Introduction
Start your trading week with our comprehensive market analysis for Monday, August 5th, 2024. This detailed report covers the major currency pairs, indices, commodities, and cryptocurrencies, providing actionable insights into potential market movements. Stay informed and plan your trades with precision.
| Asset | Direction | Pivot Level | 1st Support | 1st Resistance | Signal |
|---|---|---|---|---|---|
| DXY (US Dollar Index) | π Bearish | 103.66 | 102.64 | 104.68 | Sell π΄ |
| EUR/USD | π Bearish | 1.0948 | 1.0677 | 1.1106 | Sell π΄ |
| EUR/JPY | π Bullish | 157.47 | 151.60 | 163.52 | Buy π’ |
| EUR/GBP | π Bullish | 0.8489 | 0.8441 | 0.8573 | Buy π’ |
| GBP/USD | π Bearish | 1.2860 | 1.2614 | 1.3048 | Sell π΄ |
| GBP/JPY | π Bearish | 188.39 | 178.19 | 197.55 | Sell π΄ |
| USD/CHF | π Bearish | 0.8730 | 0.8523 | 0.8838 | Sell π΄ |
| USD/JPY | π Bearish | 146.28 | 137.66 | 151.93 | Sell π΄ |
| USD/CAD | π Bearish | 1.3880 | 1.3801 | 1.3977 | Sell π΄ |
| AUD/USD | π Bullish | 0.6469 | 0.6349 | 0.6598 | Buy π’ |
| NZD/USD | π Bearish | 0.5995 | 0.5872 | 0.6082 | Sell π΄ |
| US30 (DJIA) | π Bullish | 39,038.86 | 37,093.10 | 40,881.34 | Buy π’ |
| DE40 (DAX) | π Bullish | 17,398.60 | 16,759.70 | 18,003.90 | Buy π’ |
| US500 (S&P 500) | π Bullish | 5,236.31 | 4,956.50 | 5,532.91 | Buy π’ |
| BTC/USD (Bitcoin) | π Bullish | 50,744.70 | 39,203.30 | 62,851.97 | Buy π’ |
| ETH/USD (Ethereum) | π Bullish | 2,135.44 | 1,511.83 | 2,602.49 | Buy π’ |
| WTI/USD (Oil) | π Bullish | 72.31 | 68.73 | 76.31 | Buy π’ |
| XAU/USD (Gold) | π Bearish | 2468.49 | 2361.70 | 2519.64 | Sell π΄ |
DXY (US Dollar Index)
- Potential Direction: Bearish
Pivot Level: 103.66
Analysis: The DXY is poised for a bearish reaction off the pivot level, potentially dropping towards the 1st support at 102.64. The pivot at 103.66 is identified as a pullback resistance, a key area where sellers might regain control. The 1st resistance at 104.68 marks a significant level where previous rallies have been halted by selling pressure.
- 1st Support: 102.64
- 1st Resistance: 104.68
EUR/USD
- Potential Direction: Bearish
- Overall Momentum: Bearish
Pivot Level: 1.0948
Analysis: EUR/USD is likely to see a bearish reaction off the pivot level, with the price potentially dropping to the 1st support at 1.0677. The pivot at 1.0948 serves as a multi-swing high resistance, a critical point where sellers could enter the market. The 1st resistance at 1.1106 is a swing high resistance, suggesting a significant barrier to any upward movement.
- 1st Support: 1.0677
- 1st Resistance: 1.1106
EUR/JPY
- Potential Direction: Bullish
- Overall Momentum: Bearish
Pivot Level: 157.47
Analysis: Despite the bearish momentum, EUR/JPY could experience a bullish bounce off the pivot level at 157.47, targeting the 1st resistance at 163.52. The pivot acts as an overlap support, aligning with the 78.60% Fibonacci Retracement, making it a potential area for buyers to step in.
- 1st Support: 151.60
- 1st Resistance: 163.52
EUR/GBP
- Potential Direction: Bullish
- Overall Momentum: Bullish
Pivot Level: 0.8489
Analysis: EUR/GBP is expected to continue its bullish trend, with a potential bounce off the pivot at 0.8489 leading towards the 1st resistance at 0.8573. The pivot is a pullback support level, suggesting a strong area for buying interest. The 1st resistance aligns with the 161.80% Fibonacci Extension, indicating a historical resistance point.
- 1st Support: 0.8441
- 1st Resistance: 0.8573
GBP/USD
- Potential Direction: Bearish
- Overall Momentum: Bearish
Pivot Level: 1.2860
Analysis: GBP/USD is likely to continue its bearish movement, targeting the 1st support at 1.2614. The pivot level at 1.2860 acts as an overlap resistance, where selling pressure could intensify. The 1st resistance at 1.3048 is a swing high resistance, a key level where previous rallies have reversed.
- 1st Support: 1.2614
- 1st Resistance: 1.3048
GBP/JPY
- Potential Direction: Bearish
- Overall Momentum: Bearish
Pivot Level: 188.39
Analysis: GBP/JPY could see a bearish reaction off the pivot level at 188.39, with the price potentially dropping to the 1st support at 178.19. The pivot is a pullback resistance, indicating an area where sellers might dominate. The 1st resistance at 197.55 is a historical resistance level where previous rallies have faced significant selling pressure.
- 1st Support: 178.19
- 1st Resistance: 197.55
USD/CHF
- Potential Direction: Bearish
- Overall Momentum: Bearish
Pivot Level: 0.8730
Analysis: USD/CHF is expected to remain under bearish pressure, with a potential drop towards the 1st support at 0.8523. The pivot level at 0.8730 serves as a pullback resistance, where sellers might regain control. The 1st resistance at 0.8838 is a historical resistance level, indicating a strong barrier to any bullish attempts.
- 1st Support: 0.8523
- 1st Resistance: 0.8838
USD/JPY
- Potential Direction: Bearish
- Overall Momentum: Bearish
Pivot Level: 146.28
Analysis: USD/JPY is likely to continue its downward trend, moving towards the 1st support at 137.66. The pivot at 146.28 acts as a pullback resistance, where selling pressure could intensify. The 1st resistance at 151.93 is a significant level where previous rallies have been capped.
- 1st Support: 137.66
- 1st Resistance: 151.93
USD/CAD
- Potential Direction: Bearish
- Overall Momentum: Bullish
Pivot Level: 1.3880
Analysis: USD/CAD is showing bullish momentum but could face a bearish reversal off the pivot level at 1.3880, potentially falling towards the 1st support at 1.3801. The pivot is a multi-swing-high resistance, indicating an area where selling pressure could increase. The 1st resistance at 1.3977 marks a key level that could halt further upward movement.
- 1st Support: 1.3801
- 1st Resistance: 1.3977
AUD/USD
- Potential Direction: Bullish
- Overall Momentum: Bearish
Pivot Level: 0.6469
Analysis: AUD/USD may see a bullish bounce off the pivot level at 0.6469, with the price potentially rising towards the 1st resistance at 0.6598. The pivot acts as a pullback support, aligning with a 78.6% Fibonacci retracement level, making it a strong area for buying interest.
- 1st Support: 0.6349
- 1st Resistance: 0.6598
NZD/USD
- Potential Direction: Bearish
- Overall Momentum: Bearish
Pivot Level: 0.5995
Analysis: NZD/USD is likely to experience a bearish reversal off the pivot level at 0.5995, with the price dropping towards the 1st support at 0.5872. The pivot is a pullback resistance, aligning with a 38.2% Fibonacci retracement, where selling pressure might resume.
- 1st Support: 0.5872
- 1st Resistance: 0.6082
US30 (DJIA)
- Potential Direction: Bullish
- Overall Momentum: Neutral
Pivot Level: 39,038.86
Analysis: The US30 index could see a bullish bounce off the pivot level at 39,038.86, potentially rising towards the 1st resistance at 40,881.34. The pivot aligns with a confluence of Fibonacci levels, making it a strong support zone for a potential rebound. The presence of a bullish Ichimoku Cloud adds further strength to this setup.
- 1st Support: 37,093.10
- 1st Resistance: 40,881.34
DE40 (DAX)
- Potential Direction: Bullish
- Overall Momentum: Neutral
Pivot Level: 17,398.60
Analysis: DE40 may experience a bullish rebound off the pivot at 17,398.60, with the price potentially heading towards the 1st resistance at 18,003.90. The pivot acts as a pullback support, aligning with a 38.2% Fibonacci retracement, indicating a significant level for buying interest.
- 1st Support: 16,759.70
- 1st Resistance: 18,003.90
US500 (S&P 500)
- Potential Direction: Bullish
- Overall Momentum: Neutral
Pivot Level: 5,236.31
Analysis: The S&P 500 is trading close to the pivot at 5,236.31 and could potentially make a bullish bounce off this level towards the 1st resistance at 5,532.91. The pivot aligns with a 61.8% Fibonacci retracement, providing a strong support area for a potential upward move.
- 1st Support: 4,956.50
- 1st Resistance: 5,532.91
BTC/USD (Bitcoin)
- Potential Direction: Bullish
- Overall Momentum: Neutral
Pivot Level: 50,744.70
Analysis: Bitcoin could see a bullish bounce off the pivot level at 50,744.70, potentially rising towards the 1st resistance at 62,851.97. The pivot is supported by a confluence of Fibonacci levels, making it a critical area for buying interest.
- 1st Support: 39,203.30
- 1st Resistance: 62,851.97
ETH/USD (Ethereum)
- Potential Direction: Bullish
- Overall Momentum: Neutral
Pivot Level: 2,135.44
Analysis: Ethereum has reacted bullishly off the pivot level at 2,135.44 and could rise towards the 1st resistance at 2,602.49. The pivot aligns with a 78.6% Fibonacci retracement, providing a strong support area for potential upward movement.
- 1st Support: 1,511.83
- 1st Resistance: 2,602.49
WTI/USD (Oil)
- Potential Direction: Bullish
- Overall Momentum: Bearish
Pivot Level: 72.31
Analysis: WTI/USD is likely to see a bullish bounce off the pivot level at 72.31, with the price potentially rising towards the 1st resistance at 76.31. The pivot aligns with a 78.6% Fibonacci retracement, making it a key support level where buying interest could emerge.
- 1st Support: 68.73
- 1st Resistance: 76.31
XAU/USD (Gold)
- Potential Direction: Bearish
- Overall Momentum: Bullish
Pivot Level: 2468.49
Analysis: Gold could see a bearish reaction off the pivot level at 2468.49, potentially dropping towards the 1st support at 2361.70. The pivot acts as a multi-swing high resistance, indicating a key area where sellers might step in.
- 1st Support: 2361.70
- 1st Resistance: 2519.64
Conclusion
This market analysis for August 5th, 2024, offers valuable insights into potential price movements across various assets. Whether you’re trading Forex, indices, commodities, or cryptocurrencies, use these key levels and directions to inform your trading strategies. Stay updated and trade wisely.