08/02/2023 Evening Reports
*US API Crude Oil Stocks, which we tracked in the USA at night, decreased by 2,184 million barrels. Stocks were expected to increase by 2,150 million barrels. Crude Oil continued to rise with the effect of decreasing stocks. Today at 18:30 (GMT +3), the official Crude Oil Stocks will be announced. Stocks are expected to increase by 2,457 million barrels. Let us remind you that volatility in petroleum products may increase during the data.
*Today at 21:45 (GMT +3) FOMC Member Waller will be speaking. Waller is expected to make statements regarding the rate hike process and the course of the economy. In his speech last night, Fed Chairman Powell stated that more rate hikes should be made.
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EURUSD – Response to 1.0775 Resistance Remains Limited…
While the URUSD parity moved in favor of the Dollar during the daylight hours yesterday, the parity side regressed to 1.0655. However, in the evening, Powell’s speech in line with the expectations, not increasing the current restrictive image, reduced the effect of the dollar index in the parity and reacted to the 1.0720 support. Today, it continues its efforts to hold on to this support. It reacts slightly to 1.0775 resistance during the day, but the reaction is weak right now. If there is a hold above 1.0775 again, our probability of seeing moves in favor of the Euro may become stronger, step by step.
Reactions below 1.0775 may be limited and Dollar’s dominance may continue. In this case, a step-by-step retracement to the 200-day average is possible.
XAUUSD – Inverted Flag Probability Appears in Intraday Image…
After the ounce gold side received support from the 1865 level after a sharp decline last Friday, there is a reverse flag formation in a slightly horizontal position this week. Here we will watch the 1865 level as the main support line as the support zone. If this level is broken by the four-hour candles, an inverted flag formation could come into play and the yellow metal drop could resume.
The 1885 resistance will be the intermediate resistance that we will follow in order for the positive trend to gain strength during the day.
GBPUSD – We Watch Reactions From 1.2010…
The sterling side is holding at 1.2010 support and there is some backlash for now. However, these responses are feeble. The first intraday resistance in the reactions will be 1.2180. On the other hand, if the movements in favor of the dollar continue, the 1.2010 support is critical during the day, and in case it is broken with the closing of the daily candle, we will follow the 1.1830 level, which is the neck region of the fence top formation, as the main support.
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