Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar is holding steady ahead of the Federal Reserve’s decision and is well poised before the expected hawkish commentary from the Federal Reserve.
• Gold is retracting ahead of the monetary policy decision by the US Federal Reserve.
• Boeing has raised its expectations for Chinese demand over the next 20 years to 8,560 new aircrafts.
• Hong Kong stocks are moving downward.
• Oil is slipping ahead of the Federal Reserve interest rate policy announcement, with Brent crude trading at $93.43 per barrel and West Texas Intermediate crude at $89.53 per barrel.
• Bitcoin closing above $27,500 could lead to further increases in the coming days.

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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: $1,930.96
First scenario: Buy gold on the break when stable by closing the candle above $1,932.93, targeting a price of $1,937.32 and then $1,941.81.

Alternative scenario: Sell gold on the break of $1,927.06, targeting a price of $1,921.79 and then $1,916.79.

Comment: Trading below resistances and averages suggests a downtrend.

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CRUDE OIL

 

 

 

General trend: bullish

Time interval: 30 minutes

Current price: $89.44 per barrel

First scenario: Buy oil on the break when stable by closing the candle above the levels of $89.82, targeting a price of $90.28 and then $90.81.
Alternative scenario: Sell oil on the break of $89.20, targeting a price of $88.76 and then $88.33.

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

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EURUSD

 

 

 

General trend: bearish

Time interval: 30 minutes

Current price: $1.06799
First scenario: Sell EURUSD on the break of $1.06765, targeting a price of $1.06605 and then $1.06432.

Alternative scenario: Buy EURUSD on the break when stable by closing the candle above $1.06995, targeting a price of $1.07182 and then $1.07391.

Comment: Trading below resistances and averages suggests a downtrend.

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GBPUSD

 

 

 

General trend: bearish

Time interval: 30 minutes

Current price: $1.23851
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: $15,354
First scenario: Sell Nasdaq on the break when staying below $15,321, targeting a price of $15,267 and then $15,195.

Alternative scenario: Buy Nasdaq on the break when stable by closing the candle above the levels of $15,402, targeting a price of $15,463 and then $15,526.

Comment: Trading below resistances and averages suggests a downtrend.

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Economic Calendar

(Times are in GMT+3)

 

• Great Britain: Annual Inflation Rate Index at 9:00
• Germany: Producer Price Index at 9:00
• United States: Crude Oil Inventory Index at 17:30
• United States: Interest Rate Index at 21:00
• United States: Monetary Policy Committee meeting at 21:30

 

Fundamental Analysis

 

• The dollar stabilized above 105 on Wednesday after facing pressures in the past two sessions as investors prepared for the Federal Reserve’s monetary policy decision.
• It is widely expected that the U.S. central bank will keep interest rates unchanged, but the markets will focus on its economic outlook and statements from Federal Reserve Chairman Jerome Powell after the meeting for clues on the path forward.
• Investors are also awaiting the Bank of England’s interest rate decision on Thursday, with expectations of its final rate hike in the current tightening cycle.
• Additionally, the Bank of Japan will announce its policy decision on Friday, amid speculation of an earlier-than-expected exit from ultra-loose monetary settings.
• Gold prices dipped on Wednesday after reaching their highest levels in two weeks in the previous session, as traders await the U.S. Federal Reserve’s policy decision for updated economic expectations and the monetary tightening path.
• Oil prices retreated from their highest levels in 10 months on Wednesday ahead of the Federal Reserve’s decision on interest rates, as investors remain uncertain about the timing of interest rate peaks and their impact on energy demand.
• Prices fell despite a larger-than-expected drawdown in U.S. oil inventories and the weakening of shale oil production in the United States, indicating tight crude supply for the remainder of 2023.