05/04/2023 Evening Reports
*In Germany, Services PMI in March rose to 53.7 even though it was below the 53.9 expectation. The data was announced as 50.9 last month. Composite PMI rose to 52.6 as expected. The data was announced as 50.7 last month.
*In the Euro Area, the Services PMI for March rose to 55, although it was below the expectation of 55.6. The data was announced as 52.7 last month. Composite PMI came in at 53.7, below expectations of 54.1. The data was announced as 52 last month.
*In the UK, although the Services PMI for March was 52.9, above the expectation of 52.8, it fell from the more positive 53.5 level last month. Composite PMI fell to 52.2 as expected. The data was at 53.1 last month.
*In the US, although March’s Services PMI was 52.6, below the 53.8 expectation, it increased. The data was at 50.6 last month. Composite PMI, on the other hand, was recorded as 52.3, below expectations of 53.3. The data was at 53.1 last month.
*The ADP Non-Farm Employment Change announced in the USA was announced as an increase of 145,000 in March, below the expectation of an increase of 200,000.
*The US Trade Balance was more negative than expected, with a deficit of $70.50 billion in February.
*Demand for Yellow Metal gained speed day by day. While ounce gold rose above the 2030 dollar level, Gram Gold TL rose to the level of 1257, breaking a new record. The EURUSD pair touched back to 1.0970, which it tested yesterday. The US retraced 10-year as much as 3.272 percent, the lowest level since September 2022.
EURUSD – Moves Against Dollar Now Stuck at 1.0975 Resistance…
Yesterday, the pair broke the resistance 1.0930, which it had tested recently for a while, and made the daily candle close above it. With this attack, it also tested the 1.0975 level, but could not exceed it. Today it tested over 1.0930 again and again 1.0975.
The 1.0975 level formed a technically compatible resistance, not a random one, as the 1.1030/1.0520 drop is the Fibonacci 88.6 retracement, but we can’t call it a strong resistance either. For this reason, the moment is stuck in this region, but as we stay above 1.0930, we can see breakthroughs towards 1.1030.
The ADP Non-Farm Employment data, which came from the USA at 15.15 today, came in at the lowest level in recent times and, combined with yesterday’s JOLTS Job Opportunities data, continued to watch against the dollar in the parity. We will be following the news along with the technical levels.
XAUUSD – Rises Up To 2030 Resistance After Exciting Pennant…
Ounce Gold came out of the narrowing triangle structure enthusiastically with the JOLTS Job Opportunities data from the USA yesterday. This data has seen its lowest level since the beginning of the pandemic.
Technically speaking, the pennant formation worked and the enthusiastic rise was triggered.
After this rise, the level of $ 2030 was seen as a result of the rises experienced both yesterday and today.
It is currently seeing resistance from the 2030 level. This region is technically correct resistance as the 2010 high and 1935 low within the triangle are the Fibonacci 127.2 retracement. Probable profit selling is of course possible, but as long as there is no one-day candle close below 2010, the 2056 level above may be the next short-term resistance.
USD/JPY – Below 50-Day and Pressure…
The pair has been pricing below the 50-day average since March 17. It occasionally approaches this average, or even jumps above it. However, candle closes have remained below the 50-day average since March 17. This keeps the attacks at a limited level. In the continuation of the possible declines, we will take the 130.55 level, which is currently tested, as an important support zone. Below this level has been tested recently, but the daily close remains above 130.55. If 130.55 is broken, we can observe new declines up to 127.50.
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