Daily Market Report by GulfBrokers 2020-2021

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US President Joe Biden has announced a new round of sanctions against Russia’s invasion of Ukraine. Biden called out Putin for disregarding the U.S. and other allies’ attempts to prevent an attack.

“He rejected every good faith effort the United States and our allies and partners made to address our mutual security concerns through dialogue to avoid needless conflict and avert human suffering,” President Joe Biden said.

"Putin is the aggressor. Putin chose this war. And now he and his country will face the consequences.", Biden said. “Putin’s choice to make a totally unjustifiable war on Ukraine will make Russia weaker and the rest of the world stronger,” he said.

EQUITIES

US futures recovered from the previous session sell-off supported by the upbeat earnings results and better-than-expected macro-economic data. The US weekly jobless claims decreased to 232 thousand in the week ended February 19th and the US GDP expanded an annualized 7% on quarter in Q4 2021.

OIL

Crude oil futures struggling to find the upside momentum after the previous session pullback. The oil prices reversed from the highs after President Joe Biden said on Thursday the United States is working with other countries on a combined release of additional oil from global strategic crude reserves.

CURRENCIES

In the currency market, the US Dollar Index, which measures the greenback’s value against the basket of six major currencies price action remains volatile as uncertainties remain high. Meanwhile, the Japanese Yen regain the bullish sentiment against the Euro and GBP.

GOLD

The Safe-haven metal retreats back to below $1800 after the Risk sentiment improved overnight after Biden unveiled new sanctions on Russia. Moving ahead to the North American session, the gold traders should monitor the release of the Fed's preferred inflation gauge - the core PCE Price Index.

Economic Outlook

On the data front, the US reported the latest GDP data. The data showed the US gross domestic product increased at a 7% annualized rate during the last quarter of 2021, a slight increase from the 6.9% annualized rate reported in January.

Moving ahead today, the important events to watch:

US – Personal income: GMT – 13.30

US – Durable goods orders: GMT – 13.30

Coronavirus update:

Worldwide, more than 425 million people have been confirmed infected and more than 5.91 million have died. The United States has confirmed over 78 million cases and has had more than 920,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD:
The currency pair trades below 1.1180. On the downside, the next key support area to watch today is 1.1120/00. On the flip side, the immediate resistance at 1.1200 followed by 1.1230.

eurusd


The important levels to watch for today: Support- 1.1120 and 1.1080 Resistance- 1.1200 and 1.1230.

GOLD: For today, the first resistance is located around $1930, a break above this level will confirm a possible move to $1945/50. On the downside, any meaningful pullback now seems to find some support near the $1900 zones, below which the slide could further get extended towards the $1888/70 region.

gold neww


The important levels to watch for today: Support- 1900 and 1870 Resistance- 1928 and 1950.

Quote of the day - “If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money.” – Bill Lipschutz.

Read more- https://gulfbrokers.com/en/daily-market-report-454
 
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Global markets are shaky as investors continued to monitor developments around the Russia-Ukraine war, the delegations from Ukraine and Russia will meet for possible peace talks on the Belarus border on Monday afternoon. Meanwhile, Ukraine already launched a case against Russia at the United Nations’ highest court on Sunday accusing Moscow of planning genocide and asking for the court to intervene to halt the invasion.

The key data release this week is of course the nonfarm payrolls report on Friday. The December NFP data is expected to show that the economy added more than 450k jobs in December while the unemployment rate declined to 3.9%.

On the earnings front, the companies due to release their results will be Zoom, Lucid, Novavax, Target and the Snowflake will be among those reporting earnings this week.

GOLD

The precious metal has risen to a one-and-a-half-year high of $1,974 last week due to the current inflation and Russia launched a full-scale military invasion in Ukraine. While later the metal dropped back to below $1900 as the market had already priced it in when the event occurred and the investors started booking profits. The safe-haven metal opened with a bullish gap on the first day of a new week but the metal retreated back to below the $1900 psychological level after the buyers failed to hold the upside momentum.

gold neww


On the bullish side, the resistance stays above $1930, and a break above this exposes the metal towards the $1945/50 level. On the flip side, rejection and pullback from the $1930 resistance allow for a dip towards $1900, with $1880 and $1865 forming additional downside targets.

DOLLAR INDEX

The US dollar index started the new week on a high note. The safe-haven US dollar has displayed a lot of volatility last week as investors are now moved from risky investments during uncertain political times to safer investments. The Index corrected lower back to below 96.80 on Friday following reports that Russia’s President Putin was considering returning to the negotiating table.

DXY


The short-term technical picture looks weak after the index failed to break above the previous week's high. The pullback is now aiming for the 96.80 psychological support. If this level fails to hold, the DXY could retreat towards 96.50. On the flip side, 97.45/80 remains the key resistance area to watch this week.

EURUSD

The Euro-to-Dollar dropped to as low as 1.1105 last week but recovered since then. The week ahead is littered with key U.S. economic figures and any market disappointment over the outcome of them could potentially support the Euro.

eurusd


The expected trading range for the pair this week is between 1.1070 support and 1.1420 resistance. The currency pair opened with a gap down on Monday. However, a firm break of 1.1200 again will dampen this bearish view and turn bias back to the upside for 1.1260 resistance. On the flip side, a move below the 1.1130 level will have the bears targeting the lower level of 1.1100/1.1070.

DOW JONES

Dow jones erased from the early losses and closed slightly higher on Friday after the data on US GDP and the labor market published Thursday confirmed the continued recovery of the American economy. Q4 GDP grew from 6.9% to 7.0%. For this week, the main drivers for the Dow remain the fresh developments surrounding the Russia-Ukraine tension, US jobs report and the Fed Chair Jerome Powell's semiannual testimony to Congress.

cruse


For this week, 33,200 is the immediate support level, followed by 32,800. If the index breaks below 32,800, the slump will quickly extend toward the 32,400 mark. On the flip side, the first resistance at 33,700 any break above this level will open 34,100/200 minimum.

Read more - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-19
 
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Shares of Moderna (NASDAQ: MRNA) jumped 15% last Thursday after the drugmaker announced solid fourth-quarter financial results. The company revenue for the last quarter increased to $7.2 billion from $571 million compared to the same period in 2020. Meanwhile, the overall sentiment of the stock remains under pressure. Moderna shares have lost more than% since the beginning of the year.

  • Earnings per share: 11.29 vs. 9.90 expected
  • Revenue: $7.21 billion vs. $6.78 billion expected
“Moderna has experienced exponential growth, and we have more than doubled the size of our team over the last year with a global team of 3,000” – Moderna CEO, Stéphane Bancel.

The strong last quarter results were boosted by the sale of around 297 million doses of its COVID-19 vaccine. Recently, the U.S. Food and Drug Administration (FDA) granted full approval for Moderna’s COVID-19 vaccine, which is marketed under the name Spikevax. In 2021, Moderna sold a total of 807 million doses of Spikevax, contributing $17.67 billion in revenue. Moderna expects to make almost $20 billion this year from sales of its COVID-19 vaccine.

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The vaccine manufacturer announced that it is developing a booster vaccine that targets Omicron and other Covid variants such as Delta. The company also plans to launch a share buyback program of around US$3 billion in total. Its previous US$1 billion programs announced in August 2021 has already been fully subscribed by January 2022.

“We continue to expand and advance our industry-leading mRNA pipeline with 44 programs in development. We look forward to clinical readouts from our therapeutics development candidates later in 2022 in rare genetic diseases and oncology. We are entering 2022 with a remarkable team and strategic priorities to continue advancing mRNA vaccines and therapeutics to impact human health.” – Moderna CEO, Stéphane Bancel said.

$MRNA short-term technical outlook

Technically the overall momentum remains bearish. In the short term, $130 is the immediate support level, followed by $118. If the pair breaks below the $118, the slump will quickly extend toward the $100 mark. On the upper side, the stock is likely to find immediate resistance at $168, any break above the $168 level could lead the prices of the precious metal towards the next resistance levels of $180 and $200.

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Read more - https://gulfbrokers.com/en/moderna-...after-the-q4-results-whats-next-for-the-stock
 
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The pizza delivery chain Domino's Pizza (NYSE: DPZ) is scheduled to announce its fourth-quarter earnings report today before the market open. Consensus forecast EPS of $4.29 on revenue of $1.35 Billion. Domino's is one of the most well-known restaurant chains globally, with more than 18,300 outlets in more than 90 countries.

$DPZ key technical levels to watch today:

Support: $410 and $390

Resistance: $445 and $460

EQUITIES

European and UK shares erase earlier gains as Russia continues its invasion, focus shifts to the speech from European Central Bank (ECB) president Christine Lagarde at 1300 GMT.

OIL

Crude oil futures climb to one week high on Tuesday on fears the Ukraine-Russia crisis will disrupt supplies across the world. The upside momentum was also driven after the talks between Russia and Ukraine on a potential cease-fire ended with no deal on Monday.

CURRENCIES

In the currency market, the US Dollar Index, which measures the greenback’s value against the basket of six major currencies price regain the upside momentum against the Euro and British pound. Moving ahead to the North American session, the USD traders will now be focused on the ISM's February Manufacturing PMI data which is set to be released later today.

GOLD

The Safe-haven metal surged to a fresh session high of $1924 on Tuesday amid reports that a long Russian armored convoy was headed towards Kyiv. Overall, the momentum remains bullish throughout the European session.

Economic Outlook

On the data front, the Germany and Eurozone reported weaker-than-expected manufacturing PMI data. On the other hand, UK Manufacturing PMI inched up to a 3-month high of 58 in February of 2022, up from a 4-month low of 57.3 expected.

Coronavirus update:

Worldwide, more than 430 million people have been confirmed infected and more than 5.93 million have died. The United States has confirmed over 79 million cases and has had more than 940,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD:
The currency pair trades below 1.1200. In the short-term, if the bearish momentum continues the next downside levels to watch 1.1160 and 1.1120. On the flip side, the immediate resistance is at 1.1200 and then 1.1230.

eurusd


The important levels to watch for today: Support- 1.1160 and 1.1120 Resistance- 1.1200 and 1.1230.

GOLD: The yellow metal hovers above the $1920 area. Any break above the $1928 will open the doors to $1940 and $1948. On the downside, $1900 is a crucial support area to watch

gold neww


The important levels to watch for today: Support- 1910 and 1900 Resistance- 1928 and 1950.

Quote of the day - “To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.” Benjamin Graham.

Read more - https://gulfbrokers.com/en/daily-market-report-455
 
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The Euro plunged to the lowest level since May 2020 against the US dollar. Technically the overall momentum remains bearish as investors remain concerned over the Russian invasion of Ukraine will damage the Eurozone economy. However, considering the recently strong bearish momentum, the currency pair is trading near the critical demand zone on the weekly time frame. The next strong support for the Euro stands near the level of 1.1020/00.

EQUITIES

Wall Street ended sharply lower on Tuesday after the Russia-Ukraine crisis deepened on the sixth day of the invasion while the US futures slightly recovered from the early lows following the recent report says the second round of negotiations between Russia and Ukraine will reportedly still take place. The negotiations will be held on the Polish-Belarusian border.

OIL

Crude oil futures reached a new session high on Wednesday after reports indicated that Russia has intensified the bombardment of Ukrainian cities and a large Russian convoy was approaching the capital Kyiv.

CURRENCIES

In the currency market, the Canadian dollar remains strong against the Euro and British pound ahead of the Bank of Canada meeting. Meanwhile, the US dollar index hits a fresh 20-month high of 97.75 on Wednesday.

GOLD

The Safe-haven metal slightly retreats from the daily highs after Russia says 'ready' to continue talks with Ukraine Wednesday night. On the other hand, the gold investors also waiting for Fed chair Powell’s appearance in Congress to give his semiannual monetary policy update.

Economic Outlook

On the data front, the U.S. Feb ISM manufacturing index rose +1.0 to 58.6, stronger than expectations of 58.0. The US Manufacturing PMI was revised lower to 57.3 in February of 2022, from a preliminary estimate of 57.5 but above the previous month's final reading of 55.5.

Moving ahead today, the important events to watch:

US – ADP employment report: GMT – 13.15

CANADA – BOC interest rate decision and statement: GMT – 15.00

Coronavirus update:

Worldwide, more than 425 million people have been confirmed infected and more than 5.91 million have died. The United States has confirmed over 78 million cases and has had more than 920,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

DOLLAR INDEX:
The index hovers near the fresh weekly highs. Moving ahead to the North American session, the USD traders should closely monitor the release of U.S. ADP data.

DXY


The important levels to watch for today: Support- 97.40 and 97.20 Resistance- 97.80 and 98.10.

GOLD: Gold price retreats back to near the key support area 1930. If the metal break and close below 1930, will head towards the next support level which is located near 1920 then 1900. On the upper side, 1950 remains the key resistance to watch.

gold neww


The important levels to watch for today: Support- 1930 and 1900 Resistance- 1950 and 1980.

Quote of the day - "Learn to take losses. The most important thing in making money is not letting your losses get out of hand." -Marty Schwartz.

Read more - https://gulfbrokers.com/en/daily-market-report-456
 
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The Russia-Ukraine war enters its 8th day while the second round of talks is reportedly set to take place today. The Russian negotiator says a ceasefire is on the agenda at Ukraine talks. Both the countries had agreed on the Brest region in western Belarus as the venue for the talks. Russian and Ukrainian officials met on Monday on the border between Belarus and Ukraine, but the ceasefire talks failed to reach a breakthrough.

EQUITIES

European shares remain under pressure after the release of weaker-than-expected services PMI data from the Eurozone and Germany. On the other hand, the bearish sentiment is also driven by the negative comments from ECB Governing Council member Kazaks. He said, "inflation will most likely remain higher than initially thought, and of course, these restrictions and higher prices will decrease economic growth."

OIL

Crude oil futures climb new highs on Thursday. Brent crude hits the highest level since June 2014, while US crude touches the highest since August 2013. While the oil prices slightly reversed from the daily highs as Russian and Ukrainian officials began ceasefire talks and Western countries ramped up sanctions against Moscow.

CURRENCIES

In the currency market, the Canadian dollar advanced against the US dollar and Euro following the Bank of Canada interest rate decision. The EURUSD retreated back to near the previous session low after the release of weak macroeconomic data.

GOLD

The Safe-haven metal struggled to find the upside momentum after the hawkish Fed Chair Jerome Powell’s testimony. At the time of writing, the metal trades below $1930.

Economic Outlook

On the data front, the Bank of Canada decided to increase the interest rate from 0.25% to 0.5%. The central bank said it expects inflation to be higher in the near term than previously thought. “Economic growth in Canada was very strong in the fourth quarter,” – Bank of Canada said.

Moving ahead today, the important events to watch:

US – Services PMI: GMT – 14.45

US – ISM services PMI: GMT – 15.00

Coronavirus update:

Worldwide, more than 435 million people have been confirmed infected and more than 5.91 million have died. The United States has confirmed over 78 million cases and has had more than 930,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD:
For today, the immediate support is near 1.1050. Any break and close below 1.1050, the next support levels to watch 1.1020/00. On the flip side, the first resistance at 1.1140 any break above this level will open 1.1190/1.1220 minimum.

eurusd


The important levels to watch for today: Support- 1.1050 and 1.1020 Resistance- 1.1110 and 1.1150.

GOLD: For today, the resistance for gold is around 1940, any break over targets 1950/55. On the other side, the immediate support is at 1920 and any break will drag the Index to 1914 and 1900 levels.

gold neww


The important levels to watch for today: Support- 1920 and 1900 Resistance- 1940 and 1955.

Quote of the day - "To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." – Benjamin Graham.

Read more - https://gulfbrokers.com/en/daily-market-report-457
 
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Shares of the department store giant Target (NYSE: TGT) bounced more than 10% after the company's fourth-quarter earnings came in better than analysts were expecting. For the period, Target earned a profit of $3.19 per share and the company released an upbeat revenue outlook for 2022. The revenue for the last quarter was $31 billion compared with Wall Street projections of $31.32 billion.

  • Earnings per share: $3.19 vs. $2.86 expected
  • Revenue: $31 billion vs. $31.32 billion expected
“Our strong fourth-quarter performance capped off a year of record growth in 2021, reinforcing the durability of our business model and our confidence in long-term profitable growth,” Target CEO, Brian Cornell said. “We allow our guests to consolidate trips, get more done in one store and experience a little bit of affordable luxury for their families, especially in this inflationary economy.” - Cornell added.

Target has benefited from a surge in demand for home delivery and its service that allows customers to buy online and pick up in-store. The company has announced plans to invest up to $5bn to expand its operations this year.

Target stock bounced more than 10% on Tuesday following the release of upbeat Q4 earnings. Technically the overall momentum remains bullish throughout this week.

Read the full report here - https://gulfbrokers.com/en/target-shares-jump-10-on-upbeat-earnings
 
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Shares of Apparel retailer Gap Inc (NYSE: GPS) bounced more than 10% in after-hours trading on Thursday after the company reported better-than-expected fourth-quarter financial results. The company revenue for the last quarter rose about 2% to $4.53 billion from $4.42 billion a year earlier. GAP expects to open about 30 to 40 stores each for Old Navy and Athleta in the fiscal year 2022.

  • Earnings per share: $-0.04 vs. $-0.14 expected
  • Revenue: $4.53 million vs. $4.49 million expected
“As our teams address near-term disruption from the acute headwinds that muted our fourth-quarter performance, we are confident in our ability to execute against our long-term strategy, capitalizing on our investments in demand generation, customer loyalty and artificial intelligence to accelerate profitable growth.” – GAP COE, Sonia Syngal said.

EQUITIES

European shares traded lower on Friday after the Russian forces attacked Europe’s largest nuclear power plant. Ukrainian President Zelensky said an attack on nuclear facilities could be the "end of Europe". Overall, the market sentiment remains under pressure on concerns that the war in Ukraine could dampen the pace of the recovery in the Eurozone

OIL

Crude oil prices reversed from the weekly highs, but it rallied over 25% in just over a week. Oil prices slip following the report of a deal with Iran that could allow it to export more oil. Iran can reach the maximum oil production capacity in less than one or two months if sanctions are lifted, according to Oil Minister Javad Owji. On the other hand, the second round of talks between Russia and Ukraine also calmed nerves in the highly volatile oil market.

CURRENCIES

In the currency market, the EURUSD extended losses in early morning trade Friday. The currency pair fell to a 21-month low of 1.11009 after Russia took control of Europe's biggest nuclear power plant. Meanwhile, Australia's dollar climbing to its highest since November.

GOLD

The Safe-haven metal climb to near the key resistance level of $1950 on Friday morning after the Russia-Ukraine tensions intensified following Russia's attack on Ukraine's nuclear plant. While the upside momentum is limited after the latest comments from the Federal Reserve Chair Jerome Powell. Powell said he thinks it will be appropriate to raise the target range for the federal funds rate at the March meeting in a couple of weeks. "And I'm inclined to propose in support a 25-basis-point rate hike," he said.

Economic Outlook

On the data front, the US ISM Non-Manufacturing Index reported worse than expected. The index fell for a third month to 56.5 in February of 2022 from 59.9 in January, below market forecasts of 61.

Moving ahead to the North American session, the main event in the economic calendar is the US monthly jobs report.

Coronavirus update:

Worldwide, more than 435 million people have been confirmed infected and more than 5.91 million have died. The United States has confirmed over 78 million cases and has had more than 930,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD:
Technically the overall trend still looks bearish, and the next immediate support is at 1.1000 then 1.0980. On the upper side, in case the pair manages to settle above 1.1100, it will gain upside momentum and head towards the next resistance level at 1.1145 and 1.1180.

eurusd


The important levels to watch for today: Support- 1.1000 and 1.0980 Resistance- 1.1090 and 1.1150.

GOLD: For today, $1950 remains the key resistance to watch. On the downside, rejection and pullback from the $1950/52 resistance allow for a dip towards $1930, with $1922 and $1915 forming additional downside targets.

gold neww


The important levels to watch for today: Support- 1930 and 1914 Resistance- 1952 and 1960.

Quote of the day - “Do not anticipate and move without market confirmation - being a little late in your trade is your insurance that you are right or wrong.” - Jesse Livermore.

Read more - https://gulfbrokers.com/en/daily-market-report-458
 
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Global markets were under huge pressure on Monday after the massive jump in energy and commodity prices as Russia’s invasion of Ukraine continues. The sell-off in equities has spilled over to Asian markets, with all major indices in the red and US futures trading weaker.

This week Investors will likely keep a look at the economic releases which includes the release of the U.S. consumer price index (CPI) and European central bank decision, both the events scheduled to be released on Thursday.

On the earnings front, the companies due to release their results will be Oracle, Stitch Fix, and Crowdstrike will be among those reporting earnings this week.

GOLD

The precious metal hit the key psychological level of $2000 on Monday. However, the metal struggling to hold above the $2000 levels as the investors remain concerned about the Federal Reserve’s tightening monetary policy continues with the central bank expected to aggressively raise interest rates this year.

gold neww


For this week, the first nearest support level is located at $1968. In case it breaks below this level, it will head towards the next support level which is located at near $1950 then $1935. On the upper side, $2020 is the key resistance to watch, any break above this level will open $2040/70 minimum.

DOLLAR INDEX

The US dollar index remains extra volatile. The greenback was one of the strongest currency pairs in the last couple of weeks and reached its highest level since May 2020. The bullish rally was driven by the worries about global growth, higher inflation and the geopolitical crisis.

DXY


This week as long as the index trades above 98.60 levels, the medium-term uptrend will remain in place. On the downside, 98.00 is the key support level to watch this week, followed by 97.70. Further selling pressure will intensify only if the Index break below 97.40 levels.

EURUSD

EURUSD extend the decline on Monday. On Friday, the currency pair fell to a 16 -month low against the US dollar after Russia launched a military attack on a nuclear power plant in Ukraine. The strong bearish momentum is also driven by weaker-than-expected PMI data from Eurozone and Germany. For this week, the main drivers for the Euro will be the ECB decision and the US dollar movement.

eurusd


Technically the overall sentiment remains bearish. However, a fresh demand for EURUSD can be anticipated once the pair rises above the 1.10 resistance. A break above this level will confirm a possible move to 1.1245. In this case, On the other hand, the immediate support prevails at 1.0800, further breakout of 1.0800 can lead the pair towards 1.0770/10 levels.

DOW JONES

Dow Jones futures started the new week on a bearish note. Last Friday, the index ended lower despite the release of a better-than-expected US employment report. The data showed the US added 678,000 jobs to the economy in February and the Unemployment Rate fell to 3.8% from 4%.

cruse


The Index can rise if it rebounds back to above the 33,600 level, any break and closes above this level the next levels to watch 34,200 and 34,700. Nevertheless, if it continues to fall, the slump will quickly extend toward the 32,800 and 32,300 marks.

Read more - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-20
 
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The price of an ounce of gold trades steady above the psychological level of $2000 on Tuesday. The strong rally was supported by the uncertainties surrounding the Russia-Ukraine crisis and rising inflation fears.

For today, If the upside momentum continues then the next upside level is to watch $2024 and $2050. On the downside, any meaningful pullback now seems to find some support near the $1995 zones, below which the slide could further get extended towards the $1980 regions.

EQUITIES

Asian shares and US futures plunged on Tuesday morning as the war in Ukraine continues into its second week. Meanwhile, the European shares recovered some early losses following the latest report says the European Union (EU) is reportedly considering massive joint bond sales to fund energy end defence spending.

OIL

Crude oil prices trade flat on Tuesday. During the previous session, the oil prices reached the highest level since 2008 as the United States and European allies mull a Russian oil import ban.

CURRENCIES

In the currency market, the Greenback, in terms of the US Dollar Index (DXY), corrected slightly lower but the index remains in favour as a safe haven currency due to global growth fears. The EURUSD struggling to find the upside momentum despite the release of better-than-expected Eurozone GDP data.

GOLD

The precious metal retreat back to near the $2000 area after the metal hit a new session high of $2020. Technically, the overall momentum remains bullish throughout the European session.

Economic Outlook

On the data front, Germany released the latest retail sales and factory orders data on Monday. German factory orders expanded 1.8% mom in January, faster than the economists' forecast of +1.0% and the Retail sales increased 2% mom in January.

Coronavirus update:

Worldwide, more than 440 million people have been confirmed infected and more than 5.91 million have died. The United States has confirmed over 79 million cases and has had more than 950,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD:
The currency pair needs to stay above 1.0800; otherwise. 1.0770/30 may be visible soon. On the upper side, 1.1940 the key resistance zones to watch, if the pair breaks and close above this area then the next supply level to watch is around 1.1990/1.1050.

eurusd


The important levels to watch for today: Support- 1.0850 and 1.0810 Resistance- 1.0930 and 1.0980.

DOLLAR INDEX: For today, the index is supported at 98.60 level, any break below this level will open the doors to 98.40 and 98.00. On the flip side, 99.45 remains the key resistance to watch.

DXY


The important levels to watch for today: Support- 98.60 and 98.40 Resistance- 99.45 and 99.80.

Quote of the day - “If ever there was an area in which to do the exact opposite of that which government and the media urge you to do, that area is the purchasing of gold.” — Robert Ringer.

Read more - https://gulfbrokers.com/en/daily-market-report-459
 
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