Daily Technical Analysis of Gold,Currencies,and Indices20/8/2024
Daily Technical Analysis of Gold,Currencies,and Indices 20/8/2024
Introduction
Welcome, I am Mohammed Qais Abdulghani, a financial markets expert, where I provide a detailed overview of the major currency pairs, commodities and indices for Tuesday, August 20, 2024.
Analysis of the U.S. Dollar Index (DXY)
The U.S. Dollar Index continues to trade under pressure, with prices remaining below the 103 level and the 55-day moving average, which supports the bearish scenario. The index is unlikely to improve unless it breaks above the 104.50 level, which could then lead to further declines in the U.S. dollar during upcoming trading sessions.
Analysis of the EUR/USD Pair
The EUR/USD pair continues its upward trend, with expectations of further rises towards the 1.1115 and 1.125 levels in the near term, provided the pair surpasses the resistance level at 1.100.
Analysis of the GBP/USD Pair
The GBP/USD pair has gained and stabilized above the 1.2900 level, indicating the potential to target levels of 1.3150 and 1.325 in the medium term.
Analysis of the USD/JPY Pair
The USD/JPY pair is regaining its upward trajectory and reducing previous losses, as prices have returned to trade below the 149 yen level against the U.S. dollar. The bearish pressure on this pair remains, and the downward trend may resume only if the 145 yen level is fully breached.
Analysis of the USD/CHF Pair
The USD/CHF pair is trading under pressure, with prices staying below the 0.87250 level, which suggests the continuation of the bearish outlook and potential declines towards the 0.85 and 0.83700 levels.
Analysis of the AUD/USD Pair
The AUD/USD pair is attempting to regain control over the positive upward momentum. Stability above the 0.667 level supports a bullish scenario, targeting the 0.69 level.
Analysis of the NZD/USD Pair
The NZD/USD pair is trying to maintain its gains and regain upward momentum. Stability above the 0.65 level may lead the pair to a wave of gains targeting the 0.67500 and 0.72500 levels.
Analysis of the USD/CAD Pair
The USD/CAD pair is trading under pressure once again, nearing a crucial support area at the 1.36000 level. A break of this level could lead to a bearish wave targeting the 1.34500 and 1.33 levels in the medium term.
Analysis of the GBP/JPY Pair
The GBP/JPY pair has not been able to reduce previous losses and will only create buying opportunities by surpassing the 196 yen level against the British pound. Without this breakthrough, the downward threat remains.
Analysis of the EUR/JPY Pair
The EUR/JPY pair continues to trade under pressure, with the 166 yen level per euro indicating further negative pressure, potentially targeting the 158 yen level if this trend persists.
Analysis of the EUR/GBP Pair
The EUR/GBP pair is trying to maintain its positive upward trend, but overall, prices remain stable below the 0.85500 level and the 55-day moving average. This may lead to further declines towards the 0.84500 level if the trend continues.
Analysis of the USD/TRY Pair
The USD/TRY pair continues to trade within a positive scenario, with stability above the 33.50 Turkish lira level against the U.S. dollar, indicating further positivity and targeting the 34.50 Turkish lira level.
Analysis of Bitcoin against the U.S. Dollar (BTC/USD)
Bitcoin continues to trade around the significant psychological level of $60,000, which serves as a strong support. The continuation of prices below this level threatens the bullish scenario, potentially leading to a decline towards $48,000. The negative scenario can only be avoided if buying interest returns to the $60,000 level and breaks through it completely.
Analysis of Ethereum against the U.S. Dollar (ETH/USD)
Ethereum continues to trade under market pressure, with prices remaining below the $2,800 level, suggesting a continued negative trend and potential decline towards the $2,000 level.
Analysis of Ripple against the U.S. Dollar (XRP/USD)
Ripple is currently holding onto its gains, stabilizing at $0.55, which supports a positive outlook targeting levels of $0.66 and $0.75 in the future.
Analysis of Gold
Gold continues to trade in an upward trend, with prices maintaining levels above $2,460 per ounce. This ongoing positive scenario strengthens the potential for new buying opportunities, reaching higher levels, including breaking the $2,520 barrier and rising to $2,600 and $2,700 in the medium term. The positive scenario will only be invalidated if prices fall below the $2,460 level.
Analysis of Oil
Crude oil remains under pressure as prices stay below the $77 per barrel level. The bearish scenario may be realized if the $73 per barrel level is fully breached.
Analysis of Silver
Silver is on an upward trajectory, which may lead to gains targeting the $30.5 and $32 levels in the medium term.
Analysis of Natural Gas
Natural gas is struggling around its current levels, with the pivot point at $2.02. A successful break above this level could lead to an upward move towards $2.60. Failure to break through may bring it back under selling pressure, targeting the $1.60 level in the medium term.
Analysis of the Dow Jones Industrial Index
The Dow Jones Industrial Index is approaching a critical resistance area at 41,000 points. A full breakout above this level could lead the index to a rise targeting 42,400 points.
Analysis of the S&P 500 Index
The S&P 500 Index has stabilized at the 5,500-point level, suggesting the potential for a series of gains targeting 5,800 and 5,900 points in the coming period.
Analysis of the Nasdaq 100 Index
The Nasdaq 100 Index continues to show positive momentum, targeting levels of 20,500 and 21,200 points in the near term.
Analysis of the Russell 2000 Index
The Russell 2000 Index remains in a positive scenario with its return above the 2,125-point level, targeting levels of 2,225 and 2,325 points in the upcoming phase.
Analysis of the FTSE Index
The FTSE Index continues to receive positive support, with stability above the 8,150-point level favoring the bullish scenario. The index will resume its upward trend only if it breaks above the 8,400-point level.
Analysis of the DAX Index
The DAX Index continues to make gains with prices stabilizing above the 18,200-point level, confirming the positive scenario targeting 18,650 points.
Analysis of the CAC Index
The CAC Index is attempting to regain positive upward momentum, which will only be achieved by a full break above the 7,600-point level.
Analysis of the Nikkei Index
The Nikkei Index maintains its positive upward trend, targeting the 41,000-point level. This positive scenario will only retreat if prices fall below the 37,000-point level.
Introduction
Welcome, I am Mohammed Qais Abdulghani, a financial markets expert, where I provide a detailed overview of the major currency pairs, commodities and indices for Tuesday, August 20, 2024.
Analysis of the U.S. Dollar Index (DXY)
The U.S. Dollar Index continues to trade under pressure, with prices remaining below the 103 level and the 55-day moving average, which supports the bearish scenario. The index is unlikely to improve unless it breaks above the 104.50 level, which could then lead to further declines in the U.S. dollar during upcoming trading sessions.
Analysis of the EUR/USD Pair
The EUR/USD pair continues its upward trend, with expectations of further rises towards the 1.1115 and 1.125 levels in the near term, provided the pair surpasses the resistance level at 1.100.
Analysis of the GBP/USD Pair
The GBP/USD pair has gained and stabilized above the 1.2900 level, indicating the potential to target levels of 1.3150 and 1.325 in the medium term.
Analysis of the USD/JPY Pair
The USD/JPY pair is regaining its upward trajectory and reducing previous losses, as prices have returned to trade below the 149 yen level against the U.S. dollar. The bearish pressure on this pair remains, and the downward trend may resume only if the 145 yen level is fully breached.
Analysis of the USD/CHF Pair
The USD/CHF pair is trading under pressure, with prices staying below the 0.87250 level, which suggests the continuation of the bearish outlook and potential declines towards the 0.85 and 0.83700 levels.
Analysis of the AUD/USD Pair
The AUD/USD pair is attempting to regain control over the positive upward momentum. Stability above the 0.667 level supports a bullish scenario, targeting the 0.69 level.
Analysis of the NZD/USD Pair
The NZD/USD pair is trying to maintain its gains and regain upward momentum. Stability above the 0.65 level may lead the pair to a wave of gains targeting the 0.67500 and 0.72500 levels.
Analysis of the USD/CAD Pair
The USD/CAD pair is trading under pressure once again, nearing a crucial support area at the 1.36000 level. A break of this level could lead to a bearish wave targeting the 1.34500 and 1.33 levels in the medium term.
Analysis of the GBP/JPY Pair
The GBP/JPY pair has not been able to reduce previous losses and will only create buying opportunities by surpassing the 196 yen level against the British pound. Without this breakthrough, the downward threat remains.
Analysis of the EUR/JPY Pair
The EUR/JPY pair continues to trade under pressure, with the 166 yen level per euro indicating further negative pressure, potentially targeting the 158 yen level if this trend persists.
Analysis of the EUR/GBP Pair
The EUR/GBP pair is trying to maintain its positive upward trend, but overall, prices remain stable below the 0.85500 level and the 55-day moving average. This may lead to further declines towards the 0.84500 level if the trend continues.
Analysis of the USD/TRY Pair
The USD/TRY pair continues to trade within a positive scenario, with stability above the 33.50 Turkish lira level against the U.S. dollar, indicating further positivity and targeting the 34.50 Turkish lira level.
Analysis of Bitcoin against the U.S. Dollar (BTC/USD)
Bitcoin continues to trade around the significant psychological level of $60,000, which serves as a strong support. The continuation of prices below this level threatens the bullish scenario, potentially leading to a decline towards $48,000. The negative scenario can only be avoided if buying interest returns to the $60,000 level and breaks through it completely.
Analysis of Ethereum against the U.S. Dollar (ETH/USD)
Ethereum continues to trade under market pressure, with prices remaining below the $2,800 level, suggesting a continued negative trend and potential decline towards the $2,000 level.
Analysis of Ripple against the U.S. Dollar (XRP/USD)
Ripple is currently holding onto its gains, stabilizing at $0.55, which supports a positive outlook targeting levels of $0.66 and $0.75 in the future.
Analysis of Gold
Gold continues to trade in an upward trend, with prices maintaining levels above $2,460 per ounce. This ongoing positive scenario strengthens the potential for new buying opportunities, reaching higher levels, including breaking the $2,520 barrier and rising to $2,600 and $2,700 in the medium term. The positive scenario will only be invalidated if prices fall below the $2,460 level.
Analysis of Oil
Crude oil remains under pressure as prices stay below the $77 per barrel level. The bearish scenario may be realized if the $73 per barrel level is fully breached.
Analysis of Silver
Silver is on an upward trajectory, which may lead to gains targeting the $30.5 and $32 levels in the medium term.
Analysis of Natural Gas
Natural gas is struggling around its current levels, with the pivot point at $2.02. A successful break above this level could lead to an upward move towards $2.60. Failure to break through may bring it back under selling pressure, targeting the $1.60 level in the medium term.
Analysis of the Dow Jones Industrial Index
The Dow Jones Industrial Index is approaching a critical resistance area at 41,000 points. A full breakout above this level could lead the index to a rise targeting 42,400 points.
Analysis of the S&P 500 Index
The S&P 500 Index has stabilized at the 5,500-point level, suggesting the potential for a series of gains targeting 5,800 and 5,900 points in the coming period.
Analysis of the Nasdaq 100 Index
The Nasdaq 100 Index continues to show positive momentum, targeting levels of 20,500 and 21,200 points in the near term.
Analysis of the Russell 2000 Index
The Russell 2000 Index remains in a positive scenario with its return above the 2,125-point level, targeting levels of 2,225 and 2,325 points in the upcoming phase.
Analysis of the FTSE Index
The FTSE Index continues to receive positive support, with stability above the 8,150-point level favoring the bullish scenario. The index will resume its upward trend only if it breaks above the 8,400-point level.
Analysis of the DAX Index
The DAX Index continues to make gains with prices stabilizing above the 18,200-point level, confirming the positive scenario targeting 18,650 points.
Analysis of the CAC Index
The CAC Index is attempting to regain positive upward momentum, which will only be achieved by a full break above the 7,600-point level.
Analysis of the Nikkei Index
The Nikkei Index maintains its positive upward trend, targeting the 41,000-point level. This positive scenario will only retreat if prices fall below the 37,000-point level.
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