EURUSD
While there was no important data flow announced yesterday on the European front, the European Central Bank members were followed. Emphasizing that the monetary policy will continue to remain cautious, the officials stated that they agreed on the 50 basis point increase in March and the decision to be data-oriented and from meeting to meeting. In the week of March 4, applications for unemployment benefits in the USA reached their highest level since December. Applications for unemployment benefits rose to 211,000 in the country. Non-farm employment figures to be announced today may be effective in increasing the volatility in the parity during the day.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.0656 |
| Resistance 2 | 1.0623 |
| Resistance 1 | 1.0602 |
| Support 1 | 1.0549 |
| Support 2 | 1.05167 |
| Support 3 | 1.0495 |
GBPUSD
Swati Dhingra, a member of the Bank of England monetary policy board, warned that further raising interest rates could hurt the already weak UK economy. The newest official on the central bank's nine-member Monetary Policy Committee said it would be prudent to keep borrowing costs flat for now, noting that there is little evidence of an inflationary spiral. “Extreme tightening poses a more significant risk at this point, due to increased borrowing costs and potential adverse effects going forward from reduced supply capacity,” Dhingra said.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.2069 |
| Resistance 2 | 1.2004 |
| Resistance 1 | 1.1962 |
| Support 1 | 1.1855 |
| Support 2 | 1.1790 |
| Support 3 | 1.1748 |
XAUUSD
This week, movements were observed in the range of 1800-1860$ for gold. While it was struggling in its upward movement, it was seen that there were reactions from certain supports in the pullbacks. The most important reason for the decrease in ounce this week was Fed Chairman Powell's unexpected hawk statements. The fact that they will continue to increase interest rates until inflation reduces, strengthened the 50 basis point rate hike. For the March 21-22 meeting, the market started to reflect the 50 basis point interest rate hike on prices. This was interpreted as dollar positive and gold negative. For the last two days, there have been price reactions. Today is Nonfarm Employment Day in the USA. It can also be effective on the price.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1864 |
| Resistance 2 | 1849 |
| Resistance 1 | 1840 |
| Support 1 | 1816 |
| Support 2 | 1802 |
| Support 3 | 1792 |
BRENT OIL
Oil prices remain cautious. This week, Fed Chairman Powell's hawk messages, China's weak growth prospects, and some foreign institutions' downward revisions to oil price expectations led to oil retreats. Weekly oil inventories announced by the API and DOE fell. The decrease in stocks is interpreted positively in terms of oil prices. However, the impact of the data is limited on pricing. Today is Nonfarm Employment Day in the USA. At the same time, the unemployment rate and average hourly earnings will be released. The impact of the data can be felt on the course of the markets.
S&P500
While the fight against inflation continues in most of the world's economies, the steps taken by the US Federal Reserve in this process continue to be reflected in the markets. Yesterday, after the US-based commercial bank SVB Financial Group closed its $21 billion bond position with a loss of approximately $1.8 billion and announced that it would raise more than $2 billion in capital, the bank's share price dropped more than 60 percent. The S&P 500 closed the session down 1.85% at 3,918. As of this morning, the outlook for the S&P 500 futures contract is at 3,889.
