Daily Technical Analysis 9/7/2024

Finance and economics explained simply
Daily Technical Analysis 9/7/2024

EUR/USD

The Eurodollar fell this morning and is trading at $1.0817, down 0.05%, technically: The pair fell with the opening of the markets, retested the second resistance area and rose again, and one of the possible scenarios is 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,

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

America : Fed Chairman Powell’s testimony 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 0.20% and is currently trading at $1.2800, 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

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

America : Fed Chairman Powell’s testimony 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 this morning and rising with the European markets and is currently trading at 160.91 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 : Fed Chairman Powell’s testimony 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 up 0.06% against the dollar this morning and is currently trading at 0.6741, 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 : Fed Chairman Powell’s testimony 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 are falling after the rally we saw at the second resistance area, and this morning oil is down 0.41% and is currently trading at $81.87 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 may affect the movement of oil:

America : Fed Chairman Powell’s testimony 18:00

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 rises this morning and falls with the European session and is currently trading at 2360.50 dollars per ounce. Technically, gold rose last week and reached the pivot point at 2392.30 dollars and currently fell to retest the first support area, and from the possible scenarios of 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 and then the third support area.

News that may affect the movement of gold:

America : Fed Chairman Powell’s testimony 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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