SUMMARY

  • Annual inflation in Germany is expected to be 2.5%, very close to the 2% target. For this reason, analysts believe that the European Central Bank is slow to start cutting interest rates.
  • The coin price started to recover after reaching the 146.49 support level. Currently, USDJPY is up +0.28% and is trading at 147.37.
  • Wall Street started the week with mixed closings. The Dow Jones closed up +0.12%, while the S&P500 -0.11% and the Nasdaq 100 -0.41% were negative.
  • Main events:
    • Employment trends in the United Kingdom
    • Unemployment rate in the United Kingdom
    • Germany inflation report
    • OPEC monthly report
    • US inflation report
    • 10-year US Treasury notes auction
    • API Report on US Crude Oil Inventories

GOLD

Specifications

  • Leverage: 50
  • Units: 100
  • Margin requirement: USD$4161
  • Example: movement of USD$10 = $1,000 potential PL.
  • Support 1: 2177,64
  • Support 2: 2176,10
  • Resistance 1: 2181,81
  • Resistance 2: 2184,44

Fundamental Analysis

  • Annual inflation in Germany is expected to be 2.5%, very close to the 2% target. For this reason, analysts believe that the European Central Bank is slow to start cutting interest rates.
  • The UK unemployment rate is expected to be 3.8%.
  • The Eurogroup meeting continues.
  • Inflation in emerging markets such as India and Brazil is expected to be 5.02% and 4.44%, respectively.
  • The most important data of the day is inflation in the United States, where 3.1% is expected annually.
  • The price of gold continues to rise. Yesterday it closed with an increase of +0.09%. It is currently correcting -0.26% and trading at $2,177 per troy ounce.
  • The metal is in the lower Bollinger band, which could attract buyer interest again. The Bulls are looking for $2,200.

USDJPY

Specifications

  • Leverage: 100
  • Units: 100,000
  • Margin requirement: USD$999
  • Example: 100 pips change in USDJPY price = USD1,000 potential PL.
  • Support 1: 147,09
  • Support 2: 146,77
  • Resistance 1: 147,58
  • Resistance 2: 147,75

Fundamental Analysis

  • The pair price started to recover after reaching the 146.49 support level. Currently, USDJPY is up +0.28% and is trading at 147.37.
  • The index that measures the state of the manufacturing sector in Japan stands at -6.7, indicating a deterioration. Due to the above, analysts are reassessing the possibility of the Bank of Japan raising interest rates to positive territory. However, a modest monetary policy strategy is expected.
  • For technical analysts, the currency is oversold. The RSI, for example, is at 24. The price is in the upper Bollinger band, so buying volume should increase to avoid technical corrections.
  • Traders expect a trading range between 147.60 and 148.
  • The yen is also strengthening, while the dollar continues to face downward pressure.

NASDAQ 100

Specifications

  • Leverage: 50
  • Units: 1
  • Margin requirement: USD$360
  • Example: movement of 100 points = $1,000 potential PL.
  • Support 1: 18.288,25
  • Support 2: 18.281
  • Resistance 1: 18.299,75
  • Resistance 2: 18.304

Fundamental Analysis

  • Wall Street started the week with mixed closings. The Dow Jones closed up +0.12%, while the S&P500 -0.11% and the Nasdaq 100 -0.41% were negative. Currently, the Nasdaq 100 is recovering its losses, rising +0.47% and trading at 18,302 points.
  • Inflation in the United States is the most important data of the moment. If this remains below 3.1%, the upward trend of the Wall Street indices could be generated again.
  • The stock that gained the most on the Nasdaq 100 was Moderna with +8.69%. The stock that fell the most was Meta with -4.42%. Nvidia shares, for their part, corrected -2%.
  • According to Jamie Dimon, CEO of JP Morgan, the scenario of an economic recession in the United States is still not excluded.
  • Bitcoin continues its bullish trend, this time rising +4.35% and trading at $71,480. The cryptocurrency hit new all-time highs of $72,680.

SOURCES

  • Thomson Reuters
  • Market watch
  • Bloomberg
  • Tradingview

 

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