EURUSD
While there was no important data flow announced yesterday on the European front, the statements of the ECB members were followed. ECB member Holzmann stated that inflation is expected to decrease, but risks are on the upside in an environment of high uncertainty. He also stated that interest rates still need to rise significantly. Fed Boston President S. Collins stated that he supported the 25 basis point increase at the Fed meeting and stated that time should be given to observe the effects of the previous sharp increase decisions. While the inflation data to be announced in the USA today stands out as the major title of the day, general expectations are shaped towards a weakening in inflation.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,0848 |
| Resistance 2 | 1,0818 |
| Resistance 1 | 1,0790 |
| Support 1 | 1,0725 |
| Support 2 | 1,0695 |
| Support 3 | 1,0660 |
Daily Pivot Levels
GBPUSD
While there was no important data flow announced yesterday on the European front, the statements of the ECB members were followed. ECB member Holzmann stated that inflation is expected to decrease, but risks are on the upside in an environment of high uncertainty. He also stated that interest rates still need to rise significantly. Fed Boston President S. Collins stated that he supported the 25 basis point increase at the Fed meeting and stated that time should be given to observe the effects of the previous sharp increase decisions. While the inflation data to be announced in the USA today stands out as the major title of the day, general expectations are shaped towards a weakening in inflation.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,2300 |
| Resistance 2 | 1,2241 |
| Resistance 1 | 1,2210 |
| Support 1 | 1,2100 |
| Support 2 | 1,2000 |
| Support 3 | 1,1940 |
Daily Pivot Levels
XAUUSD
An ounce of gold managed to hold above the $1865 level this week. Retreats were limited. The most important data of this week will be announced today. In the USA, CPI day and December CPI data will be followed. Markets welcomed US employment data last week. The inflation data to be announced today will also affect the expectations for the Fed's meeting to be held between January 31 and February 01. Therefore, volatility may increase after the CPI data. Data-based action can be expected. Statements from Fed members continue to come. Statements supporting the rate hike continue. The dollar index is trading around 103.00 this morning.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1913 |
| Resistance 2 | 1903 |
| Resistance 1 | 1892 |
| Support 1 | 1873 |
| Support 2 | 1863 |
| Support 3 | 1854 |
Daily Pivot Levels
BRENT OIL
Mixed movements are observed in oil prices this morning. Since the beginning of the week, upward movements have been seen in brent oil. This week saw a significant increase in stocks announced by API and DOE. The latest DOE weekly oil inventories increased by 19 mn barrels. High stock for oil is interpreted negatively. It is seen as limited negative data, but it is noteworthy that it does not put a serious pressure on oil prices. The opening of China still continues to support oil prices. There are reports that China has increased its import quota and Chinese companies are buying oil from the US. CPI data will be followed in the USA today.
S&P500
The S&P 500 index closed yesterday at 3,970 with an increase of 0.02%. It is seen that mild buyers have continued in the US stock markets for the last two days. This week, statements are coming from Fed officials. Members emphasize that interest rate hikes should continue. This week, Fed Chairman Powell also had a speech, but Powell did not make any statements about the economy. Today is inflation day in the USA. The data is expected to be below expectations and to decline. This expectation creates optimism in the markets. However, data to be released today will clarify these expectations and data-based volatility can be seen. US futures are trading with light buyers this morning.
