Daily Technical Analysis of Gold,Currencies,and Indices19/8/2024
Daily Technical Analysis of Gold, Currencies, and Indices - August 19, 2024
Introduction
Welcome, I am Mohammed Qais Abdulghani, a financial markets expert, where I provide a detailed overview of the major currency pairs, commodities, and financial indices for Monday, August 19, 2024. Together, we will review market movements and trends based on the latest global economic data, with a focus on key events expected this week that may significantly impact price movements, such as the U.S. crude oil inventory report, the Federal Open Market Committee (FOMC) meeting minutes, and other economic performance indicators.
Analysis of the U.S. Dollar Index (DXY)
The U.S. Dollar Index continues its downward trend, with prices remaining below the 103 level and the 55-day moving average. This movement indicates a potential decline in the dollar towards the 100.5 level, especially after being negatively impacted by the U.S. housing starts decline of 6.8% and a 4% drop in building permits.
Analysis of the EURUSD Pair
The EURUSD pair continues to gain significant momentum, breaking above the 1.100 level. This breakout may pave the way for further upward movement toward the 1.1100 level, benefiting from the weakening U.S. dollar.
Analysis of the GBPUSD Pair
The GBPUSD pair has also gained further momentum, surpassing the 1.29000 level, which may lead to continued upward movement toward the 1.31500 level.
Analysis of the USDJPY Pair
The USDJPY pair continues to trade under selling pressure. The prices remaining below the 149 yen per dollar level supports the bearish trend targeting the 145 yen level. This bearish scenario may persist unless the pair breaks through the 145 yen level.
Analysis of the USDCHF Pair
The USDCHF pair continues to decline, trading below the 0.87 level. This pressure could push prices toward the 0.85 and then 0.83700 levels.
Analysis of the AUDUSD Pair
The AUDUSD pair is trading under bearish pressure, but if it successfully breaks above the 0.667 level, we might see gains targeting the 0.69000 level.
Analysis of the NZDUSD Pair
The NZDUSD pair remains under pressure, but if it can break above the 0.6500 level, it may start an upward trend targeting the 0.6600 level.
Analysis of the USDCAD Pair
The USDCAD pair continues to decline, holding below the 1.37500 resistance level, which could lead to further losses toward the 1.36 and 1.30 levels.
Analysis of the GBPJPY Pair
The GBPJPY pair is attempting to regain its previous gains, but the resumption of upward momentum requires breaking above the 196 yen level, which would reinstate bullish momentum.
Analysis of the EURJPY Pair
The EURJPY pair remains under selling pressure and will not be able to create new buying opportunities unless it surpasses the 166 yen level.
Analysis of the EURGBP Pair
The EURGBP pair is in a downward trend, trading below the 0.85500 level and the 55-day moving average. This scenario may push the pair towards the 0.84000-0.83000 level.
Analysis of the USDTRY Pair
The USDTRY pair continues to maintain positive performance, stabilizing above the 33.5 Turkish lira level. There is potential for further upward movement toward the 34.5 and 35 Turkish lira levels.
Analysis of Bitcoin Against the U.S. Dollar
Bitcoin is trading near the 60,000 USD level, a critical psychological point. Bitcoin will only be able to create new buying opportunities if it successfully breaks above the 60,000 USD level. If this breakthrough occurs, we could see targets at 68,000 USD and 75,000 USD.
Analysis of Ethereum Against the U.S. Dollar
Ethereum remains under pressure and will not be able to regain upward momentum unless it fully breaks above the 2800 USD level.
Analysis of Ripple Against the U.S. Dollar
Ripple maintains a positive stance with prices stabilizing above 55 cents. This stability supports further upward movement toward 66 cents and 75 cents, unless prices fall back below 55 cents.
Analysis of Gold
Gold recorded a new high in the previous session, driven by significant U.S. economic data that led to a weaker U.S. dollar. Gold continues to trade within a primary upward trend, supported by the 55-day moving average. Stability above the 2460 USD per ounce level could lead to a breakout above the 2520 USD level, targeting new highs at 2600 USD. This positive scenario will be invalidated if prices break below the 2460 USD level.
Analysis of Oil
Oil prices have declined below the 77 USD per barrel level due to data showing a clear contraction in the Chinese economy and a slowdown in the energy sector. This decline could push prices further down towards the 73 and 70 USD per barrel levels. Oil may not regain its gains unless prices return above the 77 USD per barrel level.
Analysis of Silver
Silver prices have broken through the 29 USD level, which may lead to further gains targeting the 30.5 and 32 USD levels in the medium term.
Analysis of Natural Gas
Natural gas prices are declining, and if they reach the 2.20 USD level, this could lead to further downward movement targeting 1.60 USD.
Analysis of the Dow Jones Index
The Dow Jones Index has gained as inflation rates slow. Stability above the 4000 point level remains the main support for a positive trend, but this trend will not resume without meeting certain conditions and criteria.
Analysis of the S&P 500 Index
The S&P 500 Index has managed to maintain its gains, remaining above the 4500 point level. If this trend continues, the index may target the 4800 point level.
Analysis of the Nasdaq 100 Index
The Nasdaq 100 Index has maintained its level at 19250 points. If it continues to hold this level, the index is expected to target the 21200 point level.
Analysis of the Russell 2000 Index
The Russell 2000 Index seems to have received positive support. If this trend continues, we may see gains targeting the 2225 point level.
Analysis of the FTSE Index
The FTSE Index is trading within a positive scenario, with prices stabilizing above the 8150 point level. This decline is classified as a correction, and the index will not resume its positive trend unless it surpasses the 8400 point level.
Analysis of the DAX Index
If the DAX Index can maintain its level above 18200 points, it may continue its positive trend, targeting the 18650 point level in the short term and possibly reaching 19400 points in the medium term.
Analysis of the CAC Index
The CAC Index continues to gain, but it will not return to its positive upward path unless it surpasses the 7600 point level.
Analysis of the Nikkei Index
If the Nikkei Index succeeds in stabilizing above the 37,000 point level, it may continue its upward trend, targeting the 45,000 level in the medium term. This positive scenario will be invalidated if prices break below the 37,000 point level, leading to deep corrective sell-offs.
Introduction
Welcome, I am Mohammed Qais Abdulghani, a financial markets expert, where I provide a detailed overview of the major currency pairs, commodities, and financial indices for Monday, August 19, 2024. Together, we will review market movements and trends based on the latest global economic data, with a focus on key events expected this week that may significantly impact price movements, such as the U.S. crude oil inventory report, the Federal Open Market Committee (FOMC) meeting minutes, and other economic performance indicators.
Analysis of the U.S. Dollar Index (DXY)
The U.S. Dollar Index continues its downward trend, with prices remaining below the 103 level and the 55-day moving average. This movement indicates a potential decline in the dollar towards the 100.5 level, especially after being negatively impacted by the U.S. housing starts decline of 6.8% and a 4% drop in building permits.
Analysis of the EURUSD Pair
The EURUSD pair continues to gain significant momentum, breaking above the 1.100 level. This breakout may pave the way for further upward movement toward the 1.1100 level, benefiting from the weakening U.S. dollar.
Analysis of the GBPUSD Pair
The GBPUSD pair has also gained further momentum, surpassing the 1.29000 level, which may lead to continued upward movement toward the 1.31500 level.
Analysis of the USDJPY Pair
The USDJPY pair continues to trade under selling pressure. The prices remaining below the 149 yen per dollar level supports the bearish trend targeting the 145 yen level. This bearish scenario may persist unless the pair breaks through the 145 yen level.
Analysis of the USDCHF Pair
The USDCHF pair continues to decline, trading below the 0.87 level. This pressure could push prices toward the 0.85 and then 0.83700 levels.
Analysis of the AUDUSD Pair
The AUDUSD pair is trading under bearish pressure, but if it successfully breaks above the 0.667 level, we might see gains targeting the 0.69000 level.
Analysis of the NZDUSD Pair
The NZDUSD pair remains under pressure, but if it can break above the 0.6500 level, it may start an upward trend targeting the 0.6600 level.
Analysis of the USDCAD Pair
The USDCAD pair continues to decline, holding below the 1.37500 resistance level, which could lead to further losses toward the 1.36 and 1.30 levels.
Analysis of the GBPJPY Pair
The GBPJPY pair is attempting to regain its previous gains, but the resumption of upward momentum requires breaking above the 196 yen level, which would reinstate bullish momentum.
Analysis of the EURJPY Pair
The EURJPY pair remains under selling pressure and will not be able to create new buying opportunities unless it surpasses the 166 yen level.
Analysis of the EURGBP Pair
The EURGBP pair is in a downward trend, trading below the 0.85500 level and the 55-day moving average. This scenario may push the pair towards the 0.84000-0.83000 level.
Analysis of the USDTRY Pair
The USDTRY pair continues to maintain positive performance, stabilizing above the 33.5 Turkish lira level. There is potential for further upward movement toward the 34.5 and 35 Turkish lira levels.
Analysis of Bitcoin Against the U.S. Dollar
Bitcoin is trading near the 60,000 USD level, a critical psychological point. Bitcoin will only be able to create new buying opportunities if it successfully breaks above the 60,000 USD level. If this breakthrough occurs, we could see targets at 68,000 USD and 75,000 USD.
Analysis of Ethereum Against the U.S. Dollar
Ethereum remains under pressure and will not be able to regain upward momentum unless it fully breaks above the 2800 USD level.
Analysis of Ripple Against the U.S. Dollar
Ripple maintains a positive stance with prices stabilizing above 55 cents. This stability supports further upward movement toward 66 cents and 75 cents, unless prices fall back below 55 cents.
Analysis of Gold
Gold recorded a new high in the previous session, driven by significant U.S. economic data that led to a weaker U.S. dollar. Gold continues to trade within a primary upward trend, supported by the 55-day moving average. Stability above the 2460 USD per ounce level could lead to a breakout above the 2520 USD level, targeting new highs at 2600 USD. This positive scenario will be invalidated if prices break below the 2460 USD level.
Analysis of Oil
Oil prices have declined below the 77 USD per barrel level due to data showing a clear contraction in the Chinese economy and a slowdown in the energy sector. This decline could push prices further down towards the 73 and 70 USD per barrel levels. Oil may not regain its gains unless prices return above the 77 USD per barrel level.
Analysis of Silver
Silver prices have broken through the 29 USD level, which may lead to further gains targeting the 30.5 and 32 USD levels in the medium term.
Analysis of Natural Gas
Natural gas prices are declining, and if they reach the 2.20 USD level, this could lead to further downward movement targeting 1.60 USD.
Analysis of the Dow Jones Index
The Dow Jones Index has gained as inflation rates slow. Stability above the 4000 point level remains the main support for a positive trend, but this trend will not resume without meeting certain conditions and criteria.
Analysis of the S&P 500 Index
The S&P 500 Index has managed to maintain its gains, remaining above the 4500 point level. If this trend continues, the index may target the 4800 point level.
Analysis of the Nasdaq 100 Index
The Nasdaq 100 Index has maintained its level at 19250 points. If it continues to hold this level, the index is expected to target the 21200 point level.
Analysis of the Russell 2000 Index
The Russell 2000 Index seems to have received positive support. If this trend continues, we may see gains targeting the 2225 point level.
Analysis of the FTSE Index
The FTSE Index is trading within a positive scenario, with prices stabilizing above the 8150 point level. This decline is classified as a correction, and the index will not resume its positive trend unless it surpasses the 8400 point level.
Analysis of the DAX Index
If the DAX Index can maintain its level above 18200 points, it may continue its positive trend, targeting the 18650 point level in the short term and possibly reaching 19400 points in the medium term.
Analysis of the CAC Index
The CAC Index continues to gain, but it will not return to its positive upward path unless it surpasses the 7600 point level.
Analysis of the Nikkei Index
If the Nikkei Index succeeds in stabilizing above the 37,000 point level, it may continue its upward trend, targeting the 45,000 level in the medium term. This positive scenario will be invalidated if prices break below the 37,000 point level, leading to deep corrective sell-offs.
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