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

3/11/2022 Daily Reports

Support Level: 0.9780 - 0.9700 - 0.9630 Resistance Level: 0.9910 - 1.0000- 1.0100

EUR/USD

  • The EUR/USD reversed sharply from the highest level since Friday at 0.9975 and broke below 0.9850, reaching the lowest level in a week at 0.9822. The words from Fed Chair Powell strengthened the greenback.
  • The EUR/USD reversed sharply from the highest level since Friday at 0.9975 and broke below 0.9850, reaching the lowest level in a week at 0.9830. The words from Fed Chair Powell strengthened the greenback.
  • After the FOMC statement the US dollar, US yields tumbled while equity markets soared. During Powell’s press conference the dollar bottomed and then started recover. It is back at the levels it had before Fed’s decision. Stocks and Treasuries gave back all gains. The moment of the reversal was when Fed Chair said the ultimate level of interest rates will likely be higher than earlier estimates.
  • The EUR/USD pair is trading near the 0.9830, down for the day with the neutral to bearish stance in daily chart. The pair struggled below 20 and 50 SMA, indicates bearish strength. Meanwhile, the 20 SMA started turning south and heading towards longer ones, suggests bears not exhausted yet. On upside, the immediate resistance is 0.9910, break above this level will extend the advance to 1.0000.
  • Technical readings in the daily chart support the neutral to bearish stances. The RSI indicators hovering near the midlines and stabilized around 48. The Momentum indicator stabilized below the midline, indicating downward potentials. On downside, the immediate support is 0.9780 and below this level will open the gate to 0.9700.

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    Support Level: 1.1390 - 1.1300 - 1.1200 Resistance Level: 1.1500 - 1.1565 - 1.1650

    GBP/USD

    • Sterling’s reversal from session highs at 1.1564 witnessed on dovish FOMC statement, but made a sharp U turn and back to below 1.1400 post Fed’s Chair Powell’s comment on interest rate. Cable ended the day at around 1.1395,  neutral to bullish in the daily chart.
    • Risk markets were whipsawed around the FOMC event on Wednesday when the Federal Reserve statement was written with dovish rhetoric while the Chair’s presser started out and ended with a hawkish tilt.
    • His hawkish comments wiped out almost 100% of the FOMC dovish statement drop in the US dollar, The price has dropped below 1.1400on Powell’s pushback against rallying risk markets when pressed for commentary around the timings of a pivot.
    • The GBP/USD offers neutral to bullish stance in daily chart. Cable still stabilized above 20 and 50 SMAs, indicating bullish strength in short term. Meanwhile, the 20 SMA continued accelerating north and heading towards longer ones, suggests bulls not exhausted yet. On upside, The immediate resistance is 1.1500 with a break above it exposing to 1.1565.
    • Technical readings in the daily chart support the neutral to bullish stances. RSI indicator stabilized around 51, while the Momentum indicator stabilized near the midline, suggesting directionless potentials. On downside, the immediate support is 1.1390, unable to defend this level will resume the decline to 1.1200.

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    Support Level: 1614 - 1600- 1570 Resistance Level: 1675 - 1686 - 1700

    XAU/USD

    • Gold advanced at the beginning of the day but finished it at around $1,635 a troy ounce as Fed’s Chair Powell’s speech triggered the sell pressure for the yellow metal.
    • The dollar finished Wednesday higher across the FX board following a volatile American session. The US Federal Reserve was behind the wild moves, as the central bank delivered as expected, but Chair Jerome Powell surprised with a hawkish speech.
    •  Chair Jerome Powell’s speech brought dollar buyers back to life. The head of the central bank noted that inflation needs to be taken down “decisively,” adding they are ready to change the monetary policy as needed. He mentioned that slowing the pace of rate hikes will become necessary at some point but also that it may take time for inflation to come down, and therefore, a restrictive policy stance should stay for some time. Finally, he added that the ultimate level of rates would be higher than previously expected. His words revived the odds of a fifth 75 bps in December.
    • Gold price stabilized around 1635, down 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 below longer ones despite it started turning flat, indicating bears not exhausted yet. On upside, the immediate resistance is 1675, break above this level will open the gate to extend the advance to 1686 area.
    • From a technical perspective, the RSI indicator hold below the midline and stabilized around 42, suggesting bearish strength. The Momentum indicator struggled below the midline, suggests downward potentials. On downside, the immediate support is 1614, below this area may resume the decline to 1600.

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    Support Level: 146.80 - 145.00 - 143.50 Resistance Level: 148.00 - 149.00 - 149.70

    USD/JPY

    • USD/JPY has been taken back by the bulls in trade on Wednesday following an eventful FOMC meeting and outcome for financial markets. The price initially dropped to test a low of 145.66 before it rallied to wipe out all of the losses and leave gins for the New York session to a post-Fed high of 147.95 so far.
    • The US central bank raises interest rates by 75 basis points on Wednesday, for the fourth time in a row. The vote was unanimous. The FOMC said it would take into account the cumulative effect of monetary tightening and the lag between the rate hikes and the effects on the economy, probably suggesting it would consider a slowdown as soon as the next meeting.
    • The Federal Reserve statement was written with dovish rhetoric while the Chair’s presser turn risk appetite on a dime with hawkish comments from Jerome Powell.
    • The USD/JPY pair stabilized around 147.90, 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 in short term. Meanwhile, 20 SMA continued accelerating north and developing above longer ones, indicating bulls not exhausted. On upside, overcome 148.00 may encourage bulls to challenge 149.00, break above that level will open the gate to 149.70.
    • 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 146.80, break below this level will open the gate to 145.00 area.

    Support Level: 32100 - 31850 - 31400 Resistance Level: 32500 - 32760 - 33000

    DJI

    • DJI under the sell pressure, retreated from intraday high 33105 area to 32120 daily low. It recovered modestly and ended Wednesday at around 32188, down for the day and bearish in the hourly chart. The price stabilized below 20 SMA and 50 SMA, suggests bearish strength. Meanwhile, 20 SMA started turning south and heading towards longer ones, suggests bears not exhausted yet. Fail to defend the downside bullish trend line and 200 SMA will trigger another leg down. On upside, overcome 32500 may encourage bulls to challenge 32760, break above this level will open the gate to 33000.
    • Technical indicators suggest the bearish strength. RSI stabilized around 26, while the Momentum indicator stabilized below the midline, suggests downward potentials. On downside, the immediate support is 32100, break below this level will open the gate for more decline to 31850 area.

    Support Level: 95.00 -94.00 - 93.00 Resistance Level: 96.50 - 98.00 - 99.50

    BRENT

    • Brent continued the advance , climbed from intraday low 94.00 area to intraday high 96.46, it trimmed some gains and ended Wednesday at around 95.57, up for the day and bullish 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 50 SMA, indicating bulls not exhausted yet. On upside, overcome 96.50 may encourage bulls to challenge 98.00, break above this level will open the gate to 99.50.
    • Technical indicators suggest the bullish movement, hovering above the midline. RSI stabilized at around 54, while the Momentum indicator stabilized in positive territory, suggests upward potentials. On downside, the immediate support is 95.00, break below this level will open the gate for more decline to 94.00 area.

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