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Daily Technical Report 11-6-2024

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DOLLAR INDEX

DXY

The US Dollar Index is moving within a wide sideways range between the support zone at 104 and the resistance zone at 105.55. If the resistance zone at 105.55 is broken to the upside, the target may be 106.35. It is expected that the index will retest the 105.55 zone again in the upcoming trading sessions.

Support

104.50 104 103.60
Resistance 105.35 105.55

EURUSD

EURUSD

The EUR/USD pair dropped from the resistance zone around 1.0880 and tested the main support zone at 1.0740. If the support at 1.0740 is broken to the downside, the target may be 1.0650. It is likely that prices will move within a narrow sideways range between the secondary resistance zone at 1.0770 and the support zone at 1.0740 in today’s trading sessions.

Support

1.0740 1.0720 1.0675
Resistance 1.0770 1.0800

1.0880

GBPUSD

GBPUSD

The GBP/USD pair rebounded from the support zone at 1.2685. If this support is broken to the downside, the next target may be 1.2625. It is likely that prices will face selling pressure today within the secondary resistance zone at 1.2760.

Support

1.2700 1.2685 1.2625
Resistance 1.2760 1.2800

1.2825

USDJPY

USDJPY

The USD/JPY pair has broken through the resistance area around 156.50, and it is likely to target the 158.00 level. This scenario becomes invalid if the 156.55 area is broken to the downside again.

Support

156.75 156.50 156
Resistance 157.45 158

GOLD

GOLD

Gold is trading in a narrow sideways range between the resistance area of $2325 and the important support area of $2275, which, if broken to the downside, could see an acceleration in price decline.

Support

2285 2265 2250
Resistance 2315 2325

2335

USOIL

USOIL

Oil has broken above the $76 level, and it is likely that prices will move within a sideways range between the resistance zone at $78.50 and the support zone at $76 in the upcoming trading sessions.

Support

76.70 76 75
Resistance 78 78.50

79.20

BTCUSD

BTCUSD

Bitcoin is trading within a sideways range between the resistance zone at $71,950 and the support zone at $66,800. If the support at $66,800 is broken to the downside, the target may be $64,600.

Support

67750 66500 65000
Resistance 69200 70000

71500

DOWJONES

DOW JONES

The Dow Jones Index is trading below the resistance zone at $39,000. It is likely that prices will continue to move sideways and test the support zone at $38,150. This scenario will be invalidated if the aforementioned resistance zone is broken to the upside.

Support

38600 38450 38200
Resistance 39050 39200

39450

NASDAQ

NASDAQ

The Nasdaq Index has broken above its main peak, confirming the dominance of buying power and opening the way for targeting new highs. However, it is noticeable that momentum indicators have lost strength in recent trading sessions. Therefore, if prices are unable to remain above the $18,875 level, it is likely that we will retest the support zone at $18,655.

Support

18970 18875 18705
Resistance 19140 19230

19280

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