Daily Technical Analysis of Gold,Currencies,and Indices 6/9/2024
Daily 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.
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.
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