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Daily Technical Report 5-8-2024

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EURUSD

EURUSD

The EUR/USD pair is trading below the resistance area at 1.0940. If it breaks above this level, the next target could be the resistance area at 1.0975. However, it is more likely that prices will decline and target the 1.0910 area.

Support

1.0910 1.0880 1.0830
Resistance 1.0940 1.0975

GBPUSD

GBPUSD

The GBP/USD pair is trading around the support area at 1.2785. If prices rebound, the next target could be the resistance area at 1.2860. However, it is more likely that prices will break below the support level and target the 1.2700 area.

Support

1.2785 1.2700 1.2630
Resistance 1.2860 1.2910

1.2950

USDJPY 

USDJPY

The USD/JPY pair dropped from the 158.800 level down to near the support area around 140.900, which is likely to limit further decline in today’s trading. However, if it breaks below 140.900, the downward trend may resume.

Support

140.90 137.30
Resistance 144.40 146.70

148.50

GOLD

GOLD

Gold is trading above the support area at $2,440. If prices rebound, the next target could be the resistance area at $2,460. However, it is more likely that prices will break below the support level and target the $2,418 area.

Support

2440 2418 2400
Resistance 2460 2475

2485

USOIL

USOIL

Oil dropped from the $76.15 level down to the support area around $72.50, which is likely to limit further decline in today’s trading. However, if prices break below this support area, the downward trend may resume.

Support

72.50 70.60 69.50
Resistance 74.15 76.15

76.75

BTCUSD

BTCUSD

Bitcoin dropped from the $63,800 level down to near the support area around $50,800, which is likely to limit further decline in today’s trading. However, if it breaks below $50,800, the downward trend may resume.

Support

50800 48250
Resistance 53800 57000

63800

DOW JONES

DOWJONES

The Dow Jones index is trading near the support area of $39,100. If prices rebound from this area, the next target could be the resistance zone at $39,800. However, it is more likely that the mentioned support area will be broken, targeting $38,500.

Support

39100 38850 38500
Resistance 39800 40250

40950

NASDAQ

NASDAQ

The Nasdaq index dropped from the $18,500 level down to near the secondary support zone around the $17,600 range. If it breaks below this, the next target could be the support zone around $17,300. This scenario would be invalidated if the index breaks back above $18,100.

Support

17660 17300 16965
Resistance 17800 18100

18500

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