Market Insights for September 4, 2023

DAILY MARKET NEWSLETTER

September 4, 2023

Discover today's directional views curated by the international research teams at Everything Trading! These insights serve as your launchpad for conducting research to pinpoint opportunities that align with your strategies. If you find value in these insights, don't hesitate to share them with a friend!

Bitcoin / USD

• Intraday: under pressure below 26100

• Pivot Point: 26100

• Our Preference: Under pressure below 26100

• Alternative Scenario: Upside breakout of 26100, targets 26350 and 26500

• Comment: RSI is below 50, MACD is positive and below its signal line, and price is below both its 20 and 50-period moving averages.

EUR/USD

• Intraday: under pressure

• Pivot: 1.0810

• Our Preference: Short positions below 1.0810, targets 1.0750 & 1.0720

• Alternative Scenario: Above 1.0810, look for further upside with targets at 1.0830 & 1.0855

• Comment: RSI is below 50.

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GBP/USD

• Intraday: key resistance at 1.2630

• Pivot: 1.2630

• Our Preference: Short positions below 1.2630, targets 1.2560 & 1.2530

• Alternative Scenario: Above 1.2630, look for further upside with targets at 1.2660 & 1.2690

• Comment: As long as 1.2630 is resistance, expect choppy price action with a bearish bias.

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USD/JPY

• Intraday: further advance

• Pivot: 145.80

• Our Preference: Long positions above 145.80, targets 146.50 & 146.80

• Alternative Scenario: Below 145.80, look for further downside with targets at 145.50 & 145.20

• Comment: RSI is bullish.

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Dow Jones (CME)

• Intraday: choppy

• Pivot: 34980.00

• Our Preference: Short positions below 34980.00, targets 34760.00 & 34670.00

• Alternative Scenario: Above 34980.00, look for further upside with targets at 35170.00 & 35340.00

• Comment: RSI has just struck against its neutrality area at 50% and is reversing down.

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Gold

• Intraday: bounce

• Pivot: 1939.00

• Our Preference: Long positions above 1939.00, targets 1953.00 & 1960.00

• Alternative Scenario: Below 1939.00, look for further downside with targets at 1934.00 & 1927.00

• Comment: RSI calls for a rebound.

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Brent (ICE)

• Intraday: the upside prevails

• Pivot: 87.70

• Our Preference: Long positions above 87.70, targets 89.70 & 90.50

• Alternative Scenario: Below 87.70, look for further downside with targets at 87.20 & 86.50

• Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

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Dollar Index (ICE)

• Intraday: further advance

• Pivot: 103.9000

• Our Preference: Long positions above 103.9000, targets 104.4500 & 104.7500

• Alternative Scenario: Below 103.9000, look for further downside with targets at 103.6600 & 103.4800

• Comment: RSI advocates for further upside.

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