DAILY TECHNICAL ANALYSIS|AUD/USD|EUR/USD|XAU/USD|USD/JPY|GBP/USD|EUR/JPY|EUR/GBP|USD/CAD

DAILY TECHNICAL ANALYSIS|AUD/USD|EUR/USD|XAU/USD|USD/JPY|GBP/USD|EUR/JPY|EUR/GBP|USD/CAD

Here are today's directional views from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you.

DAILY TECHNICAL ANALYSIS August 30, 2024     Here are today's directional views from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you.

Market Commentary

On Thursday, indices ended the session with mixed results following the release of new GDP growth data and Nvidia's latest earnings report. The S&P 500 remained largely flat at 5591.96, while the Nasdaq 100 dipped slightly by 25.32 points (-0.13%) to close at 19325.46. In contrast, the Dow Jones rose by 243.63 points (0.59%) to finish at 41335.05. On the U.S. economic front, second-quarter GDP growth accelerated by 3% quarter-over-quarter, surpassing the anticipated 2.8% increase and up from the 1.4% growth seen in the first quarter. Meanwhile, initial jobless claims for the week ending August 24th came in at 231,000, below the expected 237,000 and down from the prior week's revised figure of 233,000 (previously 232,000). In terms of sector performance, Energy, Financials, and Industrials led the way, while Technology, Consumer Staples, and Real Estate lagged behind. In the latest corporate developments, Nvidia (NVDA), a semiconductor giant, dropped 6.38% after its current-quarter gross margin forecast disappointed investors, despite quarterly earnings that beat expectations. Dollar General (DG), a discount store operator, plunged 32.15% after cutting its full-year guidance. On a positive note, Apple (AAPL), the consumer electronics giant, was named Citigroup's top AI pick for 2025. Additionally, the Wall Street Journal reported that Apple is considering investing in OpenAI's latest funding round, boosting its stock by 1.46% during Thursday's session. Affirm Holdings (AFRM), a payment company, surged 31.92% as its current-quarter sales forecast exceeded expectations. Best Buy (BBY), a consumer electronics retailer, also rose 14.11% after raising its full-year earnings outlook. Lastly, CrowdStrike Holdings (CRWD), a cybersecurity firm, gained 2.83% after reporting better-than-expected second-quarter top and bottom-line results. Additionally, following today's trading action, the CBOE Volatility Index (VIX) tumbled -1.46 (-8.53%) to 15.65 and the 10-Year Yield advanced 0.03 (0.68%) to 3.867%. In the commodities market, Gold climbed $53.4 (2.14%) to 2554.4 while Crude oil (WTI) climbed $1.4 (1.88%) to 75.92. Forex Market Update The U.S. dollar index rose 0.3 (0.29%) to 101.387. EUR/USD dropped 42pips (-0.38%) to 1.1078. GBP/USD fell 24pips (-0.18%) to 1.3166. USD/JPY increased 38pips (+0.26%) to 144.95. USD/CHF gained 47pips (+0.56%) to 0.8469. AUD/USD added 13pips (+0.19%) to 0.6798. USD/CAD climbed 3pips (+0.02%) to 1.3483. Wrapping up, in the crypto market, Bitcoin climbed $414.82 (0.7%) to $59442 while Ethereum advanced $7.15 (0.28%) to $2535. After Hours Dell Technologies (DELL), a computer technology company, is gaining in extended trading following better-than-expected second-quarter results. Marvell Technology (MRVL), a semiconductor developer and producer, is also climbing after providing a strong third-quarter revenue forecast. Lastly, Lululemon Athletica (LULU), a designer of athletic apparel and accessories, is up after hours following second-quarter earnings that exceeded estimates.

Economic Calendar       Time (UTC+10) Event Forecast Importance   09:00 Judo Bank Manufacturing PMI Final (Aug) 48.7 Medium     09:50 Capital Spending YoY (Q2) 2.1% Low     10:00 Labor Day Low     10:01 CoreLogic Dwelling Prices MoM (Aug) Low     10:30 Jibun Bank Manufacturing PMI Final (Aug) 49.5 Medium     11:30 Building Permits MoM Prel (Jul) High     11:30 Company Gross Profits QoQ (Q2) 1.5% Medium     11:30 Private House Approvals MoM Prel (Jul) Low     11:30 Business Inventories QoQ (Q2) 0.6% Low     11:30 ANZ-Indeed Job Ads MoM (Aug) Low     11:45 Caixin Manufacturing PMI (Aug) 49.6 High     16:30 Commodity Prices YoY (Aug) Low     23:00 SIPMM Manufacturing PMI (Aug) 50.9 Low

Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.

AUD/USD intraday: eye 0.6744   Our pivot point stands at 0.6827.   Our preference: Eye 0.6744.   Alternative scenario: Above 0.6827, look for 0.6857 and 0.6876.   Comment: The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is below its 20 period moving average (0.6804) but above its 50 period moving average (0.6799).

EUR/USD intraday: rebound towards 1.1121   Our pivot point stands at 1.1059.   Our preference: Rebound towards 1.1121.   Alternative scenario: Below 1.1059, expect 1.1036 and 1.1023.   Comment: The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.1084 and 1.1107).

Gold Intraday: target 2529.00.   Pivot: 2512.00   Our preference: Long positions above 2512.00 with targets at 2529.00 & 2540.00 in extension.   Alternative scenario: Below 2512.00 look for further downside with 2502.00 & 2494.00 as targets.   Comment: The RSI is above its neutrality area at 50%.

USD/JPY intraday: as long as 144.11 is support look for 146.58   Our pivot point stands at 144.11.   Our preference: As long as 144.11 is support look for 146.58.   Alternative scenario: Below 144.11, expect 143.19 and 142.65.   Comment: The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (144.94) but above its 50 period moving average (144.71).

GBP/USD intraday: rebound towards 1.3232   Our pivot point is at 1.3143.   Our preference: Rebound towards 1.3232.   Alternative scenario: The downside breakout of 1.3143 would call for 1.3110 and 1.3091.   Comment: The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.3175 and 1.3190).

EUR/JPY intraday: the downside prevails as long as 161.25 is resistance   Our pivot point stands at 161.25.   Our preference: The downside prevails as long as 161.25 is resistance.   Alternative scenario: Above 161.25, look for 162.13 and 162.65.   Comment: The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 160.64 and 160.72).

EUR/GBP intraday: rebound towards 0.8449   Our pivot point is at 0.8393.   Our preference: Rebound towards 0.8449.   Alternative scenario: The downside breakout of 0.8393 would call for 0.8373 and 0.8361.   Comment: The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 0.8412 and 0.8420).

USD/CAD intraday: the upside prevails as long as 1.3450 is support   Our pivot point is at 1.3450.   Our preference: The upside prevails as long as 1.3450 is support.   Alternative scenario: The downside breakout of 1.3450 would call for 1.3423 and 1.3406.   Comment: The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.3469 and 1.3468).

TMGM