Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The Nasdaq index dropped by approximately 1%, mainly due to declines in technology companies.
• Apple’s stock lost 2.2% despite the company’s announcement of its new products.
• Tesla’s stock declined by more than 2% after having surged by 10% yesterday on optimistic expectations for its subsidiary, Dogo.
• The US dollar stabilized at its highest level of 104.60, awaiting inflation data.
• Gold prices retreated as investors prepared for the US inflation report.
• Oil prices approached their highest levels in 10 months due to supply shortages and US inflation data. Brent crude traded at $92.31 per barrel, and West Texas Intermediate crude traded at $89.13 per barrel.
• Bitcoin remained stable above the $25,000 mark.
• Investors are eagerly awaiting crucial data concerning the US dollar today.

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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: $1,909.48
First scenario: Buy gold on the break when staying above $1,913.19, targeting a price of $1,917.58 and $1,922.07.
Alternative scenario: Sell gold on the break when staying below $1,907.32, targeting a price of $1,909.05 and then $1,897.

 

Comment: Trading below resistances and averages suggests a downtrend.

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CRUDE OIL

 

 

 

General trend: bullish

Time interval: 30 minutes

Current price: $89.04 per barrel

First scenario: Buy oil on the break when stable by closing the candle above the levels of $89.27, targeting a price of $89.27 and then $90.28.
Alternative scenario: Sell oil on the break of $88.64, targeting a price of $88.19 and then $87.75.

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

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EURUSD

 

 

 

General trend: bearish

 

Time interval: 30 minutes

Current price: $1.07409
First scenario: Buy EURUSD on the break when stable by closing the candle above $1.07595, targeting a price of $1.07783 and then $1.07992.

Alternative scenario: Sell EURUSD on the break when staying below $1.07365, targeting a price of $1.07206 and then $1.07006.

Comment: Trading below resistances and averages suggests a downtrend.

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GBPUSD

 

 

 

 

General trend: bearish

Time interval: 30 minutes

Current price: $1.24621
First scenario: Sell GBPUSD on the break when staying below $1.24469, targeting a price of $1.24144 and then $1.23850.

Alternative scenario: Buy GBPUSD on the break when stable by closing the candle above the levels of $1.24887, targeting a price of $1.25230 and then $1.25559.

Comment: Trading below resistances and averages suggests a downtrend.

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NAS100

 

 

 

General trend: bearish

Time interval: 30 minutes

Current price: $15,480
First scenario: Sell Nasdaq on the break when staying below $15,449, targeting a price of $15,395 and then $15,323.

Alternative scenario: Buy Nasdaq on the break when stable by closing the candle above the levels of $15,530, targeting a price of $15,591 and then $15,654.

 

Comment: Trading below resistances and averages suggests a downtrend.

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Economic Calendar

(Times are in GMT+3)

 

• United States: the Core Inflation Rate Index at 15:30.
• United States: the Monthly and Yearly Inflation Rate Index at 15:30.
• United States: the Consumer Price Index at 15:30.
• United States: Crude Oil Inventories at 17:30.

 

Fundamental Analysis

 

• Wall Street closed lower as Oracle’s weak outlook weighed on it.
• Thomas Hayes, chairman of Great Hill Advisory, said: “People are a little bit worried about energy prices picking up pretty aggressively in recent weeks and that creates some concerns as we look forward to November” when some investors worry Federal Reserve policy makers may raise rates again.
• Gold prices fell on Wednesday but remained above the lowest level in over two weeks from the previous session as markets awaited US inflation data, which could provide insight into how long the Federal Reserve might continue to raise interest rates.
• Oil prices jumped over 1%, benefiting from recent gains and raising concerns that steady inflation could mean longer-lasting high US interest rates following strong economic data.
• Oil bolstered its position near the 10-month high reached during the previous day’s trading, as the market balanced supply concerns over Libyan production and OPEC+ cuts with headwinds facing the global economy.