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EURUSD Technical Analysis, May 15th, 2023

The negative trend that kicked off from 1.1030 to regress to 1.0840 is still prevalent.

Today, industrial production data from the Euro Zone showed a contraction of 4.1%, above the expectation of 2.5%, giving a weak signal for the economy. In the US, on the other hand, we see that the economy is doing rather well comparatively.

The technical outlook continues to be negative. As long as it remains below 1.0940, the direction will be down and possible upswings may continue to provide selling opportunities. If 1.0840 is broken in the declines, we expect the pressure to increase.

For more daily technical analysis on Gold, FX pairs and Indices, join us on our Telegram channel here.

 

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Gold (XAUUSD) Technical Analysis, May 17th, 2023

Recently, there has been an increase in the dollar index and bond yields. As this situation dragged down the FX pairs, it started to have a downward effect on the ounce of gold, albeit with a delayed reaction.

Technical level monitoring will be important as the economic agenda is rather uneventful this week.

From a technical point of view, pressure is something to consider with gold. Especially for a possible pricing below 1985, we expect the pressure to increase and 1970 to be tested in the first stage.

We may see selling opportunities on the rises as long as gold trades below the 2002 resistance in the short term.

For more daily technical analysis on Gold, FX pairs and Indices, join us on our Telegram channel here.

 

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[xN1CMx]

NASDAQ (US100) Technical Analysis

The Nasdaq index rose especially sharply on Friday as a result of the close to agreement on the debt ceiling limit in the USA and the sharp rises in the shares of NVIDIA. There is no movement today due to the US being closed.

It seems likely that there will be a profit realization from tomorrow. But technically, as long as it remains above 14,000, the direction will remain positive. Possible decreases in this context can be considered as buying opportunities. For long positions, the region below 14,000 should be followed as a stop-loss zone.

For more daily technical analysis on Gold, FX pairs and Indices, join us on our Telegram channel here.

 

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DOW JONES (US30) Technical Analysis

The Dow index lagged behind other US stock markets, comparatively. At this stage, we can say that downside risk is at the forefront. As long as it remains below our technical downtrend resistance of 34,000, the direction will be down. Possible rises may provide selling opportunities. The pressure will increase if 32,700 is broken below.

For more daily technical analysis on Gold, FX pairs and Indices, join us on our Telegram channel here.

 

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Crude Oil (WTI) Technical Analysis, May 30th, 2023

Oil hasn’t had much in the way of news or developments lately. As a result, we do not see a clear movement in pricing, either; with fluctuations up and down in the instrument. At this stage, technical level monitoring will suffice.

We are observing a falling trend in oil. The resistance of this trend crosses the 74.50 region. As long as it trades below this region, the outlook will be negative and possible rises may provide selling opportunities.
If 71.00 is broken below, we expect the pressure to increase by another notch.

For a positive technical outlook in oil, the 74.50 region must be broken.

For more daily technical analysis on Gold, FX pairs and Indices, join us on our Telegram channel here.

 

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Crude Oil (WTI) Technical Analysis, May 30th, 2023

On the oil front, there were important developments on the day when the markets were closed. Oil prices rose at the start of the new week after Saudi Arabia promised deep production cuts in July and OPEC+ agreed to extend supply cuts until 2024.

At the weekend's OPEC+ meeting, Saudi Arabia said it would cut production by nearly 1 million barrels per day (bpd) to 9 million bpd in July. This is in addition to the at least 3.66 million barrels cut by OPEC+ since October 2022, which was extended at Sunday's meeting from the end of 2023 to the end of 2024.

We see OPEC+ members making efforts to prevent oil from falling below certain prices. Technically, upside potential will continue as long as it trades above 72 in the short term and 67/65 in the broad picture. Possible pullbacks can provide buying opportunities.

If 74.60 is crossed above, we expect the bullish momentum to get stronger.

For more daily technical analysis on Gold, FX pairs and Indices, join us on our Telegram channel here.

 

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Gold (XAUUSD) Technical Analysis, June 16th 2023

Gold, which tested 1930 gold yesterday in the earlier trading hours, started to rise again with the effect of the pullback in US10Y. The broad picture tells us that gold has been going back and forth between certain levels for over a month.

The economic agenda will be uneventful today. US markets will be closed on Monday due to Juneteenth, a federal holiday. For this reason, the movements may turn slightly horizontal.

Technically, we are watching the 1970/1985 region as the main resistance. As long as it stays under this zone, the rises can be considered as selling opportunities.

The 1930 region should be followed as the main support in possible declines.

For more daily technical analysis on Gold, FX pairs and Indices, join us on our Telegram channel here.

 

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EURUSD Technical Analysis, June 26th, 2023

Today, PMI data from Germany and the Euro Zone gave out very negative signals for the economy.

Manufacturing PMI 43.5 was expected in Germany, while 41.0 was announced. In the Euro Zone, manufacturing PMI came in as 43.6, while 44.8 was the expected figure. At the same time, services PMI data came in lower than expected as well.

As a result of the aforementioned, we are seeing hard selling pressure in EUR with increasing concerns.

As long as it traded below 1.10, we had reported the downside risk for the pair. At this stage, we are monitoring 1.0780 as support. If this zone is broken, a bearish potential up to 1.06 can occur.

As long as 1.10 remains relevant as resistance, downside risk will continue.


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