Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar steadied on Tuesday as investors awaited the Federal Reserve’s interest rate outlook, but it rose from its lowest level in six weeks.
• Gold fell as the dollar rose, and ahead of a speech by Fed Chair Jerome Powell that was expected to provide clues about the central bank’s monetary policy.
• Kaskari: The Fed has more work to do to tame inflation.
• Nasdaq futures rose after the U.S. added 150,000 new jobs, the best week of the year.
• Oil prices fell as the market awaited data from China to gauge demand. Brent crude traded at $84.74 a barrel and U.S. West Texas Intermediate crude traded at $80.27 a barrel.
• The Reserve Bank of Australia raised interest rates as expected to 4.35%.
• Bitcoin rose 1.13% to $35,031.28.

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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: bearish

Time interval: 30 minutes

Current price: $1,972.86  

First scenario: Buy gold on the break when steady by closing the candle above the levels of $1,978.40, targeting a price of $1,983.46 and then $1,990.40.
Alternative scenario: Sell gold on the break of $1,970.17, targeting a price of $1,963.72 and then $1,956.48.

Comment: Trading below resistances and averages suggests a downtrend.

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CRUDE OIL

 

 

General trend: bearish

Time interval: 30 minutes

Current price: $80.26 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $80.50, targeting a price of $80.95 and then $81.60.
Alternative scenario: Sell oil on the break of $80.07, targeting a price of $79.66 and then $79.18.

Comment: Trading below resistances and averages suggests a downtrend.

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EURUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.07099

First scenario: Sell EURUSD on the break of $1.06991, targeting a price of $1.06831 and then $1.06618.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.07218, targeting a price of $1.07408 and then $1.07617.

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

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GBPUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.23357

First scenario: Sell GBPUSD on the break of $1.23245, targeting a price of $1.23048 and then $1.22824.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.23582, targeting a price of $1.23867 and then $1.24089.

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

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NAS100

 

General trend: bullish

Time interval: 30 minutes

Current price: $15,207

First scenario: Sell Nasdaq on the break of $15,168, targeting a price of $15,114 and then $14,043.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $14,249, targeting a price of $15,310 and then $15,373.

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

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Economic Calendar

(Times are in GMT+3)

 

• Switzerland: Unemployment rate at 9:45
• United States: Export and Import Index at 16:30
• United States: Trade Balance Index at 16:30

 

Fundamental Analysis

 

• The dollar index held above 105 on Tuesday, supported by a rebound in Treasury yields, as investors continued to assess the Federal Reserve’s monetary policy outlook.
• In his latest comments, Federal Reserve Bank of Minneapolis President Neel Kashkari said the U.S. central bank is likely to have more work ahead of it to tame inflation.
• The markets are now awaiting further remarks from Federal Reserve Chairman Jerome Powell on Wednesday and Thursday for more guidance.
• Meanwhile, the dollar fell 1% on Friday as weak U.S. jobs data bolstered bets that the Federal Reserve is unlikely to implement further interest rate hikes.
• The U.S. economy added 150,000 jobs in October, which represents about half of the revised 297,000 jobs added in September and below market expectations of 180,000 jobs.
• Gold prices fell to their lowest level in nearly a week on Tuesday, with the dollar rising and safe-haven demand slowing, as investors await comments from Federal Reserve officials, including Federal Reserve Chairman Jerome Powell, for more clarity on interest rate expectations.
• Oil prices fell on Tuesday, giving up most of the previous day’s gains, on concerns about weak demand in China, with investors focusing on trade data due to be released later in the day to gauge demand from the world’s second-largest oil consumer.