Daily Technical Analysis of Gold,Currencies,and Indices 4/9/2024
Daily Technical Analysis for Gold, Currencies, and Indices - 4/9/2024
Introduction
Welcome, I’m Mohammed Qais Abdulghani, a financial markets expert, bringing you my detailed outlook on the most significant currency pairs, commodities, and financial indices for today, Wednesday, September 4, 2024.
First, let’s review the key economic data expected today, which could impact price movements upon release:
• Tuesday, September 3 Session: The release of the Manufacturing Purchasing Managers’ Index (PMI) and the Manufacturing PMI issued by the Institute for Supply Management (ISM). The figures came in below expectations, indicating a slowdown in manufacturing activity and weakness in the U.S. economy. This decline could negatively impact the U.S. dollar, as markets might interpret this data as a signal that the Federal Reserve may adopt more accommodative monetary policies and move away from tightening measures to support the economy and avoid recession.
• Wednesday, September 4 Session: The U.S. job openings report is scheduled to be released at 5:00 PM Mecca time.
Analysis of the U.S. Dollar Index (DXY):
We observe that the U.S. Dollar Index is trading under pressure near the previous closing level. Trading below the 102 level keeps the index within a bearish trend channel, making it vulnerable to further decline towards the 100.3 and 99 levels in the medium term. The dollar will not experience positive corrections unless it surpasses the 102 level.
EUR/USD Pair Analysis:
The pair remains stable above the key support level at 1.1000. Attempts are ongoing to end the corrections and rise towards 1.1200. This bullish scenario will remain valid unless the price breaks below the 1.1000 level.
GBP/USD Pair Analysis:
The pair is attempting to break below the 1.3100 level. If prices succeed in breaking this level, the pair will enter a downward corrective wave targeting 1.2970 and 1.2850.
USD/JPY Pair Analysis:
The pair is attempting to return to the downward trend. Breaking the 145 yen level and moving below the 55-day moving average may end the positive corrections and return the pair to the downward trend targeting 140 yen.
USD/CHF Pair Analysis:
The pair is hovering around the previous closing level. A return below the 0.8510 level could push the pair back into a negative trend, targeting 0.8370 and 0.8240.
AUD/USD Pair Analysis:
The pair is stabilizing below the 55-day moving average and below the previous closing price. Breaking the 0.6670 level could push the pair back down towards 0.6500.
NZD/USD Pair Analysis:
The pair is declining and stabilizing below the 0.6225 level. Remaining below this resistance could lead to a continuation of the downward trend towards 0.6100 and 0.6000.
USD/CAD Pair Analysis:
The pair is attempting to resume the upward trend and end the corrections. The pair will only succeed in this by breaking through the 1.3600 level, potentially targeting 1.3750 and 1.3950.
GBP/JPY Pair Analysis:
The pair remains under downward pressure. It will not be freed from this pressure unless it breaks above the 196 yen level, which could restore the upward momentum towards 202 and 208 yen.
EUR/JPY Pair Analysis:
The pair is trading under pressure. Remaining below 164 yen could lead to a continuation of the downward trend towards 158 and 153 yen.
EUR/GBP Pair Analysis:
The pair is trying to regain upward momentum in the short term. Surpassing the 55-day moving average and climbing above the 0.8450 level could lead to a rise targeting 0.8575 and 0.8650.
USD/TRY Pair Analysis:
The pair is attempting to end corrections and regain upward momentum. A return above the 34 lira level could restore gains and push prices towards 34.50 and 35.00 lira.
BTC/USD Analysis:
Bitcoin is under pressure. Trading below the 60,000-dollar level may keep it under downward threats towards 52,000 and 44,000 dollars. Surpassing the 60,000-dollar level is necessary to relieve Bitcoin from selling pressure.
ETH/USD Analysis:
Ethereum is still under pressure. Staying below the 2700-dollar level may lead to a continuation of the downward trend towards 2100 and 1800 dollars.
XRP/USD Analysis:
Ripple is hovering around the critical support level of 0.55 dollars. Breaking this level will lead to a continuation of the downward trend towards 0.48 and 0.44 dollars.
Gold Analysis (XAU/USD):
Gold is trading above the upward trend line. Staying above the 2460-dollar level keeps the bullish scenario intact, with the possibility of reaching new levels if the 2520-dollar level is breached. Breaking the 2460-dollar level may push gold back into deep corrections towards 2400 and 2325 dollars.
Crude Oil Analysis (WTI):
Crude oil is trading under pressure. Breaking the 73-dollar per barrel level may lead to a price drop towards 70 and 67 dollars.
Silver Analysis (XAG/USD):
Silver is showing negative behavior. A return above the 29-dollar level is necessary to maintain positivity, while a decline could target 27.5 and 26 dollars.
Natural Gas Analysis (NG):
Natural gas is at a critical psychological barrier at 2.20 dollars. Exceeding this level could lead to gains towards 2.40 and 2.60 dollars, while failing to break it could push prices back down towards 2.00 dollars.
Dow Jones Industrial Average (DJI) Analysis:
A price drop to the 41,000-point level reinforces the negative scenario towards the 40,000-point level. Stability above the 41,000-point level is crucial to avoid further decline.
S&P 500 (SPX) Analysis:
The index is approaching a significant support area at 5500 points. Breaking this support could lead the S&P 500 down to 5300 points.
NASDAQ Analysis:
Stability above the 19,250-point level enhances the chances of rising towards 24,000 and 25,000 points. Breaking the 19,250 level could lead to a decline towards 18,250 points.
Russell 2000 (RUSSELL 2000) Analysis:
The index is declining, approaching a crucial support at 2150 points. Breaking this level could lead to further declines.
FTSE 100 (FTSE 100) Analysis:
The index is trading below the 8400-point level. Stability above this level is necessary to regain positive momentum.
DAX (DAX) Analysis:
The index is attempting to break a significant support level at 18,750 points. Breaking this support could lead to a free fall towards 18,200 points.
CAC 40 (CAC 40) Analysis:
The index is trying to return to the downward trend. Stability below the 7600-point level may push the index towards further declines to 7200 points.
Nikkei 225 (NIKKEI 225) Analysis:
The index is declining with the return of yen strength. Stability above the 37,000-point level is necessary to maintain a positive scenario, while breaking this level could lead to a decline towards 35,000 and 33,000 points.
In Conclusion:
We have reached the end of today’s daily technical analysis. Thank you for following along, and we wish you a successful trading day. Stay safe.
This analysis was prepared by Mohammed 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 advisable to stay updated with economic developments to make informed decisions.
Introduction
Welcome, I’m Mohammed Qais Abdulghani, a financial markets expert, bringing you my detailed outlook on the most significant currency pairs, commodities, and financial indices for today, Wednesday, September 4, 2024.
First, let’s review the key economic data expected today, which could impact price movements upon release:
• Tuesday, September 3 Session: The release of the Manufacturing Purchasing Managers’ Index (PMI) and the Manufacturing PMI issued by the Institute for Supply Management (ISM). The figures came in below expectations, indicating a slowdown in manufacturing activity and weakness in the U.S. economy. This decline could negatively impact the U.S. dollar, as markets might interpret this data as a signal that the Federal Reserve may adopt more accommodative monetary policies and move away from tightening measures to support the economy and avoid recession.
• Wednesday, September 4 Session: The U.S. job openings report is scheduled to be released at 5:00 PM Mecca time.
Analysis of the U.S. Dollar Index (DXY):
We observe that the U.S. Dollar Index is trading under pressure near the previous closing level. Trading below the 102 level keeps the index within a bearish trend channel, making it vulnerable to further decline towards the 100.3 and 99 levels in the medium term. The dollar will not experience positive corrections unless it surpasses the 102 level.
EUR/USD Pair Analysis:
The pair remains stable above the key support level at 1.1000. Attempts are ongoing to end the corrections and rise towards 1.1200. This bullish scenario will remain valid unless the price breaks below the 1.1000 level.
GBP/USD Pair Analysis:
The pair is attempting to break below the 1.3100 level. If prices succeed in breaking this level, the pair will enter a downward corrective wave targeting 1.2970 and 1.2850.
USD/JPY Pair Analysis:
The pair is attempting to return to the downward trend. Breaking the 145 yen level and moving below the 55-day moving average may end the positive corrections and return the pair to the downward trend targeting 140 yen.
USD/CHF Pair Analysis:
The pair is hovering around the previous closing level. A return below the 0.8510 level could push the pair back into a negative trend, targeting 0.8370 and 0.8240.
AUD/USD Pair Analysis:
The pair is stabilizing below the 55-day moving average and below the previous closing price. Breaking the 0.6670 level could push the pair back down towards 0.6500.
NZD/USD Pair Analysis:
The pair is declining and stabilizing below the 0.6225 level. Remaining below this resistance could lead to a continuation of the downward trend towards 0.6100 and 0.6000.
USD/CAD Pair Analysis:
The pair is attempting to resume the upward trend and end the corrections. The pair will only succeed in this by breaking through the 1.3600 level, potentially targeting 1.3750 and 1.3950.
GBP/JPY Pair Analysis:
The pair remains under downward pressure. It will not be freed from this pressure unless it breaks above the 196 yen level, which could restore the upward momentum towards 202 and 208 yen.
EUR/JPY Pair Analysis:
The pair is trading under pressure. Remaining below 164 yen could lead to a continuation of the downward trend towards 158 and 153 yen.
EUR/GBP Pair Analysis:
The pair is trying to regain upward momentum in the short term. Surpassing the 55-day moving average and climbing above the 0.8450 level could lead to a rise targeting 0.8575 and 0.8650.
USD/TRY Pair Analysis:
The pair is attempting to end corrections and regain upward momentum. A return above the 34 lira level could restore gains and push prices towards 34.50 and 35.00 lira.
BTC/USD Analysis:
Bitcoin is under pressure. Trading below the 60,000-dollar level may keep it under downward threats towards 52,000 and 44,000 dollars. Surpassing the 60,000-dollar level is necessary to relieve Bitcoin from selling pressure.
ETH/USD Analysis:
Ethereum is still under pressure. Staying below the 2700-dollar level may lead to a continuation of the downward trend towards 2100 and 1800 dollars.
XRP/USD Analysis:
Ripple is hovering around the critical support level of 0.55 dollars. Breaking this level will lead to a continuation of the downward trend towards 0.48 and 0.44 dollars.
Gold Analysis (XAU/USD):
Gold is trading above the upward trend line. Staying above the 2460-dollar level keeps the bullish scenario intact, with the possibility of reaching new levels if the 2520-dollar level is breached. Breaking the 2460-dollar level may push gold back into deep corrections towards 2400 and 2325 dollars.
Crude Oil Analysis (WTI):
Crude oil is trading under pressure. Breaking the 73-dollar per barrel level may lead to a price drop towards 70 and 67 dollars.
Silver Analysis (XAG/USD):
Silver is showing negative behavior. A return above the 29-dollar level is necessary to maintain positivity, while a decline could target 27.5 and 26 dollars.
Natural Gas Analysis (NG):
Natural gas is at a critical psychological barrier at 2.20 dollars. Exceeding this level could lead to gains towards 2.40 and 2.60 dollars, while failing to break it could push prices back down towards 2.00 dollars.
Dow Jones Industrial Average (DJI) Analysis:
A price drop to the 41,000-point level reinforces the negative scenario towards the 40,000-point level. Stability above the 41,000-point level is crucial to avoid further decline.
S&P 500 (SPX) Analysis:
The index is approaching a significant support area at 5500 points. Breaking this support could lead the S&P 500 down to 5300 points.
NASDAQ Analysis:
Stability above the 19,250-point level enhances the chances of rising towards 24,000 and 25,000 points. Breaking the 19,250 level could lead to a decline towards 18,250 points.
Russell 2000 (RUSSELL 2000) Analysis:
The index is declining, approaching a crucial support at 2150 points. Breaking this level could lead to further declines.
FTSE 100 (FTSE 100) Analysis:
The index is trading below the 8400-point level. Stability above this level is necessary to regain positive momentum.
DAX (DAX) Analysis:
The index is attempting to break a significant support level at 18,750 points. Breaking this support could lead to a free fall towards 18,200 points.
CAC 40 (CAC 40) Analysis:
The index is trying to return to the downward trend. Stability below the 7600-point level may push the index towards further declines to 7200 points.
Nikkei 225 (NIKKEI 225) Analysis:
The index is declining with the return of yen strength. Stability above the 37,000-point level is necessary to maintain a positive scenario, while breaking this level could lead to a decline towards 35,000 and 33,000 points.
In Conclusion:
We have reached the end of today’s daily technical analysis. Thank you for following along, and we wish you a successful trading day. Stay safe.
This analysis was prepared by Mohammed 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 advisable to stay updated with economic developments to make informed decisions.
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