Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar index held steady on Wednesday, retaining recent gains as investors continued to assess the Federal Reserve’s monetary policy expectations.
• Gold stabilized after a volatile session, rising on weakness in the US dollar and bond yields.
• Investors focused on the US non-farm payrolls report on Friday.
• Oil prices barely moved amid uncertainty over OPEC+ cuts and tensions in the Middle East, with Brent crude trading at $78.00 and WTI at $73.23.
• Bitcoin continued to rise above the resistance level of $42,000. BTC is now correcting gains and may test the support level of $40,800.

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Smart technical reports

 

 

How they work

A likely scenario for the day is proposed, and the probability of this scenario being achieved, according to technical analysis, could be between 60% and 75%. If the first scenario fails, the probability of the second scenario being achieved will be between 60% and 75%.

The first scenario fails when the price reaches the alternative scenario condition level, the alternative scenario is then immediately activated, and the first scenario prediction gets cancelled.

These reports are not considered a substitute for the trader’s decision, but rather they are a tool to assist the follower in making their own decisions, as a reference based on classical technical analysis.

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GOLD

 

General trend: bullish

Time interval: 30 minutes

Current price: $2,032.63

First scenario: Buy gold on the break when steady by closing the candle above the levels of $2,037.87, targeting a price of $2,042.92 and then $2,049.87.
Alternative scenario: Sell gold on the break of $2,029.63, targeting a price of $2,023.19 and then $2,015.83.

Comment: Trading above the supports and averages suggests an uptrend.

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CRUDE OIL

 

General trend: bearish

Time interval: 30 minutes

Current price: $73.20 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $73.60, targeting a price of $74.07 and then $74.63.
Alternative scenario: Sell oil on the break of $72.92, targeting a price of $72.40 and then $71.82.

Comment: Trading below resistances and averages suggests a downtrend.

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EURUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.08343

First scenario: Sell EURUSD on the break of $1.08279, targeting a price of $1.08119 and then $1.07906.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.08506, targeting a price of $1.08691 and then $1.08915.

Comment: Trading above the supports and averages suggests an uptrend.

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GBPUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.26320

First scenario: Sell GBPUSD on the break of $1.26193, targeting a price of $1.25995 and then $1.25771.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.26529, targeting a price of $1.26814 and then $1.27036.

Comment: Trading above the supports and averages suggests an uptrend.

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NAS100

 

General trend: bearish

Time interval: 30 minutes

Current price: $15,817

First scenario: Sell Nasdaq on the break of $15,799, targetimg a price of $15,758 and then $15,712.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $15,859, targeting a price of $15,898 and then $15,944.

Comment: Trading below resistances and averages suggests a downtrend.

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Economic Calendar

(Times are in GMT+3)

 

• Canada: PMI for the service sector at 17:30
• United States: Composite PMI and Service PMI at 17:45
• United States: Non-Manufacturing Purchasing Managers’ Index (ISM) at 18:00
• United States: Job Openings and Labor Turnover Survey (JOLTs) (October) at 18:00

 

Fundamental Analysis

 

• The dollar index held steady around 103.6 on Tuesday, retaining recent gains as investors continued to assess the Federal Reserve’s monetary policy expectations.
• Analysts also pointed out that the dollar’s recent upward move is likely to be a technical rebound after sharp selling in recent weeks.
• Last week, Federal Reserve Chairman Jerome Powell said that current monetary settings are “in the restrictive zone,” but he warned that it is “premature” to expect policy easing.
• On the data front, a report on Monday showed that U.S. factory orders fell more than expected in October as rising interest rates and inflation weighed on the industrial sector.
• Investors now look to the upcoming monthly jobs report on Friday to gauge the strength of the labor market.
• The dollar rose against other major currencies, posting its biggest gains against the euro.
• Gold prices rose on Tuesday as the U.S. dollar and Treasury yields fell after traders slightly reduced their bets on a rate cut by the U.S. Federal Reserve in the first quarter of 2024.
• Oil prices saw little change on Tuesday amid uncertainty over voluntary production cuts by OPEC+, ongoing tensions in the Middle East, and weak economic data from the United States.