EURUSD
On the first trading day of the week, retail sales in the Eurozone decreased by 2.7% in December compared to November and by 2.8% compared to the same period of the previous year, above the expectations. Sentix investor confidence in the region improved with a decrease of 8.0, while factory orders in Germany, Europe's largest economy, increased by 3.2%, the strongest increase in the last year. San Francisco Fed President Mary Daly said the policy rate should rise to at least 5.1% before it can be held steady. While the 103.00 level is exceeded in the dollar index, the retracement continues in the parity.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,0868 |
| Resistance 2 | 1,0833 |
| Resistance 1 | 1,0779 |
| Support 1 | 1,0689 |
| Support 2 | 1,0654 |
| Support 3 | 1,0600 |
Daily Pivot Levels
GBPUSD
The UK's GDP data to be released on Friday are expected to show that the economy narrowly escaped recession in the fourth quarter. Last week, the Bank of England (BoE) said the UK is poised to enter recession this year, but that it will be "much more superficial" than previously feared, mostly due to lower energy prices and weaker interest rate expectations from the market. The GBP/USD pair is priced at 1.2050 as of this morning.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.2135 |
| Resistance 2 | 1.2106 |
| Resistance 1 | 1.2063 |
| Support 1 | 1.1992 |
| Support 2 | 1.1962 |
| Support 3 | 1.1920 |
Daily Pivot Levels
XAUUSD
Commodities continue to recover after strong US jobs on Friday. An ounce of gold formed support in the $1860 region and it seems to be struggling to move below this support. In global markets, the data calendar was calm yesterday and the effect of the announced data on pricing was not felt. For today, Fed Chairman Powell's speech is seen. Powell last spoke at the Fed's meeting last week. In this one-week period, no change in Powell's tone is expected, and no surprise statements are expected. Still, Powell's speech will be watched, but it may not cause any new volatility. This morning the dollar index is trading at 103.49.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1900 |
| Resistance 2 | 1891 |
| Resistance 1 | 1879 |
| Support 1 | 1857 |
| Support 2 | 1848 |
| Support 3 | 1836 |
Daily Pivot Levels
BRENT OIL
Oil prices remain flat this morning and are trading with light buyers. Risk appetite in global markets is not very strong. There was no significant data flow announced yesterday. Saudi Aramco announced that it has increased its prices to Asia and Europe for the month of March. This leads to expectations that oil prices will rise in the coming days. On the one hand, the expectation that there may be an increase in oil demand with the opening of China continues and is a matter of curiosity. It may be possible to say that this also pushes the prices up, albeit to a limited extent. There are no significant data streams to be announced today. Weekly oil stocks can be tracked by API.
S&P500
On the first trading day of the week, risk appetite was quite low in stock markets. US stock markets also showed a negative outlook yesterday. The Dow Jones index fell 0.10%, the S&P 500 index fell 0.61% and the NASDAQ index fell 1.00%. Looking at the new day, a positive outlook is observed in US futures. Today, we can say that we will have a quiet day in terms of data. Statements from Fed officials during the day can be followed in terms of the course of the markets.
