14/07/2023 Evening Reports
The Michigan Consumer Confidence Index, which we have been monitoring for the month of July in the United States, has increased from 64.4 to 72.6. The data was expected to come in at the level of 65.5. Meanwhile, the 12-month inflation expectation in Michigan has risen from 3.3% to 3.4%.
20:00 US Oil Rig Count
USDJPY – Rebounds To 138,875 Resistance After Falls…
After a downward rally that lasted for 6 days in the USD/JPY pair, there were recoveries up to the 138.875 resistance level from the 137.23 level. If the level of 138.875 is surpassed and sustained, the next resistance levels to watch are 139.90 and 140.795. On the other hand, as long as the price remains below the 138.875 resistance, support levels can be observed at 137.87 and 136.70.
XAUUSD – Testing Support for 1954.95…
In the hourly timeframe, the support level at 1954.95 in Gold is being tested for the 5th time. If this level is broken and sustained, we may see further declines in price. In that case, the support levels to watch are 1954.95 and 1949.75. On the other hand, as long as the price remains above the 1954.75 support, we may witness a renewed upward movement. In that scenario, the resistance levels of 1960.30 and 1966.85 can come into play.
BRENT – Pulling Back Towards 80.90 Support…
In the 4-hour timeframe, we observed pullbacks in Brent Crude Oil as it encountered resistance at the upper band of the rising price channel. In the continuation of the pullback, support levels to watch are 80.90 and 79.90. On the upside, the resistance levels to monitor are 81.60 and the upper band of the channel.
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