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

28/10/2022 Daily Reports

Support Level: 0.9940 - 0.9850 - 0.9750 Resistance Level: 1.0100 - 1.0200- 1.0300

EUR/USD

  • EUR/USD accelerates the daily decline from tops near 1.0100, now comes under further downside pressure and prints new daily lows in the vicinity of 0.9960 on Thursday. It settled around 0.9970, still bullish in the daily chart.
  • Indeed, Chairwoman Lagarde emphasized the progress made by the central bank in withdrawing accommodation. The Council see the economic activity in the region slowing significantly in Q3, with the crisis around gas prices magnifying headwinds. Lagarde also reiterated that the decision on interest rates will remain data dependent and will be made on a meeting-by-meeting basis.
  • Other than the ECB event, US data releases were also noteworthy: Following another revision of the GDP Growth Rate, US economy is now expected to have expanded 2.6% YoY in the July-September period, Durable Goods Orders expanded at a monthly 0.4% in September and Initial Jobless Claims went up by 217K in the week to October 22.
  • The EUR/USD pair is trading near the 0.9970, down for the day with the bullish stance in daily chart. The pair stabilized above all main SMAs and stayed firmly above the long-term bearish channel, indicates bullish strength. Meanwhile, the 20 SMA started turning north and heading towards longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0100, break above this level will extend the advance to 1.0200.
  • Technical readings in the daily chart support the bullish stances. The RSI indicators hovering above the midlines and stabilized around 56. The Momentum indicator stabilized in the positive territory, indicating upward potentials. On downside, the immediate support is 0.9940 and below this level will open the gate to 0.9850.

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    Support Level: 1.1500 - 1.1350 - 1.1260 Resistance Level: 1.1700 - 1.1900 - 1.2000

    GBP/USD

    • The GBP/USD dropped below 1.1600 after hitting six-week highs at 1.1645 due to overall US Dollar strength spurred by upbeat US data showing the economy’s resilience, despite the ongoing tightening of monetary conditions by the Federal Reserve. The pair ended the day at around 1.1570, still bullish in the daily chart.
    • A risk-on impulse was no excuse for the US Dollar to appreciate against the Sterling. The US Bureau of Economic Analysis (BEA) revealed the growth figures for the third quarter, showing that the economy is growing at a faster rate than estimated, at 2.6%, vs. 2.4%, foreseen by a Reuters poll. Additionally, the US Department of Labor revealed that Unemployment claims for the week ending on October 22 rose by 217K, less than estimates of 220K, though more than the previous week, flashing that the labor market is easing.
    • Following the release of US economic data and the European Central Bank (ECB) policy decision, the GBP/]USD resumed its slide below 1.1600. Nevertheless, the appointment of the UK’s new Primer Minister, Rishi Sunak, stalled the downfall and kept the pair’s weekly gains at around 2.50%.
    • The GBP/USD offers bullish stance in daily chart. Cable now is stabilizing above all main SMAs, indicating bullish strength in short term. Meanwhile, the 20 SMA started turning north and heading towards longer ones, suggests bulls not exhausted yet. On upside, The immediate resistance is 1.1700 with a break above it exposing to 1.1900.
    • Technical readings in the daily chart support the bullish stances. RSI indicator stabilized around 58, while the Momentum indicator stabilized above the midline, suggesting upward potentials. On downside, the immediate support is 1.1500, unable to defend this level will resume the decline to 1.1350.

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    Support Level: 1639 - 1614- 1600 Resistance Level: 1675 - 1686 - 1700

    XAU/USD

    • Gold prices fluctuate around $1660 following positive US economic data that keeps investors’ spirits high. Additionally, the greenback is recovering some ground after diving to a fresh five-week low at 109.535. At the time of writing, XAU/USD is trading at $1663, down by 0.25% from its opening price.
    • XAU/USD remains oscillating around the $1660 area, though capped by the release of the US Advance Q3 GDP, which exceeded estimates, with the economy growing by 2.6%, above 2.4% estimates, entering into positive territory, following Q1 and Q2 contractions, which triggered a “technical recession,” as reported by the US Commerce Department.
    • At the same time, the US Department of Labor reported that Unemployment claims for the week ending on October 22 rose by 217K, less than estimates of 220K, but more than the previous week, flashing that the labor market is easing.
    • Gold price stabilized around 1663, unchanged for the day and neutral to bearish in the daily chart. The gold price stabilized below 20 and 50 SMA, suggesting bearish strength. Meanwhile, the 20 SMA continued developing far below longer ones despite it started turning flat, indicating bears not exhausted yet. On upside, the immediate resistance is 1675, break above this level will open the gate to extend the advance to 1686 area.
    • From a technical perspective, the RSI indicator hold below the midline and stabilized around 50, suggesting neutral strength. The Momentum indicator struggled near the midline, suggests directionless potentials. On downside, the immediate support is 1639, below this area may resume the decline to 1614.

     
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    Support Level: 145.00 - 144.000 - 143.00 Resistance Level: 147.00 - 148.40 - 149.70

    USD/JPY

    • The US dollar’s recovery attempt from multi-week lows at 145.00 area witnessed during Thursday’s European morning trade, was capped at 147.00 and the pair pulled lower afterward returning below 146.00 at the time of writing.
    • The USD/JPY remains neutral-to-upward biased, as shown by the daily chart, though the effect of the Bank of Japan (BoJ) interventions has taken its toll on the major. Also, falling US Treasury bond yields are headwinds for the USD; therefore, further USD/JPY downside is expected.
    • In the macroeconomic front, the upbeat US Gross Domestic Product, which bounced up at an unexpected 2.6% annual pace, after two consecutive contractions in the previous quarters, has failed to provide any relevant support to the USD.
    • The USD/JPY pair stabilized around 146.20, down for the day and neutral to bullish in the daily chart. The price still maintains the upward slope but struggled near the 20 SMA, suggests neutral strength in short term. Meanwhile, 20 SMA continued accelerating north and developing above longer ones, indicating bulls not exhausted in the long term. On upside, overcome 147.00 may encourage bulls to challenge 148.40, break above that level will open the gate to 149.70.
    • Technical indicators suggest the bullish strength. RSI stabilized around 51, while the Momentum indicator continued developing above the midline, suggests upward potentials. On downside, the immediate support is 145.00, break below this level will open the gate to 144.00 area.

    Support Level: 31750 - 31350 - 30900 Resistance Level: 32400 - 32700 - 33000

    DJI

    • DJI made a sharp U turn, tumbled from the intraday high 32420 area to 31874 daily low. It recovered modestly and ended Thursday at around 32030, unchanged for the day and neutral to bullish in the hourly chart. It stabilized between 20 and 50 SMA, suggests directionless strength. However, 20 SMA continued accelerating north and developing above longer one, suggests bulls not exhausted yet. On upside, overcome 32400 may encourage bulls to challenge 32700, break above this level will open the gate to 33000.
    • Technical indicators suggest the neutral strength. RSI stabilized around 50, while the Momentum indicator stabilized near the midline, suggests directionless potentials. On downside, the immediate support is 31750, break below this level will open the gate for more decline to 31350 area.

    Support Level: 95.00 -93.50 - 92.20 Resistance Level: 97.30 - 98.60 - 100.00

    BRENT

    • Brent continued the advance, jumped from intraday low 95.07 to intraday high 97.28, it retreated modestly and ended Wednesday at around 96.70, up for the day and bullish in the hourly chart. The price stabilized above 20 and 50 SMA, suggests bullish strength in short term. Meanwhile, the 20 SMA continued accelerating north and developing above longer ones, indicating bulls not exhausted yet. On upside, overcome 97.30 may encourage bulls to challenge 98.60, break above this level will open the gate to 100.00.
    • Technical indicators suggest the bullish movement, hovering above the midline. RSI stabilized around 62, while the Momentum indicator stabilized in positive territory, suggests upward potentials. On downside, the immediate support is 95.00, break below this level will open the gate for more decline to 93.50 area.

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