26/10/2023 Evening Reports

ECB Left the Interest Rate Fixed...

*The European Central Bank (ECB) did not change the policy rate as expected at its meeting today and decided at 4.50%. In her speech after the decision, ECB President Lagarde said that the economy will probably continue to remain weak in the coming months, there are signs that the labor market is weakening, inflation will return in the near term and it is too early to talk about interest rate cuts.

*The GDP for the third quarter, which we follow in the USA, grew by 4.9%, higher than the expectation of 4.3%. The economy grew by 2.1% in the previous quarter. Among other important data announced at the same time, Durable Goods Orders increased by 4.7%, while Weekly Unemployment Benefit Applications reached 210 thousand people.

Agenda of the Day (GMT+3);
11:30 p.m. US FED Balance Sheet Balance

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    Support:  1.0520 – 1.0490 - 1.0450 Resistance:  1.0575 – 1.0630 – 1.0695


    EURUSD – Data Density Was High and Broke Below 1.0575 Level…

    The parity continued to move in favor of the dollar during the day. The fact that the ECB did not include any surprises in its policy rate announcement and left the interest rate constant caused the Euro to lose some more value.

    At 15.30, economic growth, durable goods orders and unemployment benefit applications data came from the USA. While economic growth and durable goods orders were above expectations, there was a slight increase in unemployment benefit applications. Although the EURUSD parity followed a volatile course of 15-20 in the face of these successive data, it maintained its general price levels.

    The parity, which broke the 1.0575 support, may have triggered the reverse flag formation structure. Unless it rises above the 1.0575 level again, we can see movements in favor of the strong dollar in the parity.

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    Support: 1944 – 1930 – 1915 Resistance: 1978 – 2005 – 2022


    Ounce Gold – We Are Watching the Movements in the 1978 Resistance Zone…

    The yellow metal continues to price at the 1978 resistance. Although we see an occasional movement above this region, price movements continue at the 1978 resistance.

    Although positive data from the USA has created slight pressure, we follow the movements on the 1978 resistance side. If we cannot see a permanent price movement in this region, step by step weakening and profit sales may occur.

    However, persistent daily candle closes above this zone could push the yellow metal above 2000. We will continue to monitor the movements at the 1978 resistance.

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    Support:   14300 – 13945 – 13575 Resistance: 14605 – 14856 – 15025


    NasdaqWith the Breaking of 14605 Support, the Negative Trend Became Stronger

    The Nasdaq futures index faced a strong sell-off yesterday. The 14605 support, which has been tested intermittently since mid-August, was broken as of yesterday. Today, the ongoing negative movements took us to 14300. There was not enough reaction from this support. However, in general, it can be predicted that the negative trend will continue step by step unless there is a movement above the 14605 resistance in the short term.

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