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

7/11/2022 Daily Reports

Support Level: 0.9840 - 0.9730 - 0.9630 Resistance Level: 1.0000 - 1.0100- 1.0200

EUR/USD

  • The euro has squeezed higher during Friday’s US afternoon trading, with the pair reaching session highs at 0.9960 so far. The common currency has erased the previous four days’ losses with a shocking 2.2% daily rally, neutral to bullish in the daily chart.
  • The greenback accelerated its downtrend earlier today, following the release of October’s employment report. Non-Farm Payrolls data have beaten expectations with a 261K reading, beyond the 200K consensus, and with September’s record revised up to 315K from 264K.
  • On the other hand, the unemployment rate increased to 3.7%, from 3.5% in September, and wage inflation slowed down to 4.7% from 5%. These embryonic signs of a potential easing in the labor market conditions have brought back the theory of slower rate hikes in December, sending the US dollar tumbling across the board.
  • The EUR/USD pair is trading near the 0.9960, up for the day with the neutral to bullish stance in daily chart. The pair struggled above 20 and 50 SMA, 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 1.0000, break above this level will extend the advance to 1.0100.
  • Technical readings in the daily chart support the bullish stances. The RSI indicators hovering above the midlines and stabilized around 52. The Momentum indicator stabilized above the midline, indicating upward potentials. On downside, the immediate support is 0.9840 and below this level will open the gate to 0.9730.
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    Support Level: 1.1260 - 1.1145 - 1.1060 Resistance Level: 1.1420 - 1.1560 - 1.1650

    GBP/USD

    • The pound has continued appreciating during Friday’s US afternoon trading, buoyed by the broad-based USD weakness, to reach session highs at 1.1380. The pair has shrugged off the previous day’s negative pressure on Friday, to perform a shocking 1.9% daily rally after bouncing from the lower range of the 1.1100s to close the week a few pips shy of 1.1400.
    • Despite a brilliant Non-Farm Payrolls reading, the US unemployment rate and wage inflation data have shown the first signs of easing in the US labor market, which has tamed expectations of further aggressive tightening by the Federal Reserve and punished the US dollar.
    • Non-Farm employment has increased above expectations in October, showing a 261K reading, beating the 200K consensus, while September’s reading has been revised to a 315K increment from the 264K previously estimated. The unemployment rate, however, has increased to 3.7% from 3.5% in September, and the hourly wages have slowed down to 4.7% from 5%.
    • The GBP/USD offers neutral stance in daily chart. Cable struggled between 20 and 50 SMAs, indicating neutral strength in short term. Meanwhile, the 20 SMA started turning flat but continued developing above 50 SMA, suggests bulls not exhausted yet. On upside, The immediate resistance is 1.1420 with a break above it exposing to 1.1560.
    • Technical readings in the daily chart support the neutral to bullish stances. RSI indicator stabilized around 50, while the Momentum indicator stabilized above the midline, suggesting upward potentials. On downside, the immediate support is 1.1260, unable to defend this level will resume the decline to 1.1145.

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    Support Level: 1645 - 1614- 1600 Resistance Level: 1682 - 1700 - 1730

    XAU/USD

    • Gold price continues to extend its rally in the October US Nonfarm Payrolls report aftermath, up by more than 2.50%, in growing speculations that an uptick in the rate of unemployment might deter the Federal Reserve from aggressive tightening. The XAUUSD is trading at around $1682 amidst a volatile trading session.
    • Following the release of the Nonfarm Payrolls, the US Dollar falls further. The US economy added 261K jobs, above estimates of 200K, but what probably rocked the boat was that the Unemployment Rate increased by 3.7% from 3.5% in the previous month, signaling that the labor market is easing amid the most aggressive Federal Reserve tightening cycle. Also, Jerome Powell’s words that the Fed might begin to slow its pace of increases “as soon as the next meeting” is a headwind for the greenback.
    • In the meantime, US Treasury bond yields, particularly the 10-year benchmark note rate, almost parked at 4.156%, unchanged. However, what’s grabbing the attention is the inversion of the 2s-10s yield curve, which is used as a leading indicator of upcoming recessions. At the time of typing, the spread between the US 2s and 10s is -0.534%, and it’s the highest inversion of the curve since the 1980s, as the US 2-year bond yield sits at 4.694%.
    • Gold price stabilized around 1682, up for the day and bullish in the daily chart. The gold price stabilized above 20 and 50 SMA, suggesting bullish strength. However, the 20 SMA continued accelerating south and developing below longer ones, indicating bears not exhausted yet. On upside, the immediate resistance is 1682, break above this level will open the gate to extend the advance to 1700 area.
    • From a technical perspective, the RSI indicator hold above the midline and stabilized around 55, suggesting bearish strength. The Momentum indicator struggled near the midline, suggests directionless potentials. On downside, the immediate support is 1645, below this area may resume the decline to 1600.

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    Support Level: 146.50 - 145.00 - 143.50 Resistance Level: 148.50 - 149.00 - 149.70

    USD/JPY

    • The US dollar is trying to return above 147.00 in the US afternoon trading session, to trim losses after having lost nearly 0.9% on the day, reaching one-month lows at 146.55.
    • The greenback accelerated its downtrend on Friday, after the release of a mixed US NFP report. Employment creation remains robust, with non-farm private payrolls increasing by 261K in October, beating expectations of 200K and September’s figures revised up to 315K, from the previously estimated 4K.
    • On the other hand, the unemployment rate has risen to 3.7% from 3.5% in September, above the consensus of 3.6%, while hourly earnings increased by 4,7% in October from 5% in September. These figures suggest that labor market conditions might be starting to ease and have revived the possibility of a shorter rate hike in December.
    • The USD/JPY pair stabilized around 147.65, down for the day and neutral to bullish in the daily chart. The price still maintains the upward slope and stabilized between 20 and 50 SMA, suggests neutral strength in short term. Meanwhile, 20 SMA continued accelerating north and developing above longer ones, indicating bulls not exhausted. On upside, overcome 148.50 may encourage bulls to challenge 149.00, 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 146.50, break below this level will open the gate to 145.00 area.

    Support Level: 32200 - 31950 - 31720 Resistance Level: 32640 - 32780 - 33000

    DJI

    • DJI continued the advance, climbed from intraday low 31870 area to 32630 daily high. It trimmed some gains and ended Friday at around 32368, up for the day and bullish in the hourly chart. The price stabilized above 20 SMA and 50 SMA, suggests bullish strength. Meanwhile, 20 SMA started turning north and heading towards longer ones, suggests bulls not exhausted yet. On upside, overcome 32640 may encourage bulls to challenge 32780, break above this level will open the gate to 33000.
    • Technical indicators suggest the bullish strength. RSI stabilized around 58, while the Momentum indicator stabilized above the midline, suggests upward potentials. On downside, the immediate support is 32200, break below this level will open the gate for more decline to 31950 area.

    Support Level: 96.90 -95.90 - 95.00 Resistance Level: 98.80 - 100.00 - 102.00

    BRENT

    • Brent continued the advance, jumped from intraday low 94.30 area to intraday high 98.80, it hold near the top and ended Friday at around 98.60, 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 south and developing above 50 SMA, indicating bulls not exhausted yet. On upside, overcome 98.80 may encourage bulls to challenge 100.00, break above this level will open the gate to 102.00.
    • Technical indicators suggest the bullish movement, hovering above the midline. RSI stabilized at around 68, while the Momentum indicator stabilized in positive territory, suggests upward potentials. On downside, the immediate support is 96.90, break below this level will open the gate for more decline to 95.90 area.

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