Daily Technical Analysis 8/7/2024

Finance and economics explained simply
Daily Technical Analysis 8/7/2024

EUR/USD

The Eurodollar is rising this morning and trading at $1.0836, up 0.30% technically: The pair rose with the opening of the markets and retested the second resistance area and rose again, and the possible scenarios are to continue the rise by targeting the third resistance area and the alternative scenario is to return to the second resistance levels and then target the first resistance area,

News you may like the movement of the Eurodollar:

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 is up 0.15% this morning and is currently trading at $1.2817, technically speaking: The pound breaks the third resistance zone, and the possible scenarios are the continuation of the pair to the resistance zone on the four-hour timeframe and the alternative scenario is a drop by targeting the third resistance zone

News you might like to see the pound move:

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 falling this morning and rising with the European markets and is currently trading at 160.89 levels and from a technical point of view: 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:

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 0.09% against the dollar this morning and is currently trading at 0.6743, 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:

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 are falling after the rally we saw at the second resistance area, and this morning oil is down 0.90% and is currently trading at $82.54 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 affecting 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 is falling this morning and falling with the European session and is currently trading at 2377.17 dollars per ounce. Technically, gold rose last week and reached the pivot point at 2392.30 dollars, and currently it fell to retest the first support area, and from the possible scenarios for a rebound by targeting the pivot point and then the first resistance area, and the alternative scenario is to fall by targeting the second support area

News you might like about gold’s movement:

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

Related Posts