Table of Contents
- DXY (US Dollar Index)
- EUR/USD
- EUR/JPY
- EUR/GBP
- GBP/USD
- GBP/JPY
- USD/CHF
- USD/JPY
- USD/CAD
- AUD/USD
- NZD/USD
- US30 (DJIA)
- DE40 (DAX)
- US500 (S&P 500)
- BTC/USD (Bitcoin)
- ETH/USD (Ethereum)
- WTI/USD (Oil)
- XAU/USD (Gold)
Asset | Potential Direction | Pivot Point | 1st Support | 1st Resistance |
---|---|---|---|---|
DXY (US Dollar Index) | ๐ Bullish | 101.42 | 100.71 | 102.29 |
EUR/USD | ๐ Bearish | 1.1122 | 1.1019 | 1.1251 |
EUR/JPY | ๐ Bearish | 164.05 | 159.55 | 167.59 |
EUR/GBP | ๐ Bearish | 0.8584 | 0.8508 | 0.8619 |
GBP/USD | ๐ Bullish | 1.2950 | 1.2885 | 1.3032 |
GBP/JPY | ๐ Bearish | 193.25 | 187.04 | 198.80 |
USD/CHF | ๐ Bullish | 0.8585 | 0.8503 | 0.8730 |
USD/JPY | ๐ Bearish | 149.34 | 144.27 | 152.32 |
USD/CAD | ๐ Bullish | 1.3602 | 1.3466 | 1.3674 |
AUD/USD | ๐ Bearish | 0.6752 | 0.6701 | 0.6790 |
NZD/USD | ๐ Bearish | 0.6148 | 0.6080 | 0.6216 |
US30 (DJIA) | ๐ Bearish | 41,042.19 | 40,475.26 | 41,352.92 |
DE40 (DAX) | ๐ Bearish | 18,593.70 | 18,250.70 | 18,808.10 |
US500 (S&P 500) | ๐ Bearish | 5,673.33 | 5,496.71 | 5,828.55 |
BTC/USD (Bitcoin) | ๐ Bearish | 61,687.65 | 57,039.06 | 65,483.09 |
ETH/USD (Ethereum) | ๐ Bearish | 2,805.94 | 2,523.64 | 3,104.48 |
WTI/USD (Oil) | ๐ Bullish | 72.61 | 70.31 | 75.21 |
XAU/USD (Gold) | ๐ Bearish | 2,508.14 | 2,483.48 | 2,547.78 |
DXY (US Dollar Index)
Potential Direction: ๐ Bullish
Overall Momentum: Bearish
The DXY index is showing potential for a bullish bounce from the 101.42 pivot point, supported by overlap support aligned with a 161.8% Fibonacci extension. This suggests a key area where buyers might step in, pushing the price toward the first resistance level at 102.29.
- Technical Indicators:
- RSI is approaching the 30-level, indicating potential oversold conditions.
- MACD is near a crossover, suggesting possible bullish momentum.
- Stochastic oscillator is in the oversold region, further indicating a potential bounce.
- Support and Resistance Levels:
- 1st Support: 100.71 โ Identified as swing-low support, significant for halting previous declines.
- 1st Resistance: 102.29 โ Overlap resistance, a level that could halt any upward movement.
- Impact of Economic Events:
- The upcoming FOMC Minutes on August 21, 2024, could cause significant volatility for USD pairs, including the DXY.
- Speeches by Fed’s Bostic and Barr on August 20, 2024, may influence the marketโs perception of future monetary policy, affecting the DXYโs direction.
EUR/USD
Potential Direction: ๐ Bearish
Overall Momentum: Bullish
The EUR/USD pair could potentially experience a bearish reaction from the 1.1122 pivot point, which is identified as a swing-high resistance aligning with a 100% Fibonacci projection. This suggests a significant level where selling pressures could intensify, pushing the price down toward the first support at 1.1019.
- Technical Indicators:
- RSI is approaching overbought territory, indicating potential downward pressure.
- Bollinger Bands are widening, signaling increased volatility.
- MACD histogram shows declining momentum, supporting the bearish outlook.
- Support and Resistance Levels:
- 1st Support: 1.1019 โ Pullback support, potential area where price could stabilize.
- 1st Resistance: 1.1251 โ Swing-high resistance, a key level to watch for selling pressure.
- Impact of Economic Events:
- The Core Harmonized Index of Consumer Prices (MoM) data release on August 20, 2024, is expected to influence the EUR/USD, particularly if inflation figures surprise the market.
- The German Buba Monthly Report on August 20, 2024, could provide insights into the economic health of the Eurozoneโs largest economy, affecting EUR strength.
EUR/JPY
Potential Direction: ๐ Bearish
Overall Momentum: Neutral
EUR/JPY may see a bearish reaction from the 164.05 pivot point, with overlap resistance close to a 50% Fibonacci retracement level. If the price moves downward, it could find support near 159.55, where previous declines have stabilized.
- Technical Indicators:
- RSI is neutral but trending downward, indicating potential selling pressure.
- MACD is flattening, suggesting a lack of strong momentum in either direction.
- Ichimoku Cloud analysis shows resistance ahead, supporting the bearish view.
- Support and Resistance Levels:
- 1st Support: 159.55 โ Pullback support, crucial for maintaining any bullish attempts.
- 1st Resistance: 167.59 โ Pullback resistance, a potential reversal point for bearish momentum.
- Impact of Economic Events:
- The Merchandise Trade Balance data release on August 20, 2024, could affect JPY pairs, including EUR/JPY, especially if there are surprises in trade figures.
- Japanese Exports and Imports (YoY) data may provide further insights into Japan’s economic performance, impacting JPY strength.
EUR/GBP
Potential Direction: ๐ Bearish
Overall Momentum: Neutral
EUR/GBP might react bearishly from the 0.8584 pivot point, identified as an overlap resistance. If the price drops, the first support level at 0.8508 could provide a strong base, aligning with a 50% Fibonacci retracement level.
- Technical Indicators:
- RSI is declining, indicating growing bearish momentum.
- Stochastic oscillator is signaling a possible downturn as it exits the overbought region.
- Volume analysis shows decreasing buying pressure, supporting a bearish outlook.
- Support and Resistance Levels:
- 1st Support: 0.8508 โ Pullback support, significant for maintaining price stability.
- 1st Resistance: 0.8619 โ Pullback resistance, where previous bullish movements faced challenges.
- Impact of Economic Events:
- The upcoming UK 10-y Bond Auction on August 21, 2024, might impact GBP pairs, including EUR/GBP, depending on demand for UK debt.
- Eurozoneโs Harmonized Index of Consumer Prices (MoM) and Core Harmonized Index of Consumer Prices (YoY) on August 20, 2024, will be key for the EUR, potentially driving EUR/GBP movements.
GBP/USD
Potential Direction: ๐ Bullish
Overall Momentum: Bullish
The GBP/USD pair is showing potential for a bullish reaction from the 1.2950 pivot point, supported by pullback support. This suggests that the price may rise towards the first resistance at 1.3032, which has previously halted bullish advances.
- Technical Indicators:
- RSI is climbing, indicating building bullish momentum.
- MACD is showing a bullish crossover, supporting the upward direction.
- Bollinger Bands are tightening, suggesting potential for a breakout.
- Support and Resistance Levels:
- 1st Support: 1.2885 โ Pullback support, significant for maintaining the uptrend.
- 1st Resistance: 1.3032 โ Swing-high resistance, a critical level for further bullish continuation.
- Impact of Economic Events:
- The upcoming UK Public Sector Net Borrowing data on August 21, 2024, could influence GBP strength depending on government borrowing levels.
- GBP/USD traders should also watch the FOMC Minutes on August 21, 2024, as any hints at US monetary policy shifts could impact this pair.
GBP/JPY
Potential Direction: ๐ Bearish
Overall Momentum: Neutral
GBP/JPY might experience a bearish reversal from the 193.25 pivot point, which aligns with a 50% Fibonacci retracement. The first support level at 187.04 could act as a significant area where previous declines have found support.
- Technical Indicators:
- RSI is falling, signaling potential selling pressure.
- MACD histogram is declining, showing reduced bullish momentum.
- Ichimoku Cloud shows price trading below the cloud, indicating bearish sentiment.
- Support and Resistance Levels:
- 1st Support: 187.04 โ Pullback support, a potential area of reversal for any bearish movements.
- 1st Resistance: 198.80 โ Pullback resistance, a level where bullish attempts may face selling pressure.
- Impact of Economic Events:
- The BoE’s Governor Bailey speech on August 23, 2024, could have significant implications for GBP pairs, particularly if monetary policy guidance is given.
- Japanโs Merchandise Trade Balance and related data on August 20, 2024, could influence JPY strength, impacting GBP/JPY.
USD/CHF
Potential Direction: ๐ Bullish
Overall Momentum: Neutral
USD/CHF shows potential for a bullish bounce from the 0.8585 pivot point, supported by a 50% Fibonacci retracement level. This could drive the price towards the first resistance at 0.8730.
- Technical Indicators:
- RSI is rising, indicating increasing buying momentum.
- MACD shows a potential bullish crossover, suggesting a shift in trend.
- Bollinger Bands are widening, indicating increasing volatility.
- Support and Resistance Levels:
- 1st Support: 0.8503 โ Pullback support, an important area for maintaining bullish momentum.
- 1st Resistance: 0.8730 โ Pullback resistance, where previous bullish attempts have faltered.
- Impact of Economic Events:
- The Swiss Trade Balance data on August 20, 2024, may impact CHF pairs, including USD/CHF, especially if the trade balance differs significantly from expectations.
- The FOMC Minutes on August 21, 2024, will also be crucial, as any USD-related volatility will directly impact USD/CHF.
USD/JPY
Potential Direction: ๐ Bearish
Overall Momentum: Neutral
USD/JPY could see a bearish reaction from the 149.34 pivot point, identified as an overlap resistance aligning with a 38.2% Fibonacci retracement level. The price may drop towards the first support at 144.27 if selling pressure intensifies.
- Technical Indicators:
- RSI is falling towards 50, indicating weakening bullish momentum.
- MACD is showing signs of divergence, hinting at a potential reversal.
- Stochastic oscillator is trending downward, supporting the bearish view.
- Support and Resistance Levels:
- 1st Support: 144.27 โ Pullback support, critical for halting any bearish momentum.
- 1st Resistance: 152.32 โ Pullback resistance, where upward attempts may face selling pressure.
- Impact of Economic Events:
- The upcoming Japanese Exports and Imports data on August 20, 2024, could affect JPY strength, directly impacting USD/JPY.
- The FOMC Minutes on August 21, 2024, may also induce volatility in USD/JPY, depending on the insights provided into US monetary policy.
USD/CAD
Potential Direction: ๐ Bullish
Overall Momentum: Bearish
USD/CAD is approaching the 1.3602 pivot point, where it could make a bullish bounce towards the first resistance at 1.3674. This level is identified as overlap resistance, marking a potential area to halt further upward movement.
- Technical Indicators:
- RSI is climbing from oversold conditions, indicating a potential upward move.
- MACD is nearing a bullish crossover, suggesting a reversal in trend.
- Volume analysis indicates increasing buying interest, supporting the bullish outlook.
- Support and Resistance Levels:
- 1st Support: 1.3466 โ Pullback support, crucial for maintaining bullish momentum.
- 1st Resistance: 1.3674 โ Overlap resistance, a level where upward movements may face resistance.
- Impact of Economic Events:
- The BoC Consumer Price Index Core (YoY) data on August 20, 2024, is critical for USD/CAD traders, as it could influence CAD strength based on inflationary pressures in Canada.
- Also, keep an eye on the FOMC Minutes on August 21, 2024, as any significant USD moves could directly impact USD/CAD.
AUD/USD
Potential Direction: ๐ Bearish
Overall Momentum: Bullish
AUD/USD is moving towards the 0.6752 pivot point, where it may experience a bearish reversal, pulling back towards the first support at 0.6701.
- Technical Indicators:
- RSI is nearing overbought territory, indicating potential selling pressure.
- MACD histogram is declining, suggesting waning bullish momentum.
- Volume analysis shows decreasing buying activity, supporting a bearish outlook.
- Support and Resistance Levels:
- 1st Support: 0.6701 โ Overlap support, critical for halting any downward movement.
- 1st Resistance: 0.6790 โ Swing-high resistance, a significant level for potential reversals.
- Impact of Economic Events:
- The upcoming RBA Meeting Minutes on August 20, 2024, will be a key event for AUD/USD traders, as any hints of future monetary policy will affect the AUD.
- Chinaโs PBoC Interest Rate Decision could also impact AUD/USD, given the strong trade ties between Australia and China.
NZD/USD
Potential Direction: ๐ Bearish
Overall Momentum: Bullish
NZD/USD is rising towards the 0.6148 pivot point, where a bearish reversal could occur, driving the price down to the first support at 0.6080.
- Technical Indicators:
- RSI is approaching overbought levels, suggesting a possible pullback.
- MACD is flattening, indicating weakening bullish momentum.
- Bollinger Bands are starting to widen, suggesting increased volatility.
- Support and Resistance Levels:
- 1st Support: 0.6080 โ Pullback support, a key area for maintaining price stability.
- 1st Resistance: 0.6216 โ Swing-high resistance, where further upward movements may face selling pressure.
- Impact of Economic Events:
- The NZD Trade Balance data on August 19, 2024, could influence NZD strength, particularly if the figures deviate from expectations.
- Watch out for the GDT Price Index on August 20, 2024, as dairy prices significantly impact New Zealandโs economy, thus affecting NZD/USD.
US30 (DJIA)
Potential Direction: ๐ Bearish
Overall Momentum: Bullish
The US30 index is approaching the 41,042.19 pivot point, where a bearish reversal may occur, pushing the price towards the first support at 40,475.26.
- Technical Indicators:
- RSI is in overbought territory, suggesting a potential pullback.
- MACD shows signs of divergence, indicating a possible reversal.
- Volume analysis reveals decreasing buying pressure, supporting a bearish outlook.
- Support and Resistance Levels:
- 1st Support: 40,475.26 โ Overlap support, a key area for maintaining the bullish trend.
- 1st Resistance: 41,352.92 โ Swing-high resistance, where further upward movements may face challenges.
- Impact of Economic Events:
- The FOMC Minutes on August 21, 2024, are expected to be a major event for US indices, as they could provide insights into future interest rate policies.
- The Jackson Hole Symposium starting on August 22, 2024, could also impact market sentiment, particularly if there are any unexpected announcements.
DE40 (DAX)
Potential Direction: ๐ Bearish
Overall Momentum: Bullish
The DE40 index could face a bearish reversal at the 18,593.70 pivot point, leading to a decline towards the first support at 18,250.70.
- Technical Indicators:
- RSI is nearing overbought territory, indicating potential selling pressure.
- MACD is showing signs of divergence, hinting at a possible reversal.
- Stochastic oscillator is overbought, supporting the bearish outlook.
- Support and Resistance Levels:
- 1st Support: 18,250.70 โ Pullback support, crucial for maintaining bullish momentum.
- 1st Resistance: 18,808.10 โ Overlap resistance, a level where upward attempts may face resistance.
- Impact of Economic Events:
- The German Buba Monthly Report on August 20, 2024, could influence the DE40, particularly if the report highlights economic challenges.
- Upcoming HCOB Composite PMI data on August 22, 2024, is also crucial as it provides insights into the economic health of the Eurozone, impacting the DE40 index.
US500 (S&P 500)
Potential Direction: ๐ Bearish
Overall Momentum: Bullish
The US500 index is rising towards the 5,673.33 pivot point, where a bearish reversal could push the price back down to the first support at 5,496.71.
- Technical Indicators:
- RSI is approaching overbought territory, signaling potential downward pressure.
- MACD histogram is flattening, indicating weakening bullish momentum.
- Volume analysis shows decreasing buying activity, supporting a bearish outlook.
- Support and Resistance Levels:
- 1st Support: 5,496.71 โ Overlap support, crucial for maintaining the uptrend.
- 1st Resistance: 5,828.55 โ Swing-high resistance, a critical level for further bullish continuation.
- Impact of Economic Events:
- The FOMC Minutes on August 21, 2024, could be a key event for the US500, as any signals of monetary tightening could weigh on the index.
- The start of the Jackson Hole Symposium on August 22, 2024, is also expected to influence market sentiment, especially if key policy insights are shared.
BTC/USD (Bitcoin)
Potential Direction: ๐ Bearish
Overall Momentum: Neutral
BTC/USD is approaching the 61,687.65 pivot point, where it may experience a bearish reversal, leading to a decline towards the first support at 57,039.06.
- Technical Indicators:
- RSI is trending downward, indicating decreasing bullish momentum.
- MACD is showing signs of divergence, hinting at a potential reversal.
- Volume analysis shows decreasing buying pressure, supporting a bearish outlook.
- Support and Resistance Levels:
- 1st Support: 57,039.06 โ Pullback support, an important area for maintaining price stability.
- 1st Resistance: 65,483.09 โ Overlap resistance, where further upward movements may face selling pressure.
- Impact of Economic Events:
- The upcoming FOMC Minutes on August 21, 2024, could have a significant impact on BTC/USD, especially if there are indications of tighter monetary policy.
- Speeches by Fed officials on August 20, 2024, may also influence market sentiment towards risk assets, including Bitcoin.
ETH/USD (Ethereum)
Potential Direction: ๐ Bearish
Overall Momentum: Neutral
ETH/USD is rising towards the 2,805.94 pivot point, where it could potentially make a bearish reversal, falling towards the first support at 2,523.64.
- Technical Indicators:
- RSI is trending towards overbought territory, indicating potential selling pressure.
- MACD histogram is declining, suggesting weakening bullish momentum.
- Bollinger Bands are starting to narrow, indicating potential consolidation.
- Support and Resistance Levels:
- 1st Support: 2,523.64 โ Overlap support, critical for maintaining price stability.
- 1st Resistance: 3,104.48 โ Swing-high resistance, where further upward movements may face selling pressure.
- Impact of Economic Events:
- ETH/USD traders should monitor the FOMC Minutes on August 21, 2024, as any indication of tighter monetary policy could weigh on risk assets, including Ethereum.
- Speeches by Fed officials on August 20, 2024, may also influence sentiment towards cryptocurrencies.
WTI/USD (Oil)
Potential Direction: ๐ Bullish
Overall Momentum: Bearish
WTI/USD is falling towards the 72.61 pivot point, where it could potentially make a bullish bounce, rising towards the first resistance at 75.21.
- Technical Indicators:
- RSI is approaching oversold territory, indicating potential upward pressure.
- MACD is showing signs of a potential bullish crossover, supporting the bullish view.
- Volume analysis indicates increasing buying interest, supporting a potential bounce.
- Support and Resistance Levels:
- 1st Support: 70.31 โ Overlap support, crucial for halting any further declines.
- 1st Resistance: 75.21 โ Swing-high resistance, where further upward movements may face resistance.
- Impact of Economic Events:
- The API Weekly Crude Oil Stock report on August 20, 2024, could influence WTI prices, especially if there is a significant change in crude oil inventories.
- The EIA Crude Oil Stocks Change report on August 21, 2024, is also crucial for WTI/USD traders, as it provides insights into US crude oil supply levels.
XAU/USD (Gold)
Potential Direction: ๐ Bearish
Overall Momentum: Bullish
XAU/USD is trading close to the 2,508.14 pivot point, where a bearish reversal may occur, pushing the price towards the first support at 2,483.48.
- Technical Indicators:
- RSI is in overbought territory, suggesting potential downward pressure.
- MACD histogram is declining, indicating weakening bullish momentum.
- Volume analysis shows decreasing buying interest, supporting a bearish outlook.
- Support and Resistance Levels:
- 1st Support: 2,483.48 โ Pullback support, a key area for maintaining the uptrend.
- 1st Resistance: 2,547.78 โ Swing-high resistance, a critical level for further bullish continuation.
- Impact of Economic Events:
- The FOMC Minutes on August 21, 2024, could be a key event for XAU/USD, as any signals of monetary tightening could weigh on gold prices.
- The start of the Jackson Hole Symposium on August 22, 2024, is also expected to influence market sentiment towards gold, especially if key policy insights are shared.
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