Technical Analysis Post

USDJPY , US30, XAGUSD ( Silver ), ETHUSD AND VISA Thursday Market Moves : Reviewing Trends and Anticipating Shifts

| 25 July, 2024 at 10:55 GMT

Today, the second-to-last active trading day of the week, let’s dive into USDJPY in forex, US30 in indices, XAGUSD (silver) in commodities, ETHUSD in cryptocurrency, and VISA in stocks. We’ll review their recent performances, current positions, and potential movements by week’s end

USDJPY
Sentimental Analysis 

From the BDSwiss Mobile App, 78% of traders are long on USD/JPY, while 22% are short.

Technical Analysis 

– Potential USD/JPY support breakout at 151.783 on the 4HR chart.

– If breakout holds, likely targets are 149.011, then 145.485.

– If breakout fails, upside targets are 153.964, then 155.676.

Apply Risk Management 

Fundamental Analysis 

The Japanese yen surged above 153 per dollar, hitting a 12-week high as traders closed carry trades and short positions in anticipation of next week’s Bank of Japan policy meeting. The yen also gained from safe-haven inflows amid declines in risk assets like growth stocks and commodities, driven by weak corporate earnings and a deteriorating global economic outlook.

US30
Sentimental Analysis 

According to the BDSwiss Mobile App, 66% of traders are positioned short on US30, while 34% are holding long positions.

Technical Analysis 

– Potential US30 downtrend breakout at $39,813.29 on the 4HR chart.

– If the breakout is confirmed, targets are $39,340.43 and then $38,969.22.

– If the breakout fails, potential upside targets are $40,418.67 and $41,178.84.

Apply Risk Management 

Fundamental Analysis 

On Wednesday, the Nasdaq Composite and S&P 500 plunged following earnings-driven sell-offs in Tesla (TSLA) and Alphabet (GOOG). The Nasdaq dropped 3.6% to 17,342.4, while the S&P 500 fell 2.3% to 5,427.1. The Dow Jones Industrial Average declined 1.3% to 39,853.9. Technology stocks led the declines with a 4.1% drop, and both consumer discretionary and communication services sectors fell over 3.7%. Utilities were the sole sector to gain.

XAGUSD ( Silver )
Sentimental Analysis According to the BDSwiss Mobile App, 54% of traders are short on XAGUSD, while 46% are long.

Technical Analysis 

– XAGUSD support breakout at $28.526 on the 4HR chart.

– If confirmed, targets are $27.442 and $26.064.

– If breakout fails, potential resistance targets are $29.378 and $30.047.

Apply Risk Management 

Fundamental Analysis 

Silver held steady above $29.25 per ounce on Wednesday, aiming for a second consecutive gain as investors awaited crucial U.S. economic data to clarify the Federal Reserve’s monetary policy direction.

ETHUSD
Sentimental Analysis 

The BDSwiss Mobile App shows that 61% of traders are holding long positions on ETHUSD, while 39% are short.

Technical Analysis 

– ETHUSD downtrend breakout potential at $3,130.50 on the 1HR chart.

– If confirmed, targets are $3,012.36 and $2,862.07.

– If breakout fails, resistance targets are $3,223.45 and $3,296.42.

Apply Risk Management 

Fundamental Analysis 

On the second trading day, U.S. ETFs tracking spot Ether experienced a net outflow of $113.3 million, largely due to significant losses in Grayscale’s Ethereum Trust. Despite this, seven of the eight newly launched Ether ETFs saw net inflows, with Fidelity’s Ethereum Fund (FETH) and the Bitwise Ethereum ETF (BITW) leading with $74.5 million and $29.6 million in new investments, respectively. BlackRock’s iShares Ethereum Trust (ETHA), which had the strongest inflows initially, attracted only $17.4 million from investors on July 24.

VISA
Sentimental Analysis

The BDSwiss Mobile App indicates that 86% of traders are long on VISA, while 14% are short.

Technical Analysis 
– Visa Inc (NYSE: V) downtrend breakout potential at $258.52 on the 4HR chart.

– If confirmed, targets are $249.67 and $238.42.

– If breakout fails, resistance levels are $265.43 and $270.95.

Apply Risk Management 

Fundamental Analysis 

The leading megacap stocks have officially entered correction mode. On Wednesday, the “Magnificent Seven” saw their steepest daily decline since ChatGPT’s debut in November 2022, dropping 4.6%, their worst fall since September of that year. Since peaking on July 10, these stocks have fallen over 10%, marking their first correction since October, according to Dow Jones Market Data.

Sources: 

BDSwiss Mobile App 

https://www.tradingview.com/news/mtnewswires.com:20240724:A3185243:0/

https://www.tradingview.com/news/cointelegraph:b62f405a3094b:0-spot-ethereum-etfs-post-113m-of-outflows-on-second-day-of-launch/

https://www.tradingview.com/news/DJN_SN20240724012473:0/