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Daily Technical Analysis of Gold,Currencies,and Indices16/8/2024Daily Technical Analysis for Gold, Currencies, and Indices - August 16, 2024 Introduction Welcome, I am Mohammed Qais Abdulghani, a financial markets expert. Recent key U.S. economic data has shown a clear divergence. While core retail sales have increased and jobless claims have decreased, the Philadelphia Fed Index came in negative. Overall, these data points did not see significant increases, suggesting that the U.S. economy has not been severely impacted by the rise in interest rates. Consequently, the U.S. dollar experienced positive trading, and this analysis will cover the U.S. Dollar Index (DXY) and its future outlook. U.S. Dollar Index (DXY) Analysis The U.S. Dollar Index rose on the back of positive economic data but remains within a downward trend below the main downtrend line, the 55-day moving average, and the 103 level. This indicates that downward risks persist. EUR/USD Analysis The EUR/USD pair continues to trade within a positive upward scenario. If prices manage to maintain support at 1.1000, the upward trend towards 1.1100 is likely to resume. However, a break below 1.0900 could invalidate this positive outlook. GBP/USD Analysis The GBP/USD pair maintains its current gains. The pair could resume buying opportunities if it breaks above 1.29000. For the USD/JPY pair, recent attempts have been made to erase previous losses. USD/JPY Analysis If the USD/JPY pair successfully breaks through the 149-yen level, a bullish wave could target levels of 153 and 158 yen. As for the USD/CHF pair, it has managed to hold onto its gains. USD/CHF Analysis Should the USD/CHF pair break through the 0.87250 level, it could continue to rise towards 0.8815 and 0.8890. However, failure to break this level could lead to a retreat in prices. AUD/USD Analysis The AUD/USD pair is attempting to regain upward momentum, but this will only be confirmed with a break above 0.667. NZD/USD Analysis The NZD/USD pair continues to trade under selling pressure, and it will only be able to escape this pressure by surpassing the 0.600 level. A break below 0.59600, however, may negate the positive scenario. USD/CAD Analysis The USD/CAD pair remains under selling pressure, with the bearish scenario targeting levels of 1.36000 and below. GBP/JPY Analysis The GBP/JPY pair is trading above its previous close at 185 yen, suggesting a positive scenario. However, confirming this uptrend requires a break above 196 yen. EUR/JPY Analysis The EUR/JPY pair continues to erase previous losses. If it manages to break above 166 yen, we could see a restoration of positive momentum and a rise towards 174 yen. EUR/GBP Analysis The EUR/GBP pair is relinquishing its positive trajectory. A break below 0.85500 could lead to a bearish wave targeting 0.85. USD/TRY Analysis The USD/TRY pair is shifting into a positive scenario. If prices remain above 33.5 lira, we could see a rise towards 34 and 35 lira against the U.S. dollar. Bitcoin (BTC/USD) Analysis Bitcoin is trading near the 60,000-dollar level, which coincides with the 55-day moving average. A complete break above this level could lead to a bullish wave targeting 68,000 dollars and 75,000 dollars. However, if the 66,000-dollar level fails to be breached, Bitcoin may fall back to 48,000 dollars. Ethereum (ETH/USD) Analysis Ethereum continues to battle for stability above 2800 dollars. Failure to maintain this level could result in a decline back to 2000 dollars. However, if buying interest returns at the 2800-dollar level, the bearish scenario could be negated. Ripple (XRP/USD) Analysis Ripple is currently holding above 55 cents. If this stability persists, it could lead to a rise towards 66 cents and 55.5 cents. Gold Analysis Gold is oscillating around the 2460-dollar level. Despite recent mixed U.S. economic data, gold prices have not been significantly affected. Gold continues to hold onto its gains due to geopolitical and military tensions in the Middle East. A break below 2400 dollars could signal weakness in gold, especially if inflation decreases, leading to interest rate cuts, which could negatively impact gold prices. Oil Analysis Crude oil is trying to maintain its gains and stay above the 77-dollar-per-barrel level. To regain a positive outlook, oil needs to break above 80 dollars per barrel. Meanwhile, silver has successfully regained its previous gains. Silver Analysis Silver is trending positively, holding above 27.5 dollars. To confirm the positive trend, prices need to fully break above 29 dollars. Natural Gas Analysis Natural gas is attempting to confirm its positive trend. If it breaks above 2.20 dollars, we could see a rise towards 2.60 dollars and 3.20 dollars in the medium term. Dow Jones Industrial Average Analysis The Dow Jones Industrial Average continues to gain and remains stable above the 40,000-point level, giving it momentum to rise towards 41,400 points. A successful break above this level could lead to further gains. S&P 500 Analysis The S&P 500 continues its upward trajectory. If it successfully breaks through the 5,500-point level, it could head towards the 5,800-point target in the upcoming trading sessions. Nasdaq 100 Analysis If the Nasdaq 100 breaks through the 19,250-point level, it could move towards the 19,750-point target in the next trading sessions. Russell 2000 Analysis If the Russell 2000 Index successfully breaks through the 2,125-point level, it could resume its ascent towards the 2,225 and 2,325-point targets. FTSE Analysis The FTSE Index continues to rise towards the 8,600-point level, provided it breaks through the 8,200-point level. DAX Analysis The DAX Index is targeting the 18,200-point level. If surpassed, it could continue to rise towards 18,650 points. CAC Analysis The CAC Index continues to reduce losses and stabilize at the 7,200-point level, potentially leading to targets of 7,600 and 8,000 points. Nikkei Analysis The Nikkei Index is steadily gaining, surpassing the 37,000-point level, which could lead to a target of 41,000 points in the near future, reflecting the continued positive performance of the Japanese market.
TVC:DXY
by MohammedQais
DXY Price Recap Weekly: DXY recently sold off from a key supply area around 106.132 and 106.055. DXY is now sitting at a key demand area following a 7 week drop. This week is the second week that DXY has printed a bullish pinbar at the demand area. The current week is also accompanied by a jeanius buy signal. This buy signal may be hinting at a nice size move to the upside from here on the DXY. Additional confluences: Weekly: - Oversold RSI - 200ema bounce - 3rd touch of uptrend line within large pennant Daily: -Double bottom w/ morning star -Jeanius buy signal on morning star -RSI bouncing from oversold -Sellers weakening on MACD -Bullish Divergence on the RSI Cautions: Price Action: - Trend is still down on the lower time frames. Currently consolidating at the current support/ demand area. Wait for the trend change on lower time frames. Watch for those same trend changes on the lower time frames of all currencies paired with the DXY in their respective direction. Economic Calendar: - FOMC Minutes (8/21) - Durable Goods MoM (8/26) - GDP growth QoQ 8/29 - Core PCE MoM (8/30) - Personal Income MoM (8/30)
TVC:DXYLong
by Stockstradamus_
What to Expect at Jackson Hole Next Week? Traders will next hear from Federal Reserve Chair Jerome Powell during his highly anticipated address at the Jackson Hole Economic Symposium. The key question hanging over the market: Will Powell use this speech to pave the way for a potential interest rate cut in September? Scott Helfstein, head of investment strategy at Global X, argues that Powell should take this opportunity to celebrate the Fed's achievements and steer the market toward a 25-basis-point cut next month. Powell is expected to continue the tradition of Fed chairs delivering opening remarks at the Jackson Hole conference, scheduled for Friday morning next week. Market participants are currently divided on whether the Fed will opt for a 25- or 50-basis-point reduction. However, the true size of the cut could be influenced by the August jobs report, set to be released just a week after the Jackson Hole summit.
TVC:DXY
by BlackBull_Markets
What news is needed to push the #DXY down? Let's take a look;Do you remember the pandemic period? The markets seemed to crash first, many of us even said, let's keep our money, neither stock market nor investment, let's see the way ahead first, let's not be exposed. Today, they had another case that shook the world. I say they did because I think there is nothing unconsciously done. Does the Monkeypox case look familiar? Could Bitcoin be pricing it in again right now? Not yet; I think today's drop is due to the NYSE withdrawing its offer to trade options on #Bitcoin ETFs. However, they will deepen the situation and it will create a domino effect. For exchanges that shape the world economy and politics, every movement on the charts is very valuable. Although the crypto exchange is not yet at this level, we are sure that it will be much more valuable in the near future. This chart I am sharing with you is the #DXY 1W chart ; It takes big events to make big moves on key charts like this one. It is highly likely to make a pattern like the one in the chart (no one knows tomorrow and the next move 100%). We are traders and our job is to make predictions. In order to make accurate predictions, we have to include all the data that concerns us. And those who make the right predictions and take the right risks always win.
TVC:DXYShort
by ugurtash
Dollar Index (DXY): Support & Resistance Analysis Here is my latest structure analysis and important key levels to pay close attention to on Dollar Index. Resistance 1: 103.25 - 103.70 area Resistance 2: 103.85 - 104.15 area Resistance 3: 104.57 - 104.87 area Resistance 4: 105.12 - 105.49 area Resistance 5: 106.05 - 106.13 area Support 1: 102.16 - 102.57 area Consider these structures for pullback/breakout trading. ❤️Please, support my work with like, thank you!❤️
TVC:DXYLong
by VasilyTrader
1
Possible Inverted Head & Shoulder on DXY15th August DXY: Possible Inverted Head & Shoulder forming (retail sales data pending), price above 102.70 can trade up to 102.90. Below 102.45, invalidates IHS, could trade down to 102 support. NZDUSD: Sell 0.5985 SL 20 TP 40 AUDUSD: Likely range bound, Buy 0.6585 SL 20 TP 60 GBPUSD: Buy 1.2875 SL 25 TP 60 EURUSD: Sell 1.0990 SL 20 TP 45 USDJPY: Could continue to consolidate, watch for reaction at 146 and 148. USDCHF: Sell 0.8620 SL 20 TP 60 USDCAD: Sell 1.3690 SL 20 TP 55 Gold: Above 2460 could trade up to 2480. Below 2460, break 2450 could trade down to 2430.
TVC:DXY
by JinDao_Tai
Daily Technical Analysis of Gold,Currencies,and Indices15/8/2024Daily Technical Analysis - August 15, 2024 Introduction Welcome, I am Mohammed Qais Abdulghani, a financial markets expert. In today's daily technical analysis, we will focus on important economic data releases expected to significantly impact market movements, such as the Retail Sales report, the Philadelphia Manufacturing Index, and Unemployment Claims. Technical Analysis US Dollar Index (DXY): The US Dollar continues to be under pressure following negative US economic data, including the Consumer Price Index and the US Crude Oil Inventory report. The index remains below the 103 level, indicating a continued corrective movement as long as prices stay under this level. EUR/USD: The pair continues to gain, maintaining positive trades above the 1.1000 level, supporting the bullish scenario. This scenario will remain valid unless prices fall below 1.1000. GBP/USD: The pair trades within a positive scenario, with expectations for further upward movement towards 1.2900 if it remains stable above 1.2700. USD/JPY: The pair remains under pressure, with the potential to fall towards 140 yen if it fails to surpass the 145 yen level. USD/CHF: The pair continues to trade under negative pressure, targeting levels of 0.8510 and below. AUD/USD: The pair remains under pressure, with the possibility of retesting the 0.6500 level if it continues trading below 0.6670. NZD/USD: The pair remains in a downward trajectory, with the potential to decline towards 0.5960 unless it breaks above 0.6050. USD/CAD: The pair remains under corrective downward pressure, targeting levels of 1.3600 and 1.3450. GBP/JPY: The pair continues to face selling pressures below the 196 yen level, reinforcing the bearish scenario towards 184 yen. EUR/JPY: The pair is attempting to end its corrections, but the bearish scenario remains unless it surpasses the 166 yen level. EUR/GBP: The bullish scenario remains intact, with potential targets of 0.8685 and 0.8800 in the medium term. USD/TRY: The bullish scenario continues with prices stable above 33.5 lira, suggesting a potential rise towards 34 and 35 lira. BTC/USD: Bitcoin faces resistance at $60,000. If this level is broken, a downward wave towards $48,000 may occur. ETH/USD: Ethereum fails to regain its upward trajectory, with the possibility of continued decline unless it breaks above $2,800. XRP/USD: Ripple maintains its gains above $0.55, with the potential to rise towards $0.75. Gold: Gold is retreating despite negative US data due to declining inflation concerns. The bullish trend remains as long as prices stay above $2,400. Breaking this level may indicate a potential decline. Crude Oil: Oil is retreating following a negative US inventory report, with a greater decline possible if the $77 level is broken. Silver: Silver is retreating, with the potential to erase gains if the $27.5 level is broken. Dow Jones Industrial Average: The index is rising with positive expectations of lower interest rates, but the bullish scenario depends on surpassing the 40,000-point level. S&P 500: The index remains under pressure, with the potential to regain upward momentum if it surpasses 5,500 points. Nasdaq: The index faces resistance at 19,250 points. If it fails to surpass this level, a correction towards 18,250 points may occur. FTSE: The FTSE continues to gain, targeting the 8,450-point level. DAX: The index remains supported by positive momentum, with potential targets of 18,200 and 18,650 points. CAC: The CAC index continues its attempts to regain upward momentum. Nikkei: The Nikkei index fails to surpass the 37,000-point level, potentially leading to corrections towards 34,000 points. Conclusion It is essential to continue monitoring economic and geopolitical events to make informed trading decisions. The bullish scenario for gold remains as long as prices stay above $2,400.
TVC:DXY
by MohammedQais