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Dollar Index (DXY), DailyFundamental The dollar had a volatile day due to weak labor market data but better PMIs. The Aug ADP Employment Change fell to 99k (cons. 145k, prev. revised to 111k from 122k). The final Unit Labor Costs for 2Q were revised to 0.4% from 0.9% QoQ SAAR, showing a wage inflation slowdown. However, the dollar rebounded briefly with upward revisions of Aug Services and Composite PMIs. Technical DXY extended its downturn and tested the 101.00 level. The trendline failed to hold the index, and the diverging bearish EMAs sent bearish signals. If DXY fails to climb above the trendline, the index may extend its downtrend to 100.50. Conversely, if DXY closes above the trendline and both EMAs, the index could gain upward momentum toward 101.80.
TVC:DXY
by Exness_Official
Pre Non Farm Market Analysis6th September DXY: Currently just below 100.90, could consolidate/retrace briefly, looking downside to 100.55 support level (NFP Pending), could bounce from support NZDUSD: Buy 0.6245 SL 20 TP 50 (DXY Weakness) AUDUSD: Buy 0.6755 SL 25 TP 65 (DXY Weakness) GBPUSD: Sell 1.3170 SL 30 TP 80 (DXY Strength) EURUSD: Buy 1.1145 SL 20 TP 60 (DXY Weakness) USDJPY: Watch out between 142 and 141 support area, possible bounce! USDCHF: Look for reaction at 0.8345 key support level. USDCAD: Stay out (CAD Employment pending) Gold: Retracing, look for reaction at 2506, possible bounce, if broken, could trade down to 2480
TVC:DXY
by JinDao_Tai
DXY- Dive under 100?In my previous DXY analysis I said that, although the index reversed from the beginning of the year support, bulls should not get too excited as long as the index is under 102.30 zone. In the next days, the index resumed its fall and now is trading back towards recent lows. Today's NFP data could bring clarification and if the index falls below the recent lows, 99.50 is exposed. For a bullish scenario, we need a reversal from this zone which could also be the beginning of a double-bottom pattern.
TVC:DXY
by Mihai_Iacob
Daily Technical Analysis of Gold,Currencies,and Indices 6/9/2024Daily Technical Analysis for Major Currency Pairs, Commodities, and Indices - September 6, 2024 Greetings, Welcome, I’m Mohammed Qais Abdulghani, a financial markets expert, with the daily technical analysis session for major currency pairs, commodities, and indices for Friday, September 6, 2024. Upcoming Economic Data: Before we start the technical analysis, let’s highlight the key economic data scheduled for today, which could significantly impact market movements. Starting at 12:00 PM (Mecca Time), the Eurozone’s GDP will be released. Later, at 3:30 PM, a series of important U.S. economic reports will be published, including: • Average hourly earnings. • Nonfarm payrolls report. • Unemployment rate. Dollar Index (DXY) Analysis: The U.S. Dollar Index remains under selling pressure, with prices continuing to trade below key trendlines within a major downtrend channel. The index remains below the 102 level, indicating potential further downside toward 100.300. Despite mixed U.S. data, the private nonfarm employment report released earlier this week showed negative results, increasing pressure on the dollar. EUR/USD Pair Analysis: The EUR/USD pair is attempting to sustain its bullish momentum, with prices holding above the 1.10 level. This support keeps the upside outlook intact, potentially targeting 1.12 and 1.13 in the medium term. A break below 1.10 would invalidate this positive scenario. GBP/USD Pair Analysis: Prices holding above the 1.31 level reinforce the bullish bias for the GBP/USD pair, with potential targets at 1.3250 and 1.3360. A break below 1.31 would invalidate the positive outlook. USD/JPY Pair Analysis: The pair is again under pressure as prices remain below 145 yen, suggesting further downside potential toward 140 yen in the short term. If the selling continues, we might see a drop to 134 yen in the medium term. USD/CHF Pair Analysis: The USD/CHF pair remains under selling pressure, and as long as prices stay below 0.8510, further declines are likely, with targets at 0.8370 and 0.8240. AUD/USD Pair Analysis: The AUD/USD pair continues to hold above the 0.6670 level, maintaining its bullish stance. A move toward 0.6900 and 0.7100 remains possible unless prices fall below 0.6670. NZD/USD Pair Analysis: The NZD/USD pair is approaching a key resistance level at 0.6225. Breaking this level, which coincides with the 55-day moving average, could drive the pair higher toward 0.6450 and 0.6500 in the medium term. USD/CAD Pair Analysis: The pair remains under pressure, with prices trading below 1.36, signaling further downside toward 1.34 and potentially 1.33. GBP/JPY Pair Analysis: The yen is regaining strength against the pound, and with prices staying below 196 yen, the pair is likely to face further downside, targeting 184 yen in the short term and possibly 170 yen in the medium term. EUR/JPY Pair Analysis: The EUR/JPY pair remains under pressure, and if prices break below 158 yen, we could see further declines toward 153 yen and possibly 148 yen. EUR/GBP Pair Analysis: The EUR/GBP pair remains under selling pressure as long as prices remain below 0.8450, with potential downside targets at 0.8375 and 0.8300 in the medium term. USD/TRY Pair Analysis: The USD/TRY pair is attempting to recover amid U.S. dollar weakness. If prices fall below 34 lira, a correction may occur, pushing the pair back toward 33.50 lira. Bitcoin (BTC/USD) Analysis: Bitcoin continues to face selling pressure. As long as prices remain below the psychological barrier at 60,000 USD, further declines are expected, targeting 52,000 USD, and possibly 44,000 USD in the medium term. Ethereum (ETH/USD) Analysis: Ethereum remains under pressure, and a break below 2,200 USD could trigger a decline toward 1,600 USD. A break above 2,600 USD is needed to invalidate this bearish scenario. Ripple (XRP/USD) Analysis: Ripple is attempting to confirm a break below 55 cents. If this break is confirmed, prices could head toward 48 cents and 40 cents. Gold (XAU/USD) Analysis: Gold is attempting to recover and break higher. A confirmed break above 2,520 USD could open the door to new highs, targeting 2,560 USD, with potential further gains toward 2,600 USD and 2,700 USD in the medium term. This bullish scenario will remain intact unless prices break below 2,460 USD. Crude Oil (WTI) Analysis: Crude oil remains under pressure. A break below 70 USD could lead to a decline toward 64 USD. Confirmation of this break on the 4-hour chart is needed for further downside. Silver (XAG/USD) Analysis: Silver is attempting to recover losses, and a break above 29 USD could push prices toward 30.50 USD and 32 USD. Natural Gas (NG) Analysis: If natural gas breaks above 2.20 USD, we could see further gains toward 2.60 USD, with the possibility of reaching 3.20 USD in the medium term. This positive outlook requires prices to remain above 2.20 USD. Dow Jones Industrial Average (DJI) Analysis: Breaking below the 41,000-point level could lead to a sharp decline toward 40,000 points. A confirmed break below this level would indicate further downside. S&P 500 Index (SPX) Analysis: As prices remain below the 55-day moving average, further downside pressure is expected. A confirmed break below 5,500 points could trigger a sharp decline toward 5,300 points. Nasdaq Index (NASDAQ) Analysis: The Nasdaq remains under pressure, and a break below 19,250 points could lead to a decline toward 18,250 points. Russell 2000 Index (RUSSELL 2000) Analysis: A break below 2,150 points could trigger a sharp decline toward 2,040 points. FTSE 100 Index (FTSE 100) Analysis: Breaking below the support at 8,200 points could lead to a sell-off, targeting 8,050 points. DAX Index (DAX) Analysis: The DAX remains under pressure, and a break below 18,750 points could lead to a corrective decline toward 18,200 points. CAC 40 Index (CAC 40) Analysis: The CAC remains under selling pressure, with prices below 7,600 points, potentially leading to a decline toward 7,200 points. Nikkei Index (NIKKEI 225) Analysis: A confirmed break below 37,000 points could trigger a sell-off toward 35,000 points and 33,000 points in the coming sessions. Conclusion: This concludes today’s daily technical analysis. Thank you for your time, and I wish you all the best in your trading day. This analysis was 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 stay updated with economic developments to make informed decisions.
TVC:DXY
by MohammedQais
Let's look at the big picture! What's in store for the USD?Let's look at the big picture! What's in store for the dollar? Let's analyze the expectations for tomorrow's Non-Farm Payrolls and Unemployment Data. We'll start with economic reasons and market reactions. A strong downward trend in USD began at the start of last month. The primary driver was the much lower-than-expected non-farm payrolls data and the higher-than-expected unemployment data. During its last meeting, the Fed paused rate cuts. This pause, coupled with the rising unemployment rate and declining payrolls data, sparked recession fears in the market. Last month, non-farm payrolls came in at 114k, below the 176k expectation, though the 2024 average is 202k. This is comparable to pre-pandemic levels. The real issue is the 4.3% unemployment rate. Since dropping below 4% in 2022, unemployment stayed below that level until May 2024. May saw a 4% rate, June 4.1%, and July 4.3%. This steady increase after two years of being anchored below 4% raised concerns that the economy is cooling more than desired. However, the 2024 average is still below 4% at 3.96%. This panic has led the market to expect a 50 basis point rate cut at the Fed's September meeting. This is reflected most clearly in the U.S. swap market. The swap market (top right corner of the graph) expects the Fed to make three cuts by year-end, totaling 100 basis points. This suggests one of the cuts, particularly at the September meeting, will likely be a 50 basis point reduction. The key issue here isn't just that unemployment has risen above 4%. The concern is the steady upward trend over the past three reports. If tomorrow's unemployment data comes in above 4.3% and this upward trend continues, market panic could intensify, and the expectation of a 50 basis point cut in September could be further priced in. However, the Fed doesn't entirely agree with the market. Powell signaled at Jackson Hole that rate cuts would begin in September, but both his speech and subsequent Fed statements hinted that the September cut would be 25 basis points. At the end of last year, the market also ignored the Fed and priced in rate cuts too early, only to later align with the Fed. While we are seeing an upward trend in unemployment, the averages remain reasonable and, more importantly, close to pre-pandemic levels. Yes, it seems the time for cuts has come, but we don't expect 100 basis points by year-end as the market does. At best, the Fed may implement three 25 basis point cuts by year-end, and at worst, two cuts. Service PMI data remains above expectations, and real market participants are not as pessimistic as the swap markets. We've seen multiple times that the Fed doesn't take market expectations as a guide when making decisions. If tomorrow's unemployment data comes in at 4.3% and non-farm payrolls around 164k, we could see some initial volatility in the dollar, followed by a slight upward trend. In a positive scenario, if the data shows unemployment below 4.3%, the dollar could rally sharply. In a best-case scenario, if unemployment comes in at 4% or lower and non-farm payrolls around 200k or higher, we could see a significant rally. In a worst-case scenario, unemployment above 4.3% could deepen market panic and solidify expectations of a 50 basis point cut in September, leading to a sharp decline in the dollar. Technically, looking at the DXY, we see that we are at a significant support level in the bigger picture. This support has only been broken once since 2019, and even then, it didn't hold below this level for long. The downtrend that began at the end of June appears to have completed its 5th wave at this key support level. Now, it seems we're entering an ABC correction. The correction of the downtrend that began in June has reached the 23.6% Fibonacci level. In major trends, our expectation is for a correction to 23.6%, followed by a retracement in the trend direction and a move to the 38.2% primary correction level as it attracts more trend participants. Looking at the H4 chart, the short-term downtrend channel has been broken. After reaching the 23.6% primary correction level, the price has retraced to the 61.8% correction level and started finding support in these regions. Depending on tomorrow's data, we could see a retracement to the 78.6% or 0% level, forming a double bottom. If the data is supportive, we could witness a sharp rally towards the confluence of the main downtrend channel and the 38.2% level. In the event of negative data, based on the increase in unemployment, we could see a decline towards the July 2023 low of 99.60-99.80.
TVC:DXYLong
by TradeAndMeApp
1
DXY Levels to Watch Ahead of NFPLooking at the chart of the US Dollar Index (DXY), the world’s reserve currency remains in a well-defined downtrend despite last week’s bounce. The near-term reaction in the US dollar will likely follow the likelihood of a 25bps rate cut from the Fed (bullish) vs. 50bps rate cut (bearish) as outlined in the chart above, but ultimately, the dominant downtrend and potential for consistent interest rate reductions from the Federal Reserve in the coming year could keep the greenback under pressure as we move through the fall regardless. -MW
TVC:DXY
by FOREXcom
Why The Recent Gold Rally Could Be Jeopardised : USDX! It's Long Gold for the moment & I mentioned a break about 2500.21 would be the breakout point! I already see signs of the Gold rally losing steam. Well, let's call it a short term rally or a retracement rally of something greater. You see, since about midday Tuesday, so not even 48 hours ago, the USDX has been back-pedalling. I see it as a retrace to it's 38.2 Fib level and then the Gas could go onto the USDX because once something finishes it's Fib retracement it usually follows in its intended direction, the opposite direction to its retrace, the course and trajectory it was previously on, which for the USDX is upwards IMHO. This will bring 'Shorters' into Gold. So, in summary the USDX as seen on the 4HR chart has retraced to about 50% on the Fib scale, I will be watching closely to see if it moves down further to 38.2%, or even worse for Long gold punters, that it breaks upwards from 50%. We know from last Friday, the damage it caused when it broke 101.50. In trading, history tends to repeat. Gold & the USDX do not always follow their Inverse price relationship. But it happens about 80-90% of the time. Cheers Chris * Trading is risky. Please don't rely solely on my financial advice or trade setups. * Whilst I do my best to bring the most up to date Gold strategy, Gold trading moves very fast and so do it's variables. See chart.
EIGHTCAP:USDX
by Easy_Explosive_Trading
1
DXY: Bullish To Next SupplyPrice swept the key liquidity level at 100.600, also capturing the last minor structural liquidity through a manipulation move. Following this manipulation, the price began to rise with significant volume, leaving imbalances in its wake. We can anticipate a retest towards the equilibrium level, potentially sweeping the last minor low as indicated on the charts, before a strong bullish movement could propel the price towards the 102.500 level.
TVC:DXYLong
by Sphinx_Trading