Daily Technical Analysis of Gold,Currencies,and Indices 5/9/2024
Daily Technical Analysis for Gold, Currencies, and Indices - September 5, 2024
Introduction:
Hello, this is Mohammed Qais Abdulghani, a financial markets expert, with your daily technical analysis for the major currency pairs, commodities, and indices for Thursday, September 5, 2024.
Before we begin our technical and economic analysis, let’s highlight the key economic data that will be released today and could impact price movements:
• 3:30 PM Mecca Time: Unemployment Claims Report.
• 4:45 PM: Services Purchasing Managers’ Index (PMI).
• 5:00 PM: Non-Manufacturing PMI from the Institute for Supply Management (ISM).
• 6:00 PM: U.S. Crude Oil Inventories Report.
U.S. Dollar Index (DXY) Analysis:
We observe that the U.S. Dollar Index continues to trade under pressure and below the 50-day moving average on the daily frame. It is also trading below the main downward trend line and the secondary downward trend line. As long as prices remain below the 102 level, the bearish bias is favored, potentially targeting the 100.300 and 99 levels. The recent data showed significant negativity, which may prompt the Federal Reserve to abandon its monetary tightening policy, possibly leading to a further decline in the U.S. dollar.
EUR/USD Pair Analysis:
The EUR/USD pair continues to trade within a positive scenario, with prices holding above the 1.1000 level, supporting the bullish outlook targeting 1.1210 and 1.1315 in the medium term. This positive scenario would be invalidated only by a break below the 1.1000 level.
GBP/USD Pair Analysis:
The GBP/USD pair maintains its positive stance with prices staying above the 1.3100 level, potentially driving gains toward 1.3250 and 1.3360. This upward scenario would be invalidated by a break below the 1.3100 level.
USD/JPY Pair Analysis:
The USD/JPY pair is attempting to return to its downward trend. Continuing prices below the 145 yen level could return the pair to a bearish path targeting 140 yen and also 134 yen.
USD/CHF Pair Analysis:
The USD/CHF pair continues to trade under pressure, with prices staying below the 0.8510 level, favoring a bearish bias targeting 0.8370 and 0.8240.
AUD/USD Pair Analysis:
The AUD/USD pair remains in a positive scenario, with prices holding above the 0.6670 level, which may push the pair to achieve gains towards 0.6900 in the short term and 0.7100 in the medium term. This positive scenario would be invalidated by a break below the 0.6670 level.
NZD/USD Pair Analysis:
The NZD/USD pair is looking to end its corrections and resume its upward trend, which will only be confirmed by breaking the 55-day moving average and surpassing the 0.6225 level. This could drive the prices upwards towards 0.6450 and 0.6550 in the medium term.
USD/CAD Pair Analysis:
The USD/CAD pair continues to trade under pressure, with prices remaining below the 1.3600 level, which could lead to further declines towards 1.3550. If this level is broken, losses could extend to 1.3300.
GBP/JPY Pair Analysis:
The GBP/JPY pair is trading under pressure, with prices staying below the 196 yen level, favoring a bearish bias that could push the pair to drop to 184 yen.
EUR/JPY Pair Analysis:
The EUR/JPY pair is trading under pressure, with prices remaining below the 164 yen level, potentially leading to a continuation of the downward trend towards 158 yen.
EUR/GBP Pair Analysis:
The EUR/GBP pair is trading under pressure, with prices remaining below the 0.8450 level, which could push the pair to decline to the 0.8375 and 0.8300 levels. This bearish scenario would be invalidated by a return to buying positions above the 0.8450 level.
USD/TRY Pair Analysis:
The USD/TRY pair is attempting to rise, and if it succeeds in surpassing the 34 lira level, it could drive prices upwards towards 34.50 and 35 lira. This scenario would be invalidated by a return of prices below the 34 lira level.
BTC/USD Analysis:
Bitcoin is trying to shake off the selling pressure. If prices successfully surpass the psychological barrier of 60,000 dollars, we could see a bullish wave targeting 66,000 dollars and 72,000 dollars. This optimistic scenario would be invalidated by a decline below the 60,000-dollar level.
ETH/USD Analysis:
Ethereum is attempting to reduce losses. If prices manage to break above the 2,550-dollar level, this could drive the price to retest 2,800 dollars.
XRP/USD Analysis:
Ripple is attempting to hold above the 0.55-dollar level, which could reduce previous losses and drive a rise towards 0.60 and 0.65 dollars.
Gold (XAU/USD) Analysis:
Gold continues to trade positively as long as it remains above the 2,460-dollar level. A break above the 2,520-dollar level on the 4-hour frame could lead to new record highs, targeting 2,600 dollars and 2,700 dollars. This bullish scenario would be invalidated by a break below the 2,460-dollar level.
Crude Oil (WTI) Analysis:
Crude oil continues to trade under pressure, approaching a crucial level at 70 dollars per barrel. The bearish scenario would be invalidated by a return of prices above the 73-dollar level.
Silver (XAG/USD) Analysis:
Silver is attempting to reduce losses. Holding above the 27.50-dollar level could drive prices to rise to 29 dollars, and surpassing this level could achieve gains targeting 30.50 dollars.
Natural Gas (NG) Analysis:
Natural gas continues to trade below the psychological barrier at 2.20 dollars, which could drive prices to close the price gap and target 1.80 dollars.
Dow Jones Industrial Average (DJI) Analysis:
The Dow Jones Industrial Average is attempting to hold above the 41,000-point level, and surpassing the 55-day moving average could indicate a strong rise targeting 42,500 points. This positive scenario would be invalidated by a break below the 40,000-point level.
S&P 500 (SPX) Analysis:
The index remains stable above the 5,500-point level, which could drive prices upwards towards 5,700 and 5,900 points. This positive scenario would be invalidated by a break below the 5,500-point level.
NASDAQ Analysis:
The NASDAQ index continues to trade under pressure, but surpassing the 19,250-point level could push prices upwards towards 20,400 points.
Russell 2000 (RUSSELL 2000) Analysis:
The index could see an upward movement towards 2,225 points if it succeeds in surpassing the 2,150-point level, with gains potentially extending to 2,320 points. This positive scenario would be invalidated by prices remaining below 2,150 points.
FTSE 100 (FTSE 100) Analysis:
The index maintains its positivity above the 8,200-point level, which could drive prices upwards towards 8,400 and 8,600 points. This positive scenario would be invalidated by a break below the 8,200-point level.
DAX (DAX) Analysis:
The index could see a freefall towards 18,000 points if it remains below the 18,750-point level. This bearish scenario would be invalidated by a return to buying positions above 18,750 points.
CAC 40 (CAC 40) Analysis:
The index is trading under pressure, with prices remaining below the 7,600-point level, potentially driving the index down towards 7,200 points.
Nikkei 225 (NIKKEI 225) Analysis:
The index could experience a freefall towards 35,000 points if it succeeds in breaking the 37,000-point level.
Conclusion:
We have reached the end of today’s daily technical analysis. Thank you for following along, and we wish you a successful trading day. Best regards, and stay safe.
Introduction:
Hello, this is Mohammed Qais Abdulghani, a financial markets expert, with your daily technical analysis for the major currency pairs, commodities, and indices for Thursday, September 5, 2024.
Before we begin our technical and economic analysis, let’s highlight the key economic data that will be released today and could impact price movements:
• 3:30 PM Mecca Time: Unemployment Claims Report.
• 4:45 PM: Services Purchasing Managers’ Index (PMI).
• 5:00 PM: Non-Manufacturing PMI from the Institute for Supply Management (ISM).
• 6:00 PM: U.S. Crude Oil Inventories Report.
U.S. Dollar Index (DXY) Analysis:
We observe that the U.S. Dollar Index continues to trade under pressure and below the 50-day moving average on the daily frame. It is also trading below the main downward trend line and the secondary downward trend line. As long as prices remain below the 102 level, the bearish bias is favored, potentially targeting the 100.300 and 99 levels. The recent data showed significant negativity, which may prompt the Federal Reserve to abandon its monetary tightening policy, possibly leading to a further decline in the U.S. dollar.
EUR/USD Pair Analysis:
The EUR/USD pair continues to trade within a positive scenario, with prices holding above the 1.1000 level, supporting the bullish outlook targeting 1.1210 and 1.1315 in the medium term. This positive scenario would be invalidated only by a break below the 1.1000 level.
GBP/USD Pair Analysis:
The GBP/USD pair maintains its positive stance with prices staying above the 1.3100 level, potentially driving gains toward 1.3250 and 1.3360. This upward scenario would be invalidated by a break below the 1.3100 level.
USD/JPY Pair Analysis:
The USD/JPY pair is attempting to return to its downward trend. Continuing prices below the 145 yen level could return the pair to a bearish path targeting 140 yen and also 134 yen.
USD/CHF Pair Analysis:
The USD/CHF pair continues to trade under pressure, with prices staying below the 0.8510 level, favoring a bearish bias targeting 0.8370 and 0.8240.
AUD/USD Pair Analysis:
The AUD/USD pair remains in a positive scenario, with prices holding above the 0.6670 level, which may push the pair to achieve gains towards 0.6900 in the short term and 0.7100 in the medium term. This positive scenario would be invalidated by a break below the 0.6670 level.
NZD/USD Pair Analysis:
The NZD/USD pair is looking to end its corrections and resume its upward trend, which will only be confirmed by breaking the 55-day moving average and surpassing the 0.6225 level. This could drive the prices upwards towards 0.6450 and 0.6550 in the medium term.
USD/CAD Pair Analysis:
The USD/CAD pair continues to trade under pressure, with prices remaining below the 1.3600 level, which could lead to further declines towards 1.3550. If this level is broken, losses could extend to 1.3300.
GBP/JPY Pair Analysis:
The GBP/JPY pair is trading under pressure, with prices staying below the 196 yen level, favoring a bearish bias that could push the pair to drop to 184 yen.
EUR/JPY Pair Analysis:
The EUR/JPY pair is trading under pressure, with prices remaining below the 164 yen level, potentially leading to a continuation of the downward trend towards 158 yen.
EUR/GBP Pair Analysis:
The EUR/GBP pair is trading under pressure, with prices remaining below the 0.8450 level, which could push the pair to decline to the 0.8375 and 0.8300 levels. This bearish scenario would be invalidated by a return to buying positions above the 0.8450 level.
USD/TRY Pair Analysis:
The USD/TRY pair is attempting to rise, and if it succeeds in surpassing the 34 lira level, it could drive prices upwards towards 34.50 and 35 lira. This scenario would be invalidated by a return of prices below the 34 lira level.
BTC/USD Analysis:
Bitcoin is trying to shake off the selling pressure. If prices successfully surpass the psychological barrier of 60,000 dollars, we could see a bullish wave targeting 66,000 dollars and 72,000 dollars. This optimistic scenario would be invalidated by a decline below the 60,000-dollar level.
ETH/USD Analysis:
Ethereum is attempting to reduce losses. If prices manage to break above the 2,550-dollar level, this could drive the price to retest 2,800 dollars.
XRP/USD Analysis:
Ripple is attempting to hold above the 0.55-dollar level, which could reduce previous losses and drive a rise towards 0.60 and 0.65 dollars.
Gold (XAU/USD) Analysis:
Gold continues to trade positively as long as it remains above the 2,460-dollar level. A break above the 2,520-dollar level on the 4-hour frame could lead to new record highs, targeting 2,600 dollars and 2,700 dollars. This bullish scenario would be invalidated by a break below the 2,460-dollar level.
Crude Oil (WTI) Analysis:
Crude oil continues to trade under pressure, approaching a crucial level at 70 dollars per barrel. The bearish scenario would be invalidated by a return of prices above the 73-dollar level.
Silver (XAG/USD) Analysis:
Silver is attempting to reduce losses. Holding above the 27.50-dollar level could drive prices to rise to 29 dollars, and surpassing this level could achieve gains targeting 30.50 dollars.
Natural Gas (NG) Analysis:
Natural gas continues to trade below the psychological barrier at 2.20 dollars, which could drive prices to close the price gap and target 1.80 dollars.
Dow Jones Industrial Average (DJI) Analysis:
The Dow Jones Industrial Average is attempting to hold above the 41,000-point level, and surpassing the 55-day moving average could indicate a strong rise targeting 42,500 points. This positive scenario would be invalidated by a break below the 40,000-point level.
S&P 500 (SPX) Analysis:
The index remains stable above the 5,500-point level, which could drive prices upwards towards 5,700 and 5,900 points. This positive scenario would be invalidated by a break below the 5,500-point level.
NASDAQ Analysis:
The NASDAQ index continues to trade under pressure, but surpassing the 19,250-point level could push prices upwards towards 20,400 points.
Russell 2000 (RUSSELL 2000) Analysis:
The index could see an upward movement towards 2,225 points if it succeeds in surpassing the 2,150-point level, with gains potentially extending to 2,320 points. This positive scenario would be invalidated by prices remaining below 2,150 points.
FTSE 100 (FTSE 100) Analysis:
The index maintains its positivity above the 8,200-point level, which could drive prices upwards towards 8,400 and 8,600 points. This positive scenario would be invalidated by a break below the 8,200-point level.
DAX (DAX) Analysis:
The index could see a freefall towards 18,000 points if it remains below the 18,750-point level. This bearish scenario would be invalidated by a return to buying positions above 18,750 points.
CAC 40 (CAC 40) Analysis:
The index is trading under pressure, with prices remaining below the 7,600-point level, potentially driving the index down towards 7,200 points.
Nikkei 225 (NIKKEI 225) Analysis:
The index could experience a freefall towards 35,000 points if it succeeds in breaking the 37,000-point level.
Conclusion:
We have reached the end of today’s daily technical analysis. Thank you for following along, and we wish you a successful trading day. Best regards, and stay safe.
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