Daily Technical Analysis of Gold, Currencies,and Indices8/8/2024

Daily Technical Analysis of Gold, Currencies, and Indices with Mohammed Qais Abdulghani - 8/8/2024

Introduction

This is the daily technical analysis of the major currency pairs, commodities, and indices for Wednesday, August 7, 2024. Please note that important economic data will be released today, including unemployment claims, which will be announced at 3:30 PM Mecca time. Let’s begin with the analysis of the US Dollar Index.

US Dollar Index (DXY) Analysis

The US Dollar Index continues its recovery attempts, trying to maintain its gains, as prices are still trading above the 103 level. The analysis indicates that the corrective trend is still likely for the US Dollar Index, supported by the US crude oil inventory report, which showed a decrease in inventories, potentially supporting the US dollar in the short term. The wave of losses for the US Dollar Index is not expected to resume unless prices return below the 103 level.

EUR/USD Analysis

The EUR/USD pair maintains its positive trading, with prices holding above the 1.0900 level. The positive upward scenario is expected to continue, targeting the 1.1000 level in the medium term. This positive scenario will only be canceled if prices return below the 1.0900 level.

GBP/USD Analysis

The GBP/USD pair faces some selling pressure. If prices succeed in breaking the 1.27000 level, we may see the selling wave resume, targeting the 1.26000 and 1.24500 levels.

USD/JPY Analysis

The USD/JPY pair is attempting to recover and reduce losses during current trading. However, a true recovery will only be seen if buying positions return to the 149 yen level per US dollar.

USD/CHF Analysis

The USD/CHF pair remains under pressure, with prices below the 0.8725 level, indicating a bearish scenario. The upward trend will not resume unless prices return below the 0.8600 level.

AUD/USD Analysis

The AUD/USD pair is trying to retreat from positive corrections. If prices return below the 0.65 level, we may see a forthcoming decline targeting the 0.625 level in the medium term.

NZD/USD Analysis

The NZD/USD pair is trading within the main bearish channel, with prices remaining below the 0.6500 level. This confirms the prevailing bearish trend, which will not reverse unless prices return below the 0.5900 level.

USD/CAD Analysis

If prices succeed in returning to the 1.37500 level, we may see a decline targeting the 1.36 level. It is noted that the strength gained by the Canadian dollar came from the positive US crude oil inventory report, which enhances crude oil prices due to the direct relationship between the Canadian dollar and crude oil.

GBP/JPY Analysis

The GBP/JPY pair is trying to recover and reduce losses. Prices stabilizing above the 184 yen per British pound level may lead to continued positive hopes and recovery movement targeting the 196 yen level. This positive corrective scenario will only be canceled if prices return below the 184 yen level.

EUR/JPY Analysis

The EUR/JPY pair is trying to reduce losses and stabilize prices above the 158 yen per euro level, which may suggest the resumption of corrections and loss reductions, targeting the 166 yen level.

EUR/GBP Analysis

The EUR/GBP pair maintains a positive trend, with prices stabilizing above the 0.85500 level. The positive rebound is expected to continue, targeting the 0.8680 and then the 0.8800 level.

USD/TRY Analysis

The USD/TRY pair has seen some declines classified as natural corrections. Continued trading above the 33 Turkish lira per US dollar level supports the positive scenario targeting the 34 Turkish lira per US dollar level.

Bitcoin/USD Analysis

Bitcoin has failed to break through the significant psychological barrier at the $60,000 per bitcoin level. The bearish trend remains dominant, with the possibility of Bitcoin dropping again towards the $48,000 and $40,000 levels per bitcoin. Bitcoin will not break free from selling pressure unless it surpasses the $60,000 level.

Ethereum/USD Analysis

Ethereum is trading under selling pressure, with prices below the $2800 level, suggesting the continuation of the bearish trend targeting the $2000 level per Ethereum in the short term and potentially dropping to the $1400 level in the medium term.

Ripple/USD Analysis

Ripple is trading under selling pressure, with prices below the $0.55 level, indicating continued bearish corrections targeting the $0.45 and then the $0.32 levels.

Gold Analysis

Gold has experienced a strong selling wave recently. Breaking the $2400 per ounce level is crucial, and if prices return to this level and exceed the 55-day moving average, we may see a rise towards the $2470 level. Gold will not regain its shine unless buying positions return to the $2400 level.

Oil Analysis

Crude oil has seen a rise due to positive data related to US oil inventories. The report showed a decrease of 3,728 barrels, boosting crude oil prices. The upward trend will not be restored unless prices return to the $77 per barrel level or higher.

Silver Analysis

Silver is trading under market pressure and will not be able to erase its losses unless prices rise to the $27.5 level or higher.

Natural Gas Analysis

Natural gas is attempting to break free from selling pressures, and if prices succeed in surpassing the 2.20 cents level, we are likely to see another rise targeting the 2.80 cents and 3.20 cents levels.

Dow Jones Analysis

The Dow Jones Industrial Average is suffering from negative pressures. We cannot say it has begun to recover and regain upward momentum until buying positions return to the 4000 points level.

S&P 500 Analysis

If the S&P 500 succeeds in returning below the 5280 points level, it may end the current correction process and boost positive hopes by reducing losses. If it fails to do so, we may see a forthcoming free fall targeting the 4800 points level.

Nasdaq 100 Analysis

The Nasdaq Index is retreating slightly, attempting to abandon previous corrections and gains made in the previous session. Generally, a return of prices above the 18250 level may save Nasdaq from the expected drop towards the 17250 and 15500 levels.

Russell 2000 Analysis

The Russell 2000 Index is trading under pressure and will not be able to regain positive momentum unless prices return above the 2125 level.

FTSE Analysis

The FTSE Index is retreating near the 55-day moving average. If it succeeds in surpassing the 8100 level, this will be a positive signal.

DAX Analysis

The DAX Index is facing selling pressures and will not be able to recover and make up for previous losses unless buying positions return to the 17600 level.

CAC Analysis

The CAC Index has managed to close the bearish price gap it opened with in the previous hours. Maintaining buying positions at the 7200 level may help reduce previous losses and target the 7600 level in the future.

Nikkei Analysis

The Nikkei Index is attempting to recover, but there is a warning of prices returning to the lowest level at 34,000, where the average is. The Nikkei will not succeed in freeing itself from selling pressures and regaining upward momentum unless buying positions return to the 37,000 level.

Thus, the daily technical analysis segment comes to an end.
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