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

17/01/2023 Daily Reports

Support Level: 1.0770 - 1.0710 - 1.0630 Resistance Level: 1.0880 - 1.0950 - 1.1000

EUR/USD

  • EUR/USD gives away some gains and returns to the negative territory following an earlier climb to new highs around 1.0880. It ended Monday at around 1.0815, still bullish in the daily chart.
  • Market participants were still cheering, easing United States price pressures and the possibility of a soon-to-come US Federal Reserve pivot on monetary policy. Optimism, however, faded at the beginning of a quiet week, with US markets closed amid the Martin L. King holiday.
  • Price action around the European currency should continue to closely follow dollar dynamics, as well as the impact of the energy crisis on the euro bloc and the Fed-ECB divergence.
  • The EUR/USD pair is trading near the 1.0820, slightly down 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 far above longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0880, break above this level will extend the advance to 1.0950.
  • Technical readings in the daily chart support the bullish stance. The RSI indicator is above 50. The Momentum indicator stabilizes in positive territory, indicating bullish potentials. On downside, the immediate support is 1.0770 and below this level will open the gate to 1.0710.

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    Support Level: 1.2150 - 1.2080 - 1.2000 Resistance Level: 1.2290 - 1.2450 - 1.2670

    GBP/USD

    • The GBP/USD pair gains some positive traction on the last day of the week and snaps a two-day losing streak to over a three-week low touched on Thursday. Spot prices stick to intraday gains, around the 1.2055-1.2060 area, neutral in the daily chart.
    • The US Dollar comes under some renewed selling pressure and turns out to be a key factor pushing the GBP/USD pair higher. A modest recovery in the equity markets is seen undermining the safe-haven buck, though looming recession risks could help limit the downside. Apart from this, speculations that the Fed will stick to its policy-tightening cycle support prospects for the emergence of some dip-buying around the USD.
    • Worries about the economic headwinds stemming from a surge in new COVID-19 cases in China, along with geopolitical risk, might keep a lid on any optimism in the markets. In fact, Russia said on Wednesday that the continued arms supplies by Western allies to Ukraine would lead to a deepening of the ongoing conflict. Furthermore, North Korea reportedly fired a ballistic missile towards the sea off its east coast on Friday.
    • The GBP/USD offers bullish stance in daily chart. Cable stabilized just above 20 and 50 SMA, indicating bullish strength in short term. Meanwhile, the 20 and 50 SMA continued accelerating north and developing above 200 SMA, suggests bulls not exhausted yet. On upside, The immediate resistance is 1.2290 with a break above it exposing to 1.2450.
    • Technical readings in the daily chart support the bullish stances. RSI indicator stabilizes around 57, while the Momentum indicator stabilizes above the midline, suggesting upward potentials. On downside, the immediate support is 1.2150, unable to defend this level will resume the decline to 1.2080.

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    Support Level : 1900 - 1880 - 1863 Resistance Level : 1930 - 1950 - 1980

    XAU/USD

    • Gold price retraces as the North American session begins, even though Wall Street would remain closed in observance of Martin Luther King Jr. day. At the time of writing, XAU/USD is trading at $1,914, with losses of 0.33%.
    • Global equities are trading negatively. US equity futures remain dealing with losses, while last week’s inflation data in the US pressured the US dollar. The University of Michigan, Consumer sentiment poll showed that 1-year inflation expectations eased to 4% from 4.4%, while for a 5-year horizon, edged up to 3% from 2.9%. Also, a slew of US Fed officials backed the idea of slowing the pace of interest rate hikes.
    • In the meantime, the US Dollar Index, which measures the buck’s value against six currencies, has recovered some ground, up 0.15% at 102.332. With the US markets closed for a holiday, US Treasury bond yields remained unchanged, but traders should be aware that US yields ended on a higher note on Friday.
    • Gold price stabilized around 1914, slightly down for the day and bullish in the daily chart. The gold price still stabilized above 20 and 50 SMA, suggesting bullish strength in short term. Meanwhile, the 20 SMA continued accelerating north and developing above 50 SMA, indicating bulls not exhausted yet. On upside, the immediate resistance is 1930, break above this level will open the gate for more advance to 1950 area.
    • From a technical perspective, the RSI indicator holds above the mid-line and stabilizes around 72, still on a bullish strength. The Momentum indicator continues developing in positive territory, suggests more upside potentials. On downside, the immediate support is 1900, below this area may resume the decline to 1880.

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    Support Level: 127.20 - 126.00 - 125.00 Resistance Level: 129.60 - 131.30 - 132.80

    USD/JPY

    • The USD/JPY recovered after hitting an eight-month low around 127.21, reclaiming 128.00 and advancing sharply toward 128.40 on a thin liquidity North American session. At the time of writing, the USD/JPY is trading at 128.55.
    • US equity futures continue to trade with losses on low volumes. However, with Q4 earnings crossing newswires, equities might continue to lead global investors’ moods. Expectations around the BoJ Wednesday’s monetary policy decision continue to mount after tweaking its YCC at December’s meeting, which expanded the band of the 10-year JGBs from 0.25% to around 0.50%. The BoJ is the only central bank that has not raised rates, though further tightening is likely in the months ahead.
    • Elsewhere, the US economic calendar will feature the US Empire State Manufacturing Survey, alongside Fed speaking and the Beige book, as the US Central Bank prepares for the year’s first monetary policy. On Wednesday, US Retail Sales and PPI will get a look, while Initial Jobless Claims and Housing data will be revealed on Thursday.
    • The USD/JPY pair stabilized around 128.55,  up for the day and bearish in the daily chart. The price maintains the downward slope and develops below all main SMAs, suggests bearish strength in short term. Meanwhile, 20 SMA continued accelerating south and developing below longer ones, indicating bears not exhausted.  On upside, overcome 129.60 may encourage bulls to challenge 131.30, break above that level will open the gate to 132.80.
    • Technical indicators still suggest the bearish strength. RSI fell below 50, while the Momentum indicator stabilize in negative territory, suggests downward potentials. On downside, the immediately support is 127.20, break below this level will open the gate to 126.00 area.

    Support Level: 34000 - 33840 - 33485 Resistance Level: 34490 - 34700 - 34960

    DJI

    • DJI lost the bullish strength on Friday, retreated from three-week high of 34487 to near 34300 level. It ended the day at around 34375 and shows a strong bullish sign in the hourly chart. Right now market is standing above 50 and 200 MAs, suggests a bullish sign. Meanwhile, 20 and 50 SMA continues accelerating north and maintains the upward slope, suggests bulls not exhausted yet. On upside, overcome 34490 may encourage bulls to challenge 34700, break above that level will open the gate to 34960.
    • Technical indicators also suggest the directionless movement, developing near the mid-line. RSI stabilized around 52, while the Momentum indicator hovering well below the mid-line, suggests downside potentials. On downside, the immediately support is 34000, break below this level will open the gate for more decline to 33840 area.

    Support Level: 83.20 - 82.20 - 81.20 Resistance Level: 85.60 - 87.00 - 88.20

    BRENT

    • The Brent under the sell pressure on Monday, retreated from intraday high 85.56 to low 83.87. It recovered modestly at US session and ended the day around 84.20, bearish in the hourly chart. The price stabilizes below 20 and 50 SMA, suggests bearish strength in short term. Meanwhile, the 20 SMA starts turning south and heading towards 50 SMA, indicates bears not exhausted yet. On upside, overcome 85.60 may encourage bulls to challenge 87.00, break above that level will open the gate to 88.20.
    • Technical indicators also suggest bearish movement, hovering below the mid-line. RSI drops to 43, while the Momentum index is well below the mid-line, suggests downward potentials. On downside, the immediately support is 83.20, break below this level will open the gate for more decline to 82.20 area.

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