10/02/2023 Evening Reports

Russia "We Will Not Sell Oil To Those Who Apply Price Ceiling"
  • Industrial Production in Turkey for the month of December, which we follow today, increased by 1.6% monthly and decreased by 0.2% annually. The monthly increase in Industrial Production was led by the increases in the Mining and Manufacturing Industry. Apart from this data, the Unemployment Rate for December, another important data announced, rose from 10.2% to 10.3%
  • The UK’s fourth-quarter GDP, announced today, came in as expected on a quarterly and annual basis, at 0.0% and 0.4%. While the service sector, one of the sectors that make up the GDP, shrank by 0.8%, the industrial sector grew by 0.3%. The construction industry, on the other hand, did not change.
  • Russian energy minister Novak said in a statement that Russia will not sell oil to those who directly or indirectly adhere to the ceiling price, and that Russia will reduce oil production by 500,000 barrels in March. Crude Oil and Brent oil rose as a result of the statements.
  • The Employment Change in Canada, which we followed for January, came in at 150 thousand, above the expectation of 15 thousand. Unemployment Rate at 5.0% did not change. The Canadian Dollar appreciated against the US Dollar on the back of the positive data.
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    Support Level: 130.60 – 129.50 – 128.50 Resistance Level: 131.85 – 133.00 – 134.50


    USD/JPY – Reaction From 129.50 After Correcting A Weekly…

    The USDJPY parity reacted with the recovery of the Dollar index and opened a gap to 133.00 this week. After this strong start came a small amount of correction.

    This week’s 3-wave decline continued until the 129.50 support. After the reaction from this support, it is trying to hold above the 130.60 level as of the last trading day of the week. Unless 129.50 is broken to the downside, re-attacks can be expected after the correction. This situation will be followed.

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    Support Level: 1.2100 – 1.2010 – 1.1830 Resistance Level: 1.2180 – 1.2290 – 1.2455


    GBP/USD Reactions Stopped 1.2180 Resistance, What Next?

    After the formation of 1.2455 double top, there was a decrease until the 1.2010 support. There has been a reaction since 1.2010, but these reactions stopped at 1.2180 resistance. If the declines continue again, the first main support is 1.2010. Below this region, we will be watching the 1.1830 level, which is the neck region of the double top formation.

    Not every formation can continue successfully. For this, we will gradually follow the supports mentioned above. Unless the 1.1830 support is broken, it may be premature to look at the promised points of the formation as targets.

    We will now watch 1.2180 resistance in intraday movements for possible reactions.

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    Support Level: 1852 – 1842 – 1825 Resistance Level: 1865 – 1878 – 1885


    XAU/USD With the Triggering of the Reverse Flag Drowned Under 1865…

    On the ounce gold side, there was a sharp decline last Thursday, especially on Friday, with the US Non-Farm. The yellow metal regressed to the support of 1865 and received a small support from this region. When we looked, we talked about the formation of a reverse flag in the reports during the week.

    With the decline experienced yesterday and the breaking of the lower band of the reverse flag, the prices fell below 1865. He confirmed it by reacting to the support and lower band it broke today. As the overall stays below 1865, we can expect the yellow metal bearish trend to continue in the short-term view.

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    Support Level: 1.0710 – 1.0655 – 1.0590 Resistance Level: 1.0780 – 1.0810 – 1.0850


    EUR/USD – The Fall Continues Step by Step with the Movement in favor of the Dollar…

    On the EUR/USD parity side, we see the continuation of the movements in favor of the Dollar index. The pair, which tested the resistance of 1.0780 yesterday, could not close the daily candle above this zone and the movements in favor of the dollar continue from where they left off.

    With the movements in favor of the dollar, there is a sagging below the 1.0710 support today. If the daily candle closes below 1.0710, the downward trend in the parity can continue and the 1.0460 level can be brought to the agenda step by step.

    Since we are looking at the chart on a daily basis, we still see this area as support until a daily close below 1.0710 is experienced.

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