EURUSD
On the first trading day of the week, retail sales in the Eurozone increased by 0.3% in January, below the expectations, and decreased by 2.3% on an annual basis. Robert Holzmann, Member of the European Central Bank Governing Council and President of the Austrian Central Bank, argued that there should be an increase of 50 basis points at each meeting until July due to high inflation. Factory orders in the US fell 1.6% MoM in January, below expectations. In the said period, orders for durable goods decreased by 4.5%, while orders for non-durable goods increased by 1.5%. Fed Chairman Powell's messages today will be decisive on risk appetite and pricing.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.0783 |
| Resistance 2 | 1.0738 |
| Resistance 1 | 1.0711 |
| Support 1 | 1.0638 |
| Support 2 | 1.0594 |
| Support 3 | 1.0566 |
Daily Pivot Levels
GBPUSD
Huw Pill, Chief Economist at the Bank of England, said the UK economy was showing slightly more momentum than expected and wage growth was slightly faster than the BoE had forecast last month. Pill spoke at the event organized by the Institute of Directors. Pill said the BoE Monetary Policy Committee will continue to monitor closely for signs of persistent domestic inflation pressures. The GBP/USD pair is priced at 1.2035 as of this morning.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.2108 |
| Resistance 2 | 1.2078 |
| Resistance 1 | 1.2052 |
| Support 1 | 1.1996 |
| Support 2 | 1.1966 |
| Support 3 | 1.1940 |
Daily Pivot Levels
XAUUSD
The cautious course is preserved in the ounce gold price. Today and tomorrow, Fed Chairman Powell will have speeches in the US Senate and House of Representatives. His presentation has already been published. The Fed will meet on March 21-22. This may be Powell's last speech before the meeting. Powell's messages may be decisive on pricing, as the market is uncertain about the Fed. Powell's speech will be followed throughout the day. There are data to be announced in the USA, but since it is secondary level data, it may not cause a very drastic action on pricing.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1868 |
| Resistance 2 | 1863 |
| Resistance 1 | 1854 |
| Support 1 | 1841 |
| Support 2 | 1836 |
| Support 3 | 1828 |
Daily Pivot Levels
BRENT OIL
Oil prices are flat this morning. Oil prices, which followed a downward trend yesterday due to low growth expectations in China, tried to recover after. There's an energy conference in Houston. Speeches at the conference are followed. Goldman Sachs said in a statement that they expect the price of Brent oil a barrel to start rising this month and reach $100 in December. In his speech, the President of the European Commission stated that the EU is no longer dependent on gas and oil from Russia. Today will be Fed Chairman Powell's speech. His presentation was published earlier. His speeches today and tomorrow will be important for the course of the markets.
S&P500
US stock markets were mixed yesterday. While the rises were prominent in the Utilities, Technology and Telecommunication sectors, there was a decrease in the Raw Materials, Consumer Goods and Consumer Services sectors. The Dow Jones index rose 0.12% and the S&P 500 index rose 0.07%, while the NASDAQ index fell 0.11%. It can be said that there is a positive outlook in the US futures on the new day. When we look at it in terms of data today, there is no primary data to follow during the day. However, Fed Chairman Powell's statements during the day can be followed in terms of the course of the markets.
