Thursday 29th August 2024: Technical Outlook and Review

Thursday 29th August 2024: Technical Outlook and Review

Thursday, August 29th, 2024: Comprehensive Technical Analysis and Trading Signals

Today’s market insights are crucial for traders looking to capitalize on the latest market movements. In this detailed technical analysis, we dive deep into key financial assets, including major forex pairs like EUR/USD 📉, GBP/USD 📉, and USD/JPY 📈, as well as indices such as US30 (DJIA) 📈 and commodities like XAU/USD (Gold) 📉 and WTI/USD (Oil) 📈. By examining pivotal levels, such as support, resistance, and pivot points, and utilizing critical indicators like Fibonacci retracements and Ichimoku Clouds, we provide actionable trading signals to help you make informed decisions. Stay ahead of the market trends with our expertly crafted analysis, offering you the most profitable trading opportunities for today. Whether you’re looking to go long or short, our signals highlight the best potential trades across the forex, commodities, and indices markets. Don’t miss out on today’s top trading opportunities!

DXY (US Dollar Index)

• Potential Direction: Bullish 📈🐂
• Overall Momentum: Bullish
• Price Action: Potential bullish bounce off pivot towards 1st resistance.
• Pivot: 100.95
• 1st Support: 100.54 – Multi-swing low support, indicating a strong level where declines have halted.
• 1st Resistance: 102.15 – Pullback resistance supported by 61.80% Fibonacci Retracement.

Upcoming Economic Events Impacting DXY

• 15:30 USD – Continuing Jobless Claims (Aug 16)
• 15:30 USD – Gross Domestic Product Annualized (Q2) Preliminary

EUR/USD

• Potential Direction: Bearish 📉🐻
• Overall Momentum: Bearish
• Price Action: Potential bearish reaction off pivot towards 1st support.
• Pivot: 1.1150
• 1st Support: 1.1047 – Pullback support aligned with 38.20% Fibonacci Retracement.
• 1st Resistance: 1.1194 – Multi-swing high resistance, a critical level for potential selling pressure.

Upcoming Economic Events Impacting EUR/USD

• 10:00 EUR – Consumer Price Index (YoY) (Aug) Preliminary
• 12:00 EUR – Economic Sentiment Indicator (Aug)

EUR/JPY

• Potential Direction: Neutral ⚖️
• Overall Momentum: Neutral
• Price Action: Potential fluctuation between 1st resistance and 1st support.
• 1st Support: 159.37 – Overlap support aligned with 38.20% Fibonacci Retracement.
• 1st Resistance: 164.05 – Overlap resistance, a potential level for selling pressure.

Upcoming Economic Events Impacting EUR/JPY

• 08:00 JPY – Consumer Confidence Index (Aug)
• 10:00 EUR – Eurogroup Meeting

EUR/GBP

• Potential Direction: Bullish 📈🐂
• Overall Momentum: Bearish
• Price Action: Potential bullish bounce off pivot towards 1st resistance.
• Pivot: 0.8417
• 1st Support: 0.8384 – Pullback support, a potential stabilization point during a downturn.
• 1st Resistance: 0.8457 – Pullback resistance, a potential level for upward movement to encounter selling pressure.

Upcoming Economic Events Impacting EUR/GBP

• 12:00 EUR – Consumer Confidence (Aug)
• 12:00 EUR – Business Climate (Aug)

GBP/USD

• Potential Direction: Bearish 📉🐻
• Overall Momentum: Bearish
• Price Action: Potential bearish reaction off pivot towards 1st support.
• Pivot: 1.3217
• 1st Support: 1.313 – Pullback support aligned with 23.60% Fibonacci Retracement, potential area for buying interest.
• 1st Resistance: 1.3267 – Swing high resistance, a historical level for potential resistance.

Upcoming Economic Events Impacting GBP/USD

• 11:30 GBP – Mortgage Approvals (Jul)
• 11:30 GBP – Net Lending to Individuals (MoM) (Jul)

GBP/JPY

• Potential Direction: Neutral ⚖️
• Overall Momentum: Neutral
• Price Action: Potential fluctuation between 1st resistance and 1st support levels.
• 1st Support: 189.33 – Overlap support, a potential stabilization point during a decline.
• 1st Resistance: 193.26 – Swing high resistance, a potential level for selling pressure or reversal.

Upcoming Economic Events Impacting GBP/JPY

• 02:30 JPY – Tokyo Consumer Price Index (YoY) (Aug)
• 02:50 JPY – Retail Trade (YoY) (Jul)

USD/CHF

• Potential Direction: Bearish 📉🐻
• Overall Momentum: Bearish
• Price Action: Potential bearish continuation towards 1st support.
• Pivot: 0.8443
• 1st Support: 0.8343 – Supported by 127.20% Fibonacci Extension, potential buying interest after decline.
• 1st Resistance: 0.8533 – Overlap resistance, reinforcing bearish outlook.

Upcoming Economic Events Impacting USD/CHF

• 15:30 USD – Gross Domestic Product Price Index (Q2) Preliminary
• 15:30 USD – Initial Jobless Claims (Aug 23)

USD/JPY

• Potential Direction: Bullish 📈🐂
• Overall Momentum: Bullish
• Price Action: Potential bullish continuation towards 1st resistance.
• Pivot: 143.45
• 1st Support: 141.73 – Swing low support, a key level for stabilization.
• 1st Resistance: 149.30 – Multi-swing high resistance, a critical level for potential selling pressure.

Upcoming Economic Events Impacting USD/JPY

• 02:50 JPY – Jobs / Applicants Ratio (Jul)
• 02:50 JPY – Industrial Production (YoY) (Jul) Preliminary

USD/CAD

• Potential Direction: Bearish 📉🐻
• Overall Momentum: Bearish
• Price Action: Bearish reversal off pivot, potential drop towards 1st support.
• Pivot: 1.3486
• 1st Support: 1.3370 – Pullback support aligned with 161.8% Fibonacci extension.
• 1st Resistance: 1.3561 – Pullback resistance aligned with 23.6% Fibonacci retracement.

Upcoming Economic Events Impacting USD/CAD

• 15:30 CAD – Gross Domestic Product (MoM) (Jun)
• 15:30 CAD – Current Account (Q2)

AUD/USD

• Potential Direction: Bearish 📉🐻
• Overall Momentum: Bullish
• Price Action: Bearish reversal off pivot, potential decline towards 1st support.
• Pivot: 0.6798
• 1st Support: 0.6754 – Overlap support, potential area for price stabilization.
• 1st Resistance: 0.6859 – Swing-high resistance aligned with 78.6% Fibonacci projection.

Upcoming Economic Events Impacting AUD/USD

• 04:30 AUD – Private Sector Credit (MoM) (Jul)
• 04:30 AUD – Retail Sales s.a. (MoM) (Jul)

NZD/USD

• Potential Direction: Bearish 📉🐻
• Overall Momentum: Bullish
• Price Action: Potential bearish reversal off pivot towards 1st support.
• Pivot: 0.6295
• 1st Support: 0.6192 – Pullback support aligned with 23.6% Fibonacci retracement.
• 1st Resistance: 0.6357 – Swing-high resistance, significant area for potential selling pressure.

Upcoming Economic Events Impacting NZD/USD

• 01:45 NZD – Building Permits s.a. (MoM) (Jul)
• 04:00 NZD – ANZ Business Confidence (Aug)

US30 (DJIA)

• Potential Direction: Bullish 📈🐂
• Overall Momentum: Bullish
• Price Action: Potential bullish bounce off pivot towards 1st resistance.
• Pivot: 40,875.50
• 1st Support: 40,602.31 – Pullback support aligned with 23.6% Fibonacci retracement.
• 1st Resistance: 41,393.74 – Pullback resistance near all-time high.

Upcoming Economic Events Impacting US30 (DJIA)

• 17:00 USD – Pending Home Sales (MoM) (Jul)
• 20:00 USD – 7-Year Note Auction

DE40 (DAX)

• Potential Direction: Bullish 📈🐂
• Overall Momentum: Bullish
• Price Action: Potential bullish bounce off pivot towards 1st resistance.
• Pivot: 18,593.70
• 1st Support: 18,345.60 – Pullback support aligned with 23.6% Fibonacci retracement.
• 1st Resistance: 18,894.40 – Swing-high resistance near all-time high.

Upcoming Economic Events Impacting DE40 (DAX)

• 10:00 EUR – Eurogroup Meeting
• 12:00 EUR – Business Climate (Aug)

US500 (S&P 500)

• Potential Direction: Bullish 📈🐂
• Overall Momentum: Bullish
• Price Action: Potential bullish bounce off pivot towards 1st resistance.
• Pivot: 5,496.71
• 1st Support: 5,402.66 – Pullback support aligned with 38.2% Fibonacci retracement.
• 1st Resistance: 5,669.89 – Swing-high resistance aligned with 127.2% Fibonacci extension.

Upcoming Economic Events Impacting US500 (S&P 500)

• 16:45 USD – Chicago Purchasing Managers’ Index (Aug)
• 17:00 USD – Michigan Consumer Sentiment Index (Aug)

BTC/USD (Bitcoin)

• Potential Direction: Bullish 📈🐂
• Overall Momentum: Neutral
• Price Action: Potential bullish bounce off pivot towards 1st resistance.
• Pivot: 57,039.06
• 1st Support: 54,743.19 – Pullback support aligned with 61.8% Fibonacci retracement.
• 1st Resistance: 61,687.65 – Overlap resistance, a potential barrier for upward movement.

Upcoming Economic Events Impacting BTC/USD

• 15:30 USD – Core Personal Consumption Expenditures – Price Index (MoM) (Jul)
• 20:00 USD – Baker Hughes US Oil Rig Count

ETH/USD (Ethereum)

• Potential Direction: Bullish 📈🐂
• Overall Momentum: Neutral
• Price Action: Potential bullish bounce off pivot towards 1st resistance.
• Pivot: 2,436.20
• 1st Support: 2,289.04 – Pullback support aligned with 61.8% Fibonacci retracement.
• 1st Resistance: 2,792.34 – Pullback resistance, a historical barrier for further upward movement.

Upcoming Economic Events Impacting ETH/USD

• 15:30 USD – Personal Consumption Expenditures – Price Index (MoM) (Jul)
• 15:30 USD – Personal Income (MoM) (Jul)

WTI/USD (Oil)

• Potential Direction: Bullish 📈🐂
• Overall Momentum: Bearish
• Price Action: Bullish bounce off pivot, potential rise towards 1st resistance.
• Pivot: 75.33
• 1st Support: 73.88 – Pullback support aligned with 78.6% Fibonacci retracement.
• 1st Resistance: 78.50 – Pullback resistance, a potential barrier for further upward movement.

Upcoming Economic Events Impacting WTI/USD

• 17:30 USD – EIA Natural Gas Storage Change (Aug 23)
• 22:30 USD – CFTC Oil NC Net Positions

XAU/USD (Gold)

• Potential Direction: Bearish 📉🐻
• Overall Momentum: Bearish
• Price Action: Potential bearish continuation towards 1st support.
• Pivot: 2529.88
• 1st Support: 2473.30 – Pullback support, a crucial area for potential buying interest.
• 1st Resistance: 2551.41 – Resistance supported by 161.80% Fibonacci Extension, a strong level where price may struggle.

Upcoming Economic Events Impacting XAU/USD

• 15:30 USD – Core Personal Consumption Expenditures – Price Index (YoY) (Jul)
• 22:30 USD – CFTC Gold NC Net Positions

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