Welcome to today’s comprehensive market analysis and trading signals for Thursday, 5th September 2024. In this detailed review, we’ll cover the latest technical setups for major forex pairs, commodities, and indices. With upcoming economic calendar events, this guide will help you make informed trading decisions and maximize your investment opportunities. Stay ahead of the market with our in-depth analysis and key trading insights.
Today’s Trading Signals
| Asset | Potential Direction | Pivot | 1st Support | 1st Resistance |
|---|---|---|---|---|
| DXY (US Dollar Index) 📈 | Bullish | 101.10 | 100.53 | 102.18 |
| EUR/USD 📉 | Bearish | 1.1072 | 1.1021 | 1.1111 |
| EUR/JPY 📉 | Bearish | 160.34 | 158.90 | 161.98 |
| EUR/GBP 📉 | Bearish | 0.8453 | 0.8384 | 0.8490 |
| GBP/USD 📉 | Bearish | 1.3181 | 1.3118 | 1.3226 |
| GBP/JPY 📈 | Bullish | 187.85 | 185.85 | 191.87 |
| USD/CHF 📈 | Bullish | 0.8452 | 0.8403 | 0.8562 |
| USD/JPY 📈 | Bullish | 143.66 | 141.75 | 147.33 |
| USD/CAD 📉 | Bearish | 1.3504 | 1.3441 | 1.3560 |
| AUD/USD ⚖️ | Neutral | 0.6699 | 0.6642 | 0.6754 |
| NZD/USD ⚖️ | Neutral | 0.6163 | 0.6124 | 0.6252 |
| US30 (DJIA) 📈 | Bullish | 40,875.50 | 40,467.11 | 41,590.34 |
| DE40 (DAX) 📈 | Bullish | 18,534.60 | 18,149.30 | 18,971.60 |
| US500 (S&P 500) 📈 | Bullish | 5,492.99 | 5,402.66 | 5,561.63 |
| BTC/USD (Bitcoin) 📈 | Bullish | 54,351.19 | 51,330.62 | 59,123.59 |
| ETH/USD (Ethereum) 📈 | Bullish | 2,289.04 | 2,044.47 | 2,567.16 |
| WTI/USD (Oil) 📈 | Bullish | 69.83 | 68.29 | 72.61 |
| XAU/USD (Gold) 📉 | Bearish | 2505.56 | 2472.86 | 2530.26 |
DXY (US Dollar Index)
Potential Direction: Bullish
Overall Chart Momentum: Bullish
The DXY is showing signs of bullish momentum, suggesting a potential upward bounce from the pivot level toward the first resistance. This could be a key trading opportunity for those looking to capitalize on USD strength.
- Pivot: 101.10 – Identified as a pullback support reinforced by the 61.80% Fibonacci Retracement, which is a strong level where buying interest could increase, driving the price higher.
- 1st Support: 100.53 – This is a multi-swing low support level that has historically attracted significant buying interest, stabilizing any downward moves.
- 1st Resistance: 102.18 – Marked as a pullback resistance that aligns with the 61.80% Fibonacci Retracement, highlighting an area where the upward price movement may encounter resistance.
Technical Indicators: RSI above 50, MACD bullish crossover, bullish candlestick patterns forming near pivot.
Upcoming Economic Events:
– CHF Unemployment Rate s.a (MoM) (Aug) at 08:45
– CHF Foreign Currency Reserves (Aug) at 10:00
– USD Challenger Job Cuts (Aug) at 14:30
EUR/USD
Potential Direction: Bullish
Overall Chart Momentum: Bearish
EUR/USD is poised for a potential bullish bounce off the pivot, aiming for the first resistance level. Traders should watch for a reversal pattern forming at the pivot, which could indicate a buying opportunity.
- Pivot: 1.1072 – This level is identified as overlap support, a region where past reversals have occurred, signaling a possible upward move.
- 1st Support: 1.1021 – Recognized as a pullback support where historical buying interest has stabilized the price.
- 1st Resistance: 1.1111 – Marked as a pullback resistance, supported by the 50% Fibonacci Retracement and the 161.80% Fibonacci Extension, indicating a confluence zone where upward movement could face resistance.
Technical Indicators: RSI approaching 30 (oversold), Bollinger Bands showing potential volatility squeeze, potential bullish divergence on MACD.
Upcoming Economic Events:
– EUR Factory Orders s.a. (MoM) (Jul) at 08:47
– EUR Retail Sales (MoM) (Jul) at 12:00
EUR/JPY
Potential Direction: Bearish
Overall Chart Momentum: Bearish
A bearish reaction off the pivot is expected, potentially driving EUR/JPY down to the first support level. Traders should look for opportunities to sell on strength towards resistance.
- Pivot: 160.34 – Identified as pullback resistance, reinforced by the 38.20% Fibonacci Retracement, which could attract selling pressure.
- 1st Support: 158.90 – Recognized as an overlap support, suggesting a strong area where previous declines have halted.
- 1st Resistance: 161.98 – Marked as pullback resistance, supported by the 78.60% Fibonacci Retracement, a level where upward movements have previously been halted.
Technical Indicators: RSI below 50, MACD showing bearish momentum, potential formation of a head and shoulders pattern.
Upcoming Economic Events:
– JPY Overall Household Spending (YoY) (Jul) at 02:30 (Friday)
– JPY JP Foreign Reserves (Aug) at 02:50 (Friday)
EUR/GBP
Potential Direction: Bearish
Overall Chart Momentum: Bearish
A bearish trend is anticipated with a potential drop from the pivot to the first support level. Traders should consider short positions as the price approaches resistance levels.
- Pivot: 0.8453 – Identified as pullback support, reinforced by the 23.60% Fibonacci Retracement, suggesting potential stalling before continuing downward.
- 1st Support: 0.8384 – Marked as swing low support, suggesting a significant area where previous declines have found a buying interest.
- 1st Resistance: 0.8490 – Recognized as pullback resistance, supported by the 38.20% Fibonacci Retracement, indicating a potential level where the price may face selling pressure if it retraces upward.
Technical Indicators: RSI below 30 (oversold), Stochastic Oscillator showing potential bearish crossover, bearish engulfing pattern forming on daily chart.
Upcoming Economic Events:
– GBP Halifax House Prices (MoM) (Aug) at 09:00 (Friday)
– GBP S&P Global/CIPS Construction PMI (Aug) at 11:30
GBP/USD
Potential Direction: Bearish
Overall Chart Momentum: Bearish
GBP/USD may see a bearish reaction off the pivot and potentially drop towards the first support level. Watch for price action around key levels to confirm the next move.
- Pivot: 1.3181 – Identified as an overlap resistance, reinforced by the 50% Fibonacci Retracement, indicating a level where selling pressure could emerge.
- 1st Support: 1.3118 – Recognized as pullback support, suggesting a significant area where buyers could provide support.
- 1st Resistance: 1.3226 – Identified as an overlap resistance, further strengthened by the 78.60% Fibonacci Retracement, where previous upward movements have faced resistance.
Technical Indicators: MACD bearish crossover, RSI below 40, potential double top pattern forming.
Upcoming Economic Events:
– GBP Halifax House Prices (MoM) (Aug) at 09:00 (Friday)
GBP/JPY
Potential Direction: Bullish
Overall Chart Momentum: Bearish
GBP/JPY could make a bullish bounce off the pivot and head toward the first resistance. Look for signs of strength in GBP across the board to support this view.
- Pivot: 187.85 – Identified as an overlap support, reinforced by the 38.20% Fibonacci Retracement, indicating a key area where buying pressure may emerge.
- 1st Support: 185.85 – An overlap support level, suggesting a zone where previous declines have found support.
- 1st Resistance: 191.87 – Pullback resistance, bolstered by the 61.80% Fibonacci Retracement, indicating a potential area where price may face resistance.
Technical Indicators: RSI at 50, potential bullish engulfing pattern on 4-hour chart, Ichimoku cloud providing support.
Upcoming Economic Events:
– JPY Leading Economic Index (Jul) Prel at 08:00 (Friday)
USD/CHF
Potential Direction: Bullish
Overall Chart Momentum: Bullish
USD/CHF could potentially make a bullish bounce off the pivot and head towards the first resistance. A continuation of the current trend could see further gains.
- Pivot: 0.8452 – An overlap support reinforced by the 61.80% Fibonacci Retracement, indicating a strong area where buyers could re-enter the market.
- 1st Support: 0.8403 – Swing low support, marking a key level where the price has previously found buying interest.
- 1st Resistance: 0.8562 – Pullback resistance strengthened by the 50% Fibonacci Retracement, signaling a potential zone where price may face resistance.
Technical Indicators: RSI above 60, MACD showing bullish momentum, potential ascending triangle formation.
Upcoming Economic Events:
– CHF Foreign Currency Reserves (Aug) at 10:00
USD/JPY
Potential Direction: Bullish
Overall Chart Momentum: Bullish
USD/JPY is showing a bullish setup, suggesting a potential bounce off the pivot level toward the first resistance. Monitor USD strength and JPY weakness to validate this trade.
- Pivot: 143.66 – Multi-swing low support, indicating a level where previous declines have found buying interest.
- 1st Support: 141.75 – Swing low support, marking a significant area where the price has historically rebounded.
- 1st Resistance: 147.33 – Multi-swing high resistance, supported by the 61.80% Fibonacci Retracement, showing a potential area where price might face resistance.
Technical Indicators: Bollinger Bands expanding, RSI in bullish territory, bullish divergence on the MACD.
Upcoming Economic Events:
– JPY Overall Household Spending (YoY) (Jul) at 02:30 (Friday)
USD/CAD
Potential Direction: Bearish
Overall Chart Momentum: Bearish
USD/CAD may experience a bearish break below the pivot, potentially falling towards the first support. Keep an eye on oil prices and Canadian economic data for further cues.
- Pivot: 1.3504 – Identified as a potential breakout level where strong bearish momentum could drive price lower.
- 1st Support: 1.3441 – Identified as a multi-swing-low support, indicating a potential area where price could find strong support.
- 1st Resistance: 1.3560 – Identified as an overlap resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Technical Indicators: MACD bearish, RSI below 50, descending channel formation on daily chart.
Upcoming Economic Events:
– CAD Net Change in Employment (Aug) at 15:30 (Friday)
– CAD Unemployment Rate (Aug) at 15:30 (Friday)
AUD/USD
Potential Direction: Bullish
Overall Chart Momentum: Neutral
AUD/USD has shown signs of a bullish bounce around the pivot and could potentially rise towards the first resistance. The upcoming speech by RBA Governor Bullock could provide further market direction.
- Pivot: 0.6699 – Identified as a swing-low support, indicating a significant area where buying interests could pick up to stage a rebound.
- 1st Support: 0.6642 – Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, suggesting a potential area where price could find support.
- 1st Resistance: 0.6754 – Identified as an overlap resistance that aligns with a 50% Fibonacci retracement, indicating a significant area that could halt further upward movement.
Technical Indicators: RSI neutral, Bollinger Bands narrowing, potential consolidation pattern.
Upcoming Economic Events:
– AUD RBA Governor Bullock speech at 12:00
NZD/USD
Potential Direction: Bullish
Overall Chart Momentum: Neutral
NZD/USD has made a bullish bounce close to the pivot and could potentially rise towards the first resistance. Monitor the USD data and risk sentiment for further direction.
- Pivot: 0.6163 – Identified as an overlap support, indicating a significant area where buying interests could pick up to stage a rebound.
- 1st Support: 0.6124 – Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, suggesting a potential area where price could find support.
- 1st Resistance: 0.6252 – Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement, indicating a significant area that could halt further upward movement.
Technical Indicators: MACD neutral, RSI hovering around 50, potential symmetrical triangle formation.
Upcoming Economic Events:
– NZD No major events scheduled for today
US30 (DJIA)
Potential Direction: Bullish
Overall Chart Momentum: Bearish
The US30 (Dow Jones Industrial Average) has stabilized around the pivot and could potentially make a bullish bounce off this level to rise towards the first resistance. Monitor US economic data releases for market impact.
- Pivot: 40,875.50 – Identified as a multi-swing-low support that aligns with a 23.6% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a rebound.
- 1st Support: 40,467.11 – Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, suggesting an area where price could find support.
- 1st Resistance: 41,590.34 – Identified as a swing-high resistance that aligns close to the all-time high, indicating a significant area that could halt further upward movement.
Technical Indicators: MACD starting to turn bullish, RSI approaching 50, potential bottoming pattern on the daily chart.
Upcoming Economic Events:
– USD ADP Employment Change (Aug) at 15:15
– USD ISM Services PMI (Aug) at 17:00
DE40 (DAX)
Potential Direction: Bullish
Overall Chart Momentum: Bearish
The DE40 (DAX) has stabilized around the pivot and could potentially make a bullish bounce off this level to rise towards the first resistance. Keep an eye on Eurozone economic data for further clues.
- Pivot: 18,534.60 – Identified as an overlap support that aligns with a 23.6% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a rebound.
- 1st Support: 18,149.30 – Identified as a multi-swing-low support, indicating a potential area where price could find support.
- 1st Resistance: 18,971.60 – Identified as a swing-high resistance that aligns close to the all-time high, indicating a significant area that could halt further upward movement.
Technical Indicators: RSI neutral, Bollinger Bands expanding, potential reversal pattern forming.
Upcoming Economic Events:
– EUR Factory Orders s.a. (MoM) (Jul) at 08:47
– EUR Retail Sales (MoM) (Jul) at 12:00
US500 (S&P 500)
Potential Direction: Bullish
Overall Chart Momentum: Bearish
The S&P 500 could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the first resistance. Watch for broader market sentiment and US economic data for direction.
- Pivot: 5,492.99 – Identified as an overlap support, suggesting a potential area where buying interests could pick up to stage a rebound.
- 1st Support: 5,402.66 – Identified as a multi-swing-low support, suggesting a potential area where price could find support.
- 1st Resistance: 5,561.63 – Identified as an overlap resistance that aligns with a 38.2% Fibonacci retracement, suggesting a critical area that could halt further upward movement.
Technical Indicators: RSI above 50, MACD bullish crossover, ascending trendline support.
Upcoming Economic Events:
– USD ISM Services PMI (Aug) at 17:00
– USD Nonfarm Payrolls (Aug) at 15:30 (Friday)
BTC/USD (Bitcoin)
Potential Direction: Bullish
Overall Chart Momentum: Neutral
Bitcoin is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the first resistance. Keep an eye on broader market sentiment and regulatory news for crypto markets.
- Pivot: 54,351.19 – Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.
- 1st Support: 51,330.62 – Identified as a swing-low support, indicating a significant area where price has found support in the past.
- 1st Resistance: 59,123.59 – Identified as a swing-high resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential barrier that could halt further upward movement.
Technical Indicators: RSI at 50, MACD turning bullish, potential breakout from descending channel.
Upcoming Economic Events:
– No major economic events directly impacting Bitcoin today, but keep an eye on broader market sentiment and regulatory updates.
ETH/USD (Ethereum)
Potential Direction: Bullish
Overall Chart Momentum: Neutral
Ethereum is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the first resistance. Watch for news on Ethereum network upgrades and market sentiment for direction.
- Pivot: 2,289.04 – Identified as a multi-swing-low support that aligns close to a 61.8% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.
- 1st Support: 2,044.47 – Identified as a swing-low support, indicating a potential area where price could find support.
- 1st Resistance: 2,567.16 – Identified as an overlap resistance that aligns close to a 50% Fibonacci retracement, indicating a historical barrier where that could halt further upward movement.
Technical Indicators: MACD neutral, RSI hovering near 50, potential inverse head and shoulders formation.
Upcoming Economic Events:
– No major economic events directly impacting Ethereum today, but keep an eye on news related to DeFi and smart contract developments.
WTI/USD (Oil)
Potential Direction: Bullish
Overall Chart Momentum: Bearish
WTI Crude Oil could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the first resistance. Monitor US crude oil inventory data for further direction.
- Pivot: 69.83 – Identified as a multi-swing-low support, suggesting a potential area where buying interests could pick up to stall the decline.
- 1st Support: 68.29 – Identified as a swing-low support, indicating a potential area where price has found support in the past.
- 1st Resistance: 72.61 – Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential barrier that could halt further upward movement.
Technical Indicators: RSI below 50, MACD bearish, potential double bottom pattern forming.
Upcoming Economic Events:
– USD EIA Crude Oil Stocks Change (Aug 30) at 18:00
XAU/USD (Gold)
Potential Direction: Bearish
Overall Chart Momentum: Bearish
Gold could potentially make a bearish reaction off the pivot and drop to the first support. Traders should watch for any safe-haven flows or changes in interest rate expectations for further direction.
- Pivot: 2505.56 – An overlap resistance, aligned with the 50% Fibonacci Retracement, indicating potential selling pressure at this level.
- 1st Support: 2472.86 – An overlap support, marking a significant area where previous declines have found support.
- 1st Resistance: 2530.26 – Multi-swing high resistance, suggesting a potential area where the price may face resistance after rallies.
Technical Indicators: RSI below 50, MACD bearish divergence, potential descending triangle pattern.
Upcoming Economic Events:
– USD ISM Services PMI (Aug) at 17:00
Conclusion
Today’s market offers a range of trading opportunities across forex pairs, commodities, and indices. By carefully analyzing technical setups and staying aware of upcoming economic events, traders can make informed decisions to maximize their trading potential. Ensure to monitor key pivot levels, support and resistance zones, and utilize technical indicators to guide your trading strategy.
Stay updated with our daily analysis and signals to remain ahead of market trends and capitalize on the best trading opportunities available today.
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