Welcome to today’s comprehensive market analysis for Thursday, 8th August 2024. In this report, we delve into the latest technical insights across major forex pairs, commodities, and indices. Whether you’re a seasoned trader or just starting out, our in-depth analysis will equip you with the necessary information to make informed trading decisions. We cover key support and resistance levels, potential market directions, and the underlying technical factors that could influence today’s market movements. Stay ahead of the curve with our expertly crafted trading signals and technical insights, designed to help you identify profitable opportunities in the financial markets.
Read on to discover the crucial pivots, supports, and resistances for today’s top trading instruments, and gain a competitive edge in your trading strategy.
| Asset | Potential Direction | Pivot | 1st Support | 1st Resistance |
|---|---|---|---|---|
| DXY (US Dollar Index) 📉 | Bearish | 103.18 | 101.89 | 103.69 |
| EUR/USD 📈 | Bullish | 1.0864 | 1.0775 | 1.0943 |
| EUR/JPY 📉 | Bearish | 161.45 | 155.91 | 165.36 |
| EUR/GBP 📉 | Bearish | 0.8613 | 0.8540 | 0.8676 |
| GBP/USD 📉 | Bearish | 1.2738 | 1.2616 | 1.2807 |
| GBP/JPY 📉 | Bearish | 190.18 | 181.28 | 195.83 |
| USD/CHF 📈 | Bullish | 0.8562 | 0.8448 | 0.8707 |
| USD/JPY 📈 | Bullish | 145.56 | 140.97 | 150.83 |
| USD/CAD 📈 | Bullish | 1.3663 | 1.3602 | 1.3757 |
| AUD/USD 📉 | Bearish | 0.6574 | 0.6438 | 0.6643 |
| NZD/USD 📉 | Bearish | 0.6037 | 0.5982 | 0.6090 |
| US30 (DJIA) 📈 | Bullish | 38,622.17 | 38,077.26 | 39,452.63 |
| DE40 (DAX) 📈 | Bullish | 17,294.80 | 17,040.30 | 17,663.60 |
| US500 (S&P 500) 📈 | Bullish | 5,166.20 | 5,014.00 | 5,337.58 |
| BTC/USD (Bitcoin) 📉 | Bearish | 59,262.44 | 54,660.51 | 62,749.24 |
| ETH/USD (Ethereum) 📉 | Bearish | 2,878.94 | 2,289.04 | 3,104.48 |
| WTI/USD (Oil) 📉 | Bearish | 78.00 | 74.98 | 79.84 |
| XAU/USD (Gold) 📉 | Bearish | 2414.36 | 2356.21 | 2470.21 |
DXY (US Dollar Index)
Potential Direction: Bearish
The DXY (US Dollar Index) is expected to continue its bearish trend toward the 1st support level.
- Pivot: 103.18
Supporting Reasons: The pivot at 103.18 serves as a pullback resistance level aligned with the 50% Fibonacci retracement, signaling a strong potential entry point for sellers after a retracement. - 1st Support: 101.89
Supporting Reasons: This level is identified as an overlap support, a critical zone where previous declines have consistently found stability. - 1st Resistance: 103.69
Supporting Reasons: The 1st resistance at 103.69 is a pullback resistance level, historically serving as a barrier where rallies have faced significant selling pressure.
EUR/USD
Potential Direction: Bullish
EUR/USD may experience a bullish bounce off the pivot and move towards the 1st resistance.
- Pivot: 1.0864
Supporting Reasons: This pivot acts as a pullback support level, making it a key area where buyers could enter the market. - 1st Support: 1.0775
Supporting Reasons: The 1st support at 1.0775 is identified as an overlap support, combined with the 61.8% Fibonacci retracement, suggesting a strong support zone. - 1st Resistance: 1.0943
Supporting Reasons: The 1st resistance at 1.0943 is a pullback resistance level, where past rallies have historically faced significant selling pressure.
EUR/JPY
Potential Direction: Bearish
EUR/JPY is likely to continue its bearish momentum toward the 1st support level.
- Pivot: 161.45
Supporting Reasons: The pivot at 161.45 serves as an overlap resistance, combined with the 50% Fibonacci retracement, marking a potential resistance area. - 1st Support: 155.91
Supporting Reasons: The 1st support level at 155.91 is an overlap support, historically providing a base during downturns. - 1st Resistance: 165.36
Supporting Reasons: This level is identified as a pullback resistance, aligned with the 78.6% Fibonacci retracement, indicating an area where selling pressure may resume.
EUR/GBP
Potential Direction: Bearish
EUR/GBP may react off the pivot and drop toward the 1st support.
- Pivot: 0.8613
Supporting Reasons: The pivot at 0.8613 is identified as a multi-swing high resistance, a critical area where previous rallies have consistently faced selling pressure. - 1st Support: 0.8540
Supporting Reasons: This level is a pullback support, coupled with the 38.2% Fibonacci retracement, indicating a potential support zone. - 1st Resistance: 0.8676
Supporting Reasons: The 1st resistance at 0.8676 is a swing high resistance, historically marking a turning point for price reversals.
GBP/USD
Potential Direction: Bearish
GBP/USD could continue its downward trend towards the 1st support level.
- Pivot: 1.2738
Supporting Reasons: The pivot at 1.2738 acts as a pullback resistance, a key area where the price may encounter selling pressure. - 1st Support: 1.2616
Supporting Reasons: This level is identified as a multi-swing low support, suggesting a strong area where price has found stability in the past. - 1st Resistance: 1.2807
Supporting Reasons: The 1st resistance at 1.2807 is an overlap resistance, marking a previous support area that has now turned into resistance, reinforcing bearish sentiment.
GBP/JPY
Potential Direction: Bearish
GBP/JPY may experience a bearish reaction off the pivot and drop towards the 1st support.
- Pivot: 190.18
Supporting Reasons: The pivot at 190.18 is identified as an overlap resistance, a potential area where sellers could enter the market. - 1st Support: 181.28
Supporting Reasons: This level is an overlap support, indicating a critical area where previous declines have found stability. - 1st Resistance: 195.83
Supporting Reasons: The 1st resistance at 195.83 is a pullback resistance, marking a historical point where previous rallies faced selling pressure.
USD/CHF
Potential Direction: Bullish
USD/CHF may see a bullish bounce off the pivot and head toward the 1st resistance.
- Pivot: 0.8562
Supporting Reasons: The pivot at 0.8562 acts as an overlap support, a critical area where previous declines have stabilized. - 1st Support: 0.8448
Supporting Reasons: The 1st support at 0.8448 is an overlap support, suggesting a strong support zone for potential price reversals. - 1st Resistance: 0.8707
Supporting Reasons: The 1st resistance at 0.8707 is a pullback resistance, historically a barrier for upward movements.
USD/JPY
Potential Direction: Bullish
USD/JPY may experience a bullish bounce off the pivot and head toward the 1st resistance.
- Pivot: 145.56
Supporting Reasons: The pivot at 145.56 is identified as an overlap support, a potential buying area. - 1st Support: 140.97
Supporting Reasons: The 1st support level at 140.97 is an overlap support, marking a significant area where previous declines halted. - 1st Resistance: 150.83
Supporting Reasons: The 1st resistance at 150.83 is an overlap resistance, historically a reversal point for rallies.
USD/CAD
Potential Direction: Bullish
USD/CAD could potentially bounce off the pivot and rise toward the 1st resistance.
- Pivot: 1.3663
Supporting Reasons: The pivot at 1.3663 serves as a pullback support, aligned with a 78.6% Fibonacci retracement, marking a potential buying zone. - 1st Support: 1.3602
Supporting Reasons: The 1st support at 1.3602 is a pullback support, indicating a critical area for price stability. - 1st Resistance: 1.3757
Supporting Reasons: The 1st resistance at 1.3757 is an overlap resistance, marking a potential area where upward movement may halt.
AUD/USD
Potential Direction: Bearish
AUD/USD might rise toward the pivot and then reverse towards the 1st support.
- Pivot: 0.6574
Supporting Reasons: The pivot at 0.6574 is identified as an overlap resistance, aligned with a 50% Fibonacci retracement, signaling a potential reversal zone. - 1st Support: 0.6438
Supporting Reasons: The 1st support at 0.6438 is a pullback support, aligned with a 61.8% Fibonacci retracement, marking a significant support area. - 1st Resistance: 0.6643
Supporting Reasons: The 1st resistance at 0.6643 is a pullback resistance, aligned with a 61.8% Fibonacci retracement, indicating a critical resistance zone.
NZD/USD
Potential Direction: Bearish
NZD/USD may rise toward the pivot and then reverse towards the 1st support.
- Pivot: 0.6037
Supporting Reasons: The pivot at 0.6037 serves as an overlap resistance, indicating a potential selling pressure zone. - 1st Support: 0.5982
Supporting Reasons: The 1st support at 0.5982 is an overlap support, aligned with a 38.2% Fibonacci retracement, suggesting a strong support zone. - 1st Resistance: 0.6090
Supporting Reasons: The 1st resistance at 0.6090 is a pullback resistance, marking a potential barrier for upward movement.
US30 (DJIA)
Potential Direction: Bullish
US30 (DJIA) has made a bullish bounce off the pivot and could rise towards the 1st resistance.
- Pivot: 38,622.17
Supporting Reasons: The pivot at 38,622.17 is identified as a pullback support, marking a potential buying zone. - 1st Support: 38,077.26
Supporting Reasons: The 1st support at 38,077.26 is a pullback support, suggesting a significant support area for price stability. - 1st Resistance: 39,452.63
Supporting Reasons: The 1st resistance at 39,452.63 is a pullback resistance, aligned with a 38.2% Fibonacci retracement, marking a potential barrier.
DE40 (DAX)
Potential Direction: Bullish
DE40 (DAX) has made a bullish bounce off the pivot and could rise toward the 1st resistance.
- Pivot: 17,294.80
Supporting Reasons: The pivot at 17,294.80 is identified as a pullback support, marking a potential buying zone. - 1st Support: 17,040.30
Supporting Reasons: The 1st support at 17,040.30 is an overlap support, marking a significant area for price stability. - 1st Resistance: 17,663.60
Supporting Reasons: The 1st resistance at 17,663.60 is an overlap resistance, marking a potential barrier for upward movement.
US500 (S&P 500)
Potential Direction: Bullish
US500 (S&P 500) has made a bullish bounce off the pivot and could rise toward the 1st resistance.
- Pivot: 5,166.20
Supporting Reasons: The pivot at 5,166.20 is identified as a pullback support, marking a potential buying zone. - 1st Support: 5,014.00
Supporting Reasons: The 1st support at 5,014.00 is a pullback support, indicating a significant area for price stability. - 1st Resistance: 5,337.58
Supporting Reasons: The 1st resistance at 5,337.58 is an overlap resistance, aligned with a 50% Fibonacci retracement, marking a critical barrier.
BTC/USD (Bitcoin)
Potential Direction: Bearish
BTC/USD might reverse off the pivot and fall towards the 1st support.
- Pivot: 59,262.44
Supporting Reasons: The pivot at 59,262.44 serves as an overlap resistance, aligned with a 50% Fibonacci retracement, marking a potential reversal zone. - 1st Support: 54,660.51
Supporting Reasons: The 1st support at 54,660.51 is a pullback support, indicating a significant area where price has found stability. - 1st Resistance: 62,749.24
Supporting Reasons: The 1st resistance at 62,749.24 is a pullback resistance, aligned with a 61.8% Fibonacci retracement, indicating a potential barrier.
ETH/USD (Ethereum)
Potential Direction: Bearish
ETH/USD might reverse off the pivot and fall towards the 1st support.
- Pivot: 2,878.94
Supporting Reasons: The pivot at 2,878.94 is identified as a pullback resistance, aligned with a 61.8% Fibonacci retracement, marking a potential reversal zone. - 1st Support: 2,289.04
Supporting Reasons: The 1st support at 2,289.04 is a pullback support, aligned with a 50% Fibonacci retracement, indicating a significant support area. - 1st Resistance: 3,104.48
Supporting Reasons: The 1st resistance at 3,104.48 is a pullback resistance, aligned with a 78.6% Fibonacci retracement, indicating a critical barrier.
WTI/USD (Oil)
Potential Direction: Bearish
WTI/USD might reverse off the pivot and fall towards the 1st support.
- Pivot: 78.00
Supporting Reasons: The pivot at 78.00 is identified as a pullback resistance, aligned with a 78.6% Fibonacci retracement, marking a potential reversal zone. - 1st Support: 74.98
Supporting Reasons: The 1st support at 74.98 is a pullback support, indicating a significant area where price has found stability. - 1st Resistance: 79.84
Supporting Reasons: The 1st resistance at 79.84 is a pullback resistance, aligned with a 61.8% Fibonacci retracement, indicating a potential barrier.
XAU/USD (GOLD)
Potential Direction: Bearish
XAU/USD may react off the pivot and drop to the 1st support.
- Pivot: 2414.36
Supporting Reasons: The pivot at 2414.36 is identified as an overlap resistance, a potential entry point for sellers. - 1st Support: 2356.21
Supporting Reasons: The 1st support at 2356.21 is a swing low support, indicating a significant area where previous declines halted. - 1st Resistance: 2470.21
Supporting Reasons: The 1st resistance at 2470.21 is a swing high resistance, historically marking a barrier for upward movement.
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