DailyAnalysis 21/02/2023


EURUSD

In the monthly economic report of the Bundesbank, the Central Bank of Germany, it was stated that the economic outlook in Germany improved relatively in an environment where the headline inflation exceeded its peak, and the recession concerns receded. In the Euro Zone, consumer confidence improved by 19.0% in February, in line with expectations. On the other hand, Olli Rehn, a member of the ECB Governing Council and the Chairman of the Finnish Central Bank, said that the ECB should continue to increase interest rates after March and that he expects the interest rate to reach its peak in the summer months. While there was no significant data flow announced yesterday in the USA, leading manufacturing services PMI figures will be at the forefront in the markets today.

Technical Analysis

Support & Resistance Level
Resistance 3 1.0736
Resistance 2 1.0720
Resistance 1 1.0702
Support 1 1.0668
Support 2 1.0652
Support 3 1.0633

Daily Pivot Levels

1.0863
1.0827
1.0780
1.0734
1.0698
1.0662
1.0615

GBPUSD

Growing inflation concerns around the world raise questions about how long central banks will continue their hawkish policies. Analysts said that the stronger dollar index put pressure on commodity prices, and that rising interest rates in the markets could negatively affect interest-sensitive company shares, especially in the technology sector. The GBP/USD pair is priced at 1.2025 as of this morning.

Technical Analysis

Support & Resistance Level
Resistance 3 1.2101
Resistance 2 1.2079
Resistance 1 1.2059
Support 1 1.2017
Support 2 1.1994
Support 3 1.1974

Daily Pivot Levels

1.2326
1.2260
1.2188
1.2117
1.2051
1.1984
1.1913

XAUUSD

Since the markets in the USA were closed yesterday, calm movements were observed. It was observed that horizontal movements were dominant in the ounce gold price. For today, the markets will open in the USA and the economic data to be announced will be followed. Recently, there has been a cooling in expectations about the Fed. The markets, which are confident that the Fed will raise interest rates, mention that there may be an increase of maybe 50 basis points for the next meeting. The 25 basis point odds are still on the table. The fact that the market is divided into two and the expectations that interest rates will increase by 25 or 50 basis points can suppress the risk appetite. Speeches by possible Fed officials can be watched today. Fed uncertainty could also weigh on commodities.

Technical Analysis

Support & Resistance Level
Resistance 3 1856
Resistance 2 1852
Resistance 1 1846
Support 1 1836
Support 2 1831
Support 3 1826

Daily Pivot Levels

1,903.07
1,894.74
1,885.03
1,875.32
1,866.98
1,858.65
1,848.94

BRENT OIL

Oil prices are trading with sellers this morning. While sanctions are imposed on Russia due to the Russia-Ukraine war, Russia's exports are surprising. Looking at the latest export figures, it is seen that exports to China and India have increased. The European Union has been imposing sanctions on Russia and has announced that it has decided to expand it a little more. According to this, it is said that EU countries will impose sanctions on 32 individuals and 2 organizations. Iran reportedly raised oil prices for Asian buyers in March. In its statement, Fitch stressed that China's reopening provided a moderate recovery in refined petroleum products, and that difficulties remain.

Technical Analysis

Support & Resistance Level
Resistance 3 85.68
Resistance 2 84.83
Resistance 1 84.12
Support 1 82.56
Support 2 81.71
Support 3 81.00

Daily Pivot Levels

87.50
86.39
85.14
83.90
83.79
81.67
80.43

S&P500

US stock markets were not traded yesterday due to the holiday. Futures in the US, which will be traded again today after a one-day break, point to a negative outlook. Indicators pointing to persistent inflation in the US suppress the risk appetite today. Global markets closely follow the mediation initiative in the Russia-Ukraine war from China as well as economic indicators. PMI and home sales data, which will be announced in the USA during the day, can be followed as primary data.

Technical Analysis

Support & Resistance Level
Resistance 3 4101
Resistance 2 4095
Resistance 1 4085
Support 1 4070
Support 2 4063
Support 3 4054

Daily Pivot Levels

4,159.25
4,131.75
4,115.75
4,099.75
4,072.25
4,044.75
4,028.75

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