Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

The US dollar remains stable around the 104.7 levels despite the announcement of higher US inflation results.

Gold also holds steady after the elevated US inflation report.

Apple stocks continue to decline, showing no positive signs due to China’s product ban despite the launch of the new iPhone 15.

Oil is recovering as the market refocuses on supply constraints, with Brent crude trading at $92.40 and West Texas Intermediate at $89.08.

Bitcoin sees a slight increase, reaching above $26,000.

Investors are eagerly awaiting crucial data on 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: $1,909.97
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 $89.74 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: $1.07487
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: $1.24980
First scenario: Sell GBPUSD on the break when staying below $1.24751, targeting a price of $1.25425 and then $1.24131.

Alternative scenario: Buy GBPUSD on the break when stable by closing the candle above the levels of $1.25168, targeting a price of $1.25511 and then $1.25840.

Comment: Trading below resistances and averages suggests a downtrend.

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NAS100

 

 

 

General trend: bearish

Time interval: 30 minutes

Current price: $15,624
First scenario: Sell Nasdaq on the break when staying below $15,573, targeting a price of $15,519 and then $15,447.25.

Alternative scenario: Buy Nasdaq on the break when stable by closing the candle above the levels of $15,654, targeting a price of $15,715 and then $15,778.

 

Comment: Trading below resistances and averages suggests a downtrend.

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Economic Calendar

(Times are in GMT+3)

 

• Europe: Interest Rate Average Index at 15:15.
• United States: Producer Price Index at 15:30.
• United States: Retail Sales Index at 15:30.
• United States: Initial Jobless Claims Index at 15:30.

 

Fundamental Analysis

 

• The US dollar held steady around 104.7 on Thursday as investors absorbed the latest US consumer price inflation report, which had little impact on Federal Reserve policy expectations.
• The US headline annual inflation rate rose for the second consecutive month to 3.7% in August, surpassing the market’s expectations of 3.6%.
• At the same time, the annual core inflation reading, which carries more weight in central bank policy decisions, eased to 4.3% in August from 4.7% in July, in line with expectations.
• Traders now see a 97% chance that the Federal Reserve will keep interest rates steady at next week’s meeting, while bets on a rate hike in November have diminished.
• Investors are now looking to the US producer inflation report on Thursday for further evidence.
• Markets are also awaiting the European Central Bank’s decision on interest rates later today.
• Gold stabilized around $1,910 per ounce on Thursday as investors absorbed the latest US consumer price inflation report, which had little impact on Federal Reserve policy expectations.
• Oil prices rebounded on Thursday as market attention turned once again to expectations of tighter crude supplies for the rest of 2023, with demand expected to remain robust into next year.