Weekly Technical Analysis for Major Currency Pairs, Commodities,

Introduction

After a series of critical economic data that shook the markets and created a state of anticipation, attention is now focused on the future of gold, the US dollar, crude oil, and financial markets in general. Will we witness a bearish wave driving prices to lower levels, or will the bulls regain control and set new trends in the markets? In this weekly technical analysis, we will review the major movements of currency pairs, commodities, and indices for the current week, from Monday, November 11, 2024, to Friday, November 15, 2024.

Currency Pairs

1. US Dollar Index (DXY):
• The index remains positive, holding above the 104 level. A breakout above 105.50 could lead to higher levels at 107 and 109.
2. EUR/USD:
• The pair is facing selling pressure below the 1.0800 level and may fall towards 1.0550 and 1.0400 if it remains below this level.
3. GBP/USD:
• Staying below the 1.3015 level indicates a potential decline towards lower levels like 1.2710 and 1.2500.
4. USD/JPY:
• If the pair fails to hold above 153 yen, we may see a decline towards 148 and 144 yen.
5. USD/CHF:
• Stability above the 0.8700 level suggests potential gains up to 0.9000.
6. AUD/USD:
• The pair is under pressure below 0.6580, which may lead to a drop towards 0.6400.
7. NZD/USD:
• Prices below 0.6000 increase the likelihood of a decline towards 0.5850.
8. USD/CAD:
• The pair maintains its upward trend as long as prices stay above 1.3060.
9. USD/TRY:
• The pair is trading with a positive outlook. Holding above 34 lira per US dollar suggests potential gains towards 34.50 lira. Should this level be surpassed, we may witness new historical highs reaching 35 lira per dollar.

Cryptocurrencies

1. Bitcoin (BTC/USD):
• Bitcoin remains above the 71,000 level, and a breakout above 78,000 could lead to new targets at 83,000 and 90,000 dollars.
2. Ethereum (ETH/USD):
• Breaking above 3,000 dollars may drive Ethereum towards 3,500 and 4,000 dollars, while a failure could push it back down.
3. Ripple (XRP/USD):
• If Ripple succeeds in breaking 0.55 dollars, it may aim for 0.70 dollars.

Commodities

1. Gold:
• Staying below 2,700 dollars per ounce favors a decline towards 2,640 dollars. If no real breakout occurs, we could see levels at 2,600 and 2,550 dollars.
2. Crude Oil:
• Oil may face further pressure if it breaks below 69 dollars per barrel, potentially targeting 64 and 60 dollars.
3. Silver:
• If the 31 dollar level is broken, silver may drop to 29.50 and 28 dollars on a weekly basis.
4. Natural Gas:
• Continued trading below 2.50 dollars could lead to a decline towards 2 dollars.

Indices

1. Dow Jones Industrial Average:
• Continuation above 44,000 could push the index towards 45,600 and 47,000.
2. S&P 500:
• Breaking above 6,000 could drive the index towards 6,120, while failing at this level might result in corrections.
3. Nasdaq:
• If the index breaks above 21,250, we may see a rally towards 22,400.
4. Russell:
• A breakout above 2,420 could allow further gains towards 2,500.
5. FTSE 100:
• The index might experience a drop if it fails to hold above 8,200, with a target of 8,000.
6. DAX:
• The index needs to stabilize above 19,200 to avoid a decline towards 18,200.
7. CAC:
• A break below 7,300 could lead to a drop towards 6,800.
8. Nikkei:
• A break below 39,000 could lead to a decline towards 37,600.

Conclusion

This concludes our analysis for today. We appreciate your attention and look forward to your feedback, comments, and suggestions.

Yours,
Mohammed Qais Abdulghani, wishing you successful trading and profitable days ahead.