Welcome to today’s market analysis and forex trading signals. In this detailed outlook, we cover major currency pairs, indices, commodities, and cryptocurrencies. By leveraging advanced technical analysis tools like Fibonacci retracements, Ichimoku Clouds, Moving Averages, RSI, and pivot points, we provide actionable insights to guide your trading decisions today. Stay ahead of market trends with our expert analysis and trading strategies designed for both novice and experienced traders.
Today’s Trading Signals
| Asset | Direction | Pivot Point | 1st Support | 1st Resistance |
|---|---|---|---|---|
| DXY (US Dollar Index) 📈 | Bullish | 100.95 | 100.54 | 102.15 |
| EUR/USD 📉 | Bearish | 1.1103 | 1.1007 | 1.1194 |
| EUR/JPY ⚖️ | Neutral | N/A | 159.37 | 164.05 |
| EUR/GBP 📈 | Bullish | 0.8404 | 0.8384 | 0.8054 |
| GBP/USD 📉 | Bearish | 1.3217 | 1.313 | 1.3267 |
| GBP/JPY ⚖️ | Neutral | N/A | 189.33 | 193.26 |
| USD/CHF 📈 | Bullish | 0.8443 | 0.8399 | 0.8533 |
| USD/JPY 📈 | Bullish | 143.45 | 141.73 | 146.66 |
| USD/CAD 📉 | Bearish | 1.3486 | 1.3433 | 1.3561 |
| AUD/USD 📉 | Bearish | 0.6813 | 0.6754 | 0.6859 |
| NZD/USD 📉 | Bearish | 0.6295 | 0.6192 | 0.6357 |
| US30 (DJIA) 📈 | Bullish | 41,188.41 | 40,883.50 | 41,590.34 |
| DE40 (DAX) 📉 | Bearish | 18,933.70 | 18,727.90 | 19,229.79 |
| US500 (S&P 500) 📈 | Bullish | 5,561.63 | 5,496.71 | 5,669.89 |
| BTC/USD (Bitcoin) 📈 | Bullish | 57,039.06 | 54,351.19 | 61,687.65 |
| ETH/USD (Ethereum) 📈 | Bullish | 2,436.20 | 2,289.04 | 2,799.15 |
| WTI/USD (Oil) 📉 | Bearish | 77.57 | 74.79 | 78.50 |
| XAU/USD (GOLD) 📉 | Bearish | 2529.88 | 2473.30 | 2551.41 |
Market Overview: Key Economic Events Impacting Today’s Trading
Understanding the economic events that could affect market movements is crucial for any trader. Here’s a rundown of significant events today:
- 08:00 JPY: Annualized Housing Starts, Construction Orders (YoY), Housing Starts (YoY)
- 08:32 EUR: Nonfarm Payrolls (QoQ), Import Price Index (MoM & YoY), Retail Sales (MoM & YoY)
- 11:30 GBP: Consumer Credit, M4 Money Supply (MoM & YoY), Mortgage Approvals, Net Lending to Individuals (MoM)
- 15:30 USD: Core Personal Consumption Expenditures (PCE) – Price Index (MoM & YoY), Personal Income (MoM), Personal Spending (MoM)
Technical Analysis for Major Forex Pairs and Indices
DXY (US Dollar Index)
Potential Direction: Bullish 📈
Overall Momentum of the Chart: Bullish
The DXY is showing strong bullish momentum, suggesting a potential continuation towards the 1st resistance level. The pivot point at 100.95 serves as a critical support, with the possibility of a bounce upwards. Technical indicators such as the RSI above 50 and a bullish crossover in the Moving Averages (MA50 crossing above MA200) support a bullish outlook.
- Pivot: 100.95 – Identified as a pullback support, where buying interest could resume.
- 1st Support: 100.54 – Multi-swing low support, suggesting a level where price declines have historically paused.
- 1st Resistance: 102.15 – Pullback resistance at a 61.80% Fibonacci Retracement, indicating a potential area for sellers to enter the market.
Supporting Indicators: RSI above 50, Bullish Moving Average Crossover, MACD Histogram showing increasing bullish momentum.
Upcoming Economic Events for DXY: USD Core PCE Price Index (MoM & YoY), Personal Income (MoM), Personal Spending (MoM).
EUR/USD
Potential Direction: Bearish 📉
Overall Momentum of the Chart: Bearish
The EUR/USD pair is expected to experience a bearish reaction off the pivot level of 1.1103, potentially dropping towards the 1st support level. The pair’s current position below the Ichimoku Cloud and the downward-sloping Moving Averages (MA50 below MA200) indicate a bearish trend.
- Pivot: 1.1103 – Acts as a pullback resistance, where the price could face selling pressure.
- 1st Support: 1.1007 – Pullback support confirmed by the 50% Fibonacci Retracement, a key level for potential buying interest.
- 1st Resistance: 1.1194 – Multi-swing high resistance, indicating where past upward movements have been resisted.
Supporting Indicators: Ichimoku Cloud shows resistance overhead, MACD below zero, Stochastic Oscillator approaching oversold territory.
Upcoming Economic Events for EUR/USD: Eurogroup Meeting, ECB’s Schnabel Speech, Consumer Price Index (EU norm) (MoM & YoY).
EUR/JPY
Potential Direction: Neutral ⚖️
Overall Momentum of the Chart: Neutral
The EUR/JPY pair is showing a neutral trend with potential fluctuations between the 1st support and resistance levels. Technical indicators such as a flat RSI near 50 and convergence of the Moving Averages suggest indecisiveness in the market.
- 1st Support: 159.37 – Overlap support aligned with the 38.20% Fibonacci Retracement, a potential level where price could stabilize during a decline.
- 1st Resistance: 164.05 – Overlap resistance, suggesting a level where the price might face resistance if it attempts to rise.
Supporting Indicators: RSI at 50 indicating neutral momentum, convergence of the Moving Averages, Bollinger Bands showing a squeeze pattern.
Upcoming Economic Events for EUR/JPY: JPY Housing Starts (YoY), JPY Construction Orders (YoY), EUR Retail Sales (MoM & YoY).
EUR/GBP
Potential Direction: Bullish 📈
Overall Momentum of the Chart: Bearish, with potential for a bullish reversal.
The EUR/GBP pair shows signs of a potential bullish reversal off the pivot level of 0.8404. Momentum indicators, including a bullish divergence on the MACD and RSI exiting the oversold zone, suggest a potential upward movement.
- Pivot: 0.8404 – Overlap support indicating a potential area where the price might find support and reverse to the upside.
- 1st Support: 0.8384 – Pullback support, suggesting a level where the price could stabilize during a downturn.
- 1st Resistance: 0.8054 – Pullback resistance, indicating a potential area where upward movement might encounter selling pressure.
Supporting Indicators: Bullish MACD divergence, RSI exiting oversold territory, Bollinger Bands suggest a breakout potential.
Upcoming Economic Events for EUR/GBP: GBP Mortgage Approvals, GBP Consumer Credit, EUR Retail Sales (MoM & YoY).
GBP/USD
Potential Direction: Bearish 📉
Overall Momentum of the Chart: Bearish
The GBP/USD pair continues to show a bearish trend, potentially moving towards the 1st support level. Key indicators like the RSI below 50 and the 200-day Moving Average acting as resistance reinforce this outlook.
- Pivot: 1.3217 – Identified as a pullback resistance, suggesting a potential area where the price might encounter selling pressure.
- 1st Support: 1.313 – Pullback support reinforced by the 23.60% Fibonacci Retracement, indicating a level where the price may find buying interest.
- 1st Resistance: 1.3267 – Noted as a swing high resistance, indicating a historical point where previous rallies have faced resistance.
Supporting Indicators: RSI below 50, Bearish Moving Average crossover (MA50 below MA200), MACD histogram showing increasing bearish momentum.
Upcoming Economic Events for GBP/USD: GBP M4 Money Supply, GBP Net Lending to Individuals (MoM).
GBP/JPY
Potential Direction: Neutral ⚖️
Overall Momentum of the Chart: Neutral
The GBP/JPY pair is expected to fluctuate between the 1st support and resistance levels. The pair is hovering near the 200-day Moving Average, with the RSI indicating a lack of clear direction.
- 1st Support: 189.33 – Overlap support level, which could act as a stabilizing point for the price during a decline.
- 1st Resistance: 193.26 – Marked as swing high resistance, suggesting a potential area where the price might face selling pressure or reversal if it moves upward.
Supporting Indicators: RSI around 50, flat MACD, Bollinger Bands narrow suggesting low volatility.
Upcoming Economic Events for GBP/JPY: JPY Housing Starts (YoY), GBP Consumer Credit, GBP Mortgage Approvals.
USD/CHF
Potential Direction: Bullish 📈
Overall Momentum of the Chart: Bullish
The USD/CHF pair is poised for a potential bullish bounce off the pivot level and could head towards the 1st resistance. The RSI above 50 and a bullish crossover of Moving Averages support this upward bias.
- Pivot: 0.8443 – Identified as pullback support, indicating a level where the price has previously found buying interest after a decline.
- 1st Support: 0.8399 – Swing low support, suggesting a key area where the price has historically reversed upward after reaching a low.
- 1st Resistance: 0.8533 – Recognized as an overlap resistance, indicating a significant level where previous upward movements have encountered selling pressure.
Supporting Indicators: RSI above 50, Bullish MACD crossover, Ichimoku Cloud shows bullish sentiment.
Upcoming Economic Events for USD/CHF: CHF KOF Leading Indicator, USD Personal Consumption Expenditures (PCE) – Price Index (MoM & YoY).
USD/JPY
Potential Direction: Bullish 📈
Overall Momentum of the Chart: Bullish
The USD/JPY pair is likely to continue its bullish trajectory towards the 1st resistance level. The RSI remains above 50, and the pair is trading above its 50-day and 200-day Moving Averages, signaling strong bullish momentum.
- Pivot: 143.45 – Supported by multi-swing low support and the 78.60% Fibonacci Retracement, indicating a strong area where buyers might step in.
- 1st Support: 141.73 – Identified as a swing low support, suggesting a key level where previous declines have stabilized.
- 1st Resistance: 146.66 – Marked by an overlap resistance and the 50% Fibonacci Retracement, indicating a significant level where upward movement may face selling pressure.
Supporting Indicators: RSI above 50, Bullish crossover in Moving Averages, MACD histogram positive.
Upcoming Economic Events for USD/JPY: JPY Housing Starts (YoY), USD Core PCE Price Index (MoM & YoY), USD Michigan Consumer Sentiment Index.
USD/CAD
Potential Direction: Bearish 📉
Overall Momentum of the Chart: Bearish
The USD/CAD pair shows a bearish reversal off the pivot, with the potential to fall towards the 1st support. Technical indicators like the bearish Ichimoku Cloud and a descending trendline reinforce the bearish sentiment.
- Pivot: 1.3486 – Overlap resistance, indicating a potential area where selling pressures could intensify. The presence of the bearish Ichimoku Cloud and the descending trendline adds further significance to this resistance zone.
- 1st Support: 1.3433 – Multi-swing-low support, indicating a potential area where price could find strong support.
- 1st Resistance: 1.3561 – Pullback resistance that aligns with a 23.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement. The presence of the bearish Ichimoku Cloud adds further significance to the strength of this resistance zone.
Supporting Indicators: Bearish Ichimoku Cloud, RSI below 50, Descending trendline resistance.
Upcoming Economic Events for USD/CAD: CAD Gross Domestic Product (MoM & QoQ), USD Core PCE Price Index (MoM & YoY).
AUD/USD
Potential Direction: Bearish 📉
Overall Momentum of the Chart: Bullish with a bearish reversal.
The AUD/USD pair has shown a bearish reversal off the pivot and could potentially fall towards the 1st support level. A bearish divergence on the RSI and the proximity to the upper Bollinger Band suggest downward pressure.
- Pivot: 0.6813 – Swing-high resistance, indicating a significant area where selling pressures could intensify.
- 1st Support: 0.6754 – Overlap support, suggesting a potential area where price has recently found support. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.
- 1st Resistance: 0.6859 – Swing-high resistance that aligns close to a 78.6% Fibonacci projection, indicating a significant area that could halt further upward movement.
Supporting Indicators: RSI bearish divergence, Close to upper Bollinger Band, MACD bearish crossover.
Upcoming Economic Events for AUD/USD: AUD Building Permits (MoM & YoY), AUD Company Gross Operating Profits (QoQ).
NZD/USD
Potential Direction: Bearish 📉
Overall Momentum of the Chart: Bullish with a bearish reversal.
The NZD/USD pair is likely to move lower towards the 1st support level. A bearish RSI divergence and the pair’s current position near the upper Bollinger Band suggest downward pressure.
- Pivot: 0.6295 – Swing-high resistance that aligns with a 78.6% Fibonacci projection, indicating a significant area where selling pressures could intensify.
- 1st Support: 0.6192 – Pullback support that aligns with a 23.6% Fibonacci retracement, suggesting a potential area where price could find support. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.
- 1st Resistance: 0.6357 – Swing-high resistance, indicating a significant area that could halt further upward movement.
Supporting Indicators: Bearish RSI divergence, Near upper Bollinger Band, MACD bearish signal line crossover.
Upcoming Economic Events for NZD/USD: NZD Terms of Trade Index (Q2), AUD Judo Bank Manufacturing PMI (Aug).
US30 (DJIA)
Potential Direction: Bullish 📈
Overall Momentum of the Chart: Bullish
The US30 index shows strong bullish momentum with a potential rise towards the 1st resistance. The index is supported by a bullish Ichimoku Cloud and RSI above 50, signaling further upside potential.
- Pivot: 41,188.41 – Overlap support, suggesting a potential area where buying interests could pick up to resume the uptrend. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.
- 1st Support: 40,883.50 – Pullback support that aligns close to a 23.6% Fibonacci retracement, suggesting an area where price has found support recently.
- 1st Resistance: 41,590.34 – Swing-high resistance that aligns close to the all-time high, indicating a significant area that could halt further upward movement.
Supporting Indicators: Bullish Ichimoku Cloud, RSI above 50, Moving Averages (MA50 above MA200).
Upcoming Economic Events for US30 (DJIA): USD Personal Consumption Expenditures (PCE) – Price Index (MoM & YoY), USD Michigan Consumer Sentiment Index.
DE40 (DAX)
Potential Direction: Bearish 📉
Overall Momentum of the Chart: Bullish with a potential bearish reversal.
The DE40 index may experience a bearish reversal off the pivot level and fall towards the 1st support. The RSI near overbought conditions and the proximity to a key resistance level suggest downside risk.
- Pivot: 18,933.70 – Multi-swing-high resistance, suggesting a potential area where selling pressures could intensify.
- 1st Support: 18,727.90 – Overlap support, indicating a potential area where price could find support. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.
- 1st Resistance: 19,229.79 – Resistance that aligns with a 61.8% Fibonacci projection, indicating a significant area that could halt further upward movement.
Supporting Indicators: RSI near overbought, Close to key resistance level, MACD showing a potential bearish crossover.
Upcoming Economic Events for DE40 (DAX): EUR Consumer Price Index (MoM & YoY), EUR Gross Domestic Product (QoQ & YoY).
US500 (S&P 500)
Potential Direction: Bullish 📈
Overall Momentum of the Chart: Bullish
The US500 index is likely to continue its bullish trend towards the 1st resistance level. The presence of a bullish Ichimoku Cloud and RSI above 50 suggest further upside potential.
- Pivot: 5,561.63 – Overlap support, suggesting a potential area where buying interests could pick up to resume the uptrend. The presence of the bullish Ichimoku Cloud adds further significance to the strength of this support zone.
- 1st Support: 5,496.71 – Overlap support that aligns close to a 23.6% Fibonacci retracement, suggesting a potential area where price could find support.
- 1st Resistance: 5,669.89 – Swing-high resistance that aligns close to a 127.2% Fibonacci extension, suggesting a critical area that could halt further upward movement.
Supporting Indicators: Bullish Ichimoku Cloud, RSI above 50, MACD positive histogram.
Upcoming Economic Events for US500 (S&P 500): USD Core PCE Price Index (MoM & YoY), USD Michigan Consumer Sentiment Index.
BTC/USD (Bitcoin)
Potential Direction: Bullish 📈
Overall Momentum of the Chart: Neutral with bullish potential.
The BTC/USD pair is currently falling towards the pivot but may make a bullish bounce to rise towards the 1st resistance level. Technical indicators such as the RSI moving above 50 and a bullish MACD crossover suggest upward potential.
- Pivot: 57,039.06 – Swing-low support that aligns with a 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a minor rebound.
- 1st Support: 54,351.19 – Overlap support that aligns close to a 61.8% Fibonacci retracement, indicating a significant area where price has found support in the past.
- 1st Resistance: 61,687.65 – Overlap resistance that aligns with a 50% Fibonacci retracement, indicating a potential barrier that could halt further upward movement.
Supporting Indicators: RSI above 50, Bullish MACD crossover, Increasing On-Balance Volume (OBV).
Upcoming Economic Events for BTC/USD: Global Cryptocurrency Market Developments, USD Michigan Consumer Sentiment Index.
ETH/USD (Ethereum)
Potential Direction: Bullish 📈
Overall Momentum of the Chart: Neutral with bullish potential.
The ETH/USD pair is approaching the pivot and could potentially bounce higher towards the 1st resistance level. The RSI moving above 50 and a potential bullish MACD crossover indicate a possible upward move.
- Pivot: 2,436.20 – Swing-low support that aligns with a 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a minor rebound.
- 1st Support: 2,289.04 – Multi-swing-low support that aligns close to a 61.8% Fibonacci retracement, indicating a potential area where price could find support.
- 1st Resistance: 2,799.15 – Swing-high resistance, indicating a historical barrier that could halt further upward movement.
Supporting Indicators: RSI above 50, Bullish MACD crossover, Increasing Relative Strength Index (RSI).
Upcoming Economic Events for ETH/USD: Global Cryptocurrency Market Trends, USD Michigan Consumer Sentiment Index.
WTI/USD (Oil)
Potential Direction: Bearish 📉
Overall Momentum of the Chart: Neutral with bearish potential.
The WTI/USD is moving towards the pivot and could potentially reverse lower towards the 1st support level. A bearish RSI divergence and proximity to the upper Bollinger Band suggest downside risk.
- Pivot: 77.57 – Swing-high resistance that aligns close to a 78.6% Fibonacci retracement, suggesting a potential area where selling pressures could intensify.
- 1st Support: 74.79 – Overlap support that aligns with 61.8% Fibonacci retracement, indicating a potential area where price has found support recently.
- 1st Resistance: 78.50 – Swing-high resistance, indicating a potential barrier that could halt further upward movement.
Supporting Indicators: Bearish RSI divergence, MACD bearish signal line crossover, Proximity to upper Bollinger Band.
Upcoming Economic Events for WTI/USD: USD Baker Hughes US Oil Rig Count, USD Personal Consumption Expenditures (PCE) – Price Index (MoM & YoY).
XAU/USD (GOLD)
Potential Direction: Bearish 📉
Overall Momentum of the Chart: Bearish
The XAU/USD (Gold) is expected to continue its bearish trend towards the 1st support level. The RSI remains below 50, and the Moving Averages show a bearish crossover, reinforcing the bearish sentiment.
- Pivot: 2529.88 – Multi-swing high resistance, indicating a key level where price has previously reversed or encountered significant selling pressure.
- 1st Support: 2473.30 – Pullback support, suggesting a crucial area where price might find support after a decline.
- 1st Resistance: 2551.41 – Supported by the 161.80% Fibonacci Extension, indicating a strong resistance level where the price may struggle to break through.
Supporting Indicators: RSI below 50, Bearish Moving Average crossover (MA50 below MA200), MACD below zero.
Upcoming Economic Events for XAU/USD: USD Core PCE Price Index (MoM & YoY), USD Michigan Consumer Sentiment Index, USD UoM 5-year Consumer Inflation Expectation.
Conclusion: Strategic Trading Insights for Today
Based on our comprehensive technical analysis and market trends, traders should consider the potential directions and key levels discussed above. Keeping an eye on upcoming economic events is crucial, as they can significantly impact market behavior and present new trading opportunities.
Stay informed, adapt your strategies, and capitalize on today’s market opportunities!
Happy Trading!