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

11/11/2022 Daily Reports

Support Level: 1.0100 - 1.0000 - 0.9930 Resistance Level: 1.0200 - 1.0300- 1.0380

EUR/USD

  • The Euro has skyrocketed from session n lows at 0.9930 area to reach two-month highs at 1.0189 as the release of US inflation figures have sent the Greenback tumbling across the board. The pair ended the day at the top, bullish in the daily chart.
  • Consumer inflation increased by 0.4% in October, unchanged from the previous month, against market expectations of a 0.6% reading. The year-on-year figure slowed down to a 7.7% rate, beyond the consensus of 8%, after having risen by 8,2% in September.
  • The Core CPI, which excludes the impact of volatile food and energy prices and is closely observed by the Federal Reserve to assess inflation trends has eased to 0.3% in October, from 0.6% in September, against expectations of a 0.5% increase. Year on year, the Core CPI has retreated to 6.3% from 6.6% in September.
  • The EUR/USD pair is trading near the 1.0189, up for the day with bullish stance in daily chart. The pair stabilized above 20 and 50 SMA, indicates bullish strength. Meanwhile, the 20 SMA started turning north and heading towards longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0200, break above this level will extend the advance to 1.0300.
  • Technical readings in the daily chart support the bullish stances. The RSI indicators hovering above the midlines and stabilized around 64. The Momentum indicator stabilized above the midline, indicating upward potentials. On downside, the immediate support is 1.0100 and below this level will open the gate to 1.0000.

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    Support Level: 1.1630 - 1.1500 - 1.1380 Resistance Level: 1.1740 - 1.1900 - 1.2000

    GBP/USD

    • The Pound Sterling soars above 1.1700 following a cooler-than-expected US inflation report, which weighed on the US Dollar amidst speculations that the Federal Reserve would tighten at a slower rhythm than 75 bps increases. At the time of writing, the GBPUSD is trading at 1.1710.
    • Thursday’s US Consumer Price Index (CPI) report for October showed that inflation is finally easing a touch. The headline CPI was 7.7% YoY, below estimates of 7.9%, while the core CPI, which excludes volatile items like food and energy, followed suit, at 6.3% YoY, below expectations of 6.5%. That said, the US Dollar weakened across the board, while US Treasury bond yields plunged, with the 10-year down 24 bps at 3.857%.
    • At the same time, the US labor market updated the unemployment claim figures, which were overshadowed by the US inflation report. Initial Jobless Claims for the last week rose by 225K vs. 220K estimates. Even though the last week’s Nonfarm Payrolls report added more jobs than economists foresaw, the unemployment rate ticked up to 3.7%, meaning that the labor market remains tight but begins to feel the impact of restrictive policy.
    • The GBP/USD offers bullish stance in daily chart. Cable stabilized above all main SMAs, indicating bullish strength in short term. Meanwhile, the 20 SMA continued accelerating north and developing above 50 SMA, suggests bulls not exhausted yet. On upside, The immediate resistance is 1.1740 with a break above it exposing to 1.1900.
    • Technical readings in the daily chart support the bullish stances. RSI indicator stabilized around 58, while the Momentum indicator stabilized above the midline, suggesting upward potentials. On downside, the immediate support is 1.1630, unable to defend this level will resume the decline to 1.1500.

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    Support Level: 1730 - 1700- 1680 Resistance Level: 1766 - 1785 - 1800

    XAU/USD

    • Gold price have shrugged off the soft tone seen earlier today to rally $40 higher and reach the mid-range of the $1,700s. The precious metal has been boosted by the broad-based US Dollar weakness following the release of US inflation data, still bullish in the daily chart.
    • Consumer inflation rose at a slower-than-expected pace in the US, which has set the scene for the US Federal Reserve to ease its aggressive monetary policy path. This has spurred risk appetite, hammering the US Dollar and Treasury bonds and pushing precious metals higher.
    • US CPI increased by 0.4% in October, unchanged from the previous month, against market expectations of a 0.6% reading, according to data from the US Bureau of Labor Statistics. Year-on-year, the CPI cooled down to a 7.7% rate, beyond the consensus of 8%, and after an 8.2% increase in September. The Core CPI, the Federal Reserve’s preferred gauge for inflationary trends, has eased to 0.3% in October, from 0.6% in September, against expectations of a 0.5% increase. Year on year, the Core CPI has retreated to 6.3% from 6.6% in September.
    • Gold price stabilized around 1755, up for the day and bullish in the daily chart. The gold price stabilized above 20 and 50 SMA, suggesting bullish strength. Meanwhile, the 20 SMA started turning north and heading towards longer ones, indicating bulls not exhausted yet. On upside, the immediate resistance is 1766, break above this level will open the gate to extend the advance to 1785 area.
    • From a technical perspective, the RSI indicator hold above the midline and stabilized around 67, suggesting bullish strength. The Momentum indicator stabilized above the midline, suggests upward potentials. On downside, the immediate support is 1730, below this area may resume the decline to 1700.

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    Support Level: 140.00 - 138.00 - 136.00 Resistance Level: 142.20 - 143.80 - 145.30

    USD/JPY

    • The USDJPY lost almost 300 pips in a few minutes following the release of US inflation data. The pair dropped from above 146.00 to as low as 140.19, reaching the lowest level since September 6. The pair ended Thursday at around 140.80, bearish in the daily chart.
    • The US Consumer Price Index annual rate dropped from 8.2% to 7.7% in October, below the 8.0% of market consensus and hitting the lowest since January. Also core reading showed lower-than-expected numbers.
    • The inflation reading sent US bond yields sharply lower. The US 10-year dropped to 3.90% from 4.10%, while the 2-year fell from 4.60% to 4.38%. Equity prices in Wall Street jumped. The yen jumped versus the dollar and remained steady against other currencies, not affected by risk appetite and supported by the decline in US yields. Despite showing already massive losses, the Dollar still looks vulnerable.
    • The USD/JPY pair stabilized around 140.80, down for the day and bearish in the daily chart. The price still maintains the downward slope but got some support from 200 SMA, suggests bearish strength in short term. Meanwhile, 20 SMA started turning south and heading towards longer ones, indicating bears not exhausted.  On upside, overcome 142.20 may encourage bulls to challenge 143.80, break above that level will open the gate to 145.30.
    • Technical indicators suggest the bearish strength. RSI stabilized around 32, while the Momentum indicator continued developing below the midline, suggests downward potentials. On downside, the immediate support is 140.00, break below this level will open the gate to 138.00 area.

    Support Level: 33500 - 33300 - 33000 Resistance Level: 33800 - 34000 - 34300

    DJI

    • DJI made a strong rally, jumped from intraday low 32430 area to 33790 daily high. It hold near the bottom and ended Thursday at around 33770, up for the day and bullish in the hourly chart. The price stabilized above all main SMAs, suggests bullish strength. Meanwhile, 20 SMA continued accelerating north and heading towards longer ones, suggests bulls not exhausted yet. On upside, overcome 33800 may encourage bulls to challenge 34000, break above this level will open the gate to 34300.
    • Technical indicators suggest the bullish strength. RSI stabilized around 77, while the Momentum indicator stabilized above the midline, suggests upward potentials. On downside, the immediate support is 33500, break below this level will open the gate for more decline to 33300 area.

    Support Level: 91.70 -90.40 - 89.00 Resistance Level: 94.30 - 95.60 - 97.00

    BRENT

    • Brent made a modest advance, climbed from intraday high 91.70 area to intraday high 94.30, it retreated modestly and ended Thursday at around 93.37, up for the day and neutral in the hourly chart. The price stabilized between 20 and 50 SMAs, suggests neutral strength in short term. Meanwhile, the 20 SMA continued developing below longer ones despite it started turning north, indicating bears not exhausted yet. On upside, overcome 94.30 may encourage bulls to challenge 95.60, break above this level will open the gate to 97.00.
    • Technical indicators suggest the neutral to bearish movement, hovering below the midline. RSI stabilized at around 49, while the Momentum indicator stabilized in positive territory, suggests upward potentials. On downside, the immediate support is 91.70, break below this level will open the gate for more decline to 90.40 area.

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