The daily reports for important events that affects the forex, stocks and commodities markets.

02/12/2022 Daily Reports

Support Level: 1.0470 - 1.0390 - 1.0290 Resistance Level: 1.0600 - 1.0700- 1.0800

EUR/USD

  • EUR/USD trades on a firm foot and manages to surpass the 1.0500 barrier to clinch fresh multi-month tops on Thursday. The June high past 1.0600 now emerges as the next target and still bullish in the daily chart.
  • The US Dollar extended its decline to multi-month lows against most of its major rivals amid persistent optimism and tepid US data, supportive of the Federal Reserve’s monetary policy pivot.
  • The US Personal Consumption Expenditures (PCE) Price Index rose by 6% YoY in October, easing from 6.3%. Core PCE inflation came in at 5% in the same period, down from 5.2% in September. Also, the ISM Manufacturing PMI fell to 49 in November, down from the previous 50.2, being the first time the indicator signals contraction since May 2020.
  • The EUR/USD pair is trading near the 1.0520, up for the day with bullish stance in daily chart. The pair stabilized above 20 and 50 SMA, indicates bullish strength. Meanwhile, the 20 SMA continued accelerating north and developing above longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0600, break above this level will extend the advance to 1.0700.
  • Technical readings in the daily chart support the bullish stances. The RSI indicators hovering above the midline and stabilized around 69. The Momentum indicator stabilized above the midline, indicating upward potentials. On downside, the immediate support is 1.0470 and below this level will open the gate to 1.0390.

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    Support Level: 1.2140 - 1.2030 - 1.1900 Resistance Level: 1.2310 - 1.2410 - 1.2500

    GBP/USD

    • The GBP/USD is having the best day in weeks, boosted by a weaker US Dollar across the board. The pound is also rising versus the Euro. Cable peaked at 1.2310, the highest since June and then pulled back to 1.2240, still bullish in the daily chart..
    • During the last hours, the US Dollar trimmed losses but it is still sharply lower, after extending the slide that started on Wednesday following Fed Chair Jerome Powell’s speech. Fed officials sign that at the December meeting rates will be raised again but at a slower pace.
    • Expectations about a less hawkish are pushing the Dollar sharply lower. Economic data released on Thursday showed easing inflation signs (declines in the Core PCE and the Prices Paid Index of the ISM Manufacturing) and weakening conditions in the Manufacturing sector.
    • The GBP/USD offers bullish stance in daily chart. Cable still stabilized above all main SMAs, indicating bullish strength in short term. Meanwhile, the 20 SMA continued accelerating north and developing above longer ones, suggests bulls not exhausted yet. On upside, The immediate resistance is 1.2310 with a break above it exposing to 1.2410.
    • Technical readings in the daily chart support the bullish stances. RSI indicator stabilized around 67, while the Momentum indicator stabilized above the midline, suggesting upward potentials. On downside, the immediate support is 1.2140, unable to defend this level will resume the decline to 1.2030.

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    Support Level: 1765 - 1730 - 1700 Resistance Level: 1808 - 1830 - 1857

    XAU/USD

    • Gold price sets off December on a positive note, at the highest levels in two weeks, as heads above $1,800.It soared and settled at $1,802 a troy ounce, its highest since August, and still bullish in the daily chart.
    • The US Dollar extended its decline to multi-month lows against most of its major rivals amid persistent optimism and tepid US data, supportive of the Federal Reserve’s monetary policy pivot.
    • The US Personal Consumption Expenditures (PCE) Price Index rose by 6% YoY in October, easing from 6.3%. Core PCE inflation came in at 5% in the same period, down from 5.2% in September. Also, the ISM Manufacturing PMI fell to 49 in November, down from the previous 50.2, being the first time the indicator signals contraction since May 2020.
    • Gold price stabilized around 1802, up for the day and bullish in the daily chart. The gold price still stabilized above all main SMAs, suggesting bullish strength. Meanwhile, the 20 SMA continued accelerating north and developing above longer ones, indicating bulls not exhausted yet. On upside, the immediate resistance is 1808, break above this level will open the gate to extend the advance to 1830 area.
    • From a technical perspective, the RSI indicator hold above the midline and stabilized around 69, suggesting bullish strength. The Momentum indicator stabilized above the midline, suggests upward potentials. On downside, the immediate support is 1765, below this area may resume the decline to 1730.

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    Support Level: 135.00 - 134.00 - 133.00 Resistance Level: 136.50 - 137.50 - 138.50

    USD/JPY

    • The USD/JPY printed a fresh three-month during Thursday’s American session, following the release of US economic data at 135.21. It then bounced modestly toward to 135.35. It remains under pressure, with the US Dollar down across the board.
    • On Wednesday, Federal Reserve Chairman Jerome Powell pointed toward a slowdown in rate hikes, as soon as December. His comments were no surprise but triggered a rally in stocks and in Treasuries. The US Dollar began a decline that is still going on.
    • Inflation data released on Thursday showed a slowdown, although still at elevated levels with the Core PCE at 5% (annual) in October down from the 5.2% of September. Personal income and Spiting rose 0.7% and 0.8% respectably. Continuing Jobless Claims rose for the seventh week in a row to the highest level since March. The numbers did not help the Dollar and US yields held near monthly lows, supporting the Japanese Yen. Not even higher equity prices in Wall Street are offsetting the strength of the yen.
    • The USD/JPY pair stabilized around 135.35, down for the day and bearish in the daily chart. The price still maintains the downward slope and develops below all main SMAs, suggests bearish strength in short term. Meanwhile, 20 SMA continued accelerating south and heading towards longer ones, indicating bears not exhausted.  On upside, overcome 136.50 may encourage bulls to challenge 137.50, break above that level will open the gate to 138.50.
    • Technical indicators suggest the bearish strength. RSI stabilized around 28, while the Momentum indicator continued developing below the midline, suggests downward potentials. On downside, the immediate support is 135.00, break below this level will open the gate to 134.00 area.

    Support Level: 34150 - 34000 - 33600 Resistance Level: 34700 - 35000 - 35200

    DJI

    • DJI continued the advance to fresh high around 34708 area on the London session. The price then reversed its direction and tumbled to intraday low 34157 and ended Thursday at around 34400, down for the day and neutral in the hourly chart. The price stabilized between 20 and 50 SMA, suggests neutral strength. Meanwhile, 20 SMA started turning south but continued developing above longer ones, suggests bulls not exhausted yet. On upside, overcome 34700 may encourage bulls to challenge 35000, break above this level will open the gate to 35200.
    • Technical indicators suggest the neutral strength. RSI stabilized around 51, while the Momentum indicator stabilized below the midline, suggests downward potentials. On downside, the immediate support is 34150, break below this level will open the gate for more decline to 34000 area.

    Support Level: 86.20 -85.30 - 83.60 Resistance Level: 89.40 - 90.50 - 91.70

    BRENT

    • Brent climbed to intraday high 89.36 area, but failed to hold the gains and ended Thursdays at around 87.00, unchanged for the day and neutral to bullish in the hourly chart. The price stabilized between 20 and 50 SMAs, suggests directionless strength in short term. Meanwhile, the 20 SMA continued heading north and developing above 50 and 200 SMA, indicating bullish bias. On upside, overcome 89.40 may encourage bulls to challenge 90.50, break above this level will open the gate to 91.70.
    • Technical indicators suggest the directionless movement, hovering near the midline. RSI stabilized at around 50, while the Momentum indicator stabilized above the midline, suggests upward potentials. On downside, the immediate support is 86.20, break below this level will open the gate for more decline to 85.30 area.

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