28/09/2022 Evening Reports

ECB/Lagarde "We Will Keep Raising Rates“
  • President of the European Central Bank (ECB) Lagarde and ECB Members Rehn and Kazimir made assessments on the interest rate hike process in their speech today. Lagarde said they will continue to raise interest rates in the next few meetings, while Rehn said a serious rate hike should be made in October, it could be 50 or 75 basis points or more.
  • Kazimir, supported the interest rate hike by 75 basis points, saying that high inflation could last longer, next year will be more difficult than this year and they should be ruthless in their tightening policy.
  • In the statement made by the Bank of England (BOE), it was stated that temporary purchases of long-term UK government bonds will be started from today in order to restore the market functioning, the purpose of these purchases will be to restore regular market conditions, and the size of the purchases will be made in order to achieve this result. .
  • Suspended Housing sales in the USA fell by 2.00% in August, above the 1.4% expectation.
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    Support Level: 76-74-70 Resistance Level: 81-86-90


    CRUDE – Approaching its 100-Week Average…

    On Tuesday, Crude Oil, which developed from the $76 band, the lowest level it has seen since the beginning of January 2022, continues today, and the 100-week exponential moving average $81 band can be viewed as the first resistance zone.

    If the price of crude oil rises above this region, buyers can catch an important ground. In this case, the $86 band and the $90 band, which is the intersection of the 10-week and 50-week averages, can be viewed as the next resistance zones. Below, the $76 level will be our first support zone.

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    Support Level: 0.9550-0.9450-0.9400 Resistance Level: 0.9620-0.9700-0.9850


    EUR/USD – Tested the Lower Band of the Descending Channel…

    EURUSD lost its recovery momentum on the third trading day of the week and fell to the 0.9535 region during European trading hours. The risk-averse market environment is allowing the dollar to continue to outperform its rivals, making it difficult for the pair to hold its ground.

    From a technical point of view, if the pair retests the lower band of the descending trend channel, if it regresses below this zone, the 0.9450 and 0.9400 levels can be viewed as the next close support zones. On the other hand, 0.9620 and 0.9700 levels can be followed as the first resistance zones in case of the reaction buying from the recent low zone.

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    Support Level: 18.44-18.38-18.33 Resistance Level: 18.55-18.60-18.70


    USD/TRY – 18.55 Band Created Resistance In Intraday Rising…

    The wind blowing in favor of the US Dollar in the global market supports the upward movements of the USDTRY parity and carries the parity to new historical highs.

    If the upward movements of the pair continue, the band 18.55 and just above 18.60, tested today, can be followed as the first resistance zones. Below, 18.44 and 18.38 level, which corresponds to the 50-unit exponential moving average that we watch in 4 hours, stand out as the first support zones.

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    Support Level: 1.0545-1.0335-1.0250 Resistance Level: 1.0930-1.1085-1.1270


    GBP/USD – The Reaction After the Bank of England’s Move Died Quickly…

    The new British government’s historic tax cuts and plans to subsidize energy bills raise doubts about the government’s ability to manage ballooning debt and are likely to undermine the Bank of England’s efforts to contain high inflation. This acts as a headwind for the Sterling and limits the upside for the GBP/USD pair.

    The pair rallied to a small 1.083 today after the Bank of England announced that it would start buying long-term UK government bonds to help restore orderly market conditions, but it didn’t last long and turned down again.

    On the other hand, the intervention of the Bank of England dampened the fire of the bond market somewhat, and the yield on the 30-year government bond fell by more than 50 basis points. From a technical point of view, 1.0545, which is tested today, and 1.0335, which is the historical bottom, can be viewed as the first support zones. Above, 1.0930 and 1.1085 levels can be followed as initial resistance zones.

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