17/03/2023 Daily Reports
Support Level: 1.0510 - 1.0440 - 1.0300 Resistance Level: 1.0640 - 1.0700 - 1.0760
EUR/USD
- EUR/USD is higher on the day but hardly making headway after the European Central Bank raised interest rates as planned despite market turmoil and the banking crisis. At the time of writing, EUR/USD is trading at 1.0615 and higher by 0.2% on the day. The pair has travelled between a low of 1.0551 and 1.0635.
- The ECB announced a half-percentage point rate hike as promised to curb inflation. No LTROs were announced, but the statement shows a willingness to provide liquidity if needed. Moreover, there was no indication in the statement of future policy hikes. Treasury yields rose at the short end, while notes and bonds with maturities of 10 years or more fell after an initial volatile reaction by markets to the ECB decision.
- The EUR/USD pair is trading near the 1.0615, up for the day with bullish stance in daily chart. The pair stabilized below 20 and 50 SMA, indicates bearish strength. Meanwhile, the 20 SMA started turning flat but continued developing below 50 SMA, suggests bears not exhausted yet. On upside, the immediate resistance is 1.0640, break above this level will extend the advance to 1.0700.
- Technical readings in the daily chart support the bearish stance. The RSI indicator stabilizes around 47. The Momentum indicator holds in the negative territory, indicating downward potentials. On downside, the immediate support is 1.0510 and below this level will open the gate to 1.0440.
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Support Level: 1.2010 - 1.1920 - 1.1800 Resistance Level: 1.2200 - 1.2270 - 1.2450
GBP/USD
- GBP/USD is taking on hourly resistance in the aftermath of the European Central Bank interest rate decision and press conference. The ECB went ahead with a half-point rate hike on Thursday. Nevertheless, the Euro sank and the US Dollar stabilized which is a weight for GBP. At the time of writing, GBP/USD is trading 0.48% higher on the day and has travelled between a low of 1.2026 and 1.2127 so far.
- The markets are now pricing in a 50% chance that the BoE will pause its rate-hiking cycle next week amid fresh turmoil in the European banking sector. This, in turn, warrants caution before placing aggressive bullish bets around the GBP/USD pair and positioning for a further intraday appreciating move. Traders now look to the US economic docket, featuring the usual Weekly Initial Jobless Claims, the Philly Fed Manufacturing Index, Building Permits and Housing Starts. Apart from this, the ECB-inspired volatility could provide some impetus to the GBP/USD pair.
- The GBP/USD offers bullish stance in daily chart. Cable stabilizes above 20 and 50 SMA, indicating bullish strength in short term. Meanwhile, the 20 SMA started turning north and heading towards longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.2200 with a break above it exposing to 1.2270.
- Technical readings in the daily chart support the bullish stances. RSI indicator stabilizes around 54, while the Momentum indicator stabilizes above the midline, suggesting upward potentials. On downside, the immediate support is 1.2010, unable to defend this level will resume the decline to 1.1920.
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Support Level: 1907 - 1886 - 1858 Resistance Level: 1937 - 1958 - 2000
XAU/USD
- Gold price attracts some dip-buying near the $1,908-$1,907 region on Thursday and stalls the previous day’s modest retracement slide from its highest level since early February. The XAU/USD sticks to its modest gains near the $1,920 level, albeit lacks follow-through or a bullish conviction.
- Credit Suisse’s move to bolster its financial position forces the US Dollar to reverse a part of the overnight strong gains of over 1%. This, along with the prevalent cautious mood around the equity markets, turns out to be another factor acting as a tailwind for the US Dollar-denominated Gold price. That said, the prospects for additional interest rate hikes by major central banks keep a lid on any meaningful upside for the non-yielding yellow metal. This, in turn, warrants some caution before placing aggressive bullish bets around the XAU/USD.
- Gold price stabilized around 1919, unchanged for the day and bullish in the daily chart. The gold price still stabilizes above all main SMAs, suggesting bullish strength in short term. Meanwhile, the 20 and 50 SMA started turning north and continued developing far above 200 SMA, indicates bulls not exhausted yet. On upside, the immediate resistance is 1937, break above this level will open the gate for more advance to 1958 area.
- From a technical perspective, the RSI indicator holds above the mid-line and stabilizes around 65, on a bullish strength. The Momentum indicator hold in the positive territory, suggests upward potentials. On downside, the immediate support is 1907, below this area may resume the decline to 1886.
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Support Level: 131.70 – 129.80 – 127.20 – 129.80 Resistance Level: : 135.20 – 137.00 – 138.00
USD/JPY
- USD/JPY rises after dropping to a fresh four-week low at 131.71 but stages a comeback and has reclaimed the 133.00 figure. Nevertheless, a wall of resistance above the exchange rate supports a bearish bias. Hence, the USD/JPY is trading at 133.50, above its opening price by a decent 0.11%.
- The global flight to safety leads to a further decline in the US Treasury bond yields, which keeps the US Dollar bulls on the defensive and contributes to the offered tone surrounding the USD/JPY pair. Meanwhile, the disappointing release of the Philly Fed Manufacturing Index offsets the better-than-expected US Jobless Claims and housing market data and does little to provide any impetus.
- The USD/JPY pair stabilized around 133.50, up for the day and neutral in the daily chart. The price stabilizes below 20 SMA, suggests bearish strength in short term. Meanwhile, 20 SMA started turning flat but continued developing above 50 SMA, indicating bulls not exhausted. On upside, overcome 135.20 may encourage bulls to challenge 137.00, break above that level will open the gate to 138.00.
- Technical indicators suggest the neutral to bearish strength. RSI stabilizes around 46, while the Momentum indicator stabilizes near the midline, suggests directionless potentials. On downside, the immediate support is 131.70, break below this level will open the gate to 129.80 area.
Support Level: 32050 - 31790 - 31640 Resistance Level: 32540 - 32700 - 32900
DJI
- DJI made a big advance on Thursday, jumped from intraday low 31790 area to high 32520. It holds near the top and ended the day around 32500, up for the day and indicates bullish sign in the hourly chart. Right now market is standing above 20 and 50 SMA, suggests bullish strength. Meanwhile, 20 SMA started turning north and heading towards longer ones, suggests bulls not exhausted yet. On upside, overcome 32540 may encourage bulls to challenge 32700, break above that level will open the gate to 32900.
- Technical indicators suggest the bullish movement. RSI stabilizes around 66, while the Momentum indicator stabilizes in positive territory, suggests upward potentials. On downside, the immediately support is 32050, break below this level will open the gate for more decline to 31790 area.
Support Level: 73.50 – 71.70 – 70.00 Resistance Level: 75.50 – 76.70 – 78.70
BRENT
- Brent made a big rally on Thursday, jumped from intraday low 71.86 to high 75.53. It then trimmed modestly and ended the day around 74.75. The price currently stabilizes between 20 and 50 SMA, suggests neutral strength in the hourly chart. Meanwhile, the 20 SMA started turning north but continued developing below longer ones, indicates bears not exhausted yet. On upside, overcome 75.50 may encourage bulls to challenge 76.70, break above that level will open the gate to 78.70.
- Technical indicators also suggest neutral movement, hovering near the midline. RSI stabilizes at 50, while the Momentum indicator stabilizes in positive territory, suggests upward potentials. On downside, the immediately support is 73.50, break below this level will open the gate for more decline to 71.70 area.
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