Daily Analysis

eurusd.jpg


EURUSD Faces Resistance at 1.0950, Potential Breakout Towards Key Level at 1.1000

EURUSD is coming back from the 1.0950 resistance level, if a breakout happens the price may go towards the significant round number of 1.1000.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
1.10501.10001.09501.08501.08001.0750

gbpusd.jpg


GBP/USD Shows Positivity, Surpasses 100MA Resistance


The GBP/USD is positive today and after going beyond the 100MA resistance level now advancing towards 1.2600, a notable confluence point.

Resistance 3
Resistance 2
Resistance 1
Support 1Support 2Support 3
1.2800
1.2700
1.2600
1.24001.23001.2200

usdjpy.jpg


USDJPY Gains Following Dollar Weakness and Positive Fundamentals

The USDJPY is coming back again benefiting from dollar weakness and improving fundamentals, but the pair will be challenged by the median line of the bullish long trend is playing as support.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
153.50152.00150.00148.00 146.50144.80


gold.jpg


Gold Marks its Highest Resistance Level of November

The bullish momentum of gold faced a resistance level at 2003, which is the highest level since the end of November. If a breakout occurs, then the next targets will be 2020 and 2037, while any recovery will find support at the 1979 level.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
2037
2020
2003
1979
1960
1940

oil.jpg


Oil Awaits Clarity for Potential Move to 82.20, Faces Resistance at 72


Oil is waiting for more direction to continue up toward 82.20 while coming back to 72. The trend continues to be bearish, and fundamentals need to be strong enough to change the actual direction which seems hard.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
82.20
80
78
72
68
65


 
eurusd.png


EURUSD Displays Strength as Dollar Weakens, Eyes 1.0940 Resistance

The EURUSD is showing some strength today, while the dollar is weaker. The next challenge for the pair lies at the 1.0940 resistance level. The bullish trend is still strong, and a breakout could push prices to the 1.1000/1.1040 range. Today, the PMI data may have a significant impact on the pair.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
1.10401.10001.09401.08501.08001.0750


gbpusd.png


GBPUSD Flat After Three Days, Decision Point at 1.2580 Resistance


The GBP/USD pair is trading flat today following three days of non-directional movement. The pair is approaching the 1.2580 resistance level, and it's evident that it requires a clear direction to either revert towards 1.2400 or break the resistance level and escape the selling territory.

Resistance 3
Resistance 2
Resistance 1
Support 1Support 2Support 3
1.2800
1.2700
1.2580
1.24001.23001.2200


usdjpy.png


USDJPY Holds Steady on Holiday with Low Volumes

The USDJPY is stagnant today due to the US holiday, resulting in low trading volumes. The pair is currently at a critical point, with the median line acting as support. The price action indicates an overbought condition, increasing the likelihood of a reversal.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
153.50152.00150.00148.00 146.50144.80


gold.png


Gold's Bullish Momentum Pauses, Eyes the Next Week for Direction

The bullish momentum of gold is on hold currently, awaiting direction in the coming week, while the 2006 resistance level continues to hold the pair. A breakout in the pair could result in the price reaching the next targets of 2020 and 2037.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
2037
2020
2006
1979
1960
1940


Oil.png



Oil Holds Steady Ahead of OPEC Meeting


Oil is maintaining the same level as yesterday, with the upcoming OPEC meeting being the next significant event for price direction. The 78.00 level, along with the 200MA, is acting as resistance. If a breakout occurs, the next target will be 82.22.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
82.20
80
78
72
68
65


 
EURUSD.png


EUR/USD Shows Strength, Eyes Resistance Break at 1.0940/50

The EUR/USD pair is showing strength today, making an effort to surpass the resistance level at 1.0940/50 with the potential to advance towards 1.1040. The trend seems bullish, driven by the dollar's weakness and underlying fundamental factors that work against the dollar.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
1.10401.10001.09401.08501.08001.0750

GBPUSD.png



GBP/USD Bullish Momentum Continues, Targets 1.2700


The GBP/USD pair is exhibiting a bullish trend, benefiting from the weakness of the US dollar and the Bank of England's (BoE) continued hawkish stance. The next target for the pair is at 1.2700. It has entered the buying zone, having moved past the 100 and 200-day moving averages (MAs) and broken out of the bearish channel.

Resistance 3
Resistance 2
Resistance 1
Support 1Support 2Support 3
1.2900
1.2800
1.2700
1.25801.24001.2300

USDJPY.png


USD/JPY Trends Downward with Limited Decline

The USD/JPY pair is currently trending downwards, but the decline is limited. The median line remains the next significant hurdle to overcome for a clear trend reversal. Should there be a breakout, the next targets to watch for are in the region of 146.50 to 146.00.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
153.50152.00150.00148.00 146.50144.80


XAUUSD.png


Gold's Bullish Momentum Persists, Breaks 2006 Resistance and Aims for 2037 Target

The bullish momentum in gold persists today, as the metal successfully breaches the 2006 resistance level and advances towards the next target at 2037. This sustained bullish trend finds support from underlying fundamental factors.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
2052
2037
2020
2006
1979
1960

Oil.png



Oil Prices Decline on OPEC Meeting Delay and Fundamental Factors


Today, oil prices have declined, influenced by the delayed OPEC meeting and various fundamental factors. The trend exhibits a strong bearish sentiment, raising the possibility of a retracement to the previous level around $72, particularly in light of the heightened volatility in the current market environment.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
82.20
80
78
74
72
68


 
ERUUSD.png

EUR/USD Muted, Awaits Economic Data for Direction

The EUR/USD pair is showing muted activity today, lacking a clear direction, as economic data will play a crucial role in determining whether the pair will continue its ascent towards the next target of 1.1050 or retreat towards the next support level at 1.0940.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
1.11001.10501.10001.09401.09001.0850

GBPUSD.png


GBP/USD Holds Steady with Dollar Rebound, Potential for Surge on Unfavorable Data

The GBP/USD pair is showing a similar performance to the euro today, remaining quiet after a comparable showing yesterday. Despite the dollar's rebound, the pound managed to maintain its ground. The pound's strength suggests that if today's data is unfavorable for the dollar, the GBP/USD pair could experience a significant surge, reinforcing its already robust bullish trend.

Resistance 3
Resistance 2
Resistance 1
Support 1Support 2Support 3
1.2900
1.2800
1.2700
1.25801.24001.2300
USDJPY.png

USD/JPY Bearish as BoJ Comments Impact, Targets 100-Day Moving Average

The USD/JPY pair is bearish today following comments from Bank of Japan members, taking the pair towards the 100-day moving average, which acts as a support level. With the pair also breaking through the median line, the next target at 144.80 seems close after the initial support level of 146.50 is reached if today's data turns out to be against the dollar.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
152.00150.00148.00 146.50144.80142.00
GOLD.png

Gold Pauses at 2053 Level, Strength Intact

Gold is currently in a holding pattern after reaching the 2053 level. It continues to show strength, and today's data will determine its direction. If the data is favorable, the next target will be 2070, while an unfavorable outcome could lead to a correction towards the 2027 level.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
2085
2070
2053
2027
2006
1979
 
US Indices

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Futures Rally for Strongest November Since 2020

The S&P 500 futures rose by 0.2% and the Nasdaq 100 futures gained 0.3%. These gains set the stage for the three major indices to experience their strongest November since 2020. Both the S&P 500 and Nasdaq are approaching their largest monthly percentage gains since July 2022, with 10 out of 11 sectors expected to end the month in positive territory.

The recent rally in equities has been fueled by signs of easing price pressures, dovish comments from some Federal Reserve officials, and robust quarterly earnings. The main focus is now on the PCE Index (Personal Consumption Expenditure Index), the Fed's preferred inflation measure, for the October data.

Market expectations for the upcoming December meeting have fully factored in a pause in rate hikes. However, as potential rate cuts in 2023 are increasingly coming into focus, traders currently estimate the probability of a rate cut of at least 25 basis points by March 2024 at around 44%.

Yesterday, the Nasdaq closed with a slight decrease, signaling investor caution ahead of today's data release. The market has entered an overbought state, as indicated by the Relative Strength Index (RSI). Investors are closely observing these developments to inform their market direction decisions.


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Crypto

Bitcoin Eyes Increased Capital Inflow with Potential Fed Rate Pause


Bitcoin may see increased capital inflow if the Federal Reserve pauses interest rates at its December meeting. Such a pause could lead to more capital flowing into risk assets like Bitcoin.

Bitcoin's momentum has been boosted by the anticipation of an upcoming Fed rate pause, supported by CME FedWatch's 97% probability of a rate pause in December. However, analysts caution that while a rate pause may boost Bitcoin in the short term, the long-term impact will depend on various economic factors and the direction of monetary policy.

Investors are eagerly awaiting the next Federal Reserve rate announcement, paying close attention to Fed Chair Jerome Powell's post-announcement press conference for signals about possible rate cuts in 2024. market signals already indicate expectations of rate cuts starting in May 2024. This shift in monetary policy could create a more favorable environment for investing in high-risk assets like cryptocurrencies. The PCE is expected to have a significant impact on the market sentiment today as everyone waits for Powell's speech tomorrow.

Bitcoin is continuing to hover around the $38,000 level and is currently seeking further direction in an environment marked by continuing uncertainty, forming a price range between $38,000 and 35,500.
 
eurusd.png


EUR/USD Rebounds, Faces Challenge at 1.1000 Target

The EUR/USD experienced a decline yesterday, reaching the 1.0880 support level, and subsequently rebounded today. The next target for the pair is set at 1.1000, posing a challenge for it to sustain its bullish trend.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
1.11001.10501.10001.08801.08501.0750


gbp.png


GBP/USD Bulls Aim for 1.2800 After Resistance at 1.2700


The GBP/USD pair encountered resistance at 1.2700 but recovered towards 1.2600. The uptrend remains healthy and strong, with 1.2800 identified as the next target if the bullish momentum continues.

Resistance 3
Resistance 2
Resistance 1
Support 1Support 2Support 3
1.2900
1.2800
1.2700
1.25801.24001.2300


jpy.png



USD/JPY Rebounds Near 100MA, Targets 144.80 Support

The USD/JPY pair rebounded yesterday following a touch on the 100-day moving average (100MA) at 147.0. Although the short-term bearish trend requires further confirmation for a reversal, it's noteworthy that 144.80 stands out as the next significant support target. This is particularly relevant given the oversold nature of the yen.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
152.00150.00148.00 146.50144.80142.00


gold.png


Gold Forms Reversal Pattern Near 2053 Resistance

Gold is potentially forming a reversal pattern after reaching the resistance level of 2053. The presence of a descending triangle pattern suggests a bearish trend. However, today's data and events have the potential to significantly impact the current outlook.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
2085
2070
2053
2027
2006
1979

wtı.png



WTI Oil Price Holds Steady Within 78-74 Range Post-OPEC+ Meeting


The WTI price action remains within the range of 78 to 74, and despite heightened volatility observed yesterday during the OPEC+ meeting, the direction of oil appears unclear at the moment.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
82.20
80
78
74
72
68


 
EURUSD412.png


EUR/USD Sees Moderate Decline with Dollar's Gains

After an uncertain and volatile move last week, the EUR/USD is showing a moderate decline today, driven by the dollar, which is showing some gains. The next target is likely to be the support area around 1.0850.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
1.11001.10501.10001.08501.07501.0800

GBP412.png


GBP/USD Consolidates Near 1.2700 Resistance


The GBP/USD pair encountered strong resistance at 1.2700 and is consolidating around this level. The dollar's strength today is hindering a clear upward movement. A potential breakout above this level could drive the pair towards 1.2800, which serves as the next resistance and target, with a drop back to 1.2580.

Resistance 3
Resistance 2
Resistance 1
Support 1Support 2Support 3
1.2900
1.2800
1.2700
1.25801.24001.2300

USDJPY212.png


USD/JPY Declines as Weaker Dollar Drives Toward 144.80 Support

The USD/JPY pair continues to benefit from the weaker dollar, dropping further towards the next significant target at 144.80, followed by 142.00 if the trend continues.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
152.00150.00148.00 146.50144.80142.00

GOL412.png


Gold Shows Strong Bullish Sentiment, Targets 2070 for Further Upside

Gold has moved significantly, reaching 2146 before stabilizing at 2120 and then falling back to 2080. The gold market is showing strong bullish sentiment with investors increasingly benefiting from its role as a safe haven. A daily close beyond the 2070 mark is essential to confirm further upward developments.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
2126
2085
2070
2027
2006
1979
WTI412.png



WTI Price Faces Resistance at 78, Retreats Towards 72 Support with Weak Fundamentals


The WTI price is persistently declining after testing the 78 resistance level multiple times. Weak fundamentals are preventing oil from moving higher, and it is retracing towards its support level at the 72 support target. Oil remains volatile and challenging to predict in recent times.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
82.20
80
78
72
68
66


 

Attachments

  • WTI412.png
    WTI412.png
    109.8 KB · Views: 2
EUR.png

DXY.png

EUR/USD Correction Persists, Targets 1.0750 with Dollar Rebound

The EUR/USD pair continues its correction, with the next target set at 1.0750. The rebound in the dollar is hindering the pair's upward movement. The dollar index is approaching the median line, which coincides with the resistance level and the 100-day moving average (100MA). This convergence could act as a confluence point, potentially preventing the dollar from rising further.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
1.10501.09001.08501.07501.07001.0650

GBP.png


GBP/USD Seeks Modest Recovery from 1.2580 Support, Faces Uncertain Market Direction


The GBP/USD pair has found support at 1.2580 and is attempting a modest recovery today, given the significant data concerning the pound. However, the market's direction remains uncertain. There may be a challenge at the 1.2700 resistance level for any rebound, while the current support level could also pose a challenge if the pair continues to decline.

Resistance 3
Resistance 2
Resistance 1
Support 1Support 2Support 3
1.2900
1.2800
1.2700
1.25801.24001.2300

JPY.png


USD/JPY Hints at Downward Trend with Market Conviction of Yen Correction

The USD/JPY pair continues to show a greater likelihood of a downward trend, even though no clear movement was observed in the market over the past two days. The next target is set at 144.80. The market appears convinced that the yen is oversold and requires a significant correction, especially considering the risk in economic conditions that favor safe-haven currencies.

Resistance 3
Resistance 2
Resistance 1
Support 1
Support 2
Support 3
152.00
150.00
148.00
146.50
144.80
142.00

GOLD.png



Gold Shows Bullish Rebound, Aims for Record High Beyond 2070

Gold, after two days of a strong correction, is returning to its upward trend. The general outlook appears bullish, as indicated by the price action, which shows a healthy and strong bullish trend. Risks and fundamentals support this outlook. The key challenge for gold will be surpassing the 2070 mark to set a new record high.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
2085
2070
2053
2006
1979
1960

WTI.png



WTI Extends Bearish Trend, Targets $72 and $68 Support Levels


WTI remains bearish, continuing its downward trend and breaking the $74 support level. It is now heading towards the $72 and $68 support levels. The overall trend is bearish, with the oil market continuing to show volatility.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
80
78
74
72
68
65


 
EURUSD.png


EUR/USD Shows Support at 1.0750 with Bearish Outlook

The EUR/USD found support at 1.0750 after six consecutive days of selling. The pair is still bearish due to fundamentals. A recovery towards the 1.0850 resistance could be possible if the dollar weakens again.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
1.10501.1001.08501.07501.06601.0600

GBPUSD.png



GBP/USD Sees Recovery Following Solid Uptrend with the Potential Return to 1.2700 Level


The GBP/USD pair is recovering today after a three-day sell-off, but the uptrend remains solid. A return to the 1.2700 level is possible, especially if Friday's NFP report is negative for the dollar.

Resistance 3
Resistance 2
Resistance 1
Support 1Support 2Support 3
1.2900
1.2800
1.2700
1.25001.24001.2300


USDJPY.png



USD/JPY Continues Reversal, Targets 144.80 with Yen Strength

The USD/JPY reversal strengthens and moves towards 144.80, while the yen continues to strengthen. This is fueled by market expectations of an imminent Bank of Japan (BoJ) rate change next year.

Resistance 3
Resistance 2
Resistance 1
Support 1
Support 2
Support 3
152.00
150.00
148.00
146.50
144.80
142.00


GOLD.png


Gold Sees Modest Recovery Ahead of Key US Data, Maintains Strong Trend

Gold is experiencing a slight, but not significant, recovery as the market awaits tomorrow's release of important data from the US that could influence price action. Despite this pause, the gold price remains in a strong and solid trend. The possibility of gold breaking through the 2070 level remains plausible given the various factors in favour of a stronger gold price.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
2085
2070
2053
2006
1979
1960

WTI.png


WTI Faces Ongoing Sell-Off, Targets $68 Support Level with Limited Recovery Prospects


WTI continues its sell-off, now heading toward the 68 support level. While a minor recovery may be seen, it is unlikely to alter the bearish outlook until new fundamentals emerge that could reverse the current situation.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
80
78
74
68
65
63


 
eurusd.png


EUR/USD Hovers Near 1.0750 Support, Awaits Economic Data Impact on Dollar

The EUR/USD pair is hovering near the 1.0750 support level, as it awaits today's economic data which could affect the dollar and subsequently impact the pair. If the dollar weakens, there is potential for a recovery towards the 1.0850 resistance level.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
1.10501.1001.08501.07501.06601.0600

gbp.png



GBP/USD Displays Minor Fluctuations Ahead of Key Economic Data Release


The GBP/USD pair, like the euro, is showing minor fluctuations as it anticipates today's economic data. Should there be evidence confirming a slowdown in job creation, the pair may revisit the 1.2700 level.

Resistance 3
Resistance 2
Resistance 1
Support 1Support 2Support 3
1.2900
1.2800
1.2700
1.25001.24001.2300

usdjpy.png


USD/JPY Reverses Course, Declines 3.5% towards 142.00

The USD/JPY pair reversed its course, declining by 3.5% and moving towards the lower parallel of the bullish channel at 142.00. The pair's future trajectory, whether it will continue to decline or correct, is now contingent on today's economic data.

Resistance 3
Resistance 2
Resistance 1
Support 1
Support 2
Support 3
152.00
150.00
148.00
146.50
144.80
142.00

gold.png


Gold Gains for Third Consecutive Day as Investors Await NFP Data Impact

Gold has continued to recover for the third straight day, while investors wait for the release of today's NFP (Nonfarm Payroll) Data, which is expected to influence its direction. Despite this temporary pause, gold maintains a strong overall trend. Tahe likelihood of gold surpassing the $2070 mark remains achievable, considering several factors that are contributing to a stronger performance of the precious metal.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
2085
2070
2053
2006
1979
1960

wtı.png


WTI Sees Slight Recovery with Recent News, But Bearish Outlook Persists


WTI has experienced a slight recovery following recent news, but the overall outlook remains bearish and the trend is similar. The next support level is identified at $65.80, while any recovery is expected to encounter resistance at $72.90.

Resistance 3Resistance 2Resistance 1Support 1Support 2Support 3
80
78
72.90
68
65
63


 
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