10/11/2022 Evening Reports

US Dollar Under Heavy Selling Pressure After Surprise US Inflation Data…
  • Unemployment Rate in Turkey in September, which we are watching today, rose from 9.6% to 10.1%. The number of unemployed increased from 3.312 million to 3.482 million. The Labor Force Participation Rate decreased from 53.0% to 52.9% and the Employment Rate decreased from 47.9% to 47.6%.
  • In his speech, Richmond Fed Chairman Barkin stated that the FED’s war to reduce inflation may lead to a recession in the economy, commodity prices have cooled, supply chains seem to be loosened, excess spending is cut and the FED is doing what needs to be done by raising interest rates. Another Regional Fed Chairman Kashkari said in a statement that the FED will do what is necessary to stop inflation and that they will not hesitate to rein in inflation.
  • The U.S. Consumer Price Index (CPI) fell to 7.7% year-on-year in October from 8% in September, the U.S. Bureau of Labor Statistics reported on Thursday. This reading came in below the market forecast of 8%. Core CPI, which excludes volatile food and energy prices, fell to 6.3% year-on-year from 6.6%, compared to expectations of 6.5%. The US Dollar (USD) comes under heavy selling pressure with the initial reaction and the US Dollar Index is last down nearly 1% on the day to the 109.00 level.
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    Support Level: 0.9900-0.9745-0.9631 Resistance Level: 1.0000-1.0070-1.0190

    EUR/USD

    EURUSD – Inflation Numbers Erase Intraday Losses

    Starting from the 100-day exponential moving average on Wednesday, the selling continued throughout the European session on Thursday and the pair slipped below the 1.0000 support band. Returning most of its gains at the beginning of the week, if the selling pressure continues, 0.9900 and 0.9745 levels can be viewed as the first support zones.

    On the other hand, the 1.000 support before the 100-day average will now be in our follow-up as the first resistance zone in possible reaction purchases in the parity. The pair erased its intraday losses with strong purchases following the US inflation figures and rose above the 1.0000 band.

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    Support Level: 1700-1682-1664 Resistance Level: 1717-1735-1758

    XAU/USD

    XAUUSD US Inflation Figures Sonar Rises Above 100-Day Average…

    Ounce Gold, which failed to trend above its 100-day exponential moving average on Wednesday and faced sales, is trying to consolidate above the 1700 band on Thursday. In case the precious metal is trending above the 100-noun average again, the 1735 and 1758 levels can be followed as the next resistance zones.

    On the other hand, if the yellow metal selling pressure comes to the fore, 1682 and 1664 levels can be viewed as the next support zones under the 1700 support band. Precious Metal jumped up to the 1737 region after the US inflation figures.

     

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    Support Level: 18.50-18.37-18.25 Resistance Level: 18.60-18.65-18.74

    USD/TRY

    USD/TRY Tested 18.60 Resistance Zone…

    While taking a break from the decline of the US Dollar index before the US elections, a slight recovery effort is striking. The USDTRY parity, on the other hand, rose to the 18.60 resistance zone with purchases that developed just above its 100-day exponential moving average during the day. If the pair turns above the 18.60 resistance zone, 18.65 and 18.74 levels can be viewed as the next resistance zones. Below, the 100-day average will continue to be followed as the first support zone.


    Support Level: 85-82-79 Resistance Level: 88-91-93

    CRUDE

    CRUDE From a Three-Day High to a 55-Day Average…

    Selling pressure in Crude Oil, which started on Tuesday and intensified on Wednesday, brought prices down to $85 support. From a technical point of view, Crude Oil, which tests the black intermediate rising trend line from $76, falls below this zone, and the 100-week exponential moving average of $82 stands out as an important support zone.

    On the other hand, the $88 band can be followed as an intermediate resistance band, before the resistance of $91, which is the 50-week average, in the reaction purchases that may be experienced after the two-day decline series.

     

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