Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The US dollar is hovering at its highest level in 6 months.
• Gold is on the rise following Chinese data that strengthened the yuan against the dollar.
• Platinum and palladium are poised for weekly gains.
• Oil is surging dramatically amid concerns about supply shortages, with Brent crude trading at $94.39 and West Texas Intermediate crude at $90.90.
• Bitcoin continues its modest rise, reaching an all-time high of $26,600.
• 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: bullish

Time interval: 30 minutes

Current price: $1,929.29

First scenario: Buy gold on the break when stable by closing the candle above the levels of $1,932.32, targeting a price of $1,936.61 and then $1,940.
Alternative scenario: Sell gold on the break of $1,926.36, targeting a price of $1,921.09 and then $1,916.08.

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

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CRUDE OIL

 

 

 

General trend: bullish

Time interval: 30 minutes

Current price: $90.63 per barrel

First scenario: Buy oil on the break when stable by closing the candle above the levels of $90.80, targeting a price of $91.25 and then $91.78.
Alternative scenario: Sell oil on the break of $90.18, targeting a price of $89.73 and then $89.30.

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

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EURUSD

 

 

 

General trend: bearish

Time interval: 30 minutes

Current price: $1.06705
First scenario: Sell EURUSD on the break of $1.06564, targeting a price of $1.06404 and then $1.06231.

Alternative scenario: Buy EURUSD on the break when stable by closing the candle above $1.06794, targeting a price of $1.06981 and then $1.07191.

Comment: Trading below resistances and averages suggests a downtrend.

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GBPUSD

 

 

 

General trend: bearish

Time interval: 30 minutes

Current price: $1.23961
First scenario: Sell GBPUSD on the break when staying below $1.23707, targeting a price of $1.23381 and then $1.23087.

Alternative scenario: Buy GBPUSD on the break when stable by closing the candle above the levels of $1.24124, targeting a price of $1.24468 and then $1.24796.

Comment: Trading below resistances and averages suggests a downtrend.

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NAS100

 

 

 

 

General trend: bearish

Time interval: 30 minutes

Current price: $15,409
First scenario: Sell Nasdaq on the break when staying below $15,357, targeting a price of $15,304 and then $15,232.

Alternative scenario: Buy Nasdaq on the break when stable by closing the candle above the levels of $15,439, targeting a price of $15,499 and then $15,562.

Comment: Trading below resistances and averages suggests a downtrend.

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Economic Calendar

(Times are in GMT+3)

 

• Europe: Lagarde’s speech to the European Central Bank in the Eurozone at 12:00

 

Fundamental Analysis

 

• The US dollar held steady above 105 on Monday, hovering near its six-month high as investors awaited the Federal Reserve’s policy decision this week.
• The Federal Reserve is widely expected to keep interest rates unchanged on Wednesday, with investors focusing on the central bank’s outlook on inflation and its next policy steps.
• Last week, mostly positive US economic data raised hopes that the Federal Reserve could engineer a smooth landing even if it keeps interest rates higher for longer.
• Investors are now looking forward to the Global Purchasing Managers’ Index figures from S&P in the United States, along with several housing indicators.
• Markets are also awaiting key interest rate decisions from the European Central Bank, the Bank of England, and the Bank of Japan this week.
• The dollar drifted slightly lower against other major currencies, showing relative weakness against safe-haven currencies.
• Gold prices rose on Monday as investors anticipated the Federal Reserve (the US central bank) to halt interest rate hikes at its meeting this week, with a focus on the central bank’s interest rate projections.
• Oil prices rose for the third consecutive session on Monday, supported by expectations of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended production cuts and optimism about demand recovery in China, the world’s largest crude oil importer.