Daily Technical Analysis of Gold,Currencies,and Indices 9/9/2024
Daily 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.
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.
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