Daily Technical Analysis 2/7/2024

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Daily Technical Analysis 2/7/2024

EUR/USD

The Eurodollar is down this morning, trading at $1.0716, down 0.22% and technically: The pair rose with the opening of the markets and caused a bullish gap, broke through the first resistance area, and yesterday it fell and covered the price gap, and one of the possible scenarios is the continuation of the decline by targeting the first support area and the alternative scenario is to return to the first resistance levels,

Upcoming news that may affect the movement of the euro dollar:

  • America: Business Opportunities 18:00

Second resistance area

1.07959 - 1.08017

First resistance area

1.07422 - 1.07486

fulcrum

1.07245

First support area

1.06980 - 1.07086

Second support area

1.06490 - 1.06592

GBP/USD

The British pound fell this morning by 0.18% and is currently trading at $1.2629, technically speaking: It is possible that the price has entered a sideways phase and is currently seeking to break the third resistance area, and in case of failure, it will fall by targeting the levels of the second resistance area

Upcoming news that could affect the movement of the British pound:

  • America: Business Opportunities 18:00

Second resistance area

1.25423 - 1.25282

First resistance area

1.24750 - 1.24554

fulcrum

1.23827

First support area

1.23093 - 1.22931

Second support area

1.22089 - 1.21847

USD/JPY

The dollar is rising and recording historic prices and is currently trading at 161.62 levels and technically: Resistance zones have become support zones, and possible scenarios include continuing the ascent by targeting the second resistance zone and the alternative scenario of descending and testing the first resistance zone

Upcoming news that may affect the movement of the dollar/yen:

  • America: Business Opportunities 18:00

Second resistance area

163.079 -163.555

First resistance area

159.845 -160.165

fulcrum

159.000

First support area

155.406 - 155.343

Second support area

156.341 - 156.260

AUD/USD

The Aussie is down 0.18% against the dollar this morning and is currently trading at 0.6646, technically speaking: Prices rose and reached the second resistance zone, and among the possible scenarios is a retest of the third resistance zone, and the alternative scenario is a drop by targeting the second resistance zone, and a sideways movement has formed between the two zones

News that may affect the movement of the Australian dollar against the US dollar:

  • America: Business Opportunities 18:00

Second resistance area

0.66143 - 0.66231

First resistance area

0.65663 - 0.65783

fulcrum

0.65217

First support area

0.64541 - 0.64633

Second support area

0.60219 – 0.59604

USOIL

Oil prices rise at the second resistance zone and this morning oil is up 0.48% and is currently trading at $83.73 per barrel. Technically, oil targeted $83.55, and it is possible to fall by targeting the second resistance area, and the alternative scenario is to continue rising by targeting $85.58 levels

Upcoming news affects the movement of oil:

Second resistance area

81.71 - 82.00

First resistance area

79.08 - 79.38

fulcrum

77.47

First support area

75.20 - 75.67

Second support area

73.13 - 73.62

XAU/USD

Gold falls this morning and rises with the European session and is currently trading at $2331.37 per ounce. We note that the first support area was an area that caused the collapse of prices to reach the lowest price reached by gold at 2286.84 dollars. Prices are considered in a transverse movement between the third support level and the potential support level, and currently prices are testing the third support area, stability and stability above these prices opens the way for a return to the second support area, and the alternative scenario of price stability below the potential support area opens the way to fall to 2272.13 dollars.

Upcoming news that could affect gold:

  • America: Business Opportunities 18:00

Second resistance area

2451.17 - 2446.43

First resistance area

2408 - 2413.10

fulcrum

2394.35

First support area

2377.35 - 2372.87

Second support area

2355.59 - 2350.21

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