05/10/2022 Daily Reports
Support Level: 0.9900- 0.9850- 0.9750 Resistance Level: 1.0000 - 1.0050- 1.0100
EUR/USD
- The EUR/USD rose even further during the American session and climbed to 0.9977, reaching the highest level in a week. It remains near the top, up more than 150 pips for the day and 440 above last week’s low.
- On Tuesday, the August JOLTS (Job Openings report) showed the largest monthly decline on record from 11.17 million to 10.05, a possible sign of a slowdown in the job market. The negative report follows the larger-than-expected slide in the September ISM Manufacturing Index released on Monday. On Wednesday, the ADP report is due and on Friday the critical NPF report.
- The latest round of US data below expectations contributed to the rally in EUR/USD by weakening the US dollar. The combination of lower US yields and higher equity prices are still affecting the greenback. The DXY is falling by more than 1% trading under 110.50. The US 10-year yield stands at 3.61% near weekly lows, and significantly away from levels above 4% it reached six days ago. In Wall Street, the Dow Jones is rising by 2.50% and the Nasdaq by 3.15%.
- The EUR/USD pair is trading near the 0.9990, up for the day with the bullish stance in daily chart. The pair stabilized above 20 and 50 SMA, indicates bullish strength. Meanwhile, the 20 SMA continued developing far below longer ones despite it started turning flat, suggests bears not exhausted yet. On upside, the immediate resistance is 1.0000, break above this level will extend the advance to 1.0050.
- Technical readings in the daily chart support the bullish stances. The RSI indicators hovering above the midlines and stabilized around 54, shows bullish strength. The Momentum indicator stabilized above the midline, indicating upward potentials. On downside, the immediate support is 0.9900 and below this level will open the gate to 0.9750.
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Support Level: 1.1350- 1.1200- 1.1100 Resistance Level: 1.1500 - 1.1600- 1.1700
GBP/USD
- GBP/USD has been whipsawed on Tuesday in a day that ran through a vast territory for a fresh high for the week so far at 1.1489 from a low of 1.1280. The pair gained near 200 pips from the low and netural to bullish in the daily chart.
- The dollar slid against major currencies and along with yields, it would appear to reflect the market participants’ views on the outlook for interest rates. At the same time, participants in the sterling money markets welcomed the British government’s U-turn on some tax cuts. The pound dropped to a record low of $1.0327 on Sept. 26 and bond prices tumbled following the unveiling of the new government’s plans to slash taxes, particularly for the rich, and ramp up borrowing.
- However, it was not a popular plan and the plans to get rid of the 45% top rate of income tax has helped the pound to recover, adding to gains that were sparked by the Bank of England (BoE) last week restarting its bond-buying programme following a dramatic plunge in long-dated gilts.
- The GBP/USD offers neutral to bullish stance in daily chart, it maintains the upward slope after hit 1.0350 low. Cable now is stabilizing above 20 SMA and challenging 50 SMA, indicating bullish strength in short term. Meanwhile, the 20 SMA continued developing below longer ones despite it started turning flat, suggesting bears not exhausted yet. On upside, The immediate resistance is 1.1500 with a break above it exposing to 1.1600.
- Technical readings in the daily chart neutral to bullish stances. RSI indicator stabilized around 53, while the Momentum indicator stabilized near the midline, suggesting neutral potentials. On downside, the immediate support is 1.1350, unable to defend this level will resume the decline to 1.1200.
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Support Level: 1700 - 1680- 1659 Resistance Level: 1730 - 1745- 1765
XAU/USD
- Gold price advanced to three-week highs on Tuesday, as US T-bond yields continue to fall amidst US economic data showing that the Federal Reserve increases to the Federal funds rate started to impact the economy as the US central bank scrambles to tame inflation. Yellow metal ended the day around $1,725, bullish in the daily chart.
- Market sentiment swings, keep global equities on the right foot. The greenback is weakening as US treasury bond yields dropped like a stone, with the US 10-year bond yield down six bps at 3.587%. Following suit is the US 10-year Treasury Inflation-Protected Securities (TIPS) yield, a proxy for real yields, creeping lower to 1.367% after hitting a yearly high of 1.70%.
- During the Tuesday session, the US docket featured factory orders for August were unchanged, following July’s drop of 1%, as the Department of Commerce reported. At the same time, job openings in the US fell, though they remained at higher levels, as reported by the Labor Department. The US JOLTs report for August showed that vacancies dropped from 11.239M in July to 10.053M in August.
- Gold price stabilized around 1725, up for the day and bullish in the daily chart. The gold price stabilized above 20 SMA and now is challenging 50 SMA, suggesting bullish strength. Meanwhile, the 20 SMA continued developing far below longer ones despite it started turning flat, indicating bears not exhausted yet. On upside, the immediate resistance is 1730, break above this level will open the gate to extend the advance to 1745 area.
- From a technical perspective, the RSI indicator hold above the midline and stabilized around 58, suggesting bullish strength. The Momentum indicator struggled above the midline, suggests upward potentials. On downside, the immediate support is 1700, below this area may resume the decline to 1680.
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Support Level: 143.00 - 141.50 - 140.30 Resistance Level: 145.00 - 146.00 - 147.00
USD/JPY
- The USD/JPY pair extends its consolidative price move on Tuesday and remains confined in a one-week-old trading range, near the 144.00 psychological mark through the US session, still bullish in the daily chart.
- A big divergence in the monetary policy stance adopted by the Bank of Japan and other major central banks, along with the risk-on impulse, undermines the safe-haven Japanese yen. This, in turn, acts as a tailwind for the USD/JPY pair. That said, a combination of factors is holding back bulls from placing aggressive bets and capping the upside, at least for the time being.
- The markets seem convinced that the Fed will continue to hike interest rates at a faster pace to tame inflation and have been pricing in another supersized 75 bps increase in November. The USD bulls, however, await a fresh catalyst before placing bets. Hence, the focus will remain glued to the release of the closely-watched US monthly employment details or the NFP report on Friday.
- The USD/JPY pair stabilized around 144.00, down for the day and bullish in the daily chart. The price still maintains the upward slope and stabilized above all main SMAs, suggests bullish strength. Meanwhile, 20 SMA continued accelerating north and developing above longer ones, indicating bulls not exhausted in the long term. On upside, overcome 145.00 may encourage bulls to challenge 146.00, break above that level will open the gate to 147.00.
- Technical indicators suggest the bullish strength. RSI stabilized around 59, while the Momentum indicator continued developing above the midline, suggests upward potentials. On downside, the immediate support is 143.00, break below this level will open the gate to 140.30 area.
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Support Level: 30100 - 29800 - 29500 Resistance Level: 30500 - 30800 - 31100
DJI
- DJI continued the advance to a fresh one week high around 30370. It hold near the top to ended Tuesday, bullish in the hourly chart. It stabilized above all main SMAs, suggests bullish strength. Meanwhile, the 20 SMA continued accelerating north and developing above longer ones, suggesting bulls not exhausted yet. On upside, overcome 30500 may encourage bulls to challenge 30800, break above this level will open the gate to 31100.
- Technical indicators suggest the bullish strength. RSI stabilized around 79, while the Momentum indicator stabilized in positive territory, suggests upward potentials. On downside, the immediate support is 30100, break below this level will open the gate for more decline to 29800 area.
Support Level: 89.00 - 87.50 - 86.10 Resistance Level: 91.40 - 93.50 - 94.60
BRENT
- Brent continued the advance, climbed from 89.00 low to 92.40 region. It retreated modestly and ended Tuesday around 91.50, still bullish in the hourly chart. The price stabilized above 20 and 50 SMAs, suggests bullish strength in short term. Meanwhile, the 20 SMA continued accelerating north and developing above longer ones, indicating bulls not exhausted yet. On upside, overcome 91.40 may encourage bulls to challenge 93.50, break above this level will open the gate to 94.60.
- Technical indicators suggest the bullish movement, hovering above the midline. RSI stabilized around 68, while the Momentum indicator stabilized in positive territory, suggests upward potentials. On downside, the immediate support is 89.00, break below this level will open the gate for more decline to 87.50 area.
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