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Daily Technical Analysis of Gold,Currencies,and Indices 5/9/2024Daily 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.
TVC:DXY
by MohammedQais
DXY / US DOLLAR INDEX🔍 DXY (U.S. Dollar Index) Analysis: 4-Hour Timeframe 📉 The DXY chart on a 4-hour timeframe highlights significant upcoming times where price movements may present trading opportunities. It’s essential to analyze these signals in conjunction with higher timeframes for a comprehensive market view. • BUY DATE - September 12, 2024, 04:00 - Green Line: This time indicates a potential local low, offering favorable conditions for accumulating DXY or entering long positions. • BUY DATE - September 19, 2024, 00:00 - Green Line: Another potential local low, suggesting favorable conditions for buying. • BUY DATE - October 7, 2024, 06:00 - Green Line: This time marks another potential local low, indicating favorable conditions to enter long positions. When working with this 4-hour timeframe, remember to evaluate these movements within the context of the broader market trend, considering higher timeframes for a more global perspective. Note: The exact timing of these phases can vary by +/- a few hours. All times are based on UTC-7 (Los Angeles).
TVC:DXYShort
by trushkovskiy
DXY "Dollar Index" Bank Money Heist Plan on Bullish SideHola ola My Dear, Robbers / Money Makers & Losers, This is our master plan to Heist DXY "Dollar Index" Bank based on Thief Trading style Technical Analysis.. kindly please follow the plan I have mentioned in the chart focus on Long entry. Our target is Red Zone that is High risk Dangerous level, market is overbought / Consolidation / Trend Reversal at the level Bearish Robbers / Traders gain the strength. Be safe and be careful and Be rich. Note: If you've got a lot of money you can get out right away otherwise you can join with a swing trade robbers and continue the heist plan, Use Trailing SL to protect our money. Entry : Can be taken Anywhere, What I suggest you to Place Buy Limit Orders in 15mins Timeframe Recent / Nearest Swing Low Stop Loss : Recent Swing Low using 1h timeframe Warning : Fundamental Analysis comes against our robbery plan. our plan will be ruined smash the Stop Loss. Don't Enter the market at the news update. Loot and escape on the target 🎯 Swing Traders Plz Book the partial sum of money and wait for next breakout of dynamic level / Order block, Once it is cleared we can continue our heist plan to next new target. Support our Robbery plan we can easily make money & take money 💰💵 Follow, Like & Share with your friends and Lovers. Make our Robbery Team Very Strong Join Ur hands with US. Loot Everything in this market everyday make money easily with Thief Trading Style.
TVC:DXYLong
by Thief_Trader
DXY A NEW BULL MARKET TO BEGIN from 99/98 Zone DEFLATION PHASEThe chart posted is the cash US $ based on the fib relationships we should see one last drop below 100.60 target and drop into a 98.14 to 99.60 focus on 98.88 . This should also see the PEAK in GOLD the SP 500 as Most markets around the world . The cycle of deflationary forces should VERY CLEAR come mid oct and be in force for the next 18.8 months to as long as 3.2 years Data based on ALL DATA going back to 1902 and some of which s dates back to 1626
CAPITALCOM:DXY
by wavetimer
15 min entry DXY on BEARISH DAILY TFabove chart (daily) - price move aggressively downward (BEAR BIAS) to swipe ERL - followed by HIGH QUALITY FVG WHY? CONDITION 1: TAKING LOW LIQUIDITY CONDITION 2 : STRAIGHT 3 CANDLE MOVES; CONDITION 3, CLOSING BELOW IFVG below chart (15 mins) - Price did manipulation taking upside liquidity - Followed by bearish FVG - I am waiting inside 0,5-0,618 being swiped and closing below 0,5 fib line - entry SHORT toward lowest internal liquidity zone (iFVG) or creates another LOW
TVC:DXYShort
by drake_zeref
The Beginning of DXY DeclineThe DXY (US Dollar Index) is showing strong signs of entering a downward trend. The attached chart reinforces this view, highlighting the development of Wave 4, which is likely nearing completion. A continuation of the decline in Wave 5 is expected, in line with technical analysis and external factors. Wave Structure: The chart clearly shows the DXY in a corrective pattern, with Wave 4 approaching its peak around the 0.618 retracement level at 102.030. Once this wave concludes, we can anticipate the continuation of the downward trend towards the completion of Wave 5, likely targeting levels below 100. Bearish Channel: The DXY remains within a well-defined descending channel, indicating sustained selling pressure. This suggests that the overall momentum is bearish, with further declines expected as the channel holds. External Factors: Slower-than-expected U.S. economic growth, particularly in key areas such as manufacturing and employment, has weakened the dollar’s outlook. Additionally, expectations that the Federal Reserve will halt rate hikes are dampening investor confidence in the dollar. In conclusion, both technical analysis and external economic indicators suggest the DXY is likely to continue its decline. Traders should remain cautious as Wave 5 approaches, with potential downside targets below 100 as the dollar weakens further.
TVC:DXYShort
by TradingDame
DXY Will Go Up From Support! Long! Please, check our technical outlook for DXY. Time Frame: 4h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is on a crucial zone of demand 101.675. The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 102.148 level. P.S Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all. Like and subscribe and comment my ideas if you enjoy them!
TVC:DXYLong
by SignalProvider
1
DXY is approaching resistance with potential for a reversalFundamental Perspective: The US ISM Manufacturing PMI rose to 47.2 in Aug but fell short of the 47.5 forecast. This marks the 21st monthly contraction in US factory activity over the past 22 months. This persistent weakness highlights the strain of high Fed interest rates on the manufacturing sector. The focus remains on the US jobs data, where further softening of the labor market could bolster expectations for a 50 bps rate cut and weigh on the dollar. Technical Perspective: The dollar pared recent losses but remained within the descending channel, with the price approaching the 102.50 resistance. If DXY regains its bearish momentum below 102.50, a further decline to retest the 100.60 swing low might occur. MACD is also holding below the zero threshold, supporting the potential for further downside. Conversely, if DXY breaks above the 102.50 resistance and channel's upper bound, the index could extend its gains to the 103.80 resistance.
TVC:DXYShort
by lixing_gan