EURUSD
On the first trading day of the week, the statements of ECB President C. Lagarde and members were followed. President C. Lagarde stated that it is vital that inflation rates above the 2% target do not become permanent in the economy. Bundesbank Chairman Nagel, a member of the ECB Board of Directors, stated that the bank will return inflation to the target without causing a recession. US Treasury Secretary Janet Yellen said falling energy prices and easing supply chain problems around the world are a sign of progress in inflation.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,0997 |
| Resistance 2 | 1,0962 |
| Resistance 1 | 1,0916 |
| Support 1 | 1,0836 |
| Support 2 | 1,0801 |
| Support 3 | 1,0755 |
Daily Pivot Levels
GBPUSD
While it is expected that the S&P Global manufacturing and composite PMI indices to be announced in the USA will decrease compared to the previous month and remain in the contraction zone below 50, the dollar depreciated against all G-10 currencies before the data at the beginning of the session. While the weakening of the dollar was effective this week, the expectation that the Fed's interest rate hikes would continue more moderately, reducing the demand for safe investment instruments, most of the other currencies are traded with limited volume due to the Chinese New Year.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,2566 |
| Resistance 2 | 1,2507 |
| Resistance 1 | 1,2442 |
| Support 1 | 1,2318 |
| Support 2 | 1,2258 |
| Support 3 | 1,2194 |
Daily Pivot Levels
XAUUSD
In global markets, ounce of gold continues to hover around $1935. The dollar index is in the 102.00 region. US stock markets finished the day higher yesterday evening. It was a day with a strong appetite for risk. This morning, US futures are also showing sideways movements. Today, PMI data reflecting the manufacturing and services sector in the USA will be followed. Data-based movement can be seen. For the remainder of the week, major data is expected to be released in the US. Next week is the Fed week and the expected Fed's interest rate decision will be announced on February 01. This week, the Fed expectation can also be a determining factor on prices. For today, the data and the trends in the stock market can be followed.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1964 |
| Resistance 2 | 1950 |
| Resistance 1 | 1940 |
| Support 2 | 1916 |
| Support 3 | 1901 |
| Support 1 | 1892 |
Daily Pivot Levels
BRENT OIL
Oil prices are flat this morning. Expectations that there will be a record demand from China this year after the opening of China affects the course of oil prices. The presence of bilateral talks between the USA and China is interpreted positively. According to the latest reports, the US is putting pressure on China because China is still buying oil from Iran. The US does not want to buy oil from Iran. There was no return to the nuclear deal. If this continues, there may be sanctions in this regard. This issue is discussed in the market, but it does not seem to have an impact on oil prices. There are data to be announced from the USA for today. In addition, weekly oil stocks are expected to be announced by the API today.
S&P500
The risk appetite seen in the global markets on the first day of the week also shapes the pricing on the second trading day. While the expectation of moderate interest rate hikes increased on the Fed side, the preparations for the monopoly lawsuit against Google in the market were also closely watched. US stock markets surged yesterday with strong purchases in the technology and industrial sectors. The S&P 500 index ended the day with 1.19% gains. Today, US futures are up more than 1%. There is no significant data flow to be announced on the US side today.
