Daily Technical Analysis of Gold,Currencies,and Indices11/9/2024

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Daily Technical Analysis of Gold, Currencies, and Indices - September 11, 2024

Introduction:
Greetings, I am Mohammed Qais Abdulghani, Financial Markets Expert, bringing you the daily technical analysis of the most important currency pairs, commodities, and indices for Wednesday, September 11, 2024.

Key Economic Data:
Before starting the technical analysis segment, let’s review the key economic data expected today, which will significantly impact price movements:

• At 9:00 AM Mecca time, the Gross Domestic Product (GDP) report for the British Pound will be released.
• At 3:30 PM Mecca time, the U.S. Consumer Price Index (CPI) and Core CPI, key inflation indicators, will be announced.
• At 5:30 PM Mecca time, the U.S. Crude Oil Inventory report will be published.

Technical Analysis:

U.S. Dollar Index (DXY):
The U.S. Dollar Index remains under pressure, with prices continuing to trade below the 102 level, which signals potential downside risks towards the 100.500 and 99 levels. A sustained breakout above 102 is needed for the index to maintain its bullish momentum.

EUR/USD:
Currently, the EUR/USD pair is trading near the critical support level at 1.10. Breaking below this level could trigger a move toward 1.0850 in the medium term. However, as long as the pair stays above 1.10, the positive outlook remains intact.

GBP/USD:
The GBP/USD pair continues to trade under pressure, remaining below the 1.31 level. This suggests a bearish scenario targeting 1.29700 and 1.28500 in the medium term. The bearish outlook will be invalidated if prices reclaim 1.31.

USD/JPY:
The USD/JPY pair remains under downward pressure, with prices trading below 145 yen. This supports a bearish scenario, targeting 140 yen in the short term and potentially 134 yen in the medium term. A move above 145 yen is required to invalidate this bearish outlook.

USD/CHF:
The pair is trading under pressure, with prices below 0.58100, supporting a bearish scenario targeting 0.5700 and 0.5630. This outlook will remain intact unless the pair climbs above 0.58100.

AUD/USD:
The AUD/USD pair continues to trade lower, and a break below 0.66700 could lead to further declines toward 0.6500, with medium-term targets around 0.6200. The bearish scenario will be canceled if prices rise above 0.66700.

NZD/USD:
The NZD/USD pair remains pressured, and the downtrend will continue if prices break below 0.61000, with a potential move toward 0.60500 in the medium term.

USD/CAD:
The USD/CAD pair is attempting to capitalize on falling oil prices due to the positive correlation between the Canadian dollar and crude oil. If prices break above 1.36000, we could see an upward move toward 1.37500 and 1.39000 in the medium term.

GBP/JPY:
The GBP/JPY pair is approaching a critical level at 184 yen. A break below this level could trigger a sharp decline toward 177.50 and 170 yen in the medium term.

EUR/JPY:
The EUR/JPY pair remains under pressure, and a confirmed break below 158 yen could lead to a decline toward 153 yen and 148 yen.

EUR/GBP:
The EUR/GBP pair is trying to break free from selling pressure, and a move above 0.80500 could result in an improvement in performance, targeting higher levels.

USD/TRY:
If the USD/TRY pair holds above 34 lira, we could see prices rise toward 34.50 and 35 lira.

Bitcoin (BTC/USD):
Bitcoin is still trying to shake off selling pressure, and breaking above $60,000 is a critical level to shift Bitcoin into a stronger upward trajectory.

Ethereum (ETH/USD):
Ethereum continues to trade under pressure, but holding above $2,200 keeps some bullish hopes alive. To achieve further gains, Ethereum must surpass the $2,400 level.

Ripple (XRP/USD):
Ripple remains under pressure, with prices below $0.5500, increasing the likelihood of further declines toward $0.4800 and $0.4000 in the medium term.

Gold (XAU/USD):
Gold is attempting to regain its strength, and if prices can break above $2,520, we could see a rally toward $2,560 and $2,600, with potential new record highs around $2,700 in the medium term. The bullish scenario remains in place as long as prices stay above $2,460.

Crude Oil (WTI):
Crude oil remains under pressure, with prices below $70 per barrel, signaling potential declines toward $64 and $60 in the upcoming sessions.

Silver (XAG/USD):
Silver is still under pressure, and it won’t be able to recover previous losses unless prices move back above $29. Until then, the downside risks remain.

Natural Gas (NG):
Natural gas is trying to recover from selling pressure, but we need to see a confirmed breakout above $2.20 on the 4-hour chart to confirm further upside.

Dow Jones Industrial Average (DJIA):
The Dow Jones remains under pressure, with prices holding below 41,000 points. A break below 40,000 points could lead to further losses down to 39,000 points.

NASDAQ:
The NASDAQ remains pressured, and with prices below 19,250 points, the risk of a decline toward 18,250 points and lower is increasing.

FTSE (FTSE 100):
A break below 8,200 points could lead to a drop toward 8,050 in the short term, and possibly 7,900 in the medium term.

DAX (Germany):
The DAX is trying to maintain its bullish stance, but a break below 18,200 points could create selling opportunities targeting 17,516 and 16,880 points.

CAC (France):
The CAC remains under pressure, and staying below 7,600 points supports a potential drop toward 7,200 and lower.

Nikkei (Japan):
The Nikkei is trading under pressure, and staying below 37,000 points increases the likelihood of a drop toward 35,000 and 33,000 points in the medium term.

Conclusion:

That concludes today’s daily technical analysis. Thank you for following along. Please accept my best regards, and until next time, stay safe.

This analysis has been prepared by Mohammed Qais Abdulghani, Financial Markets Expert, based on current market data and trends. Please note that all strategies and analyses are subject to market changes, and it is advisable to keep track of economic updates when making informed decisions.