Introduction
Stay ahead in today’s trading with our comprehensive market technical analysis for Friday, August 2nd, 2024. This report provides key insights into potential market movements across major currency pairs, indices, commodities, and cryptocurrencies, helping traders make informed decisions. Let’s delve into the detailed analysis for today’s trading opportunities.
| Asset | Direction | Pivot Level | 1st Support | 1st Resistance | Risk/Reward Ratio |
|---|---|---|---|---|---|
| DXY (US Dollar Index) | 📉 Bearish | 104.80 | 104.04 | 105.16 | ⚠️ 1:2.5 |
| EUR/USD | 📈 Bullish | 1.0768 | 1.0719 | 1.0850 | ⚠️ 1:3 |
| EUR/JPY | 📉 Bearish | 162.67 | 160.24 | 165.38 | ⚠️ 1:2 |
| EUR/GBP | 📈 Bullish | 0.8459 | 0.8429 | 0.8497 | ⚠️ 1:2.8 |
| GBP/USD | 📈 Bullish | 1.2716 | 1.2674 | 1.2778 | ⚠️ 1:2.8 |
| GBP/JPY | 📉 Bearish | 191.67 | 188.37 | 195.12 | ⚠️ 1:2.2 |
| USD/CHF | 📉 Bearish | 0.8776 | 0.8704 | 0.8827 | ⚠️ 1:2.5 |
| USD/JPY | 📉 Bearish | 152.07 | 146.52 | 154.82 | ⚠️ 1:2 |
| USD/CAD | 📈 Bullish | 1.3864 | 1.3796 | 1.3912 | ⚠️ 1:3 |
| AUD/USD | 📈 Bullish | 0.6465 | 0.6401 | 0.6569 | ⚠️ 1:2.5 |
| NZD/USD | 📉 Bearish | 0.5982 | 0.5868 | 0.6037 | ⚠️ 1:2.2 |
| US30 (DJIA) | 📈 Bullish | 39,918.51 | 39,622.34 | 40,474.68 | ⚠️ 1:3.2 |
| DE40 (DAX) | 📈 Bullish | 17,804.20 | 17,507.10 | 18,064.40 | ⚠️ 1:2.5 |
| US500 (S&P 500) | 📈 Bullish | 5,404.64 | 5,337.04 | 5,492.99 | ⚠️ 1:2.8 |
| BTC/USD (Bitcoin) | 📈 Bullish | 62,464.25 | 59,267.78 | 66,936.47 | ⚠️ 1:3.5 |
| ETH/USD (Ethereum) | 📈 Bullish | 3,104.48 | 2,967.41 | 3,226.09 | ⚠️ 1:3 |
| WTI/USD (Oil) | 📈 Bullish | 77.44 | 75.45 | 79.90 | ⚠️ 1:2.7 |
| XAU/USD (Gold) | 📈 Bullish | 2422.57 | 2422.57 | 2483.22 | ⚠️ 1:2.5 |
DXY (US Dollar Index)
- Potential Direction: Bearish
Pivot Level: 104.80
Analysis: The DXY is expected to continue its bearish trend, with the price likely to move towards the 1st support at 104.04. The pivot at 104.80 acts as an overlap resistance, indicating a potential area where sellers could dominate. The 1st resistance at 105.16 is a critical level where previous rallies have encountered selling pressure.
- 1st Support: 104.04
- 1st Resistance: 105.16
EUR/USD
- Potential Direction: Bullish
- Overall Momentum: Bearish
Pivot Level: 1.0768
Analysis: Despite the overall bearish momentum, EUR/USD could see a bullish bounce off the pivot at 1.0768, potentially rising towards the 1st resistance at 1.0850. The pivot level aligns with a confluence of Fibonacci levels, making it a strong support zone for a potential reversal.
- 1st Support: 1.0719
- 1st Resistance: 1.0850
EUR/JPY
- Potential Direction: Bearish
- Overall Momentum: Bearish
Pivot Level: 162.67
Analysis: EUR/JPY is likely to maintain its bearish direction, with the price expected to move towards the 1st support at 160.24. The pivot at 162.67 serves as an overlap resistance, potentially preventing any significant upward movement. The 1st resistance at 165.38 could act as a strong barrier against bullish advances.
- 1st Support: 160.24
- 1st Resistance: 165.38
EUR/GBP
- Potential Direction: Bullish
- Overall Momentum: Bullish
Pivot Level: 0.8459
Analysis: EUR/GBP shows bullish momentum, supported by the price being above the Ichimoku cloud. The pair could potentially bounce off the pivot at 0.8459 and aim for the 1st resistance at 0.8497. This pivot acts as a pullback support, offering a potential entry point for buyers.
- 1st Support: 0.8429
- 1st Resistance: 0.8497
GBP/USD
- Potential Direction: Bullish
- Overall Momentum: Bearish
Pivot Level: 1.2716
Analysis: GBP/USD could see a bullish recovery off the pivot at 1.2716, with the price targeting the 1st resistance at 1.2778. The pivot is a significant pullback support level, aligning with the 78.6% Fibonacci retracement, making it a potential area for buyers to step in.
- 1st Support: 1.2674
- 1st Resistance: 1.2778
GBP/JPY
- Potential Direction: Bearish
- Overall Momentum: Bearish
Pivot Level: 191.67
Analysis: GBP/JPY is likely to continue its downward trend, moving towards the 1st support at 188.37. The pivot at 191.67 serves as a pullback resistance, indicating a level where selling pressure could increase. The 1st resistance at 195.12 is a significant historical resistance level.
- 1st Support: 188.37
- 1st Resistance: 195.12
USD/CHF
- Potential Direction: Bearish
- Overall Momentum: Bearish
Pivot Level: 0.8776
Analysis: USD/CHF is expected to continue its bearish movement, with the price likely dropping towards the 1st support at 0.8704. The pivot at 0.8776 acts as a resistance level, indicating a potential area where sellers could dominate. The 1st resistance at 0.8827 is a critical level where previous rallies have faced rejection.
- 1st Support: 0.8704
- 1st Resistance: 0.8827
USD/JPY
- Potential Direction: Bearish
- Overall Momentum: Bearish
Pivot Level: 152.07
Analysis: USD/JPY could continue its bearish trajectory, potentially dropping towards the 1st support at 146.52. The pivot at 152.07 serves as a pullback resistance, where sellers might gain control. The 1st resistance at 154.82 represents a historical level where upward movements have been halted.
- 1st Support: 146.52
- 1st Resistance: 154.82
USD/CAD
- Potential Direction: Bullish
- Overall Momentum: Bullish
Pivot Level: 1.3864
Analysis: USD/CAD is showing signs of a bullish continuation, with the price potentially rising towards the 1st resistance at 1.3912. The pivot at 1.3864 acts as a pullback support, with buying interest likely to increase. The 1st support at 1.3796 is bolstered by the presence of a bullish Ichimoku cloud.
- 1st Support: 1.3796
- 1st Resistance: 1.3912
AUD/USD
- Potential Direction: Bullish
- Overall Momentum: Bearish
Pivot Level: 0.6465
Analysis: AUD/USD could see a bullish bounce off the pivot level at 0.6465, with the price aiming for the 1st resistance at 0.6569. The pivot acts as a swing-low support, offering a potential reversal point. The 1st resistance aligns with the 23.6% Fibonacci retracement, making it a crucial level for any upward move.
- 1st Support: 0.6401
- 1st Resistance: 0.6569
NZD/USD
- Potential Direction: Bearish
- Overall Momentum: Bearish
Pivot Level: 0.5982
Analysis: NZD/USD is likely to continue its bearish trend, with the price expected to drop towards the 1st support at 0.5868. The pivot at 0.5982 is a significant overlap resistance, indicating an area where selling pressures could intensify. The 1st resistance at 0.6037 aligns with a 78.6% Fibonacci retracement, acting as a strong barrier against upward movements.
- 1st Support: 0.5868
- 1st Resistance: 0.6037
US30 (DJIA)
- Potential Direction: Bullish
- Overall Momentum: Neutral
Pivot Level: 39,918.51
Analysis: The US30 index could see a bullish bounce off the pivot at 39,918.51, potentially rising towards the 1st resistance at 40,474.68. The pivot serves as a swing-low support, indicating a possible area where buying interest could lead to a rebound. The 1st support at 39,622.34 is a crucial level that aligns with a 100% Fibonacci projection.
- 1st Support: 39,622.34
- 1st Resistance: 40,474.68
DE40 (DAX)
- Potential Direction: Bullish
- Overall Momentum: Bearish
Pivot Level: 17,804.20
Analysis: DE40 could potentially rebound off the pivot at 17,804.20, with the price aiming for the 1st resistance at 18,064.40. The pivot acts as a swing-high support, suggesting a possible area for a minor rebound. The 1st support at 17,507.10 is a significant swing-low support level.
- 1st Support: 17,507.10
- 1st Resistance: 18,064.40
US500 (S&P 500)
- Potential Direction: Bullish
- Overall Momentum: Bearish
Pivot Level: 5,404.64
Analysis: The S&P 500 could see a bullish bounce off the pivot at 5,404.64, with the price potentially rising towards the 1st resistance at 5,492.99. The pivot acts as a pullback support, offering a potential entry point for buyers. The 1st resistance is critical, aligning with a pullback resistance level.
- 1st Support: 5,337.04
- 1st Resistance: 5,492.99
BTC/USD (Bitcoin)
- Potential Direction: Bullish
- Overall Momentum: Neutral
Pivot Level: 62,464.25
Analysis: Bitcoin could potentially bounce off the pivot level at 62,464.25, with the price moving towards the 1st resistance at 66,936.47. The pivot serves as a pullback support, indicating a possible area for buying interest to stage a rebound. The 1st support at 59,267.78 aligns closely with a 61.8% Fibonacci retracement.
- 1st Support: 59,267.78
- 1st Resistance: 66,936.47
ETH/USD (Ethereum)
- Potential Direction: Bullish
- Overall Momentum: Neutral
Pivot Level: 3,104.48
Analysis: Ethereum could see a bullish bounce off the pivot level at 3,104.48, potentially rising towards the 1st resistance at 3,226.09. The pivot aligns with a confluence of Fibonacci levels, indicating a strong support zone for a potential rebound. The 1st support at 2,967.41 is a significant level that could halt further downward movement.
- 1st Support: 2,967.41
- 1st Resistance: 3,226.09
WTI/USD (Oil)
- Potential Direction: Bullish
- Overall Momentum: Bearish
Pivot Level: 77.44
Analysis: WTI/USD is showing signs of a bullish recovery, with the price likely to rise towards the 1st resistance at 79.90. The pivot at 77.44 serves as a pullback support, indicating a potential area where buying interest could stage a rebound. The 1st support at 75.45 aligns with a 78.6% Fibonacci retracement.
- 1st Support: 75.45
- 1st Resistance: 79.90
XAU/USD (Gold)
- Potential Direction: Bullish
- Overall Momentum: Bullish
Pivot Level: 2422.57
Analysis: Gold is positioned for a potential bullish bounce off the pivot at 2422.57, with the price likely moving towards the 1st resistance at 2483.22. The pivot acts as an overlap support, providing a potential entry point for buyers. The 1st resistance is aligned with the 161.8% Fibonacci Extension, marking a critical level for upward movement.
- 1st Support: 2422.57
- 1st Resistance: 2483.22
Conclusion
Today’s market analysis highlights a mix of bearish and bullish trends across major assets, offering multiple trading opportunities. Use these insights to guide your trading strategies, focusing on the key support and resistance levels. Stay informed, plan strategically, and trade wisely.
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