jones Index may fail to surpass the 41,000 point level, potentially leading to a corrective bearish wave targeting 40,000 points.
S&P 500 Index Analysis
The S&P 500 Index could rise if it holds above 5601 points, targeting 5680 points; otherwise, it may return to test the 5500 point level.
Nasdaq 100 Index Analysis
The Nasdaq 100 Index maintains its upward momentum, holding above 19,250 points, with the potential to continue rising towards 21,200 points.
Russell 2000 Index Analysis
The Russell 2000 Index could confirm a move towards 2,250 points if it breaks the resistance at 2,225 points.
FTSE Index Analysis
The FTSE Index remains stable at 8,150 points, with the potential to rise towards 8,400 and 8,600 points in the medium term.
DAX Index Analysis
The DAX Index remains stable at 18,200 points, targeting levels of 18,650 and 19,400 points.
CAC Index Analysis
If the CAC Index surpasses the 7,600 point level, it could target levels of 7,900 and 8,200 points.
Nikkei Index Analysis
The Nikkei Index maintains its positive momentum above 37,000 points, with the potential to rise towards 41,000 points if it continues to hold at this level.s
Introduction
Welcome, I am Mohammed Qais, a financial markets expert, presenting you with a detailed analysis of key currency pairs, commodities, and financial indices for today Thursday, August 22nd. The markets are awaiting significant economic data that could influence price movements, particularly the U.S. dollar. This data includes unemployment claims, the manufacturing and services PMI, and existing home sales. Additionally, the markets are closely watching the much-anticipated speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium on monetary policy and economic conditions.
DXY - U.S. Dollar Index Analysis
The U.S. dollar continues to show a bearish technical outlook as it remains under selling pressure ahead of the release of crucial economic data. The ongoing trading below the 10500 level suggests a further decline to lower levels.
EUR/USD Analysis
The EUR/USD pair continues to gain, supported by the weakening U.S. dollar. If the price successfully consolidates above the 1.1000 level, the upward trend may continue, targeting higher levels.
GBP/USD Analysis
The GBP/USD pair remains in a positive trading stance. If it breaks the 1.3500 level, we could see the continuation of the upward trend targeting 1.3250.
USD/JPY Analysis
The USD/JPY pair is declining and approaching a significant support level at 145 yen. Breaking this level could lead to further declines towards 144 and 134 yen.
USD/CHF Analysis
The USD/CHF pair has broken the 0.85 level, indicating the potential for continued weakness towards the 0.83 level.
AUD/USD Analysis
The AUD/USD pair maintains a positive outlook, with prices holding above the 0.667 level, supporting the upward trend towards 0.69.
NZD/USD Analysis
The NZD/USD pair’s stability at the 0.600 level suggests a continuation of the positive trend, targeting 0.63.
USD/CAD Analysis
The USD/CAD pair remains under pressure, and if it breaks the 1.36 level, we may see a decline towards 1.343. The Canadian dollar is supported by the U.S. crude oil inventory report, which showed a significant decrease.
GBP/JPY Analysis
The GBP/JPY pair’s continued trading below the 126 yen level indicates the potential for further declines towards 184 yen and possibly 170 yen in the medium term.
EUR/JPY Analysis
The EUR/JPY pair’s continued trading below the 166 yen level suggests the possibility of a decline towards 158 and 152 yen.
EUR/GBP Analysis
The EUR/GBP pair’s continued trading below the 0.85500 level indicates the potential for a decline towards 0.84500.
USD/TRY Analysis
The USD/TRY pair continues to gain, targeting 34.5 lira and possibly 35 lira.
Bitcoin/USD Analysis
Bitcoin is trading sideways around the 60,000 dollar level. Breaking this level could lead to a rise towards 68,000 and 75,000 dollars, while failure to do so could see Bitcoin fall back to 50,000 dollars.
Ethereum/USD Analysis
Ethereum is under pressure, with prices continuing to trade below 2800 dollars, indicating the potential for a decline towards 2000 dollars.
Ripple/USD Analysis
Ripple is holding at 55 cents, supporting an upward move towards 75 cents.
Gold Analysis
Gold’s failure to break the 2520 dollar level may lead to a slight correction towards 2460 dollars, but the overall upward trend remains as long as prices trade above this level.
Oil Analysis
Crude oil prices face significant support at the 73 dollars per barrel level. Breaking this level could lead to a decline towards 70 and 67 dollars per barrel, while a return above 77 dollars could restore bullish momentum.
Silver Analysis
Silver is holding support at the 29 dollars level, which could support a rise towards 30.5 and 32 dollars. Breaking below 29 dollars may lead to a deeper correction.
Natural Gas Analysis
Natural gas stability at 2 dollars and 2 cents suggests a potential decline towards 1 dollar and 6 cents if the downward trend continues.
Dow Jones Index Analysis
The Dow Jones Index may fail to surpass the 41,000 point level, potentially leading to a corrective bearish wave targeting 40,000 points.
S&P 500 Index Analysis
The S&P 500 Index could rise if it holds above 5601 points, targeting 5680 points; otherwise, it may return to test the 5500 point level.
Nasdaq 100 Index Analysis
The Nasdaq 100 Index maintains its upward momentum, holding above 19,250 points, with the potential to continue rising towards 21,200 points.
Russell 2000 Index Analysis
The Russell 2000 Index could confirm a move towards 2,250 points if it breaks the resistance at 2,225 points.
FTSE Index Analysis
The FTSE Index remains stable at 8,150 points, with the potential to rise towards 8,400 and 8,600 points in the medium term.
DAX Index Analysis
The DAX Index remains stable at 18,200 points, targeting levels of 18,650 and 19,400 points.
CAC Index Analysis
If the CAC Index surpasses the 7,600 point level, it could target levels of 7,900 and 8,200 points.
Nikkei Index Analysis
The Nikkei Index maintains its positive momentum above 37,000 points, with the potential to rise towards 41,000 points if it continues to hold at this level.s
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