In today’s detailed technical analysis, we delve into key assets across various financial markets, providing traders and investors with expanded insights based on chart patterns, technical indicators, and potential impacts from upcoming economic events. This analysis includes a comprehensive look at Fibonacci retracements, moving averages, RSI, Ichimoku Clouds, and trading strategies, all backed by events from the economic calendar that may influence price action.
📊 Market Technical Analysis for October 7th, 2024
| Asset | Direction | Pivot | 1st Support | 1st Resistance | Indicators & Patterns |
|---|---|---|---|---|---|
| DXY (US Dollar Index) 🇺🇸 | Bearish 📉 | 103.24 | 101.77 | 104.68 | Head & Shoulders, RSI Divergence |
| EUR/USD 🇪🇺 | Bearish 📉 | 1.1005 | 1.0869 | 1.1110 | Descending Triangle, MACD Divergence |
| EUR/JPY 🇪🇺🇯🇵 | Bearish 📉 | 164.05 | 158.70 | 168.37 | Rising Wedge, RSI Overbought |
| EUR/GBP 🇪🇺🇬🇧 | Bearish 📉 | 0.8407 | 0.8316 | 0.8512 | Bearish Flag, MACD |
| GBP/USD 🇬🇧 | Bullish 📈 | 1.3008 | 1.2807 | 1.3315 | Ichimoku Cloud Breakout, RSI Divergence |
| GBP/JPY 🇬🇧🇯🇵 | Bearish 📉 | 197.74 | 190.12 | 202.99 | Bearish Engulfing, Fibonacci Cluster |
| USD/CHF 🇺🇸🇨🇭 | Bullish 📈 | 0.8533 | 0.8378 | 0.8806 | Double Bottom, MACD Cross |
| USD/JPY 🇺🇸🇯🇵 | Bullish 📈 | 146.90 | 141.69 | 152.71 | Bullish Hammer, Fibonacci Extension |
| USD/CAD 🇺🇸🇨🇦 | Bearish 📉 | 1.3610 | 1.3481 | 1.3729 | Rising Channel, MACD |
| AUD/USD 🇦🇺 | Bullish 📈 | 0.6740 | 0.6647 | 0.6913 | Morning Star, Fibonacci Retracement |
| NZD/USD 🇳🇿 | Bullish 📈 | 0.6127 | 0.6036 | 0.6260 | Falling Wedge, RSI Divergence |
| US30 (Dow Jones) 🇺🇸 | Bearish 📉 | 42,654.55 | 41,547.82 | 43,197.02 | Rising Wedge, MACD Divergence |
| DE40 (DAX) 🇩🇪 | Bearish 📉 | 19,399.00 | 18,922.30 | 19,742.20 | Descending Channel, RSI Divergence |
| US500 (S&P 500) 🇺🇸 | Bearish 📉 | 5,831.19 | 5,669.89 | 5,951.96 | Double Top, RSI Overbought |
| BTC/USD (Bitcoin) ₿ | Bearish 📉 | 65,783.37 | 60,529.00 | 68,388.74 | Rising Channel, RSI Divergence |
| ETH/USD (Ethereum) 🌐 | Bearish 📉 | 2,811.75 | 2,293.84 | 3,353.53 | Head & Shoulders, MACD Divergence |
| WTI/USD (Oil) 🛢️ | Bearish 📉 | 78.08 | 72.73 | 80.03 | Evening Star, RSI Overbought |
| XAU/USD (Gold) 🏆 | Neutral 🤷♂️ | 2,625.81 | 2,673.54 | Multi-Swing Resistance | Fibonacci Retracement |
👋 Interested in how you can make an $1,000 per day with a trusted heavily regulated ⭐⭐⭐⭐⭐ 5-star international broker? Sign up for a free consultation.
DXY (US Dollar Index) 🇺🇸
- Potential Direction: Bearish 📉
- Overall Momentum: Bearish
- Pivot Level: 103.24
- 1st Support: 101.77 (Overlap support, 50% Fibonacci Retracement)
- 1st Resistance: 104.68 (Overlap resistance, 78.60% Fibonacci Retracement)
- Indicators & Patterns:
- RSI Divergence: RSI shows bearish divergence, indicating a potential reversal.
- Chart Pattern: Potential Head & Shoulders formation near resistance.
- MACD: Bearish crossover, confirming a potential downside movement.
- Upcoming Events:
- Fed’s Bowman Speech (Oct 7, 20:00): Could create dollar volatility, especially if the tone is hawkish, influencing overall DXY sentiment.
EUR/USD 🇪🇺
- Potential Direction: Bearish 📉
- Overall Momentum: Bearish
- Pivot Level: 1.1005
- 1st Support: 1.0869 (61.80% Fibonacci Retracement, 161.80% Fibonacci Extension)
- 1st Resistance: 1.1110 (Pullback resistance)
- Indicators & Patterns:
- MACD Divergence: Bearish divergence, confirming weakening upside momentum.
- Chart Pattern: Descending Triangle – signaling continuation of the downtrend.
- RSI: Hovering in a bearish zone, indicating downside pressure.
- Upcoming Events:
- EUR Factory Orders (YoY) (Oct 7, 09:00): Weak factory orders are expected, which will likely push EUR/USD lower.
EUR/JPY 🇪🇺🇯🇵
- Potential Direction: Bearish 📉
- Overall Momentum: Bullish, but weakening.
- Pivot Level: 164.05
- 1st Support: 158.70 (Multi-swing low, 61.80% Fibonacci Retracement)
- 1st Resistance: 168.37 (Overlap resistance, 61.80% Fibonacci Retracement)
- Indicators & Patterns:
- RSI Overbought: RSI is in overbought territory, signaling a potential pullback.
- Chart Pattern: Rising Wedge – bearish pattern indicating exhaustion of the uptrend.
- Stochastic Oscillator: Bearish crossover signaling potential downside.
- Upcoming Events:
- JPY Coincident Index & Leading Index (Oct 7, 08:00): Weak Japanese data could reduce JPY strength, but overall bearish sentiment on EUR/JPY persists.
EUR/GBP 🇪🇺🇬🇧
- Potential Direction: Bearish 📉
- Overall Momentum: Bearish
- Pivot Level: 0.8407
- 1st Support: 0.8316 (Multi-swing low support)
- 1st Resistance: 0.8512 (Pullback resistance, 61.80% Fibonacci Retracement)
- Indicators & Patterns:
- MACD: Bearish crossover suggests momentum is building to the downside.
- Chart Pattern: Bearish Flag – continuation pattern.
- Stochastic: Bearish momentum is in play.
- Upcoming Events:
- GBP Halifax House Prices (MoM) (Oct 7, 09:00): Rising house prices could strengthen GBP, putting additional pressure on EUR/GBP.
GBP/USD 🇬🇧
- Potential Direction: Bullish 📈
- Overall Momentum: Bullish
- Pivot Level: 1.3008
- 1st Support: 1.2807 (Overlap support, 38.20% and 50% Fibonacci Retracement)
- 1st Resistance: 1.3315 (Pullback resistance, 61.80% Fibonacci Retracement)
- Indicators & Patterns:
- Ichimoku Cloud: Price trading above the cloud, confirming bullish momentum.
- RSI Divergence: Bullish divergence, suggesting further upside.
- Chart Pattern: Ascending Triangle – continuation pattern, hinting at bullish breakout.
- Upcoming Events:
- Halifax House Prices (YoY) (Oct 7, 09:00): Positive data could provide additional support for the pair to extend gains.
GBP/JPY 🇬🇧🇯🇵
- Potential Direction: Bearish 📉
- Overall Momentum: Bullish, but weakening.
- Pivot Level: 197.74
- 1st Support: 190.12 (Multi-swing low, 50% Fibonacci Retracement)
- 1st Resistance: 202.99 (Pullback resistance, 78.60% Fibonacci Retracement)
- Indicators & Patterns:
- Fibonacci Cluster: Confluence of Fibonacci levels at resistance suggests strong selling pressure.
- Chart Pattern: Bearish Engulfing Candle at the pivot level.
- MACD: Weakening bullish momentum, possible downside correction.
- Upcoming Events:
- JPY Coincident Index (Oct 7, 08:00): Weak Japanese data may induce short-term volatility in the pair, though overall bearish sentiment remains.
USD/CHF 🇺🇸🇨🇭
- Potential Direction: Bullish 📈
- Overall Momentum: Bullish
- Pivot Level: 0.8533
- 1st Support: 0.8378 (Swing low support)
- 1st Resistance: 0.8806 (Pullback resistance, 50% Fibonacci Retracement)
- Indicators & Patterns:
- Chart Pattern: Double Bottom near support levels.
- MACD: Bullish crossover confirms upward momentum.
- RSI: Bullish divergence signals potential further gains.
- Upcoming Events:
- Swiss Foreign Currency Reserves (Oct 7, 09:00): May influence CHF volatility, but the dollar’s bullish momentum seems intact.
USD/JPY 🇺🇸🇯🇵
- Potential Direction: Bullish 📈
- Overall Momentum: Bullish
- Pivot Level: 146.90
- 1st Support: 141.69 (Overlap support)
- 1st Resistance: 152.71 (Pullback resistance, 61.80% Fibonacci Retracement, 161.80% Fibonacci Extension)
- Indicators & Patterns:
- Chart Pattern: Bullish Hammer forming near support.
- Fibonacci Extension: Indicates strong upside potential.
- Stochastic Oscillator: Bullish crossover supports the uptrend.
- Upcoming Events:
- JPY Coincident Index (Oct 7, 08:00): Could add some volatility to the pair, though USD strength should dominate.
USD/CAD 🇺🇸🇨🇦
- Potential Direction: Bearish 📉
- Overall Momentum: Neutral
- Pivot Level: 1.3610
- 1st Support: 1.3481 (Pullback support)
- 1st Resistance: 1.3729 (Pullback resistance, 127.2% Fibonacci Extension)
- Indicators & Patterns:
- Chart Pattern: Rising Channel – possible breakdown at resistance.
- MACD: Shows bearish momentum building.
- RSI: Hovering near overbought territory.
- Upcoming Events:
- CAD Exports & Imports (Aug) (Oct 8, 15:30): Positive data could weaken the USD/CAD pair, adding downside pressure.
AUD/USD 🇦🇺
- Potential Direction: Bullish 📈
- Overall Momentum: Neutral
- Pivot Level: 0.6740
- 1st Support: 0.6647 (Swing-low support, 50% Fibonacci Retracement)
- 1st Resistance: 0.6913 (Swing-high resistance)
- Indicators & Patterns:
- Chart Pattern: Morning Star near support suggests potential rebound.
- Fibonacci Retracement: Confluence of key support levels.
- MACD: Bearish, but weakening, suggesting a potential reversal.
- Upcoming Events:
- RBA Meeting Minutes (Oct 8, 03:30): Could significantly impact AUD/USD if dovish sentiment persists.
NZD/USD 🇳🇿
- Potential Direction: Bullish 📈
- Overall Momentum: Bearish, but showing signs of reversal.
- Pivot Level: 0.6127
- 1st Support: 0.6036 (Pullback support, 61.8% Fibonacci Retracement)
- 1st Resistance: 0.6260 (Overlap resistance, 50% Fibonacci Retracement)
- Indicators & Patterns:
- Chart Pattern: Falling Wedge – signals a potential reversal.
- RSI Divergence: Bullish divergence suggests upside correction.
- MACD: Weakening bearish momentum.
- Upcoming Events:
- RBNZ Interest Rate Decision (Oct 9, 04:00): Expected to drive significant volatility. A hawkish stance could push NZD/USD higher.
US30 (Dow Jones) 🇺🇸
- Potential Direction: Bearish 📉
- Overall Momentum: Neutral
- Pivot Level: 42,654.55
- 1st Support: 41,547.82 (Overlap support, 38.2% Fibonacci Retracement)
- 1st Resistance: 43,197.02 (Pullback resistance)
- Indicators & Patterns:
- Chart Pattern: Rising Wedge – signals bearish reversal.
- MACD Divergence: Confirming weakening momentum.
- RSI: Bearish divergence near resistance.
- Upcoming Events:
- USD Consumer Credit Change (Oct 7, 22:00): Rising consumer credit could lead to temporary strength in equities, though overall bearish sentiment persists.
DE40 (DAX) 🇩🇪
- Potential Direction: Bearish 📉
- Overall Momentum: Neutral
- Pivot Level: 19,399.00
- 1st Support: 18,922.30 (Pullback support, 38.2% Fibonacci Retracement)
- 1st Resistance: 19,742.20 (Overlap resistance, 61.80% Fibonacci Projection)
- Indicators & Patterns:
- Chart Pattern: Descending Channel – signals a continued downtrend.
- RSI Divergence: Bearish divergence at resistance.
- MACD: Weakening bullish momentum, supporting a bearish reversal.
- Upcoming Events:
- EUR Industrial Production (Aug) (Oct 8, 09:00): Weak data could weigh on the DAX, reinforcing bearish sentiment.
US500 (S&P 500) 🇺🇸
- Potential Direction: Bearish 📉
- Overall Momentum: Neutral
- Pivot Level: 5,831.19
- 1st Support: 5,669.89 (Overlap support, 23.6% Fibonacci Retracement)
- 1st Resistance: 5,951.96 (100% Fibonacci Projection)
- Indicators & Patterns:
- Chart Pattern: Double Top at resistance.
- RSI: Overbought, suggesting a potential correction.
- MACD: Bearish crossover, confirming potential downside.
- Upcoming Events:
- Fed’s Bowman Speech (Oct 7, 20:00): If the speech hints at further tightening, the S&P 500 could see further declines.
BTC/USD (Bitcoin) ₿
- Potential Direction: Bearish 📉
- Overall Momentum: Neutral
- Pivot Level: 65,783.37
- 1st Support: 60,529.00 (Overlap support, 50% Fibonacci Retracement)
- 1st Resistance: 68,388.74 (Multi-swing high resistance)
- Indicators & Patterns:
- Chart Pattern: Rising Channel – indicating exhaustion of bullish momentum.
- RSI Divergence: Bearish divergence signals a potential correction.
- MACD: Bearish crossover, confirming downside pressure.
- Upcoming Events:
- Fed’s Bowman Speech (Oct 7, 20:00): Could add to Bitcoin’s volatility, especially if risk sentiment turns sour.
ETH/USD (Ethereum) 🌐
- Potential Direction: Bearish 📉
- Overall Momentum: Neutral
- Pivot Level: 2,811.75
- 1st Support: 2,293.84 (Pullback support, 78.60% Fibonacci Retracement)
- 1st Resistance: 3,353.53 (Overlap resistance)
- Indicators & Patterns:
- Chart Pattern: Head & Shoulders – signals potential reversal to the downside.
- MACD Divergence: Bearish divergence, confirming downside risks.
- RSI: Neutral, but edging lower.
- Upcoming Events:
- Fed’s Bowman Speech (Oct 7, 20:00): Similar to Bitcoin, a hawkish tone could lead to a sell-off in Ethereum.
WTI/USD (Oil) 🛢️
- Potential Direction: Bearish 📉
- Overall Momentum: Bullish, but weakening.
- Pivot Level: 78.08
- 1st Support: 72.73 (Overlap support)
- 1st Resistance: 80.03 (Swing-high resistance, 78.60% Fibonacci Retracement)
- Indicators & Patterns:
- Chart Pattern: Evening Star – suggests a potential reversal from resistance.
- RSI: Overbought, signaling potential pullback.
- MACD: Bearish crossover emerging.
- Upcoming Events:
- API Weekly Crude Oil Stock (Oct 8, 23:30): Declining stock data may temporarily boost oil, though overall bearish sentiment persists.
XAU/USD (Gold) 🏆
- Potential Direction: Neutral 🤷♂️
- Overall Momentum: Bearish
- Pivot Level: 2,625.81
- 1st Support: 2,673.54 (Multi-swing resistance)
- Indicators & Patterns:
- Chart Pattern: Fluctuating between support and resistance.
- Fibonacci Retracement: 38.2% retracement from prior highs.
- RSI: Neutral, indicating range-bound conditions.
- Upcoming Events:
- Fed’s Bowman Speech (Oct 7, 20:00): Could trigger movement if risk sentiment changes dramatically.
⚠ If you wish to learn how to invest in the right stocks or trade successfully online, you can look into our free daily news about stock market news, crypto market news, commodities news, forex news, and financial markets daily technical analysis and trading signals.