This comprehensive technical analysis for Thursday, October 10, 2024, delves into key financial assets, using advanced indicators, chart patterns, and insights from upcoming economic events to guide traders. The review focuses on identifying optimal trade setups for both bullish and bearish opportunities, providing detailed analysis to help traders make informed decisions in real-time.
| Asset | Potential Direction |
Overall Momentum |
Support | Resistance | Strategy | Economic Events |
|---|---|---|---|---|---|---|
| DXY (US Dollar Index) |
Bullish | Bullish | 101.17 | 103.68 | Look for a bullish continuation toward resistance | US CPI Data |
| EUR/USD | Bullish | Bearish | 1.0871 | 1.1005 | Bullish bounce off pivot | EUR Retail Sales |
| EUR/JPY | Bullish | Bullish | 158.26 | 164.87 | Bullish bounce from support | EUR Industrial Output |
| EUR/GBP | Bullish | Bullish | 0.8311 | 0.8454 | Bullish bounce off support | ECB Meeting |
| GBP/USD | Bullish | Bearish | 1.2944 | 1.3156 | Bullish reversal from pivot | BoE Hearings |
| GBP/JPY | Bearish | Bullish | 193.30 | 199.48 | Bearish reaction from pivot | GBP GDP |
| USD/CHF | Bearish | Bullish | 0.8530 | 0.8692 | Bearish reaction from resistance | US Jobless Claims |
| USD/JPY | Bearish | Bullish | 147.11 | 151.99 | Bearish reaction from pivot | US CPI Data |
| USD/CAD | Bearish | Bullish | 1.3664 | 1.3793 | Bearish reversal from pivot | CAD Employment Change |
| AUD/USD | Bearish | Bearish | 0.6688 | 0.6811 | Bearish reversal from pivot | CNY M2 Money Supply |
| NZD/USD | Bearish | Bearish | 0.6050 | 0.6163 | Bearish reversal from pivot | NZ Business PMI |
| US30 (DJIA) |
Bearish | Bullish | 42,395.55 | 42,879.13 | Bearish reversal from pivot | US Jobless Claims |
| DE40 (DAX) |
Bearish | Bullish | 19,224.30 | 19,653.66 | Bearish reversal from pivot | EUR Industrial Output |
| US500 (S&P 500) |
Bearish | Bullish | 5,767.00 | 5,912.81 | Bearish reversal from pivot | US CPI Data |
| BTC/USD (Bitcoin) |
Bullish | Neutral | 57,861.43 | 62,646.22 | Bullish reversal off pivot | US CPI Data |
| ETH/USD (Ethereum) |
Bearish | Neutral | 2,338.65 | 2,569.10 | Bearish reaction from pivot | US Jobless Claims |
| WTI/USD (Crude Oil) |
Bearish | Neutral | 72.48 | 77.85 | Bearish reversal from pivot | EIA Report |
| XAU/USD (Gold) |
Bearish | Bearish | 2590.24 | 2672.18 | Bearish continuation toward support | US CPI Data |
👋 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: Bullish
Overall Momentum: Bullish
Analysis:
- The DXY is experiencing a bullish continuation, potentially aiming to break through its first resistance level. A break above the resistance could confirm the bullish trend.
- Pivot: 102.28 (Overlap support acting as a key level for a potential rebound).
- 1st Resistance: 103.68 (78.60% Fibonacci Retracement, key area for potential selling pressure).
- 1st Support: 101.17 (Overlap support, which could hold strong in the event of a pullback).
Technical Indicators:
- RSI: Trending above 60, confirming bullish momentum.
- MACD: Positive histogram with the signal line above zero, supporting a continued uptrend.
- Bollinger Bands: Price is near the upper band, indicating potential overbought conditions, but a breakout is likely if momentum holds.
Upcoming Economic Events:
- US CPI Data (15:30 UTC): The Consumer Price Index release could significantly impact the dollar, especially if inflation data deviates from expectations. A higher-than-expected CPI could further boost the bullish momentum in DXY.
EUR/USD
Potential Direction: Bullish
Overall Momentum: Bearish (with potential for a bullish reversal)
Analysis:
- EUR/USD is currently positioned for a potential bounce off the pivot level, suggesting a bullish correction.
- Pivot: 1.0935 (Confluence of 61.80% Fibonacci Retracement and 127.20% Fibonacci Extension).
- 1st Resistance: 1.1005 (23.60% Fibonacci Retracement, strong resistance level).
- 1st Support: 1.0871 (78.60% Fibonacci Retracement, providing solid downside support).
Technical Indicators:
- Stochastic Oscillator: Moving out of oversold territory, indicating a potential bullish reversal.
- Fibonacci Extensions: Confluence at key levels, supporting the potential for a bounce.
- Moving Averages: 50 EMA remains above 100 EMA, indicating potential short-term upside.
Upcoming Economic Events:
- EUR Retail Sales (09:00 UTC): Positive data could provide further upside momentum. Higher retail sales will boost economic sentiment and potentially strengthen the euro against the dollar.
EUR/JPY
Potential Direction: Bullish
Overall Momentum: Bullish
Analysis:
- The EUR/JPY pair is trading above a major ascending trend line, indicating further bullish momentum. A bounce off the pivot could take the price toward the first resistance.
- Pivot: 160.90 (Overlap support).
- 1st Resistance: 164.87 (127.20% Fibonacci Extension and 78.60% Fibonacci Projection, a confluence zone of resistance).
- 1st Support: 158.26 (Overlap support level).
Technical Indicators:
- Ichimoku Cloud: Price is above the cloud, reinforcing bullish momentum.
- RSI: Above 70, signaling overbought conditions but also suggesting strong bullish momentum.
- Fibonacci Retracement: Confluence of key Fibonacci levels near the resistance indicates a possible target for profit-taking.
Upcoming Economic Events:
- EUR Industrial Output (44′ UTC): This data could influence EUR/JPY, especially if industrial output rebounds from previous lows.
EUR/GBP
Potential Direction: Bullish
Overall Momentum: Bullish
Analysis:
- EUR/GBP is positioned for a bullish bounce from the pivot, aiming for the first resistance.
- Pivot: 0.8358 (Overlap support).
- 1st Resistance: 0.8454 (50% Fibonacci Retracement and 127.20% Fibonacci Extension).
- 1st Support: 0.8311 (Swing low support).
Technical Indicators:
- MACD: Momentum suggests bullish divergence, indicating potential for an upward movement.
- Bollinger Bands: Price is testing the lower band, which could lead to a bullish reversal.
- ADX: Strong upward trend with values above 25, indicating trend strength.
Upcoming Economic Events:
- ECB Monetary Policy Meeting Accounts (14:30 UTC): The release could provide further insights into Eurozone economic policy, potentially boosting EUR against the GBP.
GBP/USD
Potential Direction: Bullish
Overall Momentum: Bearish (with a potential bullish reversal)
Analysis:
- GBP/USD shows signs of a potential bullish reversal off the pivot level.
- Pivot: 1.3030 (50% Fibonacci Retracement).
- 1st Resistance: 1.3156 (23.60% Fibonacci Retracement).
- 1st Support: 1.2944 (Overlap support).
Technical Indicators:
- Stochastic Oscillator: Bullish divergence is forming, indicating a possible reversal.
- Moving Averages: 100 EMA is close to crossing above the 200 EMA, signaling potential trend reversal.
- RSI: Approaching 50, which could confirm a shift in momentum if it moves above.
Upcoming Economic Events:
- BoE Monetary Policy Report Hearings (N/A): Any dovish or hawkish stance from the BoE could shift the dynamics for GBP/USD. Traders should monitor the report closely.
GBP/JPY
Potential Direction: Bearish
Overall Momentum: Bullish
Analysis:
- The pair is expected to see a bearish reaction off the pivot level, followed by a drop to the first support level.
- Pivot: 195.85 (78.60% Fibonacci Projection resistance).
- 1st Resistance: 199.48 (Overlap resistance).
- 1st Support: 193.30 (Overlap support).
Technical Indicators:
- RSI: Overbought conditions, indicating potential for a downside correction.
- MACD: Bearish divergence is forming, suggesting the start of a downward move.
- Candlestick Patterns: A bearish engulfing candle at the resistance zone supports a potential reversal.
Upcoming Economic Events:
- GBP Gross Domestic Product (MoM) (09:00 UTC): A weak GDP reading could add bearish pressure on GBP/JPY.
USD/CHF
Potential Direction: Bearish
Overall Momentum: Bullish
Analysis:
- USD/CHF could face a bearish reaction off the pivot, with a potential drop to the first support level.
- Pivot: 0.8624 (127.20% Fibonacci Extension).
- 1st Resistance: 0.8692 (Pullback resistance).
- 1st Support: 0.8530 (Overlap support).
Technical Indicators:
- Bollinger Bands: Price near the upper band suggests a pullback may occur.
- RSI: Bearish divergence indicating weakening momentum.
- Ichimoku Cloud: Price is trading at the edge of the cloud, signaling potential bearish momentum.
Upcoming Economic Events:
- US Initial Jobless Claims (15:30 UTC): Strong data may support USD, but a weaker reading could trigger bearish sentiment in USD/CHF.
USD/JPY
Potential Direction: Bearish
Overall Momentum: Bullish
Analysis:
- USD/JPY is approaching the pivot level, and a bearish reaction off this area could result in a decline toward the first support.
- Pivot: 149.32 (Swing high resistance with 161.80% Fibonacci Extension).
- 1st Resistance: 151.99 (Pullback resistance).
- 1st Support: 147.11 (Pullback support).
Technical Indicators:
- RSI: Currently overbought, indicating a potential for a bearish correction.
- MACD: Positive, but a bearish crossover could signal a shift in momentum.
- Ichimoku Cloud: Price is above the cloud, but the proximity to resistance suggests a potential reversal.
Upcoming Economic Events:
- US Consumer Price Index (CPI) (15:30 UTC): Higher inflation data could support USD/JPY; however, if inflation cools, we may see the pair correct lower.
USD/CAD
Potential Direction: Bearish
Overall Momentum: Bullish
Analysis:
- USD/CAD is nearing the pivot and may reverse lower, targeting the first support level.
- Pivot: 1.3729 (Pullback resistance near a 127.20% Fibonacci extension).
- 1st Resistance: 1.3793 (161.80% Fibonacci Extension).
- 1st Support: 1.3664 (23.60% Fibonacci Retracement).
Technical Indicators:
- Stochastic Oscillator: Overbought, indicating a potential bearish reversal.
- RSI: Above 70, suggesting overbought conditions and potential for a pullback.
- Fibonacci Levels: Strong confluence at resistance levels indicates a high probability of reversal.
Upcoming Economic Events:
- CAD Employment Change & Unemployment Rate (15:30 UTC): Positive employment data could strengthen CAD, leading to a bearish move in USD/CAD.
AUD/USD
Potential Direction: Bearish
Overall Momentum: Bearish
Analysis:
- AUD/USD could rise toward the pivot before making a bearish reversal, heading towards the first support.
- Pivot: 0.6767 (Pullback resistance with 23.60% Fibonacci Retracement).
- 1st Resistance: 0.6811 (Overlap resistance).
- 1st Support: 0.6688 (78.60% Fibonacci Retracement).
Technical Indicators:
- RSI: Approaching 50, which might indicate a temporary upward move before resuming the downtrend.
- Bollinger Bands: Price nearing the middle band, suggesting a potential reversal back towards the lower band.
- MACD: Bearish divergence is forming, supporting the likelihood of a downside move.
Upcoming Economic Events:
- CNY M2 Money Supply (13:00 UTC): Any surprise data from China’s money supply or new loans could affect the Aussie dollar, given the strong trade ties between Australia and China.
NZD/USD
Potential Direction: Bearish
Overall Momentum: Bearish
Analysis:
- NZD/USD is likely to rise toward the pivot and then reverse downward toward the first support.
- Pivot: 0.6114 (Pullback resistance).
- 1st Resistance: 0.6163 (38.2% Fibonacci Retracement).
- 1st Support: 0.6050 (Swing-low support).
Technical Indicators:
- RSI: Bearish, below 50, indicating momentum remains to the downside.
- Moving Averages: 50 EMA is below 100 EMA, suggesting continued bearishness.
- Fibonacci Levels: Key levels indicate a strong confluence for support at 0.6050.
Upcoming Economic Events:
- NZD Business NZ PMI (00:30 UTC): Any weakness in the PMI could reinforce bearish sentiment, as it reflects broader economic health in New Zealand.
US30 (DJIA)
Potential Direction: Bearish
Overall Momentum: Bullish
Analysis:
- The Dow Jones Industrial Average (DJIA) is nearing a pivot level, where a bearish reversal could occur.
- Pivot: 42,654.55 (Swing-high resistance at the all-time high).
- 1st Resistance: 42,879.13 (127.20% Fibonacci Extension).
- 1st Support: 42,395.55 (Pullback support).
Technical Indicators:
- RSI: Nearing overbought territory, signaling a potential for a pullback.
- MACD: A bearish crossover is imminent, which could indicate a decline.
- Candlestick Patterns: Recent doji formations at the high suggest market indecision, which could lead to a reversal.
Upcoming Economic Events:
- US Initial Jobless Claims (15:30 UTC): Employment data could shift market sentiment. A higher-than-expected number could weaken the DJIA, leading to a correction.
DE40 (DAX)
Potential Direction: Bearish
Overall Momentum: Bullish
Analysis:
- DE40 is approaching the pivot level, where a bearish reversal is possible.
- Pivot: 19,446.30 (Swing-high resistance, with a confluence of Fibonacci levels).
- 1st Resistance: 19,653.66 (127.20% Fibonacci Extension).
- 1st Support: 19,224.30 (Pullback support).
Technical Indicators:
- RSI: Overbought, signaling potential for a correction.
- MACD: Positive but showing signs of slowing momentum.
- Bollinger Bands: Price is near the upper band, suggesting a pullback may occur.
Upcoming Economic Events:
- EUR Industrial Output (44′ UTC): Poor industrial output figures from the Eurozone could trigger a bearish reversal in the DAX.
US500 (S&P 500)
Potential Direction: Bearish
Overall Momentum: Bullish
Analysis:
- The S&P 500 is nearing the pivot level, which could result in a bearish reversal.
- Pivot: 5,823.13 (161.80% Fibonacci Extension).
- 1st Resistance: 5,912.81 (61.8% Fibonacci Projection).
- 1st Support: 5,767.00 (Pullback support).
Technical Indicators:
- RSI: Approaching overbought levels, indicating a potential for a pullback.
- MACD: Bullish but showing signs of weakening momentum.
- Candlestick Patterns: Formation of shooting stars at resistance levels signals a potential reversal.
Upcoming Economic Events:
- US Consumer Price Index (CPI) (15:30 UTC): Inflation data will play a significant role in determining the next move for the US500. A higher CPI could strengthen the index, while lower inflation may trigger a sell-off.
BTC/USD (Bitcoin)
Potential Direction: Bullish
Overall Momentum: Neutral
Analysis:
- BTC/USD is poised for a bullish reversal off the pivot, with potential to rise toward the first resistance.
- Pivot: 60,117.65 (Swing-low support with 61.8% Fibonacci Projection).
- 1st Resistance: 62,646.22 (Overlap resistance near a 61.8% Fibonacci retracement).
- 1st Support: 57,861.43 (Swing-low support with 61.8% Fibonacci retracement).
Technical Indicators:
- RSI: Rising toward 60, signaling renewed bullish momentum.
- MACD: Positive crossover indicates potential for further upside.
- Bollinger Bands: Price is at the lower band, suggesting a possible reversal to the upside.
Upcoming Economic Events:
- US CPI Data (15:30 UTC): With Bitcoin acting as a hedge against inflation, stronger CPI data could ignite bullish momentum in BTC.
ETH/USD (Ethereum)
Potential Direction: Bearish
Overall Momentum: Neutral
Analysis:
- ETH/USD is approaching the pivot, where a bearish reversal could occur, pushing the price toward the first support.
- Pivot: 2,493.39 (Swing-high resistance, aligned with 50% Fibonacci retracement).
- 1st Resistance: 2,569.10 (61.8% Fibonacci retracement).
- 1st Support: 2,338.65 (Swing-low support).
Technical Indicators:
- RSI: Neutral, hovering around 50, indicating indecision in the market.
- MACD: A bearish divergence is forming, signaling the potential for a downward move.
- Fibonacci Levels: Strong confluence near the pivot reinforces potential resistance.
Upcoming Economic Events:
- US Jobless Claims Data (15:30 UTC): The overall risk sentiment in the market, driven by US economic data, could impact ETH/USD.
WTI/USD (Crude Oil)
Potential Direction: Bearish
Overall Momentum: Neutral
Analysis:
- WTI is likely to rise towards the pivot before reversing lower, targeting the first support.
- Pivot: 76.03 (Overlap resistance, near a 61.8% Fibonacci retracement).
- 1st Resistance: 77.85 (Swing-high resistance).
- 1st Support: 72.48 (Swing-low support).
Technical Indicators:
- MACD: Bearish crossover, indicating potential downside pressure.
- RSI: Below 50, confirming bearish momentum.
- Bollinger Bands: Price is nearing the upper band, signaling potential for a pullback.
Upcoming Economic Events:
- EIA Natural Gas Storage Change (17:30 UTC): Any surprising data from energy reports could trigger volatility in WTI prices.
XAU/USD (Gold)
Potential Direction: Bearish
Overall Momentum: Bearish
Analysis:
- XAU/USD is positioned for a bearish continuation toward the first support.
- Pivot: 2625.81 (Pullback support).
- 1st Resistance: 2672.18 (Multi-swing high resistance).
- 1st Support: 2590.24 (161.80% Fibonacci Extension).
Technical Indicators:
- RSI: Below 40, confirming bearish momentum.
- MACD: Negative, with strong downward pressure.
- Fibonacci Levels: The confluence of Fibonacci levels suggests strong downside potential.
Upcoming Economic Events:
- US CPI Data (15:30 UTC): Higher inflation data could limit downside movement in gold, as it serves as an inflation hedge.
⚠ 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.