Weekly Technical Analysis for Major Currency Pairs, Commodities,

15 Sep

Weekly Technical Analysis for Major Currency Pairs, Commodities, and Indices for the Period from September 16 to September 20, 2024

Introduction:

Greetings, this is Mohamed Qais Abdulghani, financial markets expert, presenting the weekly technical analysis for the most important currency pairs, commodities, and indices for the current week. In this analysis, we will review the key global economic events that will impact the financial markets, followed by a comprehensive technical analysis of the major currency pairs, commodities, and indices.

Key Economic Events for the Week:

• Monday, September 16, 2024: The release of the New York Manufacturing Index. A weak performance in this index could negatively affect the dollar, enhancing gold’s appeal as a safe haven.
• Tuesday, September 17, 2024: The release of U.S. Retail Sales data, which will indicate the strength of consumer spending. Positive results may support the dollar, while negative results could boost gold and other commodities.
• Wednesday, September 18, 2024: The Federal Reserve interest rate decision, the most significant event of the week. A potential rate cut could weaken the U.S. dollar, leading to a rise in gold and other financial assets.
• Thursday, September 19, 2024: The release of U.S. jobless claims. An increase in claims could signal labor market weakness, possibly pushing the dollar down and gold prices up.
• Friday, September 20, 2024: The Bank of Japan’s interest rate decision, which could affect the yen, Asian markets, and major currencies like the dollar and euro.

Technical Analysis for Key Currency Pairs and Indices:

1. U.S. Dollar Index (DXY):
The U.S. Dollar Index remains under pressure, with prices holding below 102. A break below 100.500 could lead to a gradual decline towards 99 and 97.

2. EUR/USD:
Trading in a positive scenario, as long as prices stay above 1.10. A move towards 1.12 and 1.15 is expected, and the bullish scenario will only be invalidated if prices fall below 1.10.

3. GBP/USD:
Approaching a key support level at 1.31. A break of this level could drive the pair down towards 1.29700 and 1.28500.

4. USD/JPY:
As long as prices remain below 144 yen, the likelihood of a drop towards 140 yen increases. A break of this level will confirm further declines.

5. USD/CHF:
Still under pressure, the pair will regain its bullish momentum only if it breaks above 0.58100.
6. AUD/USD:
Stability above 0.66700 supports the bullish outlook, but a break below this level could lead to a decline towards 0.65000.
7. NZD/USD:
Prices staying above 0.61000 supports the positive scenario, but this could be invalidated if prices fall below 0.61000.

8. USD/CAD:
The 1.36000 level is critical. If prices break above it, we may see a rise towards 1.37500 and 1.39000.

9. GBP/JPY:
Approaching key support at 184 yen. A break of this level could lead to a decline towards 177 yen and 170 yen.

10. EUR/JPY:
Staying below 158 yen increases the chances of a decline towards 153 yen and 148 yen.

11. EUR/GBP:
Prices remaining below 0.80500 favor the bearish scenario, targeting 0.79750 and 0.79000.

12. USD/TRY:
Trading below 34 lira could lead to a corrective drop towards 33.20 lira.

13. BTC/USD:
If Bitcoin successfully breaks 60,000 USD, we could see a rally towards 66,000 USD and 74,000 USD.

14. ETH/USD:
A break above 2,500 USD could drive Ethereum towards 2,800 USD, with further potential targets at 3,200 USD and 3,600 USD.

15. XRP/USD:
As long as prices remain above 0.55 USD, the positive scenario remains intact, with targets at 0.65 USD and 0.80 USD.

16. Gold (XAU/USD):
Gold has reached new record highs and is expected to target 2,600 USD and 2,640 USD this week. Caution is advised with key economic data approaching.

17. Crude Oil (WTI):
Staying below 71 USD signals more downside, and a break below 66 USD could push oil prices towards 61 USD and 56 USD.

18. Silver (XAG/USD):
A break above 30.50 USD could lead silver prices towards 32 USD and 33 USD.

19. Natural Gas (NG):
If prices break 2.20 USD, we may see the closing of a price gap towards 1.80 USD and 1.40 USD.

20. Dow Jones Industrial Average (DJIA):
Holding above 41,000 points supports a rise towards 42,544 points. A break below 41,000 points would invalidate this bullish scenario.

21. S&P 500:
Remaining above 5,500 points favors a bullish scenario towards 5,700 and 5,900 points.

22. NASDAQ:
Remaining above 19,250 points supports a move towards 20,000 points.

23. Russell:
Holding above 2,150 points supports a rise towards 2,225 and 2,320 points.

24. FTSE:
Remaining above 8,200 points supports a rise towards 8,400 and 8,600 points.

25. DAX:
A break above 18,750 points could drive the DAX towards 19,250 and 20,000 points.

26. CAC:
Remaining below 7,600 points strengthens the bearish outlook towards 7,200 points.

27. Nikkei:
Trading below 37,000 points could push the Nikkei towards 35,000 and 33,000 points.

Conclusion:

Thank you for following this analysis, and we invite you to interact with us by asking your questions.

This analysis is prepared by Mohamed Qais Abdulghani, a financial markets expert, based on current data and market trends. Please note that all strategies and analyses are subject to market changes, and it is recommended to keep up with economic updates to make informed decisions.