Daily Technical Analysis of Gold,Currencies,and Indices 27/8/202

Daily Technical Analysis for Gold, Currencies, and Indices - 27/8/2024

Introduction

Welcome, I am Mohammed Qais Abdulghani, a financial markets expert. Today, uesday, August 27, 2024. We begin by noting the importance of the economic data to be released today, such as Germany’s GDP at 9:00 AM Makkah Time and the US Consumer Confidence Index at 5:00 PM, which are expected to significantly impact market movements.


Analysis of the U.S. Dollar Index (DXY):

The U.S. Dollar Index continues to trade under pressure, with prices remaining below the 102 level, the downward trend line, and the 55-day moving average. These factors indicate a potential continuation of selling pressure, and the dollar may only regain strength if it breaks above the 1.300 level.

Analysis of EUR/USD:

The EUR/USD pair failed to break above the 1.122000 level, suggesting the possibility of a downward correction before resuming its upward trend towards the 1.13500 and 1.1000 levels. If the pair fails to break through 1.122000, we might see a decline towards 1.111000 or even 1.10000.

Analysis of GBP/USD:

The GBP/USD pair faces strong resistance at the 1.32500 level. If it fails to break through this level, we might see a downward correction towards 1.31000. To exit the bearish trend, buying positions need to return above 1.32500.

Analysis of USD/JPY:

The USD/JPY pair remains under selling pressure, with prices staying below the 145 yen level. If prices continue to stay below this level, the likelihood of a decline towards 140 yen increases, and the bearish scenario will only be canceled if the price breaks above 145 yen.

Analysis of USD/CHF:

The USD/CHF pair is trading under selling pressure, with the potential for continued weakness towards the 0.837 and 0.824 levels if prices remain below 0.85 and 100 pips.

Analysis of AUD/USD:

The AUD/USD pair maintains a bullish trend, with expectations for further upside towards the 0.69 level, provided it breaks through the 0.68 level. The bullish scenario will be negated if the pair breaks below 0.667.

Analysis of NZD/USD:

The NZD/USD pair is attempting an upward correction and will only regain bullish momentum if it breaks above the 0.62250 level.

Analysis of USD/CAD:

The USD/CAD pair continues to weaken, with the potential for further declines if prices remain below the 1.36 level.

Analysis of GBP/JPY:

The GBP/JPY pair is recovering and creating new buying positions, with expectations of a rise towards the 196 yen level if this level is broken.

Analysis of EUR/JPY:

The EUR/JPY pair remains under pressure, with expectations of further declines towards the 158 yen and 153 yen levels if prices stay below 164 yen.

Analysis of EUR/GBP:

Breaking below the 0.84500 level indicates the possibility of a bearish wave targeting the 0.83750 and 0.83000 levels.

Analysis of USD/TRY:

The USD/TRY pair maintains its upward trend, with the potential to reach 44.5 lira per dollar if the upward momentum continues.

Bitcoin Analysis:

Bitcoin continues to trade above the $60,000 level, with the potential for further gains towards $72,000 and $82,000 if the $66,000 level is broken.

Ethereum Analysis:

Ethereum faces resistance at the $2800 level, and no further upward movement will be seen unless this level is broken.

Ripple Analysis:

Ripple maintains an upward trend as long as prices stay above 55 cents, with a target of 65 cents.

Gold Analysis:

Gold maintains its upward trend thanks to trading above the support level of $2460, supported by economic and geopolitical data. Breaking the resistance level at $2520 will lead to the creation of new buying opportunities and a strong upward wave.

Oil Analysis:

If oil manages to break above the $77 level, we may see an increase towards the $80 and $83 per barrel levels.

Silver Analysis:

Silver remains stable above the $29 level, with the potential for further gains if it surpasses $30.5.

Natural Gas Analysis:

Natural gas is under selling pressure, with the potential for declines to the $1.8 and $1.4 levels if prices stay below $2.20.

Dow Jones Analysis:

The Dow Jones index maintains its positive trend, targeting the 42,500 level.

S&P 500 Analysis:

The S&P 500 index is attempting a downward correction, with expectations for further declines if it remains below the 5700 level.

Nasdaq 100 Analysis:

The Nasdaq 100 index faces the possibility of a downward correction wave if it breaks the support level at 19250 points.

Russell 2000 Analysis:

The Russell 2000 index is trying to return to the 2225 level, with the potential for further declines if it fails to break above this level.

FTSE Analysis:

The FTSE index maintains its positive trend, targeting the 8400 level.

DAX Analysis:

The DAX index needs to break above the 18750 level to confirm the upward trend.

CAC Analysis:

The CAC index is trying to maintain its positive trend with prices stable above the 7577 level.

Nikkei Analysis:

The Nikkei index maintains its positive trend, targeting the 42450 level if it remains above the 55-day moving average.
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