09/01/2023 Evening Reports

Dollar Index Loses Value With FED Expectations...

Industrial Production in Germany for November, which was announced today, increased by 0.2%, exceeding the expectations. The data was expected to increase by 0.1%. Industrial Production decreased by 0.4% on an annual basis. Apart from this data, the Unemployment Rate in November, which we tracked in the Euro Zone, did not change as expected, and stood at 6.5%.

Although the Non-Farm Employment and Unemployment Rate announced in the USA on Friday sounded positive, there was an expectation that the FED would further slow down the rate hikes with the decrease in the rate of increase in Average Hourly Earnings. For now, the Fed is expected to increase the interest rate by 25 basis points with a 77.2% probability at its meeting in February. With these expectations, while the Dollar Index depreciates on the first trading day of the week, Commodities and Global Indices are rising.

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    Support Level: 75.74-74.95-73.25 Resistance Level: 76.70-78.25-79.74

    CRUDE

    CRUDE – Rises Up To 76.70 Resistance…

    Crude Oil rose to 76.70 resistance due to the depreciation in the Dollar Index and the support from 73.25. It can be viewed as 78.25 and 79.74 resistance when this level is exceeded and above. In pullbacks, 75.74 and 74.95 can form support.

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    Support Level: 1863-1848-1834 Resistance Level: 1875-1894.40-1906.75

    XAU/USD

    XAU/USD – Withdrawn With the Resistance Encountered in the Upper Band of the Channel…

    With the decrease in the rate of increase in Average Hourly Earnings, which we tracked in the USA on Friday, the rises that started in Ounce Gold were moved to the first trading day of the week and the upper band of the rising price channel we watched in the 4-hour period was tested. There were also pullbacks as the upper band could not be passed. In the continuation of the retreat, 1863 and 1848 can be followed as support. In upward transactions, 1875 and the upper band of the channel may create resistance.

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    Support Level: 1.0640-1.0598-1.0510 Resistance Level: 1.0705-1.0765-1.0800

    EUR/USD

    EUR/USD – Rising Towards 1.0705 Resistance…

    Industrial Production in Germany for November, announced today, increased by 0.2% month on month and decreased by 0.4% year on year. Apart from this data, the Unemployment Rate in November, which we tracked in the Euro Zone, did not change as expected, and stood at 6.5%. In the light of these developments, the rises that started on Friday in the EURUSD parity continue towards the 1.0705 resistance. Crossing and above this level can create resistance at 1.0765 and 1.0800. In retracements, 1.0640 and 1.0598 can be viewed as support.

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