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

15/11/2022 Daily Reports

Support Level: 1.0270 - 1.0200 - 1.0100 Resistance Level: 1.0370 - 1.0500- 1.0600

EUR/USD

  • The EURUSD pair erased intraday losses after climbing back to the 1.0350 zone. Earlier the pair bottomed at 1.0270 but then the Greenback lost momentum across the board, triggering the rebound.
  • The Dollar pulled back during the American session even as US yields moved higher. The US 10-year stands at 3.89% and the 2-year at 4.43%. Equity prices in Wall Street are moving off highs. In the Eurozone, data released on Monday showed a bigger-than-expected increase in Industrial Production. On Tuesday, data to be released includes Q3 employment, GDP and confidence.
  • EURUSD holds onto most of recent gains that followed the release of the October US Consumer Price Index that boosted expectations of a less aggressive Federal Reserve. On Tuesday, the Producer Price Index is due and could impact markets. More signs of a slowdown in inflation could weigh further on the dollar, while the contrary could prompt a steep correction of the dollar.
  • The EUR/USD pair is trading near the 1.0350, 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 above longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0370, break above this level will extend the advance to 1.0500.
  • Technical readings in the daily chart support the bullish stances. The RSI indicators hovering above the midlines and stabilized around 68. The Momentum indicator stabilized above the midline, indicating upward potentials. On downside, the immediate support is 1.0270 and below this level will open the gate to 1.0200.

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    Support Level: 1.1640 - 1.1500 - 1.1380 Resistance Level: 1.1900 - 1.2000 - 1.2100

    GBP/USD

    • The Pound Sterling tumbled from around last week’s highs above 1.1800 against the US Dollar (USD) after a Federal Reserve (Fed) official stated that a move of 50 bps is on the radar for the next meeting or the one after that. Therefore a risk-off impulse capped the GBP rally, bolstering the USD. At the time of writing, the GBPUSD is trading at 1.1770, still bullish in the daily chart.
    • Amidst the lack of US economic data in the calendar, investors are leaning on Fed officials speaking, particularly on Christopher Waller. Waller said that the Fed “still has ways to go” hiking rates and commented that the US central bank could moderate the size of interest-rate increases to 50 bps at their December meeting or the one after that, and reiterated that the Fed is not close to pausing.
    • The market reacted negatively to the remarks, as the GBPUSD dropped below 1.1800, while the greenback bounced off, as shown by the US Dollar Index (DXY), rising 0.56%, at 107.031. Regarding US Treasury bond yields, following Friday’s holiday, the 10-year benchmark note rate reached a daily high at 3.904% before dipping towards 3.863%.
    • 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 longer ones, 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 61, while the Momentum indicator stabilized above the midline, suggesting upward potentials. On downside, the immediate support is 1.1640, unable to defend this level will resume the decline to 1.1500.

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    Support Level: 1732 - 1700- 1680 Resistance Level: 1785 - 1800 - 1810

    XAU/USD

    • Gold capitalized on risk flows and the broad-based US Dollar weakness last week and gained over 5%. In the absence of high-impact macroeconomic data releases this week, the risk perception is likely to continue to impact the US Dollar’s valuation and Gold price’s action.
    • October Industrial Production and Retail Sales figures from China will be released on Tuesday. Investors, however, are likely to ignore these data and stay focused on developments surrounding the Covid restrictions. In case China continues to ease its rules, Gold price should stretch higher on improving demand outlook.
    • Meanwhile, the Fed Vice-Chair Lael Brainard is crossing newswires, saying that the most recent CPI suggests that Core Personal Consumption Expenditures (PCE)  could also show a reduction. She added that it would be appropriate to slow the pace of hikes, and further rate hikes would be data-dependent.
    • Gold price stabilized around 1772, unchanged 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 1785, break above this level will open the gate to extend the advance to 1800 area.
    • From a technical perspective, the RSI indicator hold above the midline and stabilized around 71, suggesting bullish strength. The Momentum indicator stabilized above the midline, suggests upward potentials. On downside, the immediate support is 1732, below this area may resume the decline to 1700.

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    Support Level: 138.00 - 136.00 - 134.00 Resistance Level: 140.80 - 142.50 - 145.30

    USD/JPY

    • After diving more than 5% in the last week, the USDJPY is staging a comeback, bouncing off the last week’s lows around 138.00 and climbing over 150 pips. At the time of writing, the USDJPY is trading at 139.90, above its opening price by 1.00%.
    • Sunday’s hawkish commentary by Federal Reserve (Fed) Governor Christopher Waller shifted sentiment sour. Waller commented that the Fed “still has ways to go” lifting interest rates and added that the Central Bank could moderate the size of interest-rate increases to 50 bps at their December meeting or the one after that, reiterating that the US central bank is not close to pausing.
    • The US Dollar Index, a gauge of the greenback’s value against a basket of peers, extended its gains by 0.36%, up at 106.807, after falling to three-month lows at 106.281. in the meantime, the US 10-year Treasury yield edged down one bps at 3.865%, capping the USDJPY rally around the current exchange rates.
    • The USD/JPY pair stabilized around 139.90, up for the day and bearish in the daily chart. The price still maintains the downward slope and upside got some resistance 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 140.80 may encourage bulls to challenge 142.50, 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 138.00, break below this level will open the gate to 136.00 area.

    Support Level: 33400 - 33200 - 33000 Resistance Level: 34000 - 34300 - 34600

    DJI

    • DJI consolidated in the familiar range, tumbled from 33980 intraday high to 33550 daily low. It hold near the bottom and ended Monday at around 33590, down for the day and bearish in the hourly chart. The price stabilized below all main SMAs, suggests bearish strength. Meanwhile, 20 and 50 SMA started turning flat but continued developing above 200 SMA, suggests bulls not exhausted in the long term yet. On upside, overcome 34000 may encourage bulls to challenge 34000, break above this level will open the gate to 34300.
    • Technical indicators suggest the bearish strength. RSI stabilized around 42, while the Momentum indicator stabilized below the midline, suggests downward potentials. On downside, the immediate support is 33400, break below this level will open the gate for more decline to 33200 area.

    Support Level: 92.50 -91.50 - 89.80 Resistance Level: 94.70 - 97.00 - 99.60

    BRENT

    • Brent climbed to intraday high 96.92 in the early half of the day, but failed to hold the gains and back to intraday low 92.50 area to ended Monday, down for the day and bearish in the hourly chart. The price stabilized below 20 and 50 SMAs, suggests bearish strength in short term. Meanwhile, the 20 SMA continued accelerating south and heading towards longer ones, indicating bears not exhausted yet. On upside, overcome 94.70 may encourage bulls to challenge 97.00, break above this level will open the gate to 99.60.
    • Technical indicators suggest the bearish movement, hovering below the midline. RSI stabilized at around 37, while the Momentum indicator stabilized below the midline, suggests downward potentials. On downside, the immediate support is 92.50, break below this level will open the gate for more decline to 91.50 area.

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