Daily Technical Analysis of Gold,Currencies,and Indices15/8/2024
Daily Technical Analysis - August 15, 2024
Introduction
Welcome, I am Mohammed Qais Abdulghani, a financial markets expert. In today's daily technical analysis, we will focus on important economic data releases expected to significantly impact market movements, such as the Retail Sales report, the Philadelphia Manufacturing Index, and Unemployment Claims.
Technical Analysis
US Dollar Index (DXY):
The US Dollar continues to be under pressure following negative US economic data, including the Consumer Price Index and the US Crude Oil Inventory report. The index remains below the 103 level, indicating a continued corrective movement as long as prices stay under this level.
EUR/USD:
The pair continues to gain, maintaining positive trades above the 1.1000 level, supporting the bullish scenario. This scenario will remain valid unless prices fall below 1.1000.
GBP/USD:
The pair trades within a positive scenario, with expectations for further upward movement towards 1.2900 if it remains stable above 1.2700.
USD/JPY:
The pair remains under pressure, with the potential to fall towards 140 yen if it fails to surpass the 145 yen level.
USD/CHF:
The pair continues to trade under negative pressure, targeting levels of 0.8510 and below.
AUD/USD:
The pair remains under pressure, with the possibility of retesting the 0.6500 level if it continues trading below 0.6670.
NZD/USD:
The pair remains in a downward trajectory, with the potential to decline towards 0.5960 unless it breaks above 0.6050.
USD/CAD:
The pair remains under corrective downward pressure, targeting levels of 1.3600 and 1.3450.
GBP/JPY:
The pair continues to face selling pressures below the 196 yen level, reinforcing the bearish scenario towards 184 yen.
EUR/JPY:
The pair is attempting to end its corrections, but the bearish scenario remains unless it surpasses the 166 yen level.
EUR/GBP:
The bullish scenario remains intact, with potential targets of 0.8685 and 0.8800 in the medium term.
USD/TRY:
The bullish scenario continues with prices stable above 33.5 lira, suggesting a potential rise towards 34 and 35 lira.
BTC/USD:
Bitcoin faces resistance at $60,000. If this level is broken, a downward wave towards $48,000 may occur.
ETH/USD:
Ethereum fails to regain its upward trajectory, with the possibility of continued decline unless it breaks above $2,800.
XRP/USD:
Ripple maintains its gains above $0.55, with the potential to rise towards $0.75.
Gold:
Gold is retreating despite negative US data due to declining inflation concerns. The bullish trend remains as long as prices stay above $2,400. Breaking this level may indicate a potential decline.
Crude Oil:
Oil is retreating following a negative US inventory report, with a greater decline possible if the $77 level is broken.
Silver:
Silver is retreating, with the potential to erase gains if the $27.5 level is broken.
Dow Jones Industrial Average:
The index is rising with positive expectations of lower interest rates, but the bullish scenario depends on surpassing the 40,000-point level.
S&P 500:
The index remains under pressure, with the potential to regain upward momentum if it surpasses 5,500 points.
Nasdaq:
The index faces resistance at 19,250 points. If it fails to surpass this level, a correction towards 18,250 points may occur.
FTSE:
The FTSE continues to gain, targeting the 8,450-point level.
DAX:
The index remains supported by positive momentum, with potential targets of 18,200 and 18,650 points.
CAC:
The CAC index continues its attempts to regain upward momentum.
Nikkei:
The Nikkei index fails to surpass the 37,000-point level, potentially leading to corrections towards 34,000 points.
Conclusion
It is essential to continue monitoring economic and geopolitical events to make informed trading decisions. The bullish scenario for gold remains as long as prices stay above $2,400.
Introduction
Welcome, I am Mohammed Qais Abdulghani, a financial markets expert. In today's daily technical analysis, we will focus on important economic data releases expected to significantly impact market movements, such as the Retail Sales report, the Philadelphia Manufacturing Index, and Unemployment Claims.
Technical Analysis
US Dollar Index (DXY):
The US Dollar continues to be under pressure following negative US economic data, including the Consumer Price Index and the US Crude Oil Inventory report. The index remains below the 103 level, indicating a continued corrective movement as long as prices stay under this level.
EUR/USD:
The pair continues to gain, maintaining positive trades above the 1.1000 level, supporting the bullish scenario. This scenario will remain valid unless prices fall below 1.1000.
GBP/USD:
The pair trades within a positive scenario, with expectations for further upward movement towards 1.2900 if it remains stable above 1.2700.
USD/JPY:
The pair remains under pressure, with the potential to fall towards 140 yen if it fails to surpass the 145 yen level.
USD/CHF:
The pair continues to trade under negative pressure, targeting levels of 0.8510 and below.
AUD/USD:
The pair remains under pressure, with the possibility of retesting the 0.6500 level if it continues trading below 0.6670.
NZD/USD:
The pair remains in a downward trajectory, with the potential to decline towards 0.5960 unless it breaks above 0.6050.
USD/CAD:
The pair remains under corrective downward pressure, targeting levels of 1.3600 and 1.3450.
GBP/JPY:
The pair continues to face selling pressures below the 196 yen level, reinforcing the bearish scenario towards 184 yen.
EUR/JPY:
The pair is attempting to end its corrections, but the bearish scenario remains unless it surpasses the 166 yen level.
EUR/GBP:
The bullish scenario remains intact, with potential targets of 0.8685 and 0.8800 in the medium term.
USD/TRY:
The bullish scenario continues with prices stable above 33.5 lira, suggesting a potential rise towards 34 and 35 lira.
BTC/USD:
Bitcoin faces resistance at $60,000. If this level is broken, a downward wave towards $48,000 may occur.
ETH/USD:
Ethereum fails to regain its upward trajectory, with the possibility of continued decline unless it breaks above $2,800.
XRP/USD:
Ripple maintains its gains above $0.55, with the potential to rise towards $0.75.
Gold:
Gold is retreating despite negative US data due to declining inflation concerns. The bullish trend remains as long as prices stay above $2,400. Breaking this level may indicate a potential decline.
Crude Oil:
Oil is retreating following a negative US inventory report, with a greater decline possible if the $77 level is broken.
Silver:
Silver is retreating, with the potential to erase gains if the $27.5 level is broken.
Dow Jones Industrial Average:
The index is rising with positive expectations of lower interest rates, but the bullish scenario depends on surpassing the 40,000-point level.
S&P 500:
The index remains under pressure, with the potential to regain upward momentum if it surpasses 5,500 points.
Nasdaq:
The index faces resistance at 19,250 points. If it fails to surpass this level, a correction towards 18,250 points may occur.
FTSE:
The FTSE continues to gain, targeting the 8,450-point level.
DAX:
The index remains supported by positive momentum, with potential targets of 18,200 and 18,650 points.
CAC:
The CAC index continues its attempts to regain upward momentum.
Nikkei:
The Nikkei index fails to surpass the 37,000-point level, potentially leading to corrections towards 34,000 points.
Conclusion
It is essential to continue monitoring economic and geopolitical events to make informed trading decisions. The bullish scenario for gold remains as long as prices stay above $2,400.
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