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Daily Technical Analysis of Gold,Currencies,and Indices 9/9/2024Daily Technical Analysis for Gold, Currencies, and Indices - September 9, 2024 Introduction: Greetings, everyone. This is Mohammed Qais Abdulghani, financial market expert, presenting the daily technical analysis for the major currency pairs, commodities, and indices for Monday, September 9, 2024. Key Economic Data: Before diving into the technical analysis, let’s review the key economic data expected to be released today, which may have a direct impact on price movements: • Today, Japan will release its GDP report. • Later this week, on Wednesday, we await significant data for the U.S. dollar, including the Consumer Price Index (CPI) and Core CPI, along with the U.S. crude oil inventory report. • On Thursday, the market expects the European Central Bank (ECB) interest rate decision for the euro, along with U.S. unemployment claims and the Producer Price Index (PPI). Technical Analysis: U.S. Dollar Index (DXY): • The U.S. Dollar Index is showing signs of stability after Friday’s mixed U.S. data. Average hourly earnings increased, while the Non-Farm Payroll (NFP) report came in below expectations but higher than the previous figure. Unemployment rates matched prior results, adding some positive sentiment. • The index remains in a descending channel, trading below the key resistance level of 102. • We will not see a recovery in gains unless the price breaks above 102 on the 4-hour chart. • Continued trading below 102 threatens further declines towards the 100.300 level. EUR/USD: • The pair is correcting slightly, influenced by a positive correction in the Dollar Index, but as long as prices remain above 1.1000, the positive outlook persists. • The pair is targeting 1.1200 and 1.1350 levels. • A break below 1.1000 would invalidate the bullish scenario. GBP/USD: • The pair is approaching a crucial support level at 1.3100. • A break below this level could lead to a deeper decline, targeting 1.2900 and 1.2850. • Holding above 1.3100 would keep the upward potential intact. USD/JPY: • The pair remains under pressure. • As long as prices stay below 145 yen, the next targets are 140 yen and 134 yen. • A break above 145 yen would invalidate the bearish outlook. USD/CHF: • The pair is also under pressure, with prices remaining below 0.5810, targeting 0.5700 and 0.5630. AUD/USD: • The pair is attempting to relinquish its gains, and a break below 0.6670 may lead to a bearish move towards 0.6500 and 0.6250. NZD/USD: • The pair is retreating slightly, and trading below 0.6225 could lead to further downside, targeting 0.6100 and potentially lower levels. USD/CAD: • The pair is capitalizing on the dollar’s correction and falling oil prices. • If prices break above 1.3600, we could see renewed gains towards 1.3750 and 1.3900. GBP/JPY: • Holding below 196.90 yen signals potential for further declines, with a potential target of 184.00 yen. EUR/JPY: • The pair faces selling pressure, and a break below 158.00 yen may lead to a sharp decline towards 153.00 and 148.00 yen. EUR/GBP: • Trading below 0.8450 points to further downside targets at 0.8375 and 0.8300. USD/TRY: • The pair is trading around 34 lira, with potential upside towards 34.50 lira and 35 lira if prices can hold above current levels. BTC/USD: • Bitcoin remains under pressure, and a break below 52,000 dollars could drive the price down to 44,000 dollars. ETH/USD: • A break below 2,200 dollars could result in a deeper bearish wave, targeting 1,600 dollars. XRP/USD: • Remaining below 55 cents, XRP could face a downward move towards 46 cents and 40 cents. Gold (XAU/USD): • Gold is under pressure due to mixed U.S. data, but the bullish scenario remains intact as long as prices stay above 2,460 dollars per ounce. • A continuation of gains would require a breakout above 2,520 dollars. Crude Oil (WTI): • Continued trading below 70 dollars per barrel could target a drop towards 62 dollars. Silver (XAG/USD): • Trading below 29 dollars points to a further decline, with targets at 27.50 dollars and 26 dollars. Natural Gas (NG): • Holding above 2.20 dollars could push prices towards 2.60 dollars and 3.20 dollars. Dow Jones (DJIA): • A break below 40,000 points could lead to a sharp decline, targeting 39,000 points. NASDAQ: • A break below 18,250 points could lead to a decline towards 17,200 and potentially 16,000 points. FTSE (UK): • Continued trading below 8,200 points suggests further downside, targeting 7,900 and 7,600 points. DAX (Germany): • A break below 18,200 points could push the DAX towards 17,500 and 16,800 points. CAC (France): • Trading below 7,600 points could drive the index lower, targeting 7,200 points. Nikkei (Japan): • Remaining below 37,000 points, we expect further downside towards 35,000 and potentially 33,000 points. Conclusion: Thank you for your attention. Please accept my best regards, and stay tuned for more updates. This analysis was prepared by Mohammed Qais Abdulghani, financial market 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 the latest economic developments for well-informed decisions.
TVC:DXY
by MohammedQais
1
Idea on a charthe DXY is trading near its December 2023 lows and appears poised to drop toward the July 2023 lows around the 99.60 level, particularly if NFP data disappoints. A continued decline could reinforce the downtrend that has been in place since the 2022 highs. On the upside, the lower boundary of the trendline connecting consecutive higher lows between 2023 and 2024 is likely to offer resistance near the 102 level. A stronger-than-expected result could push the DXY higher, with potential resistance around the 104 level
TVC:DXY
by EZIO-FX
DXY - HIGHER TIMEFRAME ANALYSIS Here is the expected DXY path for the incoming weeks. We are working with a complex ABC pattern. We are currently in major wave B ( ZIGZAG Pattern ). Zigzag pattern ( 5-3-5 ) is made up of 3 waves: Wave A = 5 waves Wave B = 3 waves Wave C = 5 waves Working with Wave C, we still have subwave 5 in order for major wave B to be completed. What we are looking for now is the completion of subwave 4 around 0.236 and 0.382 Fibonacci levels. Watching the rejection of the 50 EMA to ride the final leg of wave C. Will see price will react at the fib levels and update later.
TVC:DXY
by Tradenessfx
Dollar Index Analysis by the Mallicast TeamIn the analysis of the Dollar Index for the second week of September by the Mallicast team, an initial correction in the downward movement from last week is expected. However, it is anticipated that after this correction, the price will once again decline. One of the key reasons behind this analysis is that the Federal Reserve has not announced any changes in the unemployment rate in its latest report, indicating stable economic conditions. This stability contributes to sustained downward pressure on the Dollar Index, which may result in further depreciation of the dollar against other major currencies.
TVC:DXYShort
by mallicast
DXY- Possible Scenario Support Zones: Two support levels are highlighted. The lower support zone acted as a point of rejection, while the higher support zone might act as a retest zone. Rejection Area: The price has previously rejected at a key support zone around the 100.200 level, and there's a label marking this rejection. Possible Retest Zone: After the price bounced from the support, it seems to be heading towards a potential retest of a higher support/resistance area, indicated around the 100.700 - 100.900 levels. Price Projection: The white lines suggest two possible scenarios: One shows a retest of the highlighted zone before a potential bullish continuation. The other anticipates a pullback followed by another attempt to break higher. Would you like to dive deeper into the analysis, such as determining possible trade entries or further resistance levels?
CAPITALCOM:DXYLong
by factoryforex01
DXY │ 9 - 13 September 2024 - Daily timeframe Swing structure is bullish and we just had a retrace into internal demand and there seems to be a strong reaction from this demand zone. · Bullish bias - Four-hour timeframe The swing structure is bullish and internal is bearish, assuming that the internal is only facilitating for a pullback and we tapped into the demand zone. We have yet to breach the internal high that will indicate that we are reading to resume the swing trend. · Bullish bias - 15-minute timeframe I only use the DXY for directional bias on the correlated instruments so I do not look at the lower timeframe when doing a weekly outlook How do I come to a bias conclusion? I look at the swing structure; if it is bearish, I conclude a bearish bias ©Austin Palmer for FONOS Fx, 2024.
TVC:DXYLong
by Austin_Palmer
Dollar index BUY scenario view....DOLLAR INDEX MY VIEW- N.B- DXY chart hopefully create ab=cd pattern.so market need to seem to BUY correction 101.315 and 101.765 resistance level. If Then market breakout 101.950 resistance level, then market more buy to 101.800 level. If Breakdown 100.700 support level, then this case is invalid. Hello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watch list and see if the rules of your strategy are satisfied. Dear Traders, If you like this idea, do not forget to support it with a like and follow.
TVC:DXYLong
by AronnoFx
DXY (Dollar) Shorts from 101.600 back downMy outlook for the dollar is focused on scouting a bearish continuation. A 7-hour supply zone has emerged, and I'm looking for the price to enter this zone to trigger a bearish reaction, potentially creating a new leg to the downside. If the supply zone is broken, I would then anticipate the price rallying higher into a more premium supply area. However, if the price heads down first, I expect the 9-hour demand zone to be violated, allowing for a better buying opportunity from the lower demand zone. P.S.: Be cautious and trade with care, as PPI and CPI data are due this week. Keep an eye on Forex Factory for updates.
TVC:DXYShort
by Hassan_fx
Usd rebounced off key S,101.80 is key to clearHello fellow traders , my regular and new friends! Welcome and thanks for dropping by my post. USd could be now technically in a range of 100.6 to 101.6.though i am bearish more on usd. But could be just watching to play within the h4 range. Do check out my recorded video (in trading ideas) for the week to have more explanation in place. Do Like and Boost if you have learnt something and enjoyed the content, thank you! -- Get the right tools and an experienced Guide, you WILL navigate your way out of this "Dangerous Jungle"! -- ********************************************************************* Disclaimers: The analysis shared through this channel are purely for educational and entertainment purposes only. They are by no means professional advice for individual/s to enter trades for investment or trading purposes. *********************************************************************
TVC:DXY
by Shadowing_The_Big_Boys
DeGRAM | DXY reached the retracement levelDXY is moving in a descending channel between trend lines. The descending structure is preserved. The price has reached the resistance level coinciding with the 38.2% retracement level. The chart has reached the dynamic resistance and the upper boundary of the channel. We expect a pullback after consolidation under the resistance level. ------------------- Share your opinion in the comments and support the idea with like. Thanks for your support!
TVC:DXYShort
by DeGRAM
7
DXY Finds Support, 105 Next | The Last Signal (Not Subtle)A 570 days long support level has been activated and a reversal is now taking place on the U.D. Dollar Index (DXY). This means that the DXY is now turning bullish for the first time since June 2024. The support level in question, marked on the chart with an orange line, marked the end of a major decline in late 2023 (December). As soon as this level was hit, around 100.617, the DXY entered a four months long bullish wave. This same long-term support level supported the DXY back in April and February 2023. The next rise is set to put this index around 105. Can be a bit lower or a bit higher, this would be the initial move. This rise can last between 2-3 months, initial. If the bullish move will be continued we can only ascertain after the first leg-up is in. Knowing the significance of this index, how it relates inversely to Cryptocurrency and the Stock market, as well as to sociopolitical stability, we can assume that things are about to get rough. In short, war is about to intensify and everything is set to experience a major leg-down; a global-wide (instead of marketwide) correction; a major financial flush. The Global Reset 2.0. This is the final signal. It confirms everything we've been seeing in the past month. It confirms a bearish bias on the stock indexes. It supports the intensification of Bitcoin's correction in the ensuing months. Panic will set in, but it will not be the end of the world. After the major market flush is over, it will feel like when a hurricane passes through your town... Everything is down to pieces, but the air is clean and it feels really peaceful and calm. There is no time to cry. We all stand up and start to rebuild. In time, the disaster will be a memory and we will use the experience for growth. Namaste.
TVC:DXYShort
by AlanSantana
2