The daily reports for important events that affects the forex, stocks and commodities markets.

10/10/2022 Daily Reports

Support Level: 0.9730- 0.9630- 0.9530 Resistance Level: 0.9820 - 0.9920- 1.0000

EUR/USD

  • The EUR/USD fell from 0.9790 to 0.9730 reaching the lowest level in a week following the release of the US official employment report that showed numbers slightly above expectations. The greenback strengthened after the numbers.
  • Earlier in the day, the data published by the US Bureau of Labor Statistics revealed that Nonfarm Payrolls rose by 263,000 in September. This print came in better than the market expectation for an increase of 250,000 and helped the dollar outperform its rivals. Additionally, the Unemployment Rate declined to 3.5% from 3.7%.
  • With the initial reaction, the US Dollar Index (DXY) jumped to a daily high of 112.82 and forced EUR/USD to drop to a weekly low of 0.9726. Week-end flows and profit-taking, however, seem to be limiting the dollar’s gains with the DXY retreating below 112.50 toward the London fix.
  • The EUR/USD pair is trading near the 0.9740, down for the day with the neutral stance in daily chart. The pair stabilized below 20 and 50 SMA, indicates bearish 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 0.9820, break above this level will extend the advance to 1.0000.
  • Technical readings in the daily chart support the bearish stances. The RSI indicators hovering below the midlines and stabilized around 42. The Momentum indicator stabilized in the negative territory, indicating downward potentials. On downside, the immediate support is 0.9730 and below this level will open the gate to 0.9630.

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    Support Level: 1.1020- 1.0940- 1.0820 Resistance Level: 1.1220 - 1.1380- 1.1500

    GBP/USD

    • The GBP/USD pair meets with a fresh supply during the early North American session and slides back closer to the daily low, below mid-1.1100s in reaction to the upbeat US employment details.
    • The US dollar reverses an intraday dip and climbs to a fresh weekly high after the headline NFP report showed that the US economy added 263K new jobs in September. The reading marks a notable slowdown from the 315K reported in the previous month, though surpasses consensus estimates for a reading of 250K.
    • Additional details revealed that the unemployment rate fell to 3.5% during the reported month from 3.7% in August, reaffirming hawkish Fed expectations. This, in turn, remains supportive of elevated US Treasury bond yields and underpins the greenback, which exerts some pressure on the GBP/USD pair.
    • The GBP/USD offers bearish stance in daily chart, it maintains the downward slope after hit 1.1383 high. Cable now is stabilizing below 20 and 50 SMA, indicating bearish 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 1.1220 with a break above it exposing to 1.1500.
    • Technical readings in the daily chart support bearish stances. RSI indicator stabilized around 42, while the Momentum indicator stabilized below the midline, suggesting downward potentials. On downside, the immediate support is 1.1020, unable to defend this level will resume the decline to 1.0940.

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    Support Level: 1680 - 1659- 1642 Resistance Level: 1730 - 1745- 1765

    XAU/USD

    • Gold price dropped after the US Labor Department reported employment figures, which exceeded estimations, justifying the Fed’s need for further tightening, bolstering the greenback. Therefore, XAU/USD ended the week at around $1695, below its opening price.
    • US Data reported by the US Bureau of Labor Statistics (BLS), showed that the US economy added 263K new jobs, smashing estimations of 250K, while the Unemployment Rate ticked lower to 3.5%, from 3.7% expectations. Even though it is a lower reading than August’s figures, it was above estimates, which would further cement the case for e Federal Reserve rate hike.
    • In the meantime, money market futures have priced in a 92% chance of a Fed 75 bps rate hake, up from 85.5%, before the US Nonfarm Payrolls report. US Treasury bond yields pushed to the upside, with the US 10-year Treasury bond yield advancing three bps, at 3.865%, while the US Dollar Index, a gauge of the buck’s value vs. six currencies, is up 0.28%, at 112.565.
    • Gold price stabilized around 1714, down for the day and neutral in the daily chart. The gold price stabilized between 20 and 50 SMA, suggesting neutral 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 near the midline and stabilized around 50, suggesting neutral strength. The Momentum indicator struggled below the midline, suggests downward potentials. On downside, the immediate support is 1680, below this area may resume the decline to 1659.

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    Support Level: 143.50 - 142.50 - 141.50 Resistance Level: 146.00 - 147.00 - 148.00

    USD/JPY

    • USD/JPY remains subdued after US employment data unexpectedly surprised market participants, with the US economy adding more jobs than economists estimated. The pair ended the week around 145.20, still bullish in the daily chart.
    • Data revealed by the US Labor Department reported that Nonfarm Payrolls increased by 263K, above estimates of 250K, while the Unemployment Rate headed south from 3.7% to 3.5%, putting additional pressure on the Federal Reserve. Given Fed official’s expressions throughout the last week, speaking about the tightness of the Labor market, September’s jobs report would likely justify another three-quarter percent (0.75%) rate hike.
    • Before the US employment data hit traders’ screens, the Fed’s chances of a 75 bps rate hike were at 85.5%. After the report, it increased to 92%. Elsewhere, the US Dollar Index, a gauge of the buck’s value against a basket of peers, extended its gains by 0.31%, at 112.636. Notably, the greenback made a U-turn and is positive in the week by 0.40%.
    • The USD/JPY pair stabilized around 145.20, unchanged 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 146.00 may encourage bulls to challenge 147.00, break above that level will open the gate to 148.00.
    • Technical indicators suggest the bullish strength. RSI stabilized around 64, while the Momentum indicator continued developing above the midline, suggests upward potentials. On downside, the immediate support is 143.50, break below this level will open the gate to 142.50 area.

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    Support Level: 29200 - 29000 - 28600 Resistance Level: 29600 - 29850 - 30100

    DJI

    • DJI under the sell pressure, retreated from the intraday top 30100 area to intraday low 29190 region. it ended the day near the bottom, bearish in the hourly chart. It stabilized below all main SMAs, suggests bearish strength. Meanwhile, the 20 SMA continued accelerating south and heading towards longer ones, suggesting bears not exhausted yet. On upside, overcome 29600 may encourage bulls to challenge 29850, break above this level will open the gate to 30100.
    • Technical indicators suggest the bearish strength. RSI stabilized around 25, while the Momentum indicator stabilized in negative territory, suggests downward potentials. On downside, the immediate support is 29200, break below this level will open the gate for more decline to 29000 area.

    Support Level: 97.00 - 96.00 - 95.00 Resistance Level: 98.60 - 100.50 - 102.50

    BRENT

    • Brent continued the advance, climbed from 93.90 low to 98.60 region. It hold near the top and ended week around 98.40, 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 98.60 may encourage bulls to challenge 100.50, break above this level will open the gate to 102.50.
    • Technical indicators suggest the bullish movement, hovering above the midline. RSI stabilized around 75, while the Momentum indicator stabilized in positive territory, suggests upward potentials. On downside, the immediate support is 97.00, break below this level will open the gate for more decline to 96.00 area.

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