Daily Market Analysis By zForex

[zForex]

EUR/USD Shows Support at 1.0750 with Bearish Outlook

The EUR/USD found support at 1.0750 after six consecutive days of selling. The pair is still bearish due to fundamentals. A recovery towards the 1.0850 resistance could be possible if the dollar weakens again.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1050	1.100	1.0850	1.0750	1.0660	1.0600

GBP/USD Sees Recovery Following Solid Uptrend with the Potential Return to 1.2700 Level

The GBP/USD pair is recovering today after a three-day sell-off, but the uptrend remains solid. A return to the 1.2700 level is possible, especially if Friday's NFP report is negative for the dollar.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2900​	1.2800​	1.2700​	1.2500	1.2400	1.2300

USD/JPY Continues Reversal, Targets 144.80 with Yen Strength

The USD/JPY reversal strengthens and moves towards 144.80, while the yen continues to strengthen. This is fueled by market expectations of an imminent Bank of Japan (BoJ) rate change next year.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1​	Support 2​	Support 3​
152.00​	150.00​	148.00​	146.50​	144.80​	142.00​

Gold Sees Modest Recovery Ahead of Key US Data, Maintains Strong Trend

Gold is experiencing a slight, but not significant, recovery as the market awaits tomorrow's release of important data from the US that could influence price action. Despite this pause, the gold price remains in a strong and solid trend. The possibility of gold breaking through the 2070 level remains plausible given the various factors in favour of a stronger gold price.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2085​	2070​	2053​	2006​	1979​	1960​

WTI Faces Ongoing Sell-Off, Targets $68 Support Level with Limited Recovery Prospects

WTI continues its sell-off, now heading toward the 68 support level. While a minor recovery may be seen, it is unlikely to alter the bearish outlook until new fundamentals emerge that could reverse the current situation.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
80​	78​	74​	68​	65​	63​

 

[zForex]

US Indices



Nasdaq 100 Futures Show Modest Gain with Labor Market Concerns

S&P 500 futures remained steady, while Nasdaq 100 futures saw a slight 0.2% increase. Investor focus has been on the job market, with recent data showing a slowdown. Wednesday's private payrolls report indicated fewer jobs added than expected, and Labor Department data revealed job openings in October were at their lowest since March 2021, prompting questions about continued labor market cooling.

In the stock market, Alphabet's shares rose 2.9% in premarket trading following its latest AI model release. Other major tech stocks showed mixed performance. Advanced Micro Devices experienced a 2.2% premarket increase after forecasting a significant market for its data center AI processors.

Looking ahead, traders largely anticipate the Fed to maintain interest rates at the upcoming meeting, with a 61% probability of a rate cut by March 2024, as per CME Group's FedWatch tool.

The Nasdaq is displaying uncertainty and indecisiveness in the markets ahead of tomorrow and next week's significant events. If a comeback occurs, the index could aim for the 15600 level, followed by 15220. Conversely, a bullish continuation could target the peak of 16600 seen in November 2021.



Crypto

Bitcoin Faces $190 Million in Trader Liquidations Due to Volatility and Regulatory Expectations

Bitcoin's recent pullback led to unexpected trader losses, with liquidations totaling $190 million in a day amid market uncertainty. A price dip to around $43,600, followed by a rebound to $44,000, caused over 81,000 traders, mainly in long positions, to face losses. Most liquidations occurred on the Binance and OKX exchanges, with the largest single event valued at $2.12 million. Despite a brief dip below $43,000 and a subsequent recovery to around $43,400, the market remains volatile, with Bitcoin struggling to maintain support above $43,000, yet bullish sentiment persists.

Several factors have supported Bitcoin's march to 20-month highs, including optimism that U.S. regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF), which would be expected to fuel a new wave of investor interest. Expectations that interest rates will fall significantly next year have helped—a trend that has also supported the stock market in recent weeks, though Bitcoin has blown past the Dow Jones Industrial Average and S&P 500.

Against a strong technical market backdrop and amid historically tight token supply, analysts see more strength in Bitcoin—if the many crypto traders who have bought and held the digital asset can resist taking profit after such a run-up.

Bitcoin's price underwent a small correction as tomorrow's data are significant for markets and sentiment. The next target will be 46755.

 

[zForex]

EUR/USD Hovers Near 1.0750 Support, Awaits Economic Data Impact on Dollar

The EUR/USD pair is hovering near the 1.0750 support level, as it awaits today's economic data which could affect the dollar and subsequently impact the pair. If the dollar weakens, there is potential for a recovery towards the 1.0850 resistance level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1050	1.100	1.0850	1.0750	1.0660	1.0600

GBP/USD Displays Minor Fluctuations Ahead of Key Economic Data Release

The GBP/USD pair, like the euro, is showing minor fluctuations as it anticipates today's economic data. Should there be evidence confirming a slowdown in job creation, the pair may revisit the 1.2700 level.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2900​	1.2800​	1.2700​	1.2500	1.2400	1.2300

USD/JPY Reverses Course, Declines 3.5% towards 142.00

The USD/JPY pair reversed its course, declining by 3.5% and moving towards the lower parallel of the bullish channel at 142.00. The pair's future trajectory, whether it will continue to decline or correct, is now contingent on today's economic data.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1​	Support 2​	Support 3​
152.00​	150.00​	148.00​	146.50​	144.80​	142.00​

Gold Gains for Third Consecutive Day as Investors Await NFP Data Impact

Gold has continued to recover for the third straight day, while investors wait for the release of today's NFP (Nonfarm Payroll) Data, which is expected to influence its direction. Despite this temporary pause, gold maintains a strong overall trend. Tahe likelihood of gold surpassing the $2070 mark remains achievable, considering several factors that are contributing to a stronger performance of the precious metal.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2085​	2070​	2053​	2006​	1979​	1960​

WTI Sees Slight Recovery with Recent News, But Bearish Outlook Persists

WTI has experienced a slight recovery following recent news, but the overall outlook remains bearish and the trend is similar. The next support level is identified at $65.80, while any recovery is expected to encounter resistance at $72.90.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
80​	78​	72.90​	68​	65​	63​

 

[zForex]

EUR/USD Hovers Around 1.0750, Awaits Economic Data for Direction

The EUR/USD pair is currently fluctuating around the 1.0750 support level as the economic calendar is free for today and market participants await the influx of economic data starting tomorrow. Whether the pair recovers towards 1.0850 or falls back towards 1.0660 will depend on the upcoming economic data and events this week.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1000	1.0900	1.0850	1.0750	1.0660	1.0600

GBP/USD Consolidates at 1.2500, Dollar Strength Affects Recovery

The GBP/USD pair is currently trading around the 1.2500 mark, having recovered last week but affected by the strengthening of the dollar. While the trend remains bullish, there is potential for the pair to revisit its 1.2700 resistance level.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2900​	1.2800​	1.2700​	1.2500	1.2400	1.2300

USD/JPY Rebounds from 142.00 Support, Aiming for 146.60 Resistance

The USD/JPY pair after touching the 142.00 support level is coming back strongly after a change in sentiment and outlook. The 146.60 is the next resistance level.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1​	Support 2​	Support 3​
150.00​	148.00​	146.50​	142.00​	140.00​	137.90​

Gold Retreats to 1979 Support with Dollar Strength, Eyes Market Dynamics This Week

Following Friday's data and a shift in market sentiment, the price of gold is weakening and moving towards its next support level at 1979. The dollar and Treasury yields are exerting negative pressure on gold as they have benefited from the recent economic outlook. However, this week's upcoming economic data and events are likely to redefine market dynamics.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2052​	2036​	2006​	1979​	1960​	1940​

WTI Crude Oil Shows Signs of Recovery, Eyes 72.50 Resistance with OPEC+ Actions

WTI crude oil is exhibiting signs of recovery following seven weeks of continuous selling. The next resistance level is anticipated at 72.90, while a support level of 68 could be established if the downtrend persists. OPEC+ might intensify efforts to support oil prices, while economic conditions in China and other developed countries, such as the US and Europe, could also influence supply forecasts.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
80​	78​	72.90​	68​	65​	63​

 

[zForex]

EUR/USD Pair Hovers Around 1.0750, Awaits US CPI Data for Direction

The EUR/USD pair continues to fluctuate around the 1.0750 support level, awaiting today's CPI data from the US. The impending economic data and events this week will determine whether the pair rises to the 1.0850 level or falls towards 1.0660.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1000	1.0900	1.0850	1.0750	1.0660	1.0600

GBP/USD at 1.2500, Faces Directional Shift with Key Data Release

The GBP/USD pair is currently trading around the 1.2500 mark, having recovered last week but impacted by the strengthening of the dollar. Today's significant data release will either drive the price up towards the 1.2700 resistance level or down towards the 1.2400 support level.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2900​	1.2800​	1.2700​	1.2500	1.2400	1.2300

USD/JPY Pauses Near 146.50 Resistance, Awaits US Data for Directional Clarity

The USD/JPY pair is retracing while awaiting US data release today after reaching the resistance level at 146.50. The pair appears to be leaning towards a short-term bearish outlook, but this needs confirmation from underlying fundamentals.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1​	Support 2​	Support 3​
150.00​	148.00​	146.50​	142.00​	140.00​	137.90​

Gold Pauses at $1980 Support, Awaits Data Following Geopolitical Tensions

Gold found support at the $1980 level after two days of sell-off, awaiting today's data for further directional cues. Geopolitical tensions may bolster the price. The current support level represents a significant historical benchmark for gold.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2052​	2036​	2006​	1980​	1960​	1940​

WTI Sees Modest Recovery to $72.90, Bearish Outlook Persists

WTI is recovering toward $72.90 as certain fundamentals and geopolitical factors offer modest support to oil prices. Despite this movement, the outlook remains bearish, as OPEC has not instilled sufficient confidence in the markets regarding supply cuts. The next support level is at $68.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
80​	78​	72.90​	68​	65​	63​

 

[zForex]

EUR/USD Holds Steady Around 1.0750 Ahead of Fed Meeting Following Uncertain CPI Data

The EUR/USD pair, which has lacked a clear direction since the beginning of the week, continues to fluctuate around the 1.0750 support level. This is in anticipation of today's Fed meeting, as yesterday's CPI data did not provide a clear direction. The pair's movement towards either the 1.0850 level or a decline towards 1.0660 will depend on the upcoming economic data and events this week.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1000	1.0900	1.0850	1.0750	1.0660	1.0600

GBP/USD Dips on Disappointing Growth Data, Awaits Fed Statement

The disappointing growth data from today have caused the GBP/USD pair to decline. If the Fed's statement today disappoints, more drops may be observed, even though the market may wait for the next support level at 1.2500.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2900​	1.2800​	1.2700​	1.2500	1.2400	1.2300

USD/JPY Awaits 'Big Event' as Minimal Movement Persists, BoJ Sentiment in Focus

The USD/JPY pair, like other major currency pairs, is exhibiting minimal movement today as it waits for the upcoming "big event." The pair's direction will hinge on the fundamental outlook for the dollar and its impact, while also anticipating potential positive sentiment from the Bank of Japan (BoJ) later. Successfully breaching the 142.00 level is crucial for the pair to continue its reversal.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1​	Support 2​	Support 3​
150.00​	148.00​	146.50​	142.00​	140.00​	137.90​

Gold Pauses Near $1980, Awaits Catalysts with Short-Term Bearish Tone

Gold continues to hover around the 1980 level, awaiting further directional cues from today's event. While it appears bearish in the short term, global economic slowdown and geopolitical tensions could support gold in the medium and long term.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2052​	2036​	2006​	1980​	1960​	1940​

WTI Faces Intensifying Selling Pressure, Approaches Critical $68 Support

WTI is selling off again, heading towards the crucial 68 support level. This level is considered a strong support zone for WTI and OPEC members to save the price from more aggressive drops, and a breach could trigger a significant sell-off.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
80​	78​	72.90​	68​	65​	63​

 

[zForex]

EUR/USD Bulls Gain Momentum Post-Fed, Await ECB Meeting for Direction
The EUR/USD made a bullish movement as a result of the falling dollar after the Fed meeting. The 1.0900 is playing as a resistance level now waiting for today's ECB meeting that will impact the pair and especially the euro. A hawkish stance will take the pair back down while a dovish one will help the pair advance toward the 1.1000 area.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1085	1.1000	1.0900	1.0850	1.0750	1.0660

GBP/USD Sees Upside Momentum After Correction
The GBP/USD pair is on the rise again following a correction and the dollar's decline, but today's BoE meeting may introduce volatility. The next targets are 1.2700, followed by 1.2800. A dovish stance from the BoE would aid in reaching these targets, whereas a hawkish tone could negatively impact the pair's performance.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2900	1.2800	1.2700	1.2500	1.2400	1.2300

USD/JPY Experiences Significant Decline, Tests Key Support at 142.00
The USD/JPY pair has benefited significantly from the dollar's decline, experiencing a fall of over 1%, which has favored the yen. Currently, the support level at 142.00 is proving robust, coinciding with the lower boundary of the long-term bullish channel. A breakout from this level would signal a shift for the pair, potentially moving it out of the buying territory.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
148.00	146.50	144.00	142.00	140.00	137.90

Gold Resumes Bullish Trend, Tests Resistance at $2036
Gold has returned to its bullish movement and is currently at the resistance level of 2036. Financial markets are waiting for today's developments from the Central Bank meetings for further development. If the dovish narrative continues today with the other two central banks, then gold may rely on falling treasuries to make new highs.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2070	2052	2036	2006	1980	1960

WTI Sees Modest Rebound From $68-Support Level with Ongoing Uncertainty

WTI has experienced a slight rebound after hitting the 68-support level. However, a complete reversal may require support from the fundamentals. The current critical level could force OPEC to make a new move, but the general outlook for oil is still unclear.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
80	78	72.90	68	65	63

 

[zForex]

EUR/USD Correction Finds Support at 1.0900 with DXY's Bearish Trend
The EUR/USD experienced a correction on Friday, finding support near the 1.0900 level. The DXY (US Dollar Index) is showing a solid bearish trend, and the possibility of continued selling may persist if upcoming data supports an early rate cut next year.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1170	1.10850	1.1000	1.0900	1.0850	1.0750

GBP/USD Finds Support with Hawkish Bank of England (BoE) Stance
The GBP/USD pair, similar to the euro, underwent a correction after reaching the resistance level in the 1.2700 area. The bullish trend remains strong, supported by a hawkish Bank of England (BoE). Overcoming the 1.2700 resistance area will be key for the pair to advance towards the 1.2850 and 1.2930 levels.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.3050	1.2930	1.2850	1.2700	1.2500	1.2400

USD/JPY Holds Steady at 142.00 Support Level Ahead of Key Events
The USD/JPY pair is maintaining its position at the 142.00 support level, coinciding with the lower boundary of the long-term bullish channel. Markets are anticipating tomorrow's significant events, which could lead to either a continued downward trend or an upward correction.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
148.00	146.50	144.00	142.00	140.00	137.90

Gold Maintains Bullish Momentum, Eyes 2052 Level Amid Favorable Fundamentals
Gold's bullish trend persists and may extend further from a fundamental viewpoint. The next target is the 2052 level, which precedes a significant historical resistance point. This resistance may not hold if upcoming data further supports the yellow metal.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2100	2070	2052	2036	2006	1980

WTI Shows Signs of Reversal, Bounces from Oversold Levels
WTI is rebounding from oversold conditions, having reached the support level at 68. A reversal pattern is emerging, with 72.90 serving as the neckline of a potential trend reversal.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
80	78	72.90	68	65	63

 

[zForex]

EUR/USD Gains Traction from 1.0900 Support, Faces Resistance at 1.1000
The EUR/USD is rebounding from the 1.0900 support level, awaiting today's CPI data for clearer directional guidance. The EUR/USD pair faces a resistance challenge at 1.1000 for further upward movement. However, this appears less likely given the deteriorating economic outlook for the Eurozone, which is not conducive to strengthening the euro.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1170	1.10850	1.1000	1.0900	1.0850	1.0750

GBP/USD Faces Short-Term Pressure, Awaits Breakout Above 1.2800
The GBP/USD pair remains under short-term pressure, even though its long-term outlook is bullish. The next challenge for the pair is to surpass the 1.2800 level. While the hawkish stance of the Bank of England may support the pound, the overall economic outlook for the UK appears unconvincing in bolstering a stronger currency trend.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.3050	1.2930	1.2800	1.2630	1.2500	1.2400

USD/JPY Corrects from 142.00 Support, Eyes Downside Movement
The USD/JPY pair has corrected from the 142.00 support level and is moving downwards, paralleling the long bullish trend following the Bank of Japan meeting. While the 144.00 resistance level is currently holding, the overall trend remains bearish. However, the market might push the pair further up, depending on the dollar's performance today, especially given the yen's weakness.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
148.00	146.50	144.00	142.00	140.00	137.90

Gold's Consolidation Continues in the 2020/2040 Range
Gold is fluctuating within the 2020/2040 range, with its directional trend still unclear. Generally, the trend for gold is bullish, and fundamental factors support its potential to climb higher. The next key resistance levels are around 2052 and 2070, which the market aims to surpass in pursuit of reaching a new historical high.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2100	2070	2052	2036	2006	1980

WTI Oil Faces Resistance at 72.90, Indicating Potential Reversal
WTI oil is encountering resistance at the 72.90 level, as the rebound in oil prices hints at a potential reversal. This shift could begin after a breakout above this resistance level, with 78.00 being the next target. The change in momentum is supported by fundamentals that are increasingly favoring oil's upward movement.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
80	78	72.90	68	65	63

 

[zForex]

EUR/USD Tests Resistance at 1.1000 with Data-Driven Uncertainty
EUR/USD is currently encountering a resistance level at 1.1000 that it must surpass to sustain the bullish trend, with the possibility of a retreat to 1.0850 in case of any data-driven weakness. Traders are waiting for the release of the US PCE data, which will help them determine the direction of the pair.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1170	1.1085	1.1000	1.0900	1.0850	1.0750

GBP/USD Declines on Surprising CPI Data, Testing Key Support at 1.2500
The GBP/USD pair is currently under pressure following the unexpected decline in today's CPI data. This has prompted a reassessment of the BoE's rate cut expectations for next year, following a hawkish meeting last week. The pair may extend its decline, with 1.2500 emerging as a significant support level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.3050	1.2930	1.2800	1.2630	1.2500	1.2400

USD/JPY Faces Solid Bearish Momentum, Eyes Critical Support at 142.00
USD/JPY is still displaying a strong bearish trend, with 142.00 currently serving as a significant confluence point of support. A breakout below this level would likely result in further selling pressure, potentially leading to a decline towards the 138 area.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
148.00	146.50	144.00	142.00	140.00	138.00

Gold Poised for Bullish Continuation, Next Resistance at 2052
Gold is exhibiting a bullish outlook, with the odds favoring a new high in the coming year. The next resistance levels to watch are 2052, followed by 2070.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2100	2070	2052	2036	2006	1980

WTI Oil Faces Resistance at 72.90, Potential Reversal to 78.00 in Sight
WTI oil is encountering resistance at the 72.90 level, as the rebound in oil prices hints at a potential reversal. This shift could begin after a breakout above this resistance level, with 78.00 being the next target. The change in momentum is supported by fundamentals that are increasingly favoring oil's upward movement.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
80	78	72.90	68	65	63

 

[zForex]

EUR/USD Awaits Economic Data for Direction, Key Level at 1.1000 for Further Gains
EUR/USD remains directionless, awaiting growth and inflation data that will influence the dollar and determine the pair's price. The 1.1000 level is key for further gains, while a bearish turn could push the pair back to 1.0900, followed by 1.0850.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1170	1.0850	1.1000	1.0900	1.0850	1.0750

GBP/USD Awaits USD Data After Yesterday's Pressure, Faces Resistance at 1.2800
The GBP/USD, pressured yesterday, remains muted today while awaiting USD data for direction. The pair, previously bullish with strong momentum, faces challenges at the 1.2800 resistance level, with new fundamental data curbing the pound's momentum.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.3050	1.2930	1.2800	1.2630	1.2500	1.2400

USD/JPY Maintains Bearish Trend, Testing Crucial Support at 142.00
USD/JPY is still displaying a strong bearish trend, with 142.00 currently serving as a significant confluence point of support. A breakout below this level would likely result in further selling pressure, potentially leading to a decline towards the 138 area.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
148.00	146.50	144.00	142.00	140.00	138.00

Gold Sees Consolidation with Uncertainty, Awaits Data for Directional Clarity
Gold, despite a bullish outlook and strong price action, has remained directionless over the past six days. Upcoming data today and tomorrow are expected to influence gold's direction.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2100	2070	2052	2036	2006	1980

WTI Oil Witnesses Reversal, Targets $76 Resistance
WTI oil experiences reversal movement, eyeing $76 as the next resistance level. Despite the recent upswing, the long-term trend remains bearish, with oil prices requiring stronger fundamentals for sustained support.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
78	76	72.90	68	65	63

 

[zForex]

Dollar Stabilizes, Inflation Data in Focus, and Shifts in Retail, Oil, and Gold Markets

The dollar remained stable above a four-month low on Friday, ahead of a critical US inflation report that might influence the Federal Reserve's interest rate decisions next year. The upcoming US Core Personal Consumption Expenditures (PCE) data, a key inflation metric for the Fed, is projected to show a 3.3% annual increase, slightly lower than October's 3.5% rise. This data could impact bond markets, with a lower figure possibly justifying recent rallies, while a higher figure might challenge current market trends.
On Thursday, European Central Bank (ECB) Vice President Luis de Guindos stated it's too soon to relax monetary policy. He noted the ECB doesn't expect a technical recession in the Eurozone and would welcome EU fiscal reform to reduce market uncertainty. In recent data, Germany's Producer Price Index (PPI) for November showed a 7.9% year-over-year decrease, steeper than the anticipated 7.5% drop. Additionally, German consumer confidence improved more than expected in January.
In the UK, retail sales surged by 1.3% in November 2023, the highest increase since January, exceeding forecasts and following a stagnant October. This contrasted with the economy's unexpected 0.1% contraction in Q3 of 2023.
In Japan, the core Consumer Price Index (CPI) slowed in November, fueling uncertainty about the Bank of Japan's (BoJ) policy tightening timeline. BoJ meeting minutes from October emphasized the need to maintain their current easing policy, impacting the Japanese Yen.
Gold prices reached a peak on December 4, driven by anticipations of a shift in the Federal Reserve's policy. Despite Fed officials' efforts to downplay expectations of rapid rate cuts in the next year, investor sentiment remains unchanged.
Oil prices increased on Friday amid Middle East tensions following Houthi attacks in the Red Sea. However, Angola's decision to exit OPEC raised doubts about the organization's ability to stabilize prices. The ongoing geopolitical risks in the Red Sea are contributing to the current rise in oil prices. Additionally, consumer confidence data from France, Spain, and Italy are due later on Friday, though their impact on markets might be limited due to the holiday season.



EUR/USD Tests 1.1000 Resistance Ahead of PCE Data
EUR/USD has returned to test the 1.1000 resistance level as we await today's PCE data, which may either facilitate a breakout towards the next target at 1.0850 or lead to a reversion back to 1.0900.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1170	1.0850	1.1000	1.0900	1.0850	1.0750

Dollar's Performance to Shape Next Move as GBP/USD Consolidates Near 1.2800
The GBP/USD is currently trading within a narrow range, with the 1.2800 level remaining a key challenge for the pair's upward movement. Today's performance of the dollar will be crucial in determining the direction of this currency pair.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.3050	1.2930	1.2800	1.2630	1.2500	1.2400

USD/JPY Hovers Around 142.00 Support with Dollar Weakness
The USD/JPY pair is facing difficulties in maintaining support around the 142.00 area, mainly due to unfavorable yen fundamentals. A weakening dollar could potentially drive the pair towards the 138.00 area.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
148.00	146.50	144.00	142.00	140.00	138.00

Gold Eyes New Highs as It Tests Resistance at 2052
The bullish outlook for gold continues, with the metal currently at the resistance level of 2052 and the 2070 mark appearing achievable for potential new historical highs. Gold's strong fundamentals are supporting its price increase, while today's PCE data from the US will be a key test for this trend.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2100	2070	2052	2036	2006	1980

WTI Oil Gears Up for $76 Resistance Amid Reversal
WTI oil continues its reversal movement, eyeing $76 as the next resistance level. Despite the recent upswing, the long-term trend remains bearish, with oil prices requiring stronger fundamentals for sustained support.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
78	76	72.90	68	65	63

 

[zForex]

EUR/USD Breaks Above 1.1000 as Dollar Declines
The EUR/USD has surpassed the 1.1000 mark as the dollar continues its decline. The next targets for the pair are 1.1085, followed by 1.1170.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1170	1.1085	1.1000	1.0900	1.0850	1.0750

GBP/USD Bullish Trend Holds Strong Amid Pound's Uncertainty
The GBP/USD's bullish trend remains intact despite the pound's uncertainty after the latest UK economic data. Considering the weak performance of the dollar, the next target is at the 1.2800 level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.3050	1.2930	1.2800	1.2630	1.2500	1.2400

BoJ Member Comments Impacts Yen Movements, USD/JPY Hovers Around 142.00
The USD/JPY pair is presently fluctuating around the 142.00 area. An underperforming dollar may assist in breaking the support level, leading the pair toward the 138.00 area. However, the BoJ member's comments are still preventing the yen from experiencing any significant movements.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
148.00	146.50	144.00	142.00	140.00	138.00

Gold Nears Resistance at $2070, Solid Fundamentals Drive Bullish Outlook
The bullish outlook for gold continues, with the metal close to the resistance level of 2070 mark. Gold's strong fundamentals are supporting its price increase with the falling dollar and treasury yields helping in this direction, the outlook is bullish for gold and may continue the next year.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2140	2100	2070	2036	2006	1980

WTI Oil Eyes $78 Target in Reversal Movement, Strong Resistance Ahead
WTI oil is currently experiencing a reversal movement, which is expected to reach its next target of 78 soon. This target is close to where the 50/200 MA are located, along with the Fibonacci level, forming a strong resistance level. As a result, the reversal is getting closer to eliminating the bearish price action-long outlook for oil.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.5	81	78	72.8	68	64.9

 

[zForex]

EUR/USD Breaks Above 1.1100 with Potential for Correction
The EUR/USD currency pair has surpassed the challenging level of 1.1000 and is now trading above 1.1100, at the upper parallel of a long channel. This could potentially lead to a correction back. Despite this, the overall trend remains strong as the dollar continues to fall, indicating that it is likely to continue doing so.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1300	1.1200	1.1150	1.1000	1.0900	1.0850

Pound Surges Past 1.2800, Sets Sights on 1.2930
The GBP/USD has broken the resistance level of 1.2800 and is now moving towards the next resistance level of 1.2930. The pound, like the euro, benefits from the falling dollar while the trend remains strong and bullish.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.3140	1.3050	1.2930	1.2800	1.2630	1.2500

USD/JPY Breaks Below Crucial 142.00 Support, Targets 138.00
The USD/JPY pair broke below the support level of 142.00 which has been lasting for a long time. The next target is at the 138 area, which will pose another challenge for the pair.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
146.50	144.00	142.00	140.00	138.00	134.50

Gold Surges Beyond 2070, A New Bullish Trend in the Making
Gold has broken the 2070 area once again. If this week ends with a candle beyond this area, the gold will enter a new buying territory, a bullish trend, and reach a historical record where the 2140 area can be easily reached again.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2200	2140	2100	2070	2036	2006

WTI Oil Eyes Reversal Confirmation, Targeting $78 for Trend Reversal
WTI oil is attempting to confirm its reversal, where the 78 target is the next challenge to break for a confirmed trend reversal, making oil build on a new trend.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.5	81	78	72.8	68	64.9

 

[zForex]

EUR/USD Correction Expected to be Temporary, Resumes Uptrend
The EUR/USD currency pair recently experienced a correction after encountering resistance at the upper level of a bullish channel and at the 1.1100 level. However, this correction is expected to be temporary as the dollar may continue its decline, allowing the pair to resume its upward trend.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1300	1.1200	1.1100	1.1000	1.0900	1.0850

GBP/USD Correction Near 1.2800, Bullish Trend Poised for Dollar-Driven Rise
The GBP/USD false breakout caused a correction near 1.2800. The trend is bullish, and the dollar's weakness may support the pair's rise.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.3050	1.2930	1.2800	1.2630	1.2500	1.2400

USD/JPY Bearish Trend Continues, Breakout at 142.00
The USD/JPY pair is currently in a bearish trend following a breakout at 142.00, with the next target being the 138 area, which will be another challenge for the pair.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
146.50	144.00	142.00	140.00	138.00	134.50

Gold Correction at 2090 Level with Quest for New Historical Highs
Gold corrected from the 2090 level as it attempts to make a new historical high. All conditions support higher gold. Considering the falling dollar and Treasury yield levels, the bullish trend will likely continue higher.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2200	2140	2100	2070	2036	2006

WTI Oil Faces Two-Day Selloff, Next Support at 68
WTI oil has experienced a two-day selloff after reaching level 76, and a reversal is not yet in sight. The long-term bearish trend remains intact, and the next support is at 68 after touching the 72.8 level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.5	81	78	72.8	68	64.9

 

[zForex]

EUR/USD Undergoes Correction Due to Risk-Off Sentiment
The EUR/USD experienced a significant correction due to the market's risk-off sentiment at the beginning of the year, and investors are waiting for new data this week. The next move will depend on market sentiment and data, specifically on how investors evaluate the strong pricing of a 150 basis points cut this year and the possibility of a first cut in March. DXY is hanging on a resistance area.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1300	1.1200	1.1100	1.0950	1.0900	1.0850

GBP/USD Faces Downward Pressure as Dollar Strengthens Formun Üstü
The GBP/USD has dropped as the value of the dollar continues to rise. The pair is close to the lower boundary of the bullish long channel. If it breaks down further, it may lead to more selling, while a potential rebound could push prices toward the 1.2800 resistance level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.3050	1.2930	1.2800	1.2630	1.2500	1.2400

USD/JPY Rebounds Amid Dollar Strength, Testing Resistance at 142.00
The USD/JPY pair has been on a rebound for the past two days, due to the strength display of the dollar. While the 142.00 area may provide some resistance, there is a possibility that the price may continue to the next level of 144.00. However, it's important to note that this does not change the bearish trend that was established last year.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
146.50	144.00	142.00	140.00	138.00	134.50

Gold Tests Last Resistance Level After Rejecting 2090
Gold might test the last resistance level for new highs after rejecting the 2090 resistance level. The picture will become clearer once markets return fully and determine a direction.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2200	2140	2090	2050	2036	2006

WTI Oil Sustains Short-Term Bearish Trend, Long-Term Outlook Unchanged
WTI oil is continuing its short-term bearish trend, while the long-term bearish trend remains the same. The next support level is at 68 after reaching 72.8. High volatility is expected due to geopolitical factors.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.5	81	78	72.8	68	64.9

 

[zForex]

EUR/USD Rebounds to December 18th Levels at 1.0900
The EUR/USD experienced a notable rebound today, retracing back to the level it held on December 18th, which was 1.0900. Key factors driving market dynamics include today's impact of PMI data and labor market indicators. Anticipated levels for the EUR/USD are poised at the 1.1000 mark for resistance, with a solid support base at 1.0850.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1200	1.1100	1.1000	1.0900	1.0850	1.0750

GBP/USD Shows Second-Day Recovery, Aiming for 1.2800 Target
The GBP/USD is recovering for the second day after touching the lower boundary of the bullish trend. Positive data trends supporting the pound could move it towards the next target at 1.2800.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2700	1.2630	1.2500	1.2400

Potential Reversal in Sight for USD/JPY with Persistent Dollar Strength
The USD/JPY continued the rebound today touching the resistance level of 144.00. The general trend is still bearish but a strong dollar if it continues may lead to a reversal.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
148.00	146.50	144.00	140.00	138.00	134.50

Gold Rebounds Modestly After 5-Day Selloff, Maintains Strength
Gold rebounded after a 5-day selloff, albeit moderately. The metal remains strong, with favorable fundamentals this year. Breaking the 2090 barrier will prove to be a new challenge.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2140	2090	2050	2036	2006	1979

Geopolitical Factors Drive Volatility in WTI Prices, Bearish Trend Persists
WTI experienced volatile movement due to geopolitical factors. The resistance area lies at 74-76, while the support is at 68. The overall trend remains bearish.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
81	78	76	72.8	68	64.9

 

[zForex]

Investors Await EU and US Data for Direction as EUR/USD Hovers at 1.09500
The EUR/USD is currently hovering around 1.0950 as investors wait for today's data from the EU and the US to provide more direction. There is a possibility of volatility, with a resistance level at 1.1000 and a support level close to 1.0850.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1200	1.1100	1.1000	1.0900	1.0850	1.0750

GBP/USD Faces Uncertainty as 1.2800 Resistance Challenges Long Bullish Trend
The GBP/USD is currently unidirectional in the short term with clear price uncertainty. The long bullish trend faces a challenge from the 1.2800 resistance level and the down parallel of the channel acting as support.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2700	1.2630	1.2500	1.2400

USD/JPY Continues Rebound, Aiming for 146.00 Resistance
The USD/JPY rebound is ongoing, with the next resistance level at 146.00 being the target. The yen is influenced by the dollar's strength, and uncertainties loom over the Bank of Japan's (BoJ) future actions, considering the potential necessity to uphold their existing policy in response to recent earthquake-induced damage to the economy.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
152.00	148.30	146.00	144.80	140.00	138.00

Gold Holds Support at 2032, Anticipates NFP Data
Gold has found support at the 2032 level and is currently hovering around it. The market is anticipating today's NFP data. Potential resistance levels for gold are at 2050 and 2090, while the 2006 level serves as support. The general outlook for gold remains bullish.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2140	2090	2050	2032	2006	1979

WTI Faces Unpredictable Volatility, Lack of Market Consensus
WTI continues to exhibit unpredictable volatility as the market has yet to reach a consensus on the next direction for oil. The resistance area is between 74 and 76, while the support lies at 68. The overall trend remains bearish.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
81	78	76	72.8	68	64.9

 

[zForex]

EUR/USD Hovers at 1.0950 After Friday's Volatility; Eyes on 1.1000 Resistance
The EUR/USD continues hovering around the 1.0950 area close to the median line after a strong volatility on Friday. The next resistance level is at 1.1000 and the support level is close to 1.0850.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1200	1.1100	1.1000	1.0900	1.0850	1.0750

GBP/USD Faces Challenge at 1.2800 Resistance with Channel Support
The GBP/USD is currently in the price accumulation phase. The long bullish trend faces a challenge from the resistance level at 1.2800. The down parallel of the channel is acting as support.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2700	1.2630	1.2500	1.2400

USD/JPY Faces Resistance at 146.00, Performance Tied to Dollar Strength
The USD/JPY encountered resistance at 146.00. Although the rebound is limited, the pair's performance depends on the strength of the dollar. The Japanese Yen is currently weak, and the direction of the pair will be determined by the dollar's performance. The next resistance level is at 148.30, while the next support level is at 144.80.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
152.00	148.30	146.00	144.80	140.00	138.00

Gold Prices Decline with Next Support at 2006; Shift from Bullish to Neutral
Gold prices have decreased today, and the next support level is at 2006. Currently, the trend appears to be bearish, and gold seems to be under pressure from the rebound in the dollar and treasuries. The outlook for gold has shifted from bullish to neutral, indicating that it is entering a phase of uncertainty.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2140	2090	2050	2032	2006	1979

WTI Crude Oil Prices Show Unpredictable Volatility Following Market Uncertainty
WTI crude oil prices are currently exhibiting unpredictable volatility, as the market is still divided on the direction oil prices will take next. The overall outlook remains uncertain due to unclear market fundamentals. The resistance area is currently between 74 and 76, while support can be found at 68. The trend is currently bearish.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
81	78	76	72.8	68	64.9

 

[zForex]

EUR/USD Keeps Hovering Around the 1.0950 level, Direction Still Unclear
The EUR/USD is trading around the 1.0950 level, close to the median line, without any clear direction or change from yesterday. The next resistance level is at 1.1000 and the support level is close to 1.0850.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1200	.1100	1.1000	1.0900	1.0850	1.0750

GBP/USD Corrects After 4 Days, Faces a Challenge at the 1.2800 Level
The GBP/USD is currently in the price accumulation phase, where the pair is correcting after 4 days. The long bullish trend faces a challenge from the resistance level at 1.2800. The down parallel of the channel is acting as support.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2700	1.2630	1.2500	1.2400

USD/JPY Continues its Fall After the Japanese Inflation Data
The USD/JPY encountered resistance at 146.00 and is continuing its fall slightly after new data from Japanese inflation. The next resistance level is at 148.30, while the next support level is at 144.80.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
152.00	148.30	146.00	144.80	140.00	138.00

Gold Rebounded After the Bearish Trend, Eyes 2050 Potentially as the Next Resistance
Gold prices rebounded today after a short-term bearish trend. If the rebound continues, the next resistance level will be at 2050, but if it continues to decline, the next support level will be at 2006.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2140	2090	2050	2032	2006	1979

Oil Outlook Still Uncertain Due to Unclear Market Direction

WTI crude oil prices are fluctuating, and the market is conflicted about the next direction. The overall outlook remains uncertain due to unclear market fundamentals. The resistance area is between 74 and 76, while support is at 68. The trend is currently bearish.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
81	78	74	70	68	64.9