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Daily Technical Analysis of Gold,Currencies,and Indices 3/9/2024Daily Technical Analysis of Gold, Currencies, and Indices - September 3, 2024 Introduction Hello, I am Mohammed Qais Abdulghani, a financial markets expert, providing you with a detailed outlook on the major currency pairs, commodities, and financial indices for today, Tuesday, September 3, 2024. First, let’s review the key economic data scheduled for release today, which could impact price movements upon release: • 4:45 PM (KSA Time): US Manufacturing PMI. • 5:00 PM (KSA Time): ISM Manufacturing PMI. We begin with the analysis of the US Dollar Index (DXY). We observe that the markets are moving sideways, and the US Dollar Index continues to trade under pressure, near its previous closing level. Trading below the 102 level keeps the index within a bearish trend channel, making it susceptible to further declines towards the 100.3 level. EUR/USD Analysis: The EUR/USD pair is attempting to end its downward corrections. Staying above 1.1000 supports a bullish scenario targeting the 1.1200 level. This scenario will remain valid as long as prices do not break below the 1.1000 level. GBP/USD Analysis: The GBP/USD pair is holding above the support level at 1.3100. Remaining above this level enhances the chances of a rise towards 1.3250 and 1.3360. Breaking below the 1.3100 level will negate this bullish scenario. USD/JPY Analysis: The USD/JPY pair is attempting to break free from bearish pressures. Staying above the 145 yen level supports attempts to form an upward secondary trend, which will only be confirmed by surpassing the 149 yen level. USD/CHF Analysis: The USD/CHF pair is trying to enter a corrective upward wave. Breaking through the 0.8510 level could lead to an increase towards 0.8675 and 0.8800. The upward scenario will be invalidated if prices fall back below 0.8510. AUD/USD Analysis: The AUD/USD pair maintains its positive momentum, with prices holding above 0.6670, targeting levels of 0.6900 and 0.7100 in the medium term. A break below 0.6670 will invalidate the upward scenario. NZD/USD Analysis: Breaking below 0.6225 could push the NZD/USD pair into further bearish corrections towards 0.6100. Holding above 0.6225 may keep the pair within an upward range. USD/CAD Analysis: The USD/CAD pair is holding above the 1.3450 level, enhancing the chances of reducing losses and rising towards 1.3600. Breaking below the 1.3450 level could bring back bearish momentum. GBP/JPY Analysis: The GBP/JPY pair remains under bearish threats and will not break free unless it breaches the 196 yen level, which could restore upward momentum towards 202 and 208 yen. EUR/JPY Analysis: Breaking above 164 yen could lead to an increase targeting 168 and 174 yen. Trading below 0.8450 could pave the way for further declines towards 0.8375 and 0.8300.

 EUR/GBP Analysis: Trading below the 0.8450 level may open the door for further declines towards 0.8375 and 0.8300.
 USD/TRY Analysis: The USD/TRY pair is attempting to enter corrections. Breaking below the 34 lira level could lead to improved exchange rates towards 33.40 and 33 lira. BTC/USD Analysis: Bitcoin is stable below the 60,000 USD level, keeping it under the threat of further declines towards 52,000 and 44,000 USD. Surpassing the 60,000 USD level is necessary to release Bitcoin from bearish pressures. ETH/USD Analysis: Ethereum remains under pressure and will not break free from bearish pressures unless it surpasses the 2800 USD level. The next targets could be 2200 USD or lower. XRP/USD Analysis: Breaking below 55 cents will place XRP in a bearish path towards 48 and 40 cents, while holding above 55 cents could maintain a positive direction. Gold (XAU/USD) Analysis: Gold is trading sideways around its previous closing level of 2502.98 USD. Staying above 2460 USD keeps the bullish scenario intact, with the potential to achieve new levels if the 2520 USD level is broken. Upcoming significant economic data will have a substantial impact on the US dollar and, consequently, gold prices. Crude Oil (WTI) Analysis: Crude oil is attempting to break free from bearish pressures. Holding above 73 USD per barrel could push prices towards 77 and 83 USD. A break below 73 USD will bring back negative momentum. Silver (XAG/USD) Analysis: Silver is trading under pressure below 29 USD. Returning above this level is necessary to maintain positivity, while a decline could target 27.5 and 26 USD. Natural Gas (NG) Analysis: Natural gas stands at a critical psychological barrier at 2.20 USD. Surpassing this level could lead to gains towards 2.40 and 2.60 USD, while failure to break it could lead prices to decline towards 2.00 USD. Dow Jones Industrial Average (DJI) Analysis: Staying above 41,000 points supports a bullish scenario towards 42,500 and 44,000 points. S&P 500 (SPX) Analysis: Holding above 5700 points is necessary to create new buying opportunities. NASDAQ Analysis: Staying above 19,250 points enhances the chances of rising towards 24,000 and 25,000 points. Russell 2000 Index (RUSSELL 2000) Analysis: The Russell Index continues to trade around its previous closing level. Surpassing 2225 points is essential to resume gains towards 2320 and 2440 points. FTSE 100 Analysis: The FTSE index is trading below its previous closing level, with a need to surpass 8400 points to create new buying opportunities. DAX Index Analysis: Staying above 18,750 points supports a bullish scenario towards 19,250 and 20,000 points. CAC 40 Index Analysis: Holding above 7600 points supports a bullish scenario towards 7900 and 8200 points. Nikkei 225 Index Analysis: Staying above 37,000 points supports a bullish scenario towards 41,000 and 44,000 points. Conclusion: We have now completed our daily technical analysis segment. Thank you for tuning in, and we wish you a successful trading day. Stay safe. This analysis has been 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 follow economic updates for informed decision-making.
TVC:DXY
by MohammedQais
Will the dollar bounce back from its current decline? The US July PCE was in line with market consensus. Headline PCE prices rose 0.2% from a month ago and 2.5% from a year ago, which aligns with market expectations. Core PCE, the Fed's price benchmark, rose only 0.16%, slower than the previous month's 0.18%. This is the lowest level this year and has catalyzed the market sentiment of the Fed’s rate cut. It is worth noting that despite a 0.3% increase in personal income, surpassing the previous month's 0.2%, the savings rate remains alarmingly low. This is because personal consumption expenditures are growing at a faster rate than personal income. The current savings rate has dropped to 2.9%, marking only the second instance in the past 16 years, since the global financial crisis, the savings rate has fallen to the 2% range. This implies that consumption in the United States could decline quickly, serving as a cautionary signal that if employment falters, there may be insufficient buffers to sustain consumption. DXY sustained its uptrend after breaking out of the descending channel and advanced to 101.60. The price consolidates around the 101.50-101.70 range, waiting for an additional price trigger. If the price breaches the resistance at 101.80 while holding above the EMA, the price may gain upward momentum toward 102.60. Conversely, if DXY fails to stay above both EMAs and retreats to the support at 100.50, the price could fall further to the 100.00 threshold.
CAPITALCOM:DXY
by inkicho_exness
Bullish bounce?US Dollar Index (DXY) is falling towards the pivot which has been identified as a pullback support and could bounce to the 1st resistance which acts as a pullback resistance. Pivot: 101.53 1st Support: 101.16 1st Resistance: 102.144 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
TVC:DXYLong
by ICmarkets
DXY (1h timeframe )hello dear traders this price acton for dollar curency index .... this is my personal opinion.... fundamental reason: While British fund manager abdrn predicts that the U.S. economy will see a soft landing, there is still the risk of a prolonged slowdown in 2025, said Kenneth Akintewe, the company’s head of Asian Sovereign Debt. Is the economy already weaker than the headline data suggests and should the U.S. Federal Reserve already be easing? Akintewe questioned on CNBC’s “Squawk Box Asia.” In the U.S. on Friday, data showed the personal consumption expenditures (PCE) price index, the Federal Reserve’s favored measure of inflation, ticked up 0.2% last month, as expected. The data seems to back a smaller rate cut...
TVC:DXYShort
by mehdi_kb
2
Market News Report - 01 September 2024This past week, the euro faltered the most compared to other currencies. Meanwhile, the winners included the New Zealand and Canadian dollars. Let's see what to expect from all the major forex markets performance-wise in our latest news report. Market Overview Below is a brief technical and fundamental analysis breakdown for all major currencies. US dollar (USD) Short-term outlook: bearish. STIR (short-term interest rate) markets expect at least four full rate cuts before the end of this year. They also suggest a 30% chance of a 50 bps cut at the next meeting in mid-September. Another bearish focus for the US is the slowing labour market. As with the beginning of any month, watch out for the unemployment rate and Non-Farm Payrolls on Friday. The DXY chart aligns perfectly with the fundamentals, having recently reached a major support area (100.617) on the daily chart. Meanwhile, the key resistance is far away at 107.348 and will likely remain untouched for some time. Long-term outlook: bearish. Markets anticipate several full rate cuts before the year ends. Also, data on weakened jobs is another bearish driver for the dollar. Only geopolitical risks, bond market selling, and interest rate differentials can affect this sentiment. Euro (EUR) Short-term outlook: weak bearish. The European Central Bank (ECB) has stressed that it is data-dependent. This means that certain economic data, like employment data, may boost the euro. However, the primary bearish driver is the interest rate, with STIR markets anticipating a 100% chance of a 25 bps rate cut at the next meeting this month. On the bright side, German inflation recently fell to its lowest level since March 2021, to 1.9% (from 2.3% in July 2024). Meanwhile, the chart tells a slightly different story. After breaking the last major resistance, the next target is 1.12757. Meanwhile, the key support area lies far below at 1.07774. Long-term outlook: weak bearish. The ECB hasn't committed to a specific future path with the interest rate. They are data-dependent, meaning data around inflation, growth, and wage improvement can lift the euro. However, their meeting in July was slightly more dovish than hawkish. British pound (GBP) Short-term outlook: bearish. The Bank of England (BoE) cut the interest rate by 25 basis points at the beginning of last month. However, the BoE remains data-dependent and has no set future path. STIR markets are currently pricing two additional cuts for the remainder of 2024. The central bank's current key theme is fighting persistent inflation in the United Kingdom. Any future failures here would likely weaken the GBP. As with the euro, the British pound has been saved by dollar weakness on the charts. It has just broken the major resistance at 1.31424. Despite this, it remains an area of interest due to appearing in a high time frame. On the other hand, the nearest key support is far away at 1.26156. Long-term outlook: weak bearish. While the interest rate is the chief bearish driver for the pound, the BoE has yet to signal a future path in this regard. STIR markets predict a rate hold next month (74% chance vs. 62% chance last week). Furthermore, two-way risks remain based on upcoming economic data, particularly with inflation. Japanese yen (JPY) Short-term outlook: bullish. The yen is the only currency where a change to the short-term outlook is necessary (from 'weak bullish' to 'bullish') The primary bullish catalyst is the Bank of Japan’s (BoJ) recent decision to hike the interest rate. STIR markets expect a hold (99% probability, up from 95% last week) at the next meeting but a hike at the start of next year. So, the bias is intact, and we should expect buyers on dips, more so with the dollar's macro outlook indicating a decline. After cooling down recently, USD/JPY looks to have resumed its downtrend, aligning with the outlook mentioned. The major support level to watch is 140.252. Meanwhile, the major resistance (at 161.950) is too far for traders to worry about. Long-term outlook: weak bullish. In addition to the recent rate hike, other bullish catalysts for the yen include lower US Treasury yields. Also, the Bank of Japan is actively intervening in the forex markets, contributing to the JPY's upside. Australian dollar (AUD) Short-term outlook: weak bullish. The Reserve Bank of Australia (RBA) unsurprisingly kept the interest rate unchanged not long ago to keep the fight against persistent inflation rate. Based on their language, a hike isn't out of the question this year. Like many currencies, the Aussie remains data-sensitive, whether we look at economic growth, labour, or inflation going forward. The recent rise in China's share prices, which correlates with the Aussie, has been positive for the currency. Still, there is doubt over the longevity of this run. The Aussie market has risen noticeably of late, having reached a recent resistance level. While the next nearby target is 0.68711, we need to see how it behaves at the latter. Meanwhile, the major support level is down at 0.63484. Long-term outlook: weak bullish. The RBA remains hawkish as per last week's meeting, focusing on core inflation. Overall, it's crucial to be data-dependent with the Aussie, with recent labour data keeping the bullish script alive. However, the Australian dollar is pro-cyclical, so it is exposed to slow economic growth in other countries. New Zealand dollar (NZD) Short-term outlook: weak bearish. New Zealand's central bank recently dropped the Kiwi's interest rate from 5.50% to 5.25%. Lower-revised cash rate projections also hint at the potential for further cuts in the near future. The Kiwi has recently breached a major resistance at 0.62220. While we can look towards a future level, this area is still worth considering. Conversely, the major support is at 0.58498, an area which it is unlikely to test soon. Long-term outlook: weak bearish. In its latest meeting, the central bank's dovish stance (where it cut the interest rate) puts the Kiwi in a 'bearish bracket.' However, as a risk-sensitive currency like the Aussie, any growth data in China could trigger bullishness for NZD. As with its counterpart, traders should be data-dependent. Canadian dollar (CAD) Short-term outlook: bearish. The ongoing mortgage stress in Canada has forced the Bank of Canada (BoC) to be dovish, the first major bearish catalyst. With a rate cut last month, STIR markets have increased the probability to over 90% of the same in Wednesday's meeting. The CAD continues to strengthen mildly due to USD weakness. It now looks to test the next major support target at 1.33586, while the major resistance is far ahead at 1.39468. Long-term outlook: weak bearish. Expectations of a rate cut remain the focal point, with the BoC governor Macklem himself saying it's reasonable to expect more cuts in the future. Moreover, STIR markets have priced in an additional cut sometime this year. The mortgage stress remains a major factor in this interest rate policy, and the BoC will have to cut rates to alleviate it. Still, this narrative is getting tired. Expect encouraging oil prices, along with general economic data improvement to save the Canadian dollar's blushes. Swiss franc (CHF) Short-term outlook: bearish. STIR markets forecast a rate cut later this month (a 35% chance) and December this year. Secondly, SNB expects a moderate improvement in inflation, GDP (Gross Domestic Product), and unemployment to rise slightly in the near term. However, the Swiss franc can strengthen during geopolitical tensions like the Middle East crisis. After a notable retracement at the start of last month, USD/CHF is looking to test the support area at 0.83326. Meanwhile, the major resistance level is far higher at 0.92244. Long-term outlook: weak bearish. The expected rate cut in the next SNB meetings for 2024 is the main bearish driver. However, the SNB's chairperson, Thomas Jordan, expressed that "appreciation of the Swiss Franc has an impact on monetary policy." This means that potential intervention by the central bank can go either way. Conclusion The fundamental outlooks of each currency have remained mostly unchanged from the previous report, except for JPY and NZD. Key news events to watch this week include the US unemployment rate and the CAD interest rate decision. As always, hope for the best and prepare for the worst, but this report should help guide you in determining the bias you should have for each currency.
TVC:DXY
by CityTradersImperium_CTI
DXY View!!The U.S. dollar remains the world’s dominant currency despite nearly constant hand-wringing over its potential demise. And its resilience may be despite, rather than a result of, actions by U.S. officials, a London-based currency strategist argued Thursday. “Most policymakers consider preserving the value of their currency as an important consideration. To many it can become the paramount consideration when times are tough,” said Steven Barrow, head of G-10 strategy at Standard Bank, in a note. “But to U.S. policymakers it seems that there is a death wish when it comes to the dollar,” he wrote.
CAPITALCOM:DXYLong
by FXBANkthe8055
FULL DXY ANALYSISHello my wonderful community ! it’s been a while I posted. 
I really appreciate you guys for reviewing my charts Kindly like and comment on how you feel the market will go , I’m open to learn and communicate with other hardworking traders on here. The colors for each line/zone Monthly - Yellow Weekly - Orange Daily - Green 4H - Red 1H - Purple My Monthly chart view: Ever since 2010, price has been in an uptrend by making higher highs and higher lows. Price keeps breaking major resistance areas and turning them to dynamic support areas and respects the EMA 50 anytime it makes a correction. Take note as price is trending upwards and respecting the channel constructed. My Weekly chart view:
Going into the weekly TimeFrame, it is truly clear that price entered a range from 2017 until 2022 before the bulls came in fully in early 2022 and made an Uptrend and breaking the resistance with bullish candles before exerting a correction and respecting the newly formed support. My Daily chart view:
I also noticed a range forming due to this same correction between the areas marked in red.
Notice the double top indicating a reversal after the break of the neck line. After the invalidation of the Red daily trend line by the break with bearish engulfing candle, The bears take full control driving the price down to an area of Demand.
Price is in a downtrend as this is due to the correction observed in the bigger timeframe To play safe i feel i can capture a buy setup after the break and retest of the upper red resistance but that will take forever.
 My 4H chart view:
I capitalized on this trade by executing based on my trading strategy with a nice sell setup after the break of the neckline with a risk: reward of 1:2.
So I’ll go further and look for buy Setups as we are in this same 4H time frame 
 Price currently approached an Area of Demand (this area also serves as a major support zone and has been respected multiple times )and bulls seems to be coming in strong with rising momentum.

 My 1H chart view:
Sometimes we just have to go further with the believe that the market will reveal its hand , so I’m patiently waiting for buy setups as price is gaining momentum with the EMA 14 crossing over the EMA 50 and price still respecting the area of Demand and major support zone.
TVC:DXYLong
by newschooltrader
DXY Will Go Lower From Resistance! Short! Take a look at our analysis for DXY. Time Frame: 12h Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The market is trading around a solid horizontal structure 101.728. The above observations make me that the market will inevitably achieve 100.553 level. P.S Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all. Like and subscribe and comment my ideas if you enjoy them!
TVC:DXYShort
by SignalProvider
1
Navigating Critical Market Levels: DXY & NAS100 Analysis👀 👉 The DXY and NAS100 are currently at pivotal points, with price action flashing caution signals. The DXY is probing key liquidity levels, while both DXY and NAS100 are showing signs of structural shifts in their trends. It could be prudent to approach the market cautiously today, waiting to see how the USD develops during the New York session and into Tuesday. Disclaimer: The insights shared in this video are for educational purposes only and should not be considered financial advice. Always conduct your own analysis or consult with a financial advisor before making any trading decisions. 📊✅
TVC:DXY
by tradingwithanthony
2
Dollar Index analysis by the Mallicast teamThe Mallicast team has provided their analysis of the Dollar Index on the 1-hour timeframe as follows: Initially, it is predicted that the Dollar Index will drop to the level of 101.554. After that, a strong upward momentum is expected, reaching a price of 101.748. This will be followed by a correction in the upward movement with minimal price fluctuation, and the upward movement is expected to continue until it reaches the price of 102.013.
TVC:DXYLong
by mallicast
Happy Labour Day!2nd September DXY: Within the bullish channel, (upside) could trade up to 102 resistance, needs to break 101.80. Downside only if price breaks below 101.50 (23.6%) NZDUSD: look for reaction at 0.6220, Sell 0.62 SL 25 TP 60 AUDUSD: Buy 0.6810 SL 20 TP 40 GBPUSD: Sell 1.31 SL 40 TP 65 EURUSD: Look for reaction at 1.10 round number support level USDJPY: Look for reaction at 147 resistance level USDCHF: Sell 0.8460 SL 20 TP 55 USDCAD: Buy 1.3525 SL 20 TP 70 Gold: Break above 2500 to trade up to 2515 and 2530, needs to stay above 2480
TVC:DXY
by JinDao_Tai