28/11/2022 Evening Reports
- In his speech today, European Central Bank (ECB) Member Knot said that the Eurozone economic growth may turn negative this quarter, that he does not expect a recession in the economy due to the positive economic data in Germany, that weaker economic growth is certain to be achieved, and that it is more likely to return inflation to the target. He also stated that weak growth is needed.
- In the UK, the Retail Sales Balance announced for November fell to the level of -19, and the Retail Sales Expectation Index to the level of -21. These data were the lowest levels seen since the Covid period. October data were at 18 and -9 levels, respectively.
- Lagarde, President of the European Central Bank (ECB), made a speech today at 17:00 (GMT+3). Lagarde was expected to make statements regarding the rising inflation and interest rate hikes in the Euro Zone. The next meeting of the ECB is on December 15, and interest rates are expected to rise between 50 and 75 basis points at this meeting.
EUR/USD – Refreshed the Peak Level of the Last 4 Months…
On the first trading day of the week, the EURUSD parity, which has an upward trend throughout the European trading session, rose above the 1.0485 band, which was the peak of the previous week, and renewed the high of the last few months with 1.0496. In the parity, which could not hold on in this region for now and regressed below the 1.0485 resistance band with the incoming profit sales, the 200-day exponential moving average 1.0384 and 1.0300 levels can be followed as the first support zones.
USD/JPY – In 138 Support Zones…
The USDJPY pair failed to hold the modest gains on Friday and came under selling pressure again on the first day of the new week. Maintaining its bearish outlook throughout the European session, the pair is pricing around the 138 support zone. Under this support band, 135 and 133 levels can be followed as the next support zones in the parity. On the other hand, if the parity turns upward, the 140 band, which is the 20-week exponential moving average, can be viewed as the first resistance zone.
XAU/USD – Struggling to Increase Earnings Despite Loss of Strength in Dollar Index…
Despite the loss of strength in the US Dollar index and the slight decrease in the US 10-year government bond interest, Ounce Gold is struggling to carry its intraday gains above the 1764 resistance band. Faced with selling from this resistance zone, which it headed in the early hours of the European trading session, the 100-day exponential moving average of the Yellow Metal can be followed below the 1745 level before the 1725 main support band as an intermediate support zone. On the other hand, if Precious Metal turns to the 1764 resistance band again and carries its gains above this region, the 1786 and 1807 levels will come to the fore as the next resistance zones.
CRUDE – In the Bottom Zone of the Last 11 Months…
Carrying the downward trend of the last three weeks to the new trading week, Crude Oil has regressed to the bottom region of the last 11 months with $73. The loss he has experienced since the peak of November has reached 21%. Increasing cases of Covid-19 in China and protests against the zero-case policy may further fuel demand-side fears, as China is the world’s largest oil exporter. If the Crude Oil price turns below the $73 support, $70 and $65 levels can be viewed as the next support zones. On the other hand, the band of $76 and $82, which is the 100-week exponential moving average, can be followed as provincial resistance zones in possible reaction purchases.
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