08/12/2022 Evening Reports

Market Remains Stable As Critical Week Approaches…
  • Weekly Unemployment Benefit Applications received from the USA at 16.30 during the day amounted to 230,000. The previous week’s data was also revised from 225,000 to 226,000.
  • During the European session, major pairs priced narrowly due to the lack of significant data on the economic calendar. The cautious mood dominating the market ahead of major central bank announcements next week is limiting any decisive move in either direction by the major currency pairs. The US Dollar Index remains calm near 105.00 after the lower US bond yields pulled back on Wednesday.
  • While the US 10 year bond yield is around 3.50%,, 2-year bond spread remains at a historical record level with 82 basis points.
  • The low course in oil prices still continues. Although there was a reaction during the week, Crude price for January 2023 delivery is 73.75, while Brent price for February 2021 is 78.10 as the week approaches.
  • Shanghai city officials announced earlier in the day that they will no longer require Covid test checks for restaurants and entertainment venues from Friday. Meanwhile, Hong Kong said it would ease isolation rules for infected travelers.
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    Support Level: 1068 – 1051 – 1040 Resistance Level: 1080 - 1090 – 1105

    GAU/TRY

    GAU/TRY – Current Strong Trend Over 1040 Maintains Its Presence…

    While the declines remain limited in Gram Gold, we continue to watch the 1040 level below as the main intraday support line. As long as it holds above 1040, the current strong uptrend may continue in the daily period. However, we watch the 144-day exponential average as support on the weekly side.

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    Support Level: 1.0480 – 1.0340 – 1.0250 Resistance Level: 1.0545 – 1.0605 – 1.0770

    EUR/USD

    EUR/USD – Holding on with a Slight Reaction Above 1.0480…

    The pair is trying to maintain yesterday’s reaction by holding above the 233-day average. As such, we will watch 1.0605 as the main resistance line in the parity, which is close to the 1.0540 resistance. Above this level, it can be foreseen that the movements in favor of the Euro will accelerate.

    In intraday possible profit sales, the main support line will continue to be 1.0480, which corresponds to the 233-day average.

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    Support Level: 136.50 – 135.90 – 135.00 Resistance Level: 137.45 – 138.05 – 139.40

    USD/JPY

    USDJPY – 138.05 Resistance Continues to Stop Reactions…

    The reaction from the support of 133.60 on the Japanese Yen side slowed down in the region where the 144-day average is located. This region is also an important resistance line as the 151.95/133.62 drop coincides with the Fibonacci 23.6 retracement. As support below, we watch 136.50 support during the day. If 138.05 is exceeded in the continuation of possible reactions, the next critical point will be 140.65.

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    Support Level: 76.90 – 72.10 – 69.40 Resistance Level: 80.40 – 83.00 – 86.40

    BRENT

    BRENT – 76.90 Support Will Be Important While Weak View Continues…

    On the Brent side, the strong declines starting from the 98 region make their presence felt this week as well. With this decline, the support has been reached to 76.90 and here we are watching the intermediate uptrend line from February 2021 as the support line. Breaking the 76.90 support with a weekly candle can bring the continuation of the sharp declines on the oil side and we can start talking about a region below 70.

    In case of possible reactions from the 76.90 region, while the downtrend line you see on the chart is important on a weekly basis, we will first be watching the 80.40 level as an intermediate support.

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