Daily Technical Analysis of Gold,Currencies,and Indices29/8/2024
Daily Technical Analysis for Gold, Currencies, and Indices - 29/8/2024
Introduction
Welcome, I am Mohammed Qais Abdulghani, a financial markets expert. Today, I will provide you with an in-depth analysis of the key currency pairs, commodities, and financial indices. On this Thursday, August 29, 2024, a series of significant economic data releases are expected to impact price movements. These releases include the Consumer Price Index (CPI) for the European Union and Germany, GDP figures, unemployment rate data for the United States, and the Federal Reserve’s weekly balance sheet report. The impact of these data on financial and investment markets will be analyzed in this report.
U.S. Dollar Index (DXY) Analysis
The U.S. Dollar Index (DXY) shows attempts at correction ahead of the critical economic data releases in the United States, such as GDP and unemployment rates. However, overall, the index continues to trade within a bearish scenario, inside a major downward channel, and below both primary and secondary descending trend lines. Prices remain below the 102 level and the 55-day moving average, reinforcing negative expectations. The index will not be able to resume its upward trend unless these levels are breached in conjunction with positive economic data that exceed expectations.
EUR/USD Analysis
The EUR/USD pair shows downward corrections after failing to break above the 1.1000 level and the 55-day moving average. These downward corrections are expected to continue until the pair successfully surpasses the 1.1000 level, which could lead to further declines. The positive trend will only resume if the 1.1000 level is breached.
GBP/USD Analysis
The GBP/USD pair exhibits downward corrections after failing to surpass the 1.32 level and the 50-day moving average. With the upcoming release of significant economic data in the United States, the pair is expected to continue these downward corrections as long as it remains above the 1.50 level.
USD/JPY Analysis
The USD/JPY pair continues to hover around the 145-yen level against the U.S. dollar. If this level is breached, it could create buying opportunities, with potential rises targeting the 149-yen level. The 145-yen level serves as a strong pivot area, supported by the 55-day moving average and the primary descending trend line, making it a resistance area that must be approached with caution.
USD/CHF Analysis
The USD/CHF pair remains under pressure, with prices staying below the 0.8500 and 0.9400 levels. These levels should be closely monitored to determine the future direction.
AUD/USD Analysis
The AUD/USD pair saw stable prices at the 0.6800 level. Even with potential corrections, the pair might retest the 0.6670 level. Traders should watch the movements closely to confirm the trend’s continuity.
NZD/USD Analysis
The NZD/USD pair is testing a critical level at 0.6250. If this level is broken, the pair could drop to the 1.0000 level. To maintain a positive trend, traders should ensure that prices stay above the 0.6250 level.
USD/CAD Analysis
The USD/CAD pair faces ongoing pressure with attempts to reduce losses and enter a corrective upward wave. This movement will not be considered positive unless the 1.34500 level is broken, potentially leading to a resumption of the downtrend towards the 1.33 level.
GBP/JPY Analysis
The GBP/JPY pair trades around the previous session’s closing level for the third consecutive session, with prices remaining below 196 yen per British pound. The bearish trend remains dominant, targeting the 184 yen level.
EUR/JPY Analysis
The EUR/JPY pair continues to favor a bearish scenario, targeting the 158 yen level as long as it remains below 164 yen.
EUR/GBP Analysis
The EUR/GBP pair continues to trade under downward pressure. Staying below the 0.84500 level indicates the possibility of further declines, targeting levels of 0.83150 and 0.82500.
USD/TRY Analysis
The USD/TRY pair continues to trade strongly above the 34 lira per U.S. dollar level, suggesting the potential for continued upward movement towards 34.50 and 35 lira.
Bitcoin/USD Analysis
Bitcoin against the U.S. dollar shows a decline below the 60,000 USD level and also below 56,000 USD, which is the 55-day moving average. This situation could lead to a corrective downward wave targeting the 52,000 USD level, and possibly 44,000 USD in the medium term. A return of buying momentum above the 56,000 USD level could support a recovery in Bitcoin prices.
Ethereum/USD Analysis
Ethereum against the U.S. dollar remains under pressure, with prices below 2,800 USD, indicating the potential for further declines towards 2,200 and 1,600 USD in the medium term.
Ripple/USD Analysis
The Ripple against the U.S. dollar is approaching a critical support area at 55 cents. If this support is broken in the upcoming trading sessions, the pair may experience further declines.
Gold Analysis
Gold is experiencing corrections due to the impact of the U.S. Dollar Index, resulting in a pullback in gold prices. However, gold remains above the 2460 USD level, considered a healthy correction. If the 2520 USD level is fully breached, we may see a rise towards 2600 and 2700 USD in the medium term. If the 2460 USD level is broken, this positive scenario will be invalidated.
Oil Analysis
Crude oil continues to trade under pressure with prices below the 77 USD per barrel level, indicating a bearish scenario. Following a negative U.S. oil inventory report, future crude oil prices are expected to be negatively affected. This bearish scenario will only be invalidated if buying momentum returns above the 77 USD per barrel level.
Silver Analysis
Silver has successfully reached the 29 USD level, but there is a likelihood that these gains may be erased if prices drop to the 27.5 USD level or lower.
Natural Gas Analysis
Natural gas attempts to erase previous losses after opening with an upward gap. Remaining below the 2.2 USD level suggests a potential drop that may target the 1.8 USD level in the short term.
Dow Jones Index Analysis
The Dow Jones Industrial Average is nearing a critical level at 41,000 points. Breaking this level may lead to a bearish wave targeting 40,000 points. The bullish rebound depends on holding above the 41,000-point level.
S&P 500 Index Analysis
The S&P 500 index continues to trade under the corrective bearish wave. Staying below the 5,700-point level strengthens the likelihood of entering a downward correction, targeting the 5,500-point level or lower.
Nasdaq 100 Index Analysis
The Nasdaq 100 index faces the risk of a decline if it breaks the support level at 19,250 points. The index must maintain a rebound above this level to avoid the bearish scenario.
Russell 2000 Index Analysis
The Russell 2000 index declines after failing to break through the resistance level at 2,225 points. Breaking this level may result in a decline to the 2,040-point level.
FTSE Index Analysis
The FTSE index continues to decline with resistance at the 8,400-point level. Breaking this level may lead to a drop towards the 8,200-point level. A return of buying momentum above the 8,400-point level may cancel the bearish scenario.
DAX Index Analysis
The DAX index is expected to continue rising in the medium term, targeting levels of 20,000 and 19,250 points. If the index falls below the 18,750-point level, previous gains may be erased, heading towards the 18,200-point level.
CAC Index Analysis
The CAC index may decline if it fails to break above the 7,600-point level, leading to a bearish wave targeting the 7,200-point level.
Nikkei Index Analysis
The Nikkei index targets the 44,250-point level in a positive scenario. Breaking below the 37,000-point level may cancel this positive scenario.
With this, we have completed today’s technical analysis. Thank you for following along, and we wish you successful trading.
This analysis was prepared by Muhammad Qais Abdulghani, a financial markets expert, based on current data and market trends. Please note that all strategies and analyses are subject to market changes, and it is advised to keep track of economic updates to make informed decisions.
Introduction
Welcome, I am Mohammed Qais Abdulghani, a financial markets expert. Today, I will provide you with an in-depth analysis of the key currency pairs, commodities, and financial indices. On this Thursday, August 29, 2024, a series of significant economic data releases are expected to impact price movements. These releases include the Consumer Price Index (CPI) for the European Union and Germany, GDP figures, unemployment rate data for the United States, and the Federal Reserve’s weekly balance sheet report. The impact of these data on financial and investment markets will be analyzed in this report.
U.S. Dollar Index (DXY) Analysis
The U.S. Dollar Index (DXY) shows attempts at correction ahead of the critical economic data releases in the United States, such as GDP and unemployment rates. However, overall, the index continues to trade within a bearish scenario, inside a major downward channel, and below both primary and secondary descending trend lines. Prices remain below the 102 level and the 55-day moving average, reinforcing negative expectations. The index will not be able to resume its upward trend unless these levels are breached in conjunction with positive economic data that exceed expectations.
EUR/USD Analysis
The EUR/USD pair shows downward corrections after failing to break above the 1.1000 level and the 55-day moving average. These downward corrections are expected to continue until the pair successfully surpasses the 1.1000 level, which could lead to further declines. The positive trend will only resume if the 1.1000 level is breached.
GBP/USD Analysis
The GBP/USD pair exhibits downward corrections after failing to surpass the 1.32 level and the 50-day moving average. With the upcoming release of significant economic data in the United States, the pair is expected to continue these downward corrections as long as it remains above the 1.50 level.
USD/JPY Analysis
The USD/JPY pair continues to hover around the 145-yen level against the U.S. dollar. If this level is breached, it could create buying opportunities, with potential rises targeting the 149-yen level. The 145-yen level serves as a strong pivot area, supported by the 55-day moving average and the primary descending trend line, making it a resistance area that must be approached with caution.
USD/CHF Analysis
The USD/CHF pair remains under pressure, with prices staying below the 0.8500 and 0.9400 levels. These levels should be closely monitored to determine the future direction.
AUD/USD Analysis
The AUD/USD pair saw stable prices at the 0.6800 level. Even with potential corrections, the pair might retest the 0.6670 level. Traders should watch the movements closely to confirm the trend’s continuity.
NZD/USD Analysis
The NZD/USD pair is testing a critical level at 0.6250. If this level is broken, the pair could drop to the 1.0000 level. To maintain a positive trend, traders should ensure that prices stay above the 0.6250 level.
USD/CAD Analysis
The USD/CAD pair faces ongoing pressure with attempts to reduce losses and enter a corrective upward wave. This movement will not be considered positive unless the 1.34500 level is broken, potentially leading to a resumption of the downtrend towards the 1.33 level.
GBP/JPY Analysis
The GBP/JPY pair trades around the previous session’s closing level for the third consecutive session, with prices remaining below 196 yen per British pound. The bearish trend remains dominant, targeting the 184 yen level.
EUR/JPY Analysis
The EUR/JPY pair continues to favor a bearish scenario, targeting the 158 yen level as long as it remains below 164 yen.
EUR/GBP Analysis
The EUR/GBP pair continues to trade under downward pressure. Staying below the 0.84500 level indicates the possibility of further declines, targeting levels of 0.83150 and 0.82500.
USD/TRY Analysis
The USD/TRY pair continues to trade strongly above the 34 lira per U.S. dollar level, suggesting the potential for continued upward movement towards 34.50 and 35 lira.
Bitcoin/USD Analysis
Bitcoin against the U.S. dollar shows a decline below the 60,000 USD level and also below 56,000 USD, which is the 55-day moving average. This situation could lead to a corrective downward wave targeting the 52,000 USD level, and possibly 44,000 USD in the medium term. A return of buying momentum above the 56,000 USD level could support a recovery in Bitcoin prices.
Ethereum/USD Analysis
Ethereum against the U.S. dollar remains under pressure, with prices below 2,800 USD, indicating the potential for further declines towards 2,200 and 1,600 USD in the medium term.
Ripple/USD Analysis
The Ripple against the U.S. dollar is approaching a critical support area at 55 cents. If this support is broken in the upcoming trading sessions, the pair may experience further declines.
Gold Analysis
Gold is experiencing corrections due to the impact of the U.S. Dollar Index, resulting in a pullback in gold prices. However, gold remains above the 2460 USD level, considered a healthy correction. If the 2520 USD level is fully breached, we may see a rise towards 2600 and 2700 USD in the medium term. If the 2460 USD level is broken, this positive scenario will be invalidated.
Oil Analysis
Crude oil continues to trade under pressure with prices below the 77 USD per barrel level, indicating a bearish scenario. Following a negative U.S. oil inventory report, future crude oil prices are expected to be negatively affected. This bearish scenario will only be invalidated if buying momentum returns above the 77 USD per barrel level.
Silver Analysis
Silver has successfully reached the 29 USD level, but there is a likelihood that these gains may be erased if prices drop to the 27.5 USD level or lower.
Natural Gas Analysis
Natural gas attempts to erase previous losses after opening with an upward gap. Remaining below the 2.2 USD level suggests a potential drop that may target the 1.8 USD level in the short term.
Dow Jones Index Analysis
The Dow Jones Industrial Average is nearing a critical level at 41,000 points. Breaking this level may lead to a bearish wave targeting 40,000 points. The bullish rebound depends on holding above the 41,000-point level.
S&P 500 Index Analysis
The S&P 500 index continues to trade under the corrective bearish wave. Staying below the 5,700-point level strengthens the likelihood of entering a downward correction, targeting the 5,500-point level or lower.
Nasdaq 100 Index Analysis
The Nasdaq 100 index faces the risk of a decline if it breaks the support level at 19,250 points. The index must maintain a rebound above this level to avoid the bearish scenario.
Russell 2000 Index Analysis
The Russell 2000 index declines after failing to break through the resistance level at 2,225 points. Breaking this level may result in a decline to the 2,040-point level.
FTSE Index Analysis
The FTSE index continues to decline with resistance at the 8,400-point level. Breaking this level may lead to a drop towards the 8,200-point level. A return of buying momentum above the 8,400-point level may cancel the bearish scenario.
DAX Index Analysis
The DAX index is expected to continue rising in the medium term, targeting levels of 20,000 and 19,250 points. If the index falls below the 18,750-point level, previous gains may be erased, heading towards the 18,200-point level.
CAC Index Analysis
The CAC index may decline if it fails to break above the 7,600-point level, leading to a bearish wave targeting the 7,200-point level.
Nikkei Index Analysis
The Nikkei index targets the 44,250-point level in a positive scenario. Breaking below the 37,000-point level may cancel this positive scenario.
With this, we have completed today’s technical analysis. Thank you for following along, and we wish you successful trading.
This analysis was prepared by Muhammad Qais Abdulghani, a financial markets expert, based on current data and market trends. Please note that all strategies and analyses are subject to market changes, and it is advised to keep track of economic updates to make informed decisions.
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