11/04/2023 Evening Reports
*In his speech today, New York FED President Williams said that they saw some slowdown in employment demand but still high, inflation still hovers above the 2% target, they should monitor inflation, retail sales and other data, there are policies towards a restrictive stance, bank failures He stated that it increases uncertainty and they need to see core inflation go down.
*In the assessment made today by the International Monetary Fund (IMF), it lowered its global economic growth forecast from 2.9% to 2.8% for 2023 and from 3.1% to 3.0% for 2024. It was stated that the downward revision in growth forecasts stemmed from high inflation and the latest concerns in the financial sector.
EURUSD – Reacts Against 1.0930 Resistance…
The pair managed to hold at the 1.0835 support, which coincides with the Fibo 61.8 retracement of the 1.1030/1.0520 decline yesterday and reacted towards 1.0930 today. Overall, intraday support remains at 1.0835 and the main support is the uptrend line from 0.9550.
Initial daily resistance above is 1.0930, while main support is 1.0975 last week.
We follow the price movements in this region.
BRENT – Remains Limited Movement After Last Week’s Gap…
Brent prices are moving in a very limited area both last week and the beginning of this week after the gap opening last week.
With this gap opening, as you can see in the chart, the descending price channel was broken up and it did not re-enter this channel by holding on to the 83.25 support. As long as it can stay above 83.25 in the short term, it can go forward in terms of protecting its gains. On the upside, the 86.70 level could be a key resistance for further positive moves and the start of a possible wave towards $100. We will follow this.
XAUUSD – Trying to Keep Reaction From 1981…
The yellow metal corrected by regressing towards the triangle it had broken on the upside in the past weeks. The upper band of this triangle has been confirmed by pullbacks and there has been another reaction today.
Although there is a regression towards the 2000s after the reaction up to the 2007 level, the 2007 level will now be in front of us as the first resistance during the day. Above 2013, positive movements may continue by gaining a little more strength.
In possible declines, 1993 is the first support, but the 1981 level can be the points to be followed in the short term as the main support.
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