Daily Technical Analysis of Gold,Currencies,and Indices13/8/2024
Daily Technical Analysis of Major Currency Pairs, Commodities, and Indices - August 13, 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. The analysis focuses on important economic data expected to be released today, which could have a significant impact on market movements, such as the U.S. Consumer Price Index. The importance of monitoring these data points is highlighted, as they will help determine the future direction of the U.S. Federal Reserve's monetary policy.
**U.S. Dollar Index (DXY) Analysis:**
The U.S. Dollar Index is retreating slightly as the countdown begins for crucial U.S. inflation data. The index is holding above the 103 level, with the potential to retest 104. However, breaking below 103 could lead to a reversal of current gains.
**EUR/USD Analysis:**
The EUR/USD pair continues to trade positively above the 1.09 level. Stability above this level supports the bullish outlook towards 1.10 and 1.12 in the medium term. However, breaking below 1.09 could reverse this trend.
**GBP/USD Analysis:**
The GBP/USD pair remains positive above 1.27, supporting the potential for a rise towards 1.29 and 1.305. A break below 1.27 could bring back selling pressure.
**USD/JPY Analysis:**
The USD/JPY pair remains under selling pressure as long as prices stay below 149 yen. Continued weakness could drive prices towards 145 and 140 yen.
**USD/CHF Analysis:**
The USD/CHF pair remains under pressure. Holding below the 0.8725 level reinforces the bearish trend towards 0.8510 and 0.8370.
**AUD/USD Analysis:**
The AUD/USD pair is attempting to regain control of the bullish momentum. A successful break above 0.6670 could lead to a rise towards 0.69.
**NZD/USD Analysis:**
The NZD/USD pair remains under negative pressure. Staying below 0.6050 supports the bearish trend towards 0.5960 and beyond.
**USD/CAD Analysis:**
The USD/CAD pair is attempting to recover its gains. If prices successfully break above 1.3750, we may see a rise towards 1.39 and 1.41.
**GBP/JPY Analysis:**
The GBP/JPY pair, also known as the "Beast," remains under selling pressure. Staying below 196 yen supports the bearish trend towards 184 yen.
**EUR/JPY Analysis:**
The EUR/JPY pair continues to trade under pressure. Holding below 166 yen supports the continuation of the bearish trend.
**EUR/GBP Analysis:**
The EUR/GBP pair is consolidating around the 0.8550 level. A break below this level could return prices to the bearish trend towards 0.8450 and lower.
**USD/TRY Analysis:**
The USD/TRY pair maintains its gains above the 33 lira level, targeting 34 lira.
**Bitcoin Analysis:**
Bitcoin is holding steady above the $60,000 level. Breaking above this level could push prices towards $68,000 and $75,000, with a potential to reach $85,000.
**Ethereum Analysis:**
Ethereum is attempting to reduce losses, and if it succeeds in breaking above $2,800, it may target $3,200 and $3,600.
**Ripple Analysis:**
Ripple is holding its gains above $0.55, targeting $0.75 and $1.00 in the medium term.
**Gold Analysis:**
Gold remains positive above the $2,400 level. Breaking above $2,460 could push prices towards $2,520 and $2,600.
**Oil Analysis:**
Oil is making gains, and staying above $77 supports the potential rise towards $80 and $83.
**Silver Analysis:**
Silver is attempting to recover from losses, and staying above $27.5 supports the bullish trend towards $29 and $30.5.
**Natural Gas Analysis:**
Natural gas is trying to regain its bullish momentum. Breaking above $2.20 could push prices towards $2.80 and $3.20.
**Dow Jones Analysis:**
The Dow Jones remains under pressure, and staying below 40,000 points supports the bearish trend.
**S&P 500 Analysis:**
The S&P 500 is attempting to gain bullish momentum. Staying above 5,280 points supports the potential rise towards 5,500 and 5,800 points.
**Nasdaq 100 Analysis:**
The Nasdaq is holding its gains above 18,250 points, with a target of 19,250 and 20,250 points.
**Russell 2000 Analysis:**
The Russell 2000 remains under pressure, and staying below 2,125 points supports the bearish trend.
**FTSE Analysis:**
The FTSE maintains its positivity above 8,150 points, targeting 8,450 and 8,800 points.
**DAX Analysis:**
The DAX is trying to regain control of its bullish momentum, and staying above 17,600 points could support a rise towards 18,200 points.
**CAC Analysis:**
The CAC 40 is retreating under selling pressure, and breaking below 7,200 points could lead to a drop towards 6,600 points.
**Nikkei Analysis:**
The Nikkei is attempting to regain positivity, and breaking above 37,000 points could support a recovery and a rise towards 41,000 and 43,000 points.
**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. The analysis focuses on important economic data expected to be released today, which could have a significant impact on market movements, such as the U.S. Consumer Price Index. The importance of monitoring these data points is highlighted, as they will help determine the future direction of the U.S. Federal Reserve's monetary policy.
**U.S. Dollar Index (DXY) Analysis:**
The U.S. Dollar Index is retreating slightly as the countdown begins for crucial U.S. inflation data. The index is holding above the 103 level, with the potential to retest 104. However, breaking below 103 could lead to a reversal of current gains.
**EUR/USD Analysis:**
The EUR/USD pair continues to trade positively above the 1.09 level. Stability above this level supports the bullish outlook towards 1.10 and 1.12 in the medium term. However, breaking below 1.09 could reverse this trend.
**GBP/USD Analysis:**
The GBP/USD pair remains positive above 1.27, supporting the potential for a rise towards 1.29 and 1.305. A break below 1.27 could bring back selling pressure.
**USD/JPY Analysis:**
The USD/JPY pair remains under selling pressure as long as prices stay below 149 yen. Continued weakness could drive prices towards 145 and 140 yen.
**USD/CHF Analysis:**
The USD/CHF pair remains under pressure. Holding below the 0.8725 level reinforces the bearish trend towards 0.8510 and 0.8370.
**AUD/USD Analysis:**
The AUD/USD pair is attempting to regain control of the bullish momentum. A successful break above 0.6670 could lead to a rise towards 0.69.
**NZD/USD Analysis:**
The NZD/USD pair remains under negative pressure. Staying below 0.6050 supports the bearish trend towards 0.5960 and beyond.
**USD/CAD Analysis:**
The USD/CAD pair is attempting to recover its gains. If prices successfully break above 1.3750, we may see a rise towards 1.39 and 1.41.
**GBP/JPY Analysis:**
The GBP/JPY pair, also known as the "Beast," remains under selling pressure. Staying below 196 yen supports the bearish trend towards 184 yen.
**EUR/JPY Analysis:**
The EUR/JPY pair continues to trade under pressure. Holding below 166 yen supports the continuation of the bearish trend.
**EUR/GBP Analysis:**
The EUR/GBP pair is consolidating around the 0.8550 level. A break below this level could return prices to the bearish trend towards 0.8450 and lower.
**USD/TRY Analysis:**
The USD/TRY pair maintains its gains above the 33 lira level, targeting 34 lira.
**Bitcoin Analysis:**
Bitcoin is holding steady above the $60,000 level. Breaking above this level could push prices towards $68,000 and $75,000, with a potential to reach $85,000.
**Ethereum Analysis:**
Ethereum is attempting to reduce losses, and if it succeeds in breaking above $2,800, it may target $3,200 and $3,600.
**Ripple Analysis:**
Ripple is holding its gains above $0.55, targeting $0.75 and $1.00 in the medium term.
**Gold Analysis:**
Gold remains positive above the $2,400 level. Breaking above $2,460 could push prices towards $2,520 and $2,600.
**Oil Analysis:**
Oil is making gains, and staying above $77 supports the potential rise towards $80 and $83.
**Silver Analysis:**
Silver is attempting to recover from losses, and staying above $27.5 supports the bullish trend towards $29 and $30.5.
**Natural Gas Analysis:**
Natural gas is trying to regain its bullish momentum. Breaking above $2.20 could push prices towards $2.80 and $3.20.
**Dow Jones Analysis:**
The Dow Jones remains under pressure, and staying below 40,000 points supports the bearish trend.
**S&P 500 Analysis:**
The S&P 500 is attempting to gain bullish momentum. Staying above 5,280 points supports the potential rise towards 5,500 and 5,800 points.
**Nasdaq 100 Analysis:**
The Nasdaq is holding its gains above 18,250 points, with a target of 19,250 and 20,250 points.
**Russell 2000 Analysis:**
The Russell 2000 remains under pressure, and staying below 2,125 points supports the bearish trend.
**FTSE Analysis:**
The FTSE maintains its positivity above 8,150 points, targeting 8,450 and 8,800 points.
**DAX Analysis:**
The DAX is trying to regain control of its bullish momentum, and staying above 17,600 points could support a rise towards 18,200 points.
**CAC Analysis:**
The CAC 40 is retreating under selling pressure, and breaking below 7,200 points could lead to a drop towards 6,600 points.
**Nikkei Analysis:**
The Nikkei is attempting to regain positivity, and breaking above 37,000 points could support a recovery and a rise towards 41,000 and 43,000 points.
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