Introduction
Welcome to the market analysis for Wednesday, August 7th, 2024. Whether you’re a seasoned trader or new to the market, this detailed technical outlook will help you navigate today’s trading opportunities with confidence. We’ve analyzed major currency pairs, indices, commodities, and cryptocurrencies to provide you with actionable insights. Dive in to discover key support and resistance levels that could shape today’s trading landscape.
| Asset | Direction | Pivot Level | 1st Support | 1st Resistance | Signal |
|---|---|---|---|---|---|
| DXY (US Dollar Index) | 📉 Bearish | 103.18 | 101.89 | 103.69 | Sell 🔴 |
| EUR/USD | 📈 Bullish | 1.0864 | 1.0775 | 1.0943 | Buy 🟢 |
| EUR/JPY | 📉 Bearish | 160.24 | 154.38 | 164.06 | Sell 🔴 |
| EUR/GBP | 📉 Bearish | 0.8613 | 0.8540 | 0.8676 | Sell 🔴 |
| GBP/USD | 📉 Bearish | 1.2738 | 1.2616 | 1.2807 | Sell 🔴 |
| GBP/JPY | 📉 Bearish | 185.98 | 178.19 | 190.18 | Sell 🔴 |
| USD/CHF | 📉 Bearish | 0.8562 | 0.8448 | 0.8707 | Sell 🔴 |
| USD/JPY | 📉 Bearish | 146.28 | 140.97 | 150.83 | Sell 🔴 |
| USD/CAD | 📈 Bullish | 1.3752 | 1.3704 | 1.3794 | Buy 🟢 |
| AUD/USD | 📉 Bearish | 0.6574 | 0.6438 | 0.6643 | Sell 🔴 |
| NZD/USD | 📉 Bearish | 0.6037 | 0.5982 | 0.6090 | Sell 🔴 |
| US30 (DJIA) | 📉 Bearish | 39,622.34 | 38,622.17 | 40,463.41 | Sell 🔴 |
| DE40 (DAX) | 📉 Bearish | 17,804.20 | 17,294.80 | 17,988.15 | Sell 🔴 |
| US500 (S&P 500) | 📉 Bearish | 5,337.58 | 5,210.70 | 5,402.66 | Sell 🔴 |
| BTC/USD (Bitcoin) | 📉 Bearish | 59,262.44 | 55,268.09 | 62,749.24 | Sell 🔴 |
| ETH/USD (Ethereum) | 📉 Bearish | 2,878.94 | 2,403.42 | 3,104.48 | Sell 🔴 |
| WTI/USD (Oil) | 📉 Bearish | 75.89 | 72.61 | 79.84 | Sell 🔴 |
| XAU/USD (Gold) | 📉 Bearish | 2421.93 | 2356.21 | 2483.58 | Sell 🔴 |
DXY (US Dollar Index)
- Potential Direction: Bearish
Analysis: The DXY is showing signs of a bearish reversal, with the price likely to react off the pivot at 103.18 and move towards the 1st support at 101.89. This pivot, identified at the 50% Fibonacci Retracement level, suggests a significant area where sellers could gain momentum. The 1st resistance at 103.69 marks a crucial level where previous rallies have struggled, adding to the bearish sentiment.
- 1st Support: 101.89
- 1st Resistance: 103.69
EUR/USD
- Potential Direction: Bullish
- Overall Momentum: Bullish
Analysis: The EUR/USD pair is poised for a potential bullish bounce off the pivot at 1.0864, heading towards the 1st resistance at 1.0943. The pivot is a pullback support, offering a strong foundation for a possible upward movement. The 1st support at 1.0775 is reinforced by a 61.80% Fibonacci retracement, indicating a robust area where buying interest could be reignited.
- 1st Support: 1.0775
- 1st Resistance: 1.0943
EUR/JPY
- Potential Direction: Bearish
- Overall Momentum: Bearish
Analysis: EUR/JPY is likely to continue its bearish trajectory, with the price expected to fall towards the 1st support at 154.38 after reacting off the pivot at 160.24. The pivot serves as an overlap resistance, highlighting an area where sellers are likely to dominate. The 1st resistance at 164.06 represents a historical level where previous rallies have met significant resistance.
- 1st Support: 154.38
- 1st Resistance: 164.06
EUR/GBP
- Potential Direction: Bearish
- Overall Momentum: Bearish
Analysis: EUR/GBP is under bearish pressure, with the price expected to drop to the 1st support at 0.8540 after encountering resistance at the pivot level of 0.8613. The pivot is a multi-swing high resistance, indicating a zone where sellers could exert control. The 1st resistance at 0.8676 is a key swing high resistance, where previous upward movements have been curtailed.
- 1st Support: 0.8540
- 1st Resistance: 0.8676
GBP/USD
- Potential Direction: Bearish
- Overall Momentum: Bearish
Analysis: The GBP/USD pair is likely to experience a bearish continuation, with the price expected to decline towards the 1st support at 1.2616 after a potential reaction off the pivot at 1.2738. The pivot is a pullback resistance, marking an area where selling pressure could intensify. The 1st resistance at 1.2807 underscores the bearish outlook, acting as an overlap resistance where prior support has turned into resistance.
- 1st Support: 1.2616
- 1st Resistance: 1.2807
GBP/JPY
- Potential Direction: Bearish
- Overall Momentum: Bearish
Analysis: GBP/JPY continues to display bearish momentum, with the price expected to drop towards the 1st support at 178.19 after a potential reaction off the pivot at 185.98. The pivot serves as an overlap resistance, highlighting a critical area where sellers are likely to step in. The 1st resistance at 190.18 is bolstered by the 50% Fibonacci Retracement, reinforcing the bearish sentiment.
- 1st Support: 178.19
- 1st Resistance: 190.18
USD/CHF
- Potential Direction: Bearish
- Overall Momentum: Bearish
Analysis: USD/CHF is anticipated to continue its bearish trend, with the price potentially falling towards the 1st support at 0.8448 after reacting off the pivot at 0.8562. The pivot is an overlap resistance, indicating a zone where selling pressure could dominate. The 1st resistance at 0.8707 marks a historical level where previous rallies have been halted, suggesting further downside potential.
- 1st Support: 0.8448
- 1st Resistance: 0.8707
USD/JPY
- Potential Direction: Bearish
- Overall Momentum: Bearish
Analysis: USD/JPY is expected to maintain its bearish momentum, with the price likely to decline towards the 1st support at 140.97 after encountering resistance at the pivot level of 146.28. The pivot serves as an overlap resistance, indicating a key area where sellers could gain control. The 1st resistance at 150.83 represents a significant barrier where previous rallies have faced strong resistance.
- 1st Support: 140.97
- 1st Resistance: 150.83
USD/CAD
- Potential Direction: Bullish
- Overall Momentum: Bearish
Analysis: USD/CAD, despite its bearish momentum, could see a bullish bounce off the pivot at 1.3752, potentially rising towards the 1st resistance at 1.3794. The pivot aligns closely with a 50% Fibonacci retracement level, offering a strong support zone where buying interest could emerge. The 1st support at 1.3704 further strengthens the case for a potential rebound.
- 1st Support: 1.3704
- 1st Resistance: 1.3794
AUD/USD
- Potential Direction: Bearish
- Overall Momentum: Neutral
Analysis: AUD/USD is expected to rise towards the pivot at 0.6574 before potentially reversing and dropping towards the 1st support at 0.6438. The pivot is a pullback resistance level that aligns with a 50% Fibonacci retracement, suggesting a significant area where selling pressure could intensify. The presence of a bearish Ichimoku Cloud adds weight to the bearish outlook.
- 1st Support: 0.6438
- 1st Resistance: 0.6643
NZD/USD
- Potential Direction: Bearish
- Overall Momentum: Neutral
Analysis: NZD/USD is likely to experience a bearish reversal off the pivot at 0.6037, with the price expected to drop towards the 1st support at 0.5982. The pivot is an overlap resistance, highlighting a zone where selling pressure could resume. The 1st resistance at 0.6090 represents a critical area where upward movement may be halted.
- 1st Support: 0.5982
- 1st Resistance: 0.6090
US30 (DJIA)
- Potential Direction: Bearish
- Overall Momentum: Bearish
Analysis: The US30 index could rise towards the pivot at 39,622.34 before potentially reversing and dropping towards the 1st support at 38,622.17. The pivot serves as an overlap resistance, indicating a zone where selling pressures could intensify. The 1st resistance at 40,463.41 reinforces the bearish outlook, suggesting a significant barrier to upward movement.
- 1st Support: 38,622.17
- 1st Resistance: 40,463.41
DE40 (DAX)
- Potential Direction: Bearish
- Overall Momentum: Bearish
Analysis: DE40 is likely to rise towards the pivot at 17,804.20 before potentially reversing and dropping towards the 1st support at 17,294.80. The pivot aligns with a 50% Fibonacci retracement level, highlighting a significant area where selling pressure could resume. The 1st resistance at 17,988.15 suggests a critical zone where upward momentum may be capped.
- 1st Support: 17,294.80
- 1st Resistance: 17,988.15
US500 (S&P 500)
- Potential Direction: Bearish
- Overall Momentum: Bearish
Analysis: The S&P 500 could rise towards the pivot at 5,337.58 before potentially reversing and dropping towards the 1st support at 5,210.70. The pivot is a pullback resistance, closely aligned with a 50% Fibonacci retracement level, indicating a significant area where selling pressures could intensify. The 1st resistance at 5,402.66 highlights a key level where further upward movement may be restricted.
- 1st Support: 5,210.70
- 1st Resistance: 5,402.66
BTC/USD (Bitcoin)
- Potential Direction: Bearish
- Overall Momentum: Neutral
Analysis: Bitcoin is likely to experience a bearish reversal off the pivot at 59,262.44, with the price expected to fall towards the 1st support at 55,268.09. The pivot aligns with a 50% Fibonacci retracement level, suggesting a significant area where selling pressure could resume. The 1st resistance at 62,749.24 represents a key barrier to further upward movement.
- 1st Support: 55,268.09
- 1st Resistance: 62,749.24
ETH/USD (Ethereum)
- Potential Direction: Bearish
- Overall Momentum: Neutral
Analysis: Ethereum could see a bearish reversal off the pivot at 2,878.94, with the price likely to decline towards the 1st support at 2,403.42. The pivot is a pullback resistance, closely aligned with a 61.8% Fibonacci retracement level, indicating a potential area where selling pressure could intensify. The 1st resistance at 3,104.48 adds further weight to the bearish outlook.
- 1st Support: 2,403.42
- 1st Resistance: 3,104.48
WTI/USD (Oil)
- Potential Direction: Bearish
- Overall Momentum: Bearish
Analysis: WTI/USD is expected to rise towards the pivot at 75.89 before potentially reversing and dropping towards the 1st support at 72.61. The pivot aligns with a 50% Fibonacci retracement level, indicating a significant area where selling pressure could resume. The 1st resistance at 79.84 reinforces the bearish sentiment, suggesting a strong barrier to further upward movement.
- 1st Support: 72.61
- 1st Resistance: 79.84
XAU/USD (Gold)
- Potential Direction: Bearish
- Overall Momentum: Bearish
Analysis: Gold could see a bearish reaction off the pivot at 2421.93, with the price likely to drop towards the 1st support at 2356.21. The pivot is a pullback resistance, highlighting a key area where sellers could enter the market. The 1st resistance at 2483.58 marks a significant level where previous rallies have encountered strong selling pressure, suggesting further downside potential.
- 1st Support: 2356.21
- 1st Resistance: 2483.58
Conclusion
This technical analysis for August 7th, 2024, provides a clear roadmap for navigating today’s market. By understanding key support and resistance levels across major assets, traders can make informed decisions and capitalize on potential opportunities. Stay ahead of the market by keeping these insights in mind and trade with confidence.