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

13/12/2022 Daily Reports

Support Level: 1.0430 - 1.0390 - 1.0290 Resistance Level: 1.0600 - 1.0700- 1.0800

EUR/USD

  • The Euro registers solid gains against the US Dollar on Monday, during the North American session, courtesy of overall US Dollar weakness.At the time of writing, the EUR/USD is trading at 1.0535, still bullish in the daily chart.
  • Sentiment remains upbeat, as shown by US equities trading in the green. Last week’s economic data revealed that the PPI for the United States rose more than foresaw up 0.3% MoM for the third consecutive month and increased by 7.4% YoY vs. a 7.2% estimated, as the Department of Labor reported last Friday. Excluding volatile items like food and energy, the PPI jumped by 0.4% MoM and 6.2%, with both figures exceeding estimates.
  • In the meantime, the US CPI, to be revealed on Tuesday, is expected to fall from 7.7% in the previous month’s reading to a 7.3% YoY consensus, while the so-called core CPI is estimated to drop from 6.3% to 6.1% YoY. If data shows that inflation is cooling, that could trigger Euro buying, exerting pressure on the US Dollar. Therefore, the EUR/USD might climb above the 1.0600 figure and test the 2020 yearly low of 1.0635.
  • The EUR/USD pair is trading near the 1.0535, unchanged for the day with bullish stance in daily chart. The pair stabilized above 20 and 50 SMA, indicates bullish strength. Meanwhile, the 20 SMA continued accelerating north and developing far above longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0600, break above this level will extend the advance to 1.0700.
  • Technical readings in the daily chart support the bullish stances. The RSI indicators hovering above the midline and stabilized around 65. The Momentum indicator stabilized above the midline, indicating upward potentials. On downside, the immediate support is 1.0430 and below this level will open the gate to 1.0290.

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    Support Level: 1.2200 - 1.2100 - 1.2000 Resistance Level: 1.2350 - 1.2500 - 1.2660

    GBP/USD

    • The British Pound is firm on Monday within a bullish cycle that targets the 1.2350 area in what would be a measured move to the upside from the recent lows near 1.2100. Fundamentally, all eyes will be on the Federal Reserve and Bank of England interest rate announcements this week.
    • GBP/USD will be in the limelight this week due to the Monetary Policy Committee and FOMC meetings this week. The outcome of the meetings will set the interest rates for both the United States of America’s and the United Kingdom’s central banks, the Federal Reserve and the Bank of England respectively.
    • Meanwhile, the British Pound held steady against the US Dollar on Monday, despite a murky economic growth outlook ahead of the Bank of England’s next policy decision. Gross Domestic Product grew by 0.5% after September’s 0.6% contraction, but fears of a lengthy UK recession are still weighing on sentiment.
    • The GBP/USD offers bullish stance in daily chart. Cable still stabilized above all main SMAs, indicating bullish strength in short term. Meanwhile, the 20 SMA continued accelerating north and developing above longer ones, suggests bulls not exhausted yet. On upside, The immediate resistance is 1.2350 with a break above it exposing to 1.2500.
    • Technical readings in the daily chart support the bullish stances. RSI indicator stabilized around 65, while the Momentum indicator stabilized above the midline, suggesting upward potentials. On downside, the immediate support is 1.2200, unable to defend this level will resume the decline to 1.2100.

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    Support Level: 1765 - 1730 - 1700 Resistance Level: 1810 - 1830 - 1857

    XAU/USD

    • On a quiet Monday ahead of key events, XAU/USD is falling by more than $10, hovering around $1,784, the lowest level since Thursday. The yellow metal is extending the retreat from above $1,800, still bullish in the daily chart.
    • Gold price lost momentum during the American session amid higher US Treasury yields that also boosted the US Dollar. The US 10-year yield stands at 3.56% while the 2-year at 4.34%. In Wall Street, the Dow Jones is up by 0.55% and the Nasdaq gains by 0.04%. The improvement in risk sentiment and the rally in crude oil prices are not helping hold.
    • Price action remains limited on Monday ahead of likely volatile days ahead considering the upcoming events. On Tuesday, the US Consumer Price Index is due. On Wednesday, the Federal Reserve will announce its decision on monetary policy and on Thursday, the European Central Bank and the Bank of England.
    • Gold price stabilized around 1781, down for the day and bullish in the daily chart. The gold price still stabilized above 20 and 50 SMA, suggesting bullish strength in short term. Meanwhile, the 20 SMA continued accelerating north and developing above 50 SMA, indicating bulls not exhausted yet. On upside, the immediate resistance is 1810, break above this level will open the gate to extend the advance to 1830 area.
    • From a technical perspective, the RSI indicator hold above the midline and stabilized around 59, suggesting bullish strength. The Momentum indicator stabilized above the midline, suggests upward potentials. On downside, the immediate support is 1765, below this area may resume the decline to 1730.

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    Support Level: 136.60 - 135.60 - 135.00 Resistance Level: 137.90 - 139.90 - 142.20

    USD/JPY

    • The USD/JPY is trading at the highest level since last Wednesday at 137.70, up more than a hundred pips on Monday ahead of critical events on the back of a stronger US Dollar.
    • Equity prices are rising on Monday. The Dow Jones gains by 0.89% and the Nasdaq climbs by 0.41%. At the same time, US yields are moving to the upside supporting the US Dollar. The Japanese Yen is among the worst performers hit by yields and risk appetite.
    • The FOMC will announce its monetary policy decision on Wednesday. A 50 basis points rate hike is expected. The meeting includes new macroeconomics forecasts and Powell’s press conference.
    • The USD/JPY pair stabilized around 137.70,  up for the day and bearish in the daily chart. The price still maintains the downward slope and develops below all main SMAs, suggests bearish strength in short term. Meanwhile, 20 SMA continued accelerating south and developing below longer ones, indicating bears not exhausted.  On upside, overcome 137.90 may encourage bulls to challenge 139.90, break above that level will open the gate to 142.20.
    • Technical indicators suggest the bearish strength. RSI stabilized around 42, while the Momentum indicator continued developing below the midline, suggests downward potentials. On downside, the immediate support is 136.60, break below this level will open the gate to 135.60 area.

    Support Level: 33700 - 33430 - 33180 Resistance Level: 34070 - 34300 - 34500

    DJI

    • DJI made a strong rally on Monday, advanced from intraday low 33430 area to high 34020 level. It hold near the top and ended Monday at around 33970, up for the day and bullish in the daily chart. The price stabilized above 20 and 50 SMA, suggests bullish strength in short term. Meanwhile, 20 SMA continued accelerating north and heading towards 50 SMA, suggests bulls not exhausted yet. On upside, overcome 34070 may encourage bulls to challenge 34300, break above this level will open the gate to 34500.
    • Technical indicators indicates the bullish strength. RSI stabilized around 72, while the Momentum indicator stabilized in positive territory, suggests upward potentials. On downside, the immediate support is 33700, break below this level will open the gate for more decline to 33430 area.

    Support Level: 76.70 -75.20 - 74.00 Resistance Level: 79.20 - 80.50 - 82.50

    BRENT

    • Brent made a strong rally, advanced from intraday low 75.20 area to intraday high 77.47 level. It hold near the top and ended Monday at around 78.25, up for the day and bullish in the hourly chart. The price stabilized above 20 and 50 SMAs, suggests bullish strength in short term. Meanwhile, the 20 SMA started turning north and heading toward 50 SMA, indicating bullish bias. On upside, overcome 79.20 may encourage bulls to challenge 80.50, break above this level will open the gate to 82.50.
    • Technical indicators suggest the bullish movement, hovering above the midline. RSI stabilized at around 65, while the Momentum indicator stabilized above the midline, suggests upward potentials. On downside, the immediate support is 76.70, break below this level will open the gate for more decline to 75.20 area.

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