Daily Technical Analysis of Gold,Currencies,and Indices10/9/2024

9 sept.

Daily Technical Analysis for Gold, Currencies, and Indices - September 10, 2024

Introduction:

Greetings, this is Mohammed Qais Abdulghani, financial markets expert, with the daily technical analysis for the most important currency pairs, commodities, and indices for Tuesday, September 10, 2024.

Key Economic Data:

Before starting the technical analysis, let’s highlight the key economic data scheduled for today that may impact price movements:

• 9:00 AM Mecca Time: The German Consumer Price Index (CPI) will be released, a key inflation indicator for the Eurozone’s largest economy.
• 3:25 PM Mecca Time: A speech from Mr. Macklem, Governor of the Bank of Canada, which could provide insights into Canada’s monetary policy and market movements.

Technical Analysis:

US Dollar Index (DXY):

• The US Dollar Index continues its upward corrective wave, but trading below the 102 level keeps the index under pressure.
• A break above 102 could extend the correction toward 103.200.
• Trading below 102 suggests potential further downside toward the 100.300 support level.

EUR/USD:

• The pair is in a downward corrective move, approaching significant support at 1.1000.
• As long as it trades above 1.1000, the scenario remains positive with targets at 1.1200 on the short-term.
• A break below 1.1000 would lead to a deeper correction.

GBP/USD:

• The pair is approaching key support at 1.3100. A break below this level could trigger a strong bearish wave toward 1.2900 and 1.2850.
• Staying above 1.3100 would keep the bullish outlook intact.

USD/JPY:

• The pair remains under pressure as long as it trades below 145 yen, favoring a bearish outlook toward 140 yen and 134 yen.

USD/CHF:

• The pair continues to trade under pressure, with prices below 0.5810 indicating further downside toward 0.5700 and 0.5630.

AUD/USD:

• A break below 0.6670 could initiate a bearish wave toward 0.6500 and 0.6250 on the medium term.

NZD/USD:

• The pair remains in a downtrend, and continued trading below 0.6225 may target 0.6100 or lower levels.

USD/CAD:

• The pair is facing bearish pressure. Trading below 1.3600 could lead to further declines toward 1.3500 and 1.3300.

GBP/JPY:

• Trading below 196 yen supports the bearish outlook toward 184 yen and potentially 170 yen in the medium term.

EUR/JPY:

• A break below 157.900 could trigger a significant drop toward 153 yen and 148 yen.

EUR/GBP:

• Trading below 0.8400 reinforces the bearish trend with targets at 0.8375 and 0.8300.

USD/TRY:

• The pair is attempting to end its correction. A break above 34 lira could lead to a rise toward 34.50 lira and 35 lira.

BTC/USD:

• Bitcoin is attempting to recover previous losses, but a decisive break above the psychological barrier at 60,000 USD is necessary for further gains.
• Without this, the price remains under threat of declining toward 52,000 USD and 44,000 USD.

ETH/USD:

• A break below 2200 USD could trigger a strong bearish wave, targeting 1600 USD.

XRP/USD:

• Trading below 55 cents suggests further declines toward 48 cents and 40 cents.

Gold (XAU/USD):

• Gold remains in a corrective downward wave, but as long as it trades above 2460 USD per ounce, the overall bullish trend remains intact.
• A break above 2520 USD is needed to target 2600 USD and 2700 USD.
• Inflation data expected on Wednesday could bring high volatility to gold prices.

Crude Oil (WTI):

• Trading below 70 USD per barrel keeps the bearish scenario intact, with targets at 66 USD and 62 USD.

Silver (XAG/USD):

• Remaining below 29 USD strengthens the bearish trend, with downside targets at 27.50 USD and 26 USD.

Natural Gas (NG):

• A break below 2.20 USD could lead to a sharp decline toward 1.80 USD.

Dow Jones Industrial Average (DJIA):

• The Dow Jones is attempting to end its correction. A break above 41,000 points could trigger a rise toward 42,500 points.
• The 41,000-point level represents a strong resistance, and a break above this level could signal strong movements in the market.

Nasdaq (NASDAQ):

• Trading below 19,250 points reinforces the bearish scenario toward 18,250 and 17,200 points.

FTSE (FTSE):

• Staying above 8200 points could support a recovery toward 8400 points.

DAX (DAX):

• A break below 18,200 points could negate the positive outlook and lead to significant declines.

CAC (CAC):

• Trading below 7600 points strengthens the bearish outlook toward 7200 points.

Nikkei (Nikkei):

• Trading below 37,000 points suggests further declines toward 35,000 and 33,000 points.

Conclusion:

This concludes the daily technical analysis. Thank you for following along. Best regards, and see you soon.

This analysis was prepared by Mohammed Qais Abdulghani, financial market 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 follow the latest economic developments for well-informed decisions.