05/09/2023 Evening Reports

Decision of Saudi Arabia and Russia Raised Oil Prices...

*Services PMI for August in Germany and the Euro Area, announced today, contracted. The Services PMI fell to 47.3 in Germany and 47.9 in the Eurozone. The previous data came at 52.3 and 50.9, respectively. On the UK side, the Services PMI shrank from 51.5 to 49.5.

*FED FOMC member Waller, in his speech, said that the labor market has started to soften, the FED will continue to keep interest rates high until inflation recedes, more data is needed to say that the FED has finished the rate hike, and it is unlikely that another rate hike will drag the economy into recession.

*In the statement made by Saudi Arabia and Russia, it was stated that the oil production reduction period would be extended until the end of the year. Saudi Arabia will reduce its oil production by 1 million barrels per day, and Russia by 300,000 barrels per day.

Agenda of the day;
17:30 Speech by Guindos, Member of the European Central Bank (ECB)

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    Support: 1.0665 – 1.0585 – 1.0520 Resistance:  1.0766 – 1.0840 – 1.0915


    EURUSD – 200-Day Break Increases Downside Pressure On The Pair…

    The pair broke the 200-day average on the last trading day of last week. There was a slight reaction in the low-volume market yesterday due to the labor day, but this did not go beyond confirming the 200-day average from below. On the day when the US markets were active, both the 1.0766 support was broken and the small-scale uptrend that had been going on since January was broken. The pair declined to 1.0720 levels. In possible reactions, we will have resistance at 1.0766 in the short term, but as we stay below this level, it is possible that the movements in favor of the dollar will continue step by step and 1.0520 levels may come to the fore.

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    Support: 1932 – 1910 – 1893/1885 Resistance: 1947 – 1973/1984 – 2005


    Ounce Gold – Pressure Increases as US 10-Year Yield Increases…

    The yellow metal could not exceed the 1947 level in its attacks since the middle of last week. Today, with the US 10-year bond yield approaching 4.20% again, there is a regression and tests the 1932 level. If 1932 is broken with a daily candle, there may be a regression to 1900 again.

    We will watch the 1947 resistance again in possible attacks.

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    Support: 88.80 – 87.50 – 86.05 Resistance: 91.05 – 94.85 – 98.50


    Brent – ​​Rising Rapidly with Production Cuts by Russian and Saudi Authorities…

    Brent oil prices rose sharply last Friday, surpassing the 87.50 resistance and sitting above the 88.80 resistance. Today, the news of voluntary production cuts by Saudi Arabia and Russia caused this rise to accelerate again and again. Brent oil saw the 90.50 level during the day and maintains its rise. 

    We will now follow the rise towards 91.05 but above the main weekly resistance is 104.50. If we have to follow it gradually, we will take the 88.80 level as intraday support for today. The positive trend may continue as the daily candle stays above 88.80.

    Brent oil reached its highest level since November 2022 with this level.

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