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

24/10/2022 Daily Reports

Support Level: 0.9700 - 0.9630 - 0.9530 Resistance Level: 0.9875 - 1.0000- 1.0080

EUR/USD

  • The US Dollar tumbled as traders braced for the weekend following a volatile session that initially witnessed the EURUSD hitting its daily lows of around 0.9704. Still, news that the Federal Reserve (Fed) officials will slow the rhythm of rate hikes lifted the Euro from its lows, propelling the EURUSD back above 0.9800 and ended the week at around 0.9860, neutral to bullish in the daily chart.
  • In the New York session, the US Dollar was hit by news that Fed policymakers will discuss the size of subsequent interest rate increases to the Federal funds rate (FFR) at the November meeting. EUR buyers capitalized on the news, as the EURUSD recovered the 0.9800 figure. Later, San Francisco Fed President Mary Daly acknowledged what the article meant, commenting that even though rate hikes are needed and support a 75 bps increase for November, she added that it would not be 75 bps increases “forever.”
  • Consequently, US bonds rallied, a headwind for US Treasury yields, which dropped from around weekly highs, weighing on the US Dollar and underpinning the Euro. The  US 10-year Treasury bond yield trimmed its earlier gains and stood at around 4.218% after reaching a YTD high of 4.338%, levels last seen in 2007.
  • The EUR/USD pair is trading near the 0.9860, up for the day with the neutral stance in daily chart. The pair stabilized above 20 and 50 SMA, indicates bullish strength. However, the 20 SMA continued developing below longer ones despite it started turning flat, suggests bears not exhausted yet. On upside, the immediate resistance is 0.9875, break above this level will extend the advance to 1.0000.
  • Technical readings in the daily chart support the neutral to bullish stances. The RSI indicators hovering near the midlines and stabilized around 52. The Momentum indicator stabilized in the positive territory, indicating upward potentials. On downside, the immediate support is 0.9700 and below this level will open the gate to 0.9630.

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    Support Level: 1.1180 - 1.1050 - 1.0920 Resistance Level: 1.1400 - 1.1500 - 1.1600

    GBP/USD

    • The pound failed on its assault to 1.1300 earlier on Friday, although the ensuing reversal has found support at 1.1220 and the pair picked up again to the 1.1250 area. The GBP/USD remains moderately positive on the day in track to regain the previous two day’s losses.
    • Retail consumption contracted by 1.4% in September, well above market expectations of a 0.5% decline, and was 6.9% lower from the same month last year, according to data reported by National Statistics released earlier on Friday.
    • The impact of these figures, which have confirmed fears of an upcoming recession in the UK and have been coupled with political uncertainty, as the Tory party hustles to find a replacement for Liz Truss, which has increased negative pressure on the pair.
    • The GBP/USD offers neutral  to bullish stance in daily chart. Cable now is stabilizing above 20 and 50 SMA, indicating neutral strength in short term. However, the 20 SMA continued developing below longer ones despite it continued developing flat and upside still capped by the long-term bearish trend line, suggesting bears not exhausted yet. On upside, The immediate resistance is 1.1400 with a break above it exposing to 1.1500.
    • Technical readings in the daily chart support neutral stances. RSI indicator stabilized around 53, while the Momentum indicator stabilized above the midline, suggesting upward potentials. On downside, the immediate support is 1.1180, unable to defend this level will resume the decline to 1.1050.

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    Support Level: 1614 - 1600- 1565 Resistance Level: 1665 - 1685 - 1700

    XAU/USD

    • Gold price rebounds from monthly lows around $1617, advancing steadily towards the $1640s region as US Treasury yields drop on an article published by the Wall Street Journal (WSJ), which mentioned that Fed officials are split about December’s rate hike, as November increase to the Fed funds rate (FFR) 75 bps, is utmost certain.
    • Additionally, the WSJ article noted that policymakers are weighing whether to hike rates at a slower pace in December, namely 50 bps, though fears of being perceived as a “Fed pivot” could trigger a rally in equities, which according to the article, is not the case. Instead, Fed officials are adjusting the pace of rate increases as they try to cool down inflation. Once the article was published, US equities rallied, and US bond yields retraced, a tailwind for the gold price, as it printed a fresh monthly low early in the session.
    • The US 10-year T-bond yield is gaining two bps, up at 4.250%, well below the YTD high of 4.338%, a level last seen before the global financial crisis in 2007. Also, US real yields retreated from 1.838% to 1.706% as measured by the US 10-year Treasury Inflation-Protected Securities (TIPS) bond yield, giving a respite to the yellow metal holders.
    • Gold price stabilized around 1657, up for the day and bearish in the daily chart. The gold price stabilized below 20 and 50 SMA, suggesting bearish strength. Meanwhile, the 20 SMA continued developing far below longer ones despite it started turning flat, indicating bears not exhausted yet. On upside, the immediate resistance is 1665, break above this level will open the gate to extend the advance to 1685 area.
    • From a technical perspective, the RSI indicator hold below the midline and stabilized around 46, suggesting bearish strength. The Momentum indicator struggled above the midline, suggests upward potentials. On downside, the immediate support is 1614, below this area may resume the decline to 1600.

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    Support Level: 146.00 - 145.00 - 144.00 Resistance Level: 152.00 - 153.00 - 154.00

    USD/JPY

    • The USD/JPY lost nearly six hundred pips during the last minutes rising suspicion of an intervention from Japanese authorities. The pair rose to as high as 151.92 earlier on Friday, the highest level since August 1990 and it has recently dropped below 147.00. It ended the week around 147.70, still bullish in the daily chart.
    • The Bank of Japan and the Finance Minister could be behind the dramatic decline. The pair is now negative for the day and it could post the first decline in more than two weeks.
    • Investors still doubt about how successful could be an intervention while fundamental conditions remain the same with and ultra-accommodative Bank of Japan and the Federal Reserve rising aggressively interest rates.
    • The USD/JPY pair stabilized around 147.70, down for the day and bullish in the daily chart. The price still maintains the upward slope and stabilized above all main SMAs, suggests bullish strength. Meanwhile, 20 SMA continued accelerating north and developing above longer ones, indicating bulls not exhausted in the long term. On upside, overcome 152.00 may encourage bulls to challenge 153.00, break above that level will open the gate to 154.00.
    • Technical indicators suggest the bullish strength. RSI stabilized around 55, while the Momentum indicator continued developing above the midline, suggests upward potentials. On downside, the immediate support is 146.00, break below this level will open the gate to 145.00 area.

    Support Level: 30700 - 30400 - 30100 Resistance Level: 31400 - 31700 - 32060

    DJI

    • DJI continued the advance, jumped from the intraday low 30120 area to 31190 daily high. It hold near the top to ended the week, up for the day and bullish in the hourly chart. It stabilized above all main SMAs, suggests bullish strength. Meanwhile, 20 SMA continued accelerating north and developing above longer one, suggests bulls not exhausted yet. On upside, overcome 31400 may encourage bulls to challenge 31700, break above this level will open the gate to 32000.
    • Technical indicators suggest the bullish strength. RSI stabilized around 73, while the Momentum indicator stabilized above the midline, suggests upward potentials. On downside, the immediate support is 30700, break below this level will open the gate for more decline to 30400 area.

    Support Level: 92.00 - 91.00 - 89.30 Resistance Level: 93.80 - 95.00 - 96.50

    BRENT

    • Brent continued the advance , jumped from intraday low 91.00 area to intraday high 93.80, it retreated modestly and ended the week at around 93.60, up for the day and bearish in the hourly chart. The price stabilized above 20 and 50 SMA, suggests bullish strength in short term. Meanwhile, the 20 SMA continued accelerating north and developing above longer ones, indicating bulls not exhausted yet. On upside, overcome 93.80 may encourage bulls to challenge 95.00, break above this level will open the gate to 96.50.
    • Technical indicators suggest the bullish movement, hovering above the midline. RSI stabilized around 57, while the Momentum indicator stabilized in positive territory, suggests upward potentials. On downside, the immediate support is 92.00, break below this level will open the gate for more decline to 89.30 area.

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