Daily Technical Analysis of Gold,Currencies,and Indices12/8/2024
Daily Technical Analysis of Major Currency Pairs, Commodities, and Indices - August 12, 2024
Introduction:
Welcome, I’m Mohammed Qais Abdulghani, a financial markets expert. In today’s daily technical analysis, we will take a look at the major currency pairs, commodities, and indices. We will discuss the key economic data that the markets are anticipating this week, such as the Producer Price Index (PPI), Core Consumer Price Index (CPI), U.S. Crude Oil Inventory Report, Core Retail Sales Report, and Initial Jobless Claims. These data points will be crucial in determining market directions, especially in light of recent statements from the U.S. Federal Reserve.
Analysis of the U.S. Dollar Index (DXY):
The U.S. Dollar Index continues its efforts to maintain gains and remain above the 103 level. If prices can hold this level, we may see a move toward 104. However, if prices fall back below 103, a corrective downward trend might begin.
Analysis of EUR/USD:
The EUR/USD pair continues to trade above the 1.0900 level, which strengthens the bullish scenario toward 1.1000. However, breaking below the 1.0900 level could push the pair into a downward wave targeting 1.0800.
Analysis of GBP/USD:
The GBP/USD pair is attempting to overcome selling pressure. If prices manage to stay above 1.2700, we could see a test of the 1.2900 level. Failure to hold could lead to renewed selling pressure.
Analysis of USD/JPY:
The USD/JPY pair continues to trade under pressure. Staying below 149 yen may reinforce the downward trend. On the other hand, a rise above 145 yen could bring back some positivity.
Analysis of USD/CHF:
The USD/CHF pair remains under pressure, with prices staying below 0.8725, supporting the bearish outlook. A move above 0.8600 could bring some positive sentiment back.
Analysis of AUD/USD:
The AUD/USD pair is trying to free itself from selling pressure. If prices can break above the 0.6670 level, we might see a bullish wave.
Analysis of NZD/USD:
The NZD/USD pair remains under pressure, with continued trading below 0.5960 likely to strengthen the bearish trend.
Analysis of USD/CAD:
The USD/CAD pair is attempting to pull back. A decline below 1.3750 could lead to a corrective downward wave.
Analysis of GBP/JPY:
The GBP/JPY pair is attempting to recover from losses. A rise above 196 yen could enhance positivity, while a return below 184 yen could bring back selling pressure.
Analysis of EUR/JPY:
The EUR/JPY pair is trying to stabilize above 158 yen. If this level holds, we may see an upward move toward 166 yen.
Analysis of Gold:
Gold is attempting to stabilize above the $2400 per ounce level. If prices can break above the $2460 level, we may see a move toward $2520 and $2600. However, failure to hold above $2400 could lead to a corrective downward wave.
Analysis of Crude Oil:
Crude oil is attempting to recover from previous losses. If it can break above the $77 level, we may see a rise toward $80 and $83 per barrel.
Analysis of Silver:
Silver is attempting to overcome selling pressure. A rise above $27.5 could reinforce the bullish trend.
Analysis of Natural Gas:
Natural gas is trying to regain positive momentum. If it can break above the $2.20 level, we may see a rise toward $2.80 and $3.20.
Analysis of the Dow Jones Industrial Average:
The Dow Jones is trying to recover. A rise above 40,000 points could strengthen the bullish outlook.
Analysis of the S&P 500:
The S&P 500 is attempting to erase previous losses. Holding above 5280 points may support an upward move toward 5500 points.
Analysis of the Nasdaq 100:
The Nasdaq is trying to regain its upward trend. Holding above 18,250 points may support a move toward 19,250 and 20,250 points.
Analysis of the Russell 2000:
The Russell 2000 is trading under pressure. A return above 2125 points could bring back positive momentum.
Analysis of the FTSE:
The FTSE is attempting to regain upward momentum. Breaking above the 8150 level could lead to a bullish wave.
Analysis of the DAX:
The DAX is trying to recover from previous losses. Holding above 17,600 points could support an upward move toward 18,200 points.
Analysis of the CAC:
The CAC is attempting to erase losses. A return above 7200 points could enhance the bullish trend.
Analysis of the Nikkei:
The Nikkei is attempting to recover. Breaking above the 37,000 level could strengthen the bullish trend.
Analysis of Bitcoin:
Bitcoin is attempting to regain positive momentum following positive news related to regulatory issues in the cryptocurrency space. If it can surpass the $60,000 level, we may see a rise toward $68,000 and $75,000 in the medium term. Failure to break this level could bring back selling pressure.
Analysis of Ethereum:
Ethereum is attempting to overcome selling pressure and reduce previous losses. Breaking above the $2800 level could strengthen the bullish trend.
Analysis of Ripple (XRP):
Ripple shows positive signs after winning its case against the U.S. Securities and Exchange Commission (SEC). Holding above $0.55 could strengthen the bullish trend toward $0.75 and $1.00.
Conclusion:
The analysis concludes with an outlook on the technical and economic aspects of the markets, noting that several key economic data points are expected to determine market directions for the upcoming week.
Introduction:
Welcome, I’m Mohammed Qais Abdulghani, a financial markets expert. In today’s daily technical analysis, we will take a look at the major currency pairs, commodities, and indices. We will discuss the key economic data that the markets are anticipating this week, such as the Producer Price Index (PPI), Core Consumer Price Index (CPI), U.S. Crude Oil Inventory Report, Core Retail Sales Report, and Initial Jobless Claims. These data points will be crucial in determining market directions, especially in light of recent statements from the U.S. Federal Reserve.
Analysis of the U.S. Dollar Index (DXY):
The U.S. Dollar Index continues its efforts to maintain gains and remain above the 103 level. If prices can hold this level, we may see a move toward 104. However, if prices fall back below 103, a corrective downward trend might begin.
Analysis of EUR/USD:
The EUR/USD pair continues to trade above the 1.0900 level, which strengthens the bullish scenario toward 1.1000. However, breaking below the 1.0900 level could push the pair into a downward wave targeting 1.0800.
Analysis of GBP/USD:
The GBP/USD pair is attempting to overcome selling pressure. If prices manage to stay above 1.2700, we could see a test of the 1.2900 level. Failure to hold could lead to renewed selling pressure.
Analysis of USD/JPY:
The USD/JPY pair continues to trade under pressure. Staying below 149 yen may reinforce the downward trend. On the other hand, a rise above 145 yen could bring back some positivity.
Analysis of USD/CHF:
The USD/CHF pair remains under pressure, with prices staying below 0.8725, supporting the bearish outlook. A move above 0.8600 could bring some positive sentiment back.
Analysis of AUD/USD:
The AUD/USD pair is trying to free itself from selling pressure. If prices can break above the 0.6670 level, we might see a bullish wave.
Analysis of NZD/USD:
The NZD/USD pair remains under pressure, with continued trading below 0.5960 likely to strengthen the bearish trend.
Analysis of USD/CAD:
The USD/CAD pair is attempting to pull back. A decline below 1.3750 could lead to a corrective downward wave.
Analysis of GBP/JPY:
The GBP/JPY pair is attempting to recover from losses. A rise above 196 yen could enhance positivity, while a return below 184 yen could bring back selling pressure.
Analysis of EUR/JPY:
The EUR/JPY pair is trying to stabilize above 158 yen. If this level holds, we may see an upward move toward 166 yen.
Analysis of Gold:
Gold is attempting to stabilize above the $2400 per ounce level. If prices can break above the $2460 level, we may see a move toward $2520 and $2600. However, failure to hold above $2400 could lead to a corrective downward wave.
Analysis of Crude Oil:
Crude oil is attempting to recover from previous losses. If it can break above the $77 level, we may see a rise toward $80 and $83 per barrel.
Analysis of Silver:
Silver is attempting to overcome selling pressure. A rise above $27.5 could reinforce the bullish trend.
Analysis of Natural Gas:
Natural gas is trying to regain positive momentum. If it can break above the $2.20 level, we may see a rise toward $2.80 and $3.20.
Analysis of the Dow Jones Industrial Average:
The Dow Jones is trying to recover. A rise above 40,000 points could strengthen the bullish outlook.
Analysis of the S&P 500:
The S&P 500 is attempting to erase previous losses. Holding above 5280 points may support an upward move toward 5500 points.
Analysis of the Nasdaq 100:
The Nasdaq is trying to regain its upward trend. Holding above 18,250 points may support a move toward 19,250 and 20,250 points.
Analysis of the Russell 2000:
The Russell 2000 is trading under pressure. A return above 2125 points could bring back positive momentum.
Analysis of the FTSE:
The FTSE is attempting to regain upward momentum. Breaking above the 8150 level could lead to a bullish wave.
Analysis of the DAX:
The DAX is trying to recover from previous losses. Holding above 17,600 points could support an upward move toward 18,200 points.
Analysis of the CAC:
The CAC is attempting to erase losses. A return above 7200 points could enhance the bullish trend.
Analysis of the Nikkei:
The Nikkei is attempting to recover. Breaking above the 37,000 level could strengthen the bullish trend.
Analysis of Bitcoin:
Bitcoin is attempting to regain positive momentum following positive news related to regulatory issues in the cryptocurrency space. If it can surpass the $60,000 level, we may see a rise toward $68,000 and $75,000 in the medium term. Failure to break this level could bring back selling pressure.
Analysis of Ethereum:
Ethereum is attempting to overcome selling pressure and reduce previous losses. Breaking above the $2800 level could strengthen the bullish trend.
Analysis of Ripple (XRP):
Ripple shows positive signs after winning its case against the U.S. Securities and Exchange Commission (SEC). Holding above $0.55 could strengthen the bullish trend toward $0.75 and $1.00.
Conclusion:
The analysis concludes with an outlook on the technical and economic aspects of the markets, noting that several key economic data points are expected to determine market directions for the upcoming week.
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