29/09/2022 Evening Reports

The US Economy Shrinked in the 2nd Quarter...
  • GDP in the second quarter we followed in the USA contracted by 0.6% as expected. The US economy shrank 1.6% in the first quarter. Unemployment Benefit Applications, another important data announced at the same time in the USA, increased less than the expectation of 215 thousand and realized as 193 thousand.
  • The new Prime Minister of the UK, Truss, said in his speech that they are facing very difficult economic times, it is important for the UK to stand on its feet and drive economic growth, and that they are working very closely with the Bank of England.
  • Members of the European Central Bank (ECB) made statements regarding the ECB’s interest rate hike process today. ECB member Centeno said they were still far from neutral interest rates and that the supply shock was the driver of inflation. Muller, another ECB member, said that a serious rate hike is needed in October and it is premature to say how many points. CPI for September, which was announced today in Germany, exceeded the expectations and increased by 1.9% monthly and 10.0% annually. After the further increase in inflation in Germany, the expectations for an aggressive interest rate hike from the ECB were more pronounced.
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    Support Level: 0.9635-0.9535-0.9450 Resistance Level: 0.9750-0.9795-0.9854

    EUR/USD

    EURUSD- 200 Hour Average Faced With Selling From Nearby…
    After a 6-day series of declines, the EURUSD parity recorded the strongest daily rise in recent times with an increase of close to 1.5 percent on Wednesday with the developing purchases. However, today we see that the parity could not maintain this momentum. The pair regressed to the 0.9635 band with the sales coming from the 0.9750 resistance zone during the day. In case of re-intensification of the selling pressure in the pair, it can be followed as the next support band below the 0.935 band as the 0.9535 recent low. Above, the 200-hour exponential moving average and the black descending trend line of 0.9795, which is the 50.0% Fibonacci band of the 1.0050-0.9535 decline in possible directions above the 0.9750 band, which we follow on the 1-hour chart, come to the fore as the next resistance zones.

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    Support Level: 1.0762-1.0545-1.0335 Resistance Level: 1.0930-1.1085-1.1270

    GBP/USD

    GBPUSD – Supported by 50 Hours Average, Parity Approaches 1.0930 Resistance Zone…
    Following Wednesday’s recovery, GBP/USD regained the 1.0900 band with improved buying in the early European session, although bearish pressure was felt during the Asian trading hours on Thursday. We can say that the intervention of the Bank of England (BoE) in the market triggered mixed reactions. While it is difficult to assess the impact of this move on the market cap of the British pound in the medium term, it seems that investors have some confidence in the BoE and its willingness to step in when necessary. However, some news sources reported that the government has no plans to change fiscal policy despite the market reaction. If fiscal policy works against the Central Bank’s monetary policy, it may not be easy for the British pound to outperform its competitors.

    From a technical point of view, 1.0930 and the black descending trend line will be the first resistance zones in the parity, which gives its direction up again during the day with the support of the 50 hour exponential moving average. Below, 1.0545 and historical bottom zone 1.0335 come to the fore as the next resistance zones in possible tendencies below the 50-hour average.

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    Support Level: 1642-1615-1600 Resistance Level: 1661-1686-1724

    XAU/TRY

    XAUUSD- Supported by 10-Unit Average in Intraday Fall…

    On Wednesday, with the US Dollar losing ground in the global market, Ounce Gold recorded the strongest daily rise of recent times with an increase of up to 2%, but we see that it could not continue this trend today and faced slight selling pressure. The 10-unit exponential moving average that we watch on the 4-hour chart during the intraday decline and the 1641 level, which is supported by the 1642 band, stands out as the first resistance zone above. If Yellow Metal rises above this zone, the 150-unit exponential moving average, 1686, will be our next resistance zone.

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