Daily Technical Analysis of Gold,Currencies,and Indices 23/8/202
Daily Technical Analysis for Gold, Currencies, and Indices - 23/8/2024
Introduction
Welcome, I am Mohammed Qais Abdulghani, a financial markets expert. Today, Friday, August 23, I present to you my detailed outlook on the major currency pairs, commodities, and financial indices. This Friday is marked by significant economic data releases, including the speech of the Federal Reserve Chairman at the Jackson Hole Symposium and the New Home Sales Report. Recent U.S. data has been mixed, with an increase in jobless claims but a divergence in the manufacturing and services PMI indices. This divergence has supported a rise in the U.S. Dollar Index, which is testing the 10,500 level, though it remains under pressure.
USD Index (DXY) Analysis
The U.S. Dollar Index is attempting to rise and test the 10,500 level. However, remaining below this level, combined with bearish trend indicators, suggests a possible continuation of the downward trend targeting levels as low as 100. Statements from some Federal Reserve officials about the need to cut interest rates soon, coupled with a strong labor market and inflation nearing the target, could influence dollar movements. Technically, staying below the 10,500 level confirms the bearish scenario.
EUR/USD Analysis
The EUR/USD pair is showing some temporary corrective upswings, supported by mixed U.S. data and corrective gains in the U.S. Dollar Index. Staying below the previous close and the 1.1000 level could lead to further corrections. The GBP/USD pair, meanwhile, continues in a downward trend, indicating the likelihood of further declines.
GBP/USD Analysis
The GBP/USD pair remains in a positive trend as long as prices trade above the 1.30500 level. If prices can stay above this level, the pair may target 1.32500 in the upcoming trading sessions.
USD/JPY Analysis
The USD/JPY pair is attempting to hold above the 145 yen level, with corrective upswings possibly driving it toward 149 yen. The corrective bullish scenario will remain in place unless prices fall below 145 yen.
USD/CHF Analysis
The USD/CHF pair is trading under selling pressure, with prices continuing to stay below 0.87250, supporting the bearish scenario toward 0.85100.
AUD/USD Analysis
For the AUD/USD pair, remaining above 0.667 supports the bullish scenario, targeting 0.69. The bullish outlook will remain valid unless prices drop below 0.667.
NZD/USD Analysis
The NZD/USD pair is attempting to retest the 55-day moving average. If prices succeed in holding above the 0.600 level, we may see a new bullish wave targeting 0.63000.
USD/CAD Analysis
The USD/CAD pair is approaching a significant area near the 1.36 level. Staying above this level could offer the pair an opportunity to enter a bullish wave toward 1.37500. The bullish scenario will hold as long as prices do not fall below 1.36.
GBP/JPY Analysis
The GBP/JPY pair is attempting to return to the 196 yen level. If this level is successfully reclaimed, we may see a positive rise toward 208 yen. Similarly, the EUR/JPY pair is trying to achieve some positive movements.
EUR/JPY Analysis
The EUR/JPY pair is currently focused on the 55-day moving average. Regaining control of the bullish momentum will not be achieved until buying pressure returns to the 166 yen level.
EUR/GBP Analysis
The EUR/GBP pair is trading in a bearish trajectory, with prices continuing to stay below 0.85500. The bearish scenario targets 0.85 and 0.83 in the upcoming phase.
USD/TRY Analysis
The USD/TRY pair continues its upward trend, targeting levels of 34.50 and 35 lira in the medium term, supported by rising prices above the 33.50 lira level.
Bitcoin vs. USD Analysis
Bitcoin continues to move within a positive scenario, attempting to break the 60,000 level. If this breakout is successful, prices could rise to 68,000 and 75,000. The positive scenario will be nullified if prices fall below 60,000.
Ethereum vs. USD Analysis
Ethereum continues to trade under selling pressure, with expectations of a decline toward 2,000 if prices remain below 2,800.
Ripple vs. USD Analysis
Ripple maintains its gains, with prices remaining above 55 cents, supporting the potential rise toward 75 cents.
Gold Analysis
Gold remains in an uptrend as long as prices trade above the 2,460 level per ounce. Current economic expectations suggest a possible interest rate cut, which could support gold prices in the medium term. Breaking the 2,460 support level will indicate a potential trend reversal.
Oil Analysis
Crude oil remains under selling pressure, with further declines expected if prices do not break the 73 level per barrel. A successful breakout above this level could push oil prices toward 77 per barrel.
Silver Analysis
If silver fails to hold the support level at 29, we may see a decline toward 27.5 in the short term.
Natural Gas Analysis
The analysis of natural gas suggests difficulty in maintaining the support level at 2.20, potentially leading to further price declines toward 1.56.
Dow Jones Analysis
The Dow Jones Index failed to break the resistance level at 41,000 points, indicating a possible correction toward the 40,000 level in the medium term.
S&P 500 Analysis
A drop in the S&P 500 below the support level at 5,500 points could lead to further declines in the future.
Nasdaq 100 Analysis
The Nasdaq 100 may face corrective moves if it fails to exceed the 20,000 level, potentially retesting 19,250.
Russell 2000 Analysis
The Russell 2000 Index remains stable above 225 points, with any declines considered natural corrections.
FTSE Analysis
The FTSE Index continues its positive trend, but failure to break the 8,300 level could lead to a correction toward 8,150.
DAX Analysis
The DAX Index in Germany remains in a positive direction, with a continuation of the uptrend expected only after surpassing 18,650.
CAC Analysis
The CAC Index in France failing to break the 7,600 level may lead to a correction toward 7,200.
Nikkei Analysis
The Nikkei Index in Japan maintains its gains above 37,000 points, with the potential for a rise toward 41,000 and 44,000 in the medium term.idated if prices break below the 37,000 point level, leading to deep corrective sell-offs.
