Technical Analysis By zForex

[Z Forex]

German CPI at 3.8%, Signals ECB Tightening Cycle Likely Completed

The final reading of the German Consumer Price Index (CPI) revealed an annual rate of 3.8%, the lowest since August 2021, with inflation slowing and the economy teetering on the brink of recession. This suggests that the European Central Bank (ECB) has likely completed its tightening cycle, aligning with market expectations despite recent comments from ECB policymakers like Philip Lane, who cautioned against drawing too much comfort from recent inflation figures. Lane emphasized the need for continued efforts to combat inflationary pressures, urging both companies and governments to contribute to avoiding stricter policies. U.S. Federal Reserve Bank of Philadelphia President Patrick Harker supported the Fed's recent decision to keep interest rates unchanged and cautioned against premature market reactions. Philip Lane of the ECB is also set to address the audience again on Thursday, along with President Lagarde.

EUR/USD is currently moving with uncertainty, awaiting further guidance. A clear short-term support level is not evident, but the 1.0550 level may provide price support.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1040	1.0930	1.0800	1.0630	1.0550	1.0450

UK's Q3 GDP Data to Influence BoE's December Monetary Policy

Investors are waiting for the release of Q3 Gross Domestic Product (GDP) data on Friday at 07:00 GMT, which will have a significant impact on the Bank of England's (BoE) monetary policy in December. The Pound Sterling (GBP) has been stagnant, and the GBP/USD pair is currently uncertain. The economic performance of the UK in July-September seems to be bleak, with declining consumer spending, poor Services PMI, delayed housing demand, and shrinking hiring. If the GDP report confirms this, it could lead to dovish expectations from BoE policymakers, particularly Swati Dhingra, who supports rate cuts in case of weaker growth. According to the GDP report, employment, and inflation data will be released next week.

Investors are anticipating UK factory data and Q3 GDP figures, and Pound Sterling is consolidating below the 1.2300 resistance level. Factory data is expected to show modest improvements, which could alleviate concerns about a slowdown in the UK economy. However, the key event to watch is the Q3 GDP data. Economists predict a nominal contraction due to underutilized production capacities and reduced consumer spending, especially in the service industry. BoE Chief Economist Huw Pill has suggested rate cuts in mid-2024 if the GDP report is weak.

The GBPUSD continues its downward trend, with the next support levels at 1.2260, followed by 1.2200. The solid support for the price is expected to be at 1.2100.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2600​	1.2550​	1.2450​	1.2300	1.2260	1.2200

USD/JPY Pair Surges, Raises Questions About Japanese Intervention

There has been a recent increase in the USD/JPY pair, leading to speculation that Japanese authorities might intervene in the Forex market. This, along with the cautious market mood, is causing the safe-haven Japanese Yen (JPY) to gain some support. Additionally, the recent decline in US Treasury bond yields and the uncertainty over the Federal Reserve's (Fed) rate-hike path has caused a modest US Dollar (USD) downtick, which is further pressuring the major.

However, the dovish stance taken by the Bank of Japan (BoJ) is limiting the downside for the USD/JPY pair. BoJ Governor Kazuo Ueda reiterated on Wednesday that the central bank will continue with ultra-loose policy until cost-push inflation transitions into price rises driven more by strong domestic demand and higher wages. This is a significant divergence from a relatively hawkish Fed.

The USDJPY is continuing its bullish trend beyond 150.00. The BoJ may intervene, creating volatility.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
153.50	152.00	150.00	149.3	148.00	146.50

Gold Prices Hover at $1,950 with Fed Rate Hike Uncertainty

Gold prices experienced a decline on Thursday as it entered a bearish consolidation phase and traded within a narrow range during the early part of the European session. Currently, it's hovering around $1,950, just above its lowest level since October 19, which it reached yesterday. This decline is primarily due to uncertainty about future interest rate hikes by the Federal Reserve. Additionally, concerns about the Israel-Hamas conflict, which had been affecting market sentiment earlier in the week, have somewhat eased.

However, the downside for gold is being supported by the belief that the US central bank is unlikely to raise interest rates further. This expectation has led to a decrease in US Treasury bond yields, putting pressure on the US Dollar (USD) and providing some support for gold. Furthermore, concerns about China's economic situation and overall cautious market sentiment are also helping to limit the decline in the precious metal's price. Traders are awaiting more clarity on the Fed's future policy decisions, with a particular focus on Fed Chair Jerome Powell's upcoming speech during the US session.

Gold is currently undergoing a correction before continuing its upward trend. This correction is important as it can establish the old resistance level as a new support level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2040​	2020​	2006​	1963​	1947​	1920​

Oil Prices Show Modest Gains Following Demand and Deflation Concerns

On Thursday, the price of oil slightly increased despite the deflationary signs in China. Investors awaited more information on the demand status from the world's two largest oil consumers. The prices had fallen over 2% on Wednesday, as concerns over the possible supply disruption in the Middle East eased and worries over the US and Chinese demand rose.

Furthermore, inflation data from China, published on Thursday, showed that the CPI for October decreased by 0.2% YoY, while PPI data fell by 2.6% YoY. It was largely in line with Reuters' poll that expected a decline of 0.1% in CPI and 2.7% in PPI. The customs data earlier in the week showed that China's total exports of goods and services contracted faster than anticipated, but its crude imports for October were robust.

On the other hand, Pan Gongsheng, the central bank governor, stated that China is expected to achieve its annual growth target of 5% this year, which is positive news for oil demand. However, inventory data from the US might indicate a weakening in demand. Sources revealed that the US crude oil inventories increased by 11.9 million barrels from the week to November 3. If confirmed, it would represent the largest weekly build since February. The weekly oil inventory data from the US Energy Information Administration (EIA) has been delayed until November 15 due to system upgrade.

WTI had more selloff and breaking solid support at the 87 and now continuing toward the next target at 74.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
90​	84​	82​	77​	74​	68​

 

[Z Forex]

EUR/USD Downturn Continues Following Powell's Remarks on Fed Policy and Inflation

The EUR/USD took a decisive downturn after Federal Reserve Chair Jerome Powell's comments, moving toward weekly lows and showing a bearish trend. Although European Central Bank (ECB) officials briefly supported the euro, the market expects unchanged interest rates with debate focusing on the timing of a potential rate cut. This ECB support is likely to weaken as long as the US economy outperforms the Eurozone. US fundamentals favor the dollar, as emphasized by Powell's recent remarks.

Powell expressed the Federal Open Market Committee's (FOMC) lack of confidence in current monetary policy's ability to curb inflation to 2%. He also warned of potential inflation "head fakes," resulting in a stronger US dollar and surging bond yields.

US yields had already been rising before Powell's speech, possibly marking the end of a bond rally. The market will continue to assess Powell's speech, while the University of Michigan Consumer Sentiment survey adds to Friday's economic data.

EUR/USD experienced a sell-off yesterday and is relatively subdued today. The outlook remains uncertain, with a lack of clarity on short-term support levels. However, there is a possibility that the 1.0550 level could provide support, while the next resistance level stands at 1.0750.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1040	1.0930	1.0800	1.0630	1.0550	1.0450

UK GDP Grows by 0.6% Annually, Beating Expectations

The Office for National Statistics (ONS) reported that the UK's Gross Domestic Product (GDP) grew by 0.6% on an annual basis in the third quarter, matching the second quarter's growth and surpassing the market expectation of 0.5%. However, the UK's GDP only increased by 0.2% monthly and remained unchanged on a quarterly basis.

Additionally, data from the UK indicated positive growth in Industrial Production (1.5%) and Manufacturing Production (3%) on a yearly basis in September. On the other hand, Total Business Investment contracted by 4.2% on a quarterly basis in the third quarter.

The strength of the dollar today can be attributed to Powell's recent speech, where he emphasized that the Federal Reserve (Fed) is still in its tightening cycle and may consider further rate hikes if necessary. This statement dashed market hopes for a policy shift and strained the pound-dollar pair, leading to more selling pressure.

The GBPUSD maintains its downward trend, with the next support levels identified at 1.2260 and later 1.2200. A robust support level for the price is anticipated at 1.2100.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2550​	1.2450​	1.2300​	1.2260	1.2200	1.2100

USD/JPY Extends Winning Streak on Powell's Hawkish Remarks, Intervention Concerns Arise

The USD/JPY currency pair has been on a winning streak for the last five days. It reached around 151.40 in early European trading, thanks to unexpected hawkish remarks made by Fed Chair Jerome Powell. Powell expressed concerns about inflation during an IMF event, which raised US Treasury yields and strengthened the USD against the JPY. This has led Japanese authorities to consider intervening to limit the USD/JPY pair's rise.

The US Dollar Index (DXY) surged to around 106.00, and the 10-year US bond yield increased to 4.62% due to Powell's statements. Meanwhile, the Bank of Japan (BoJ) remains dovish on their monetary policy, with Governor Kazuo Ueda emphasizing a cautious approach to exiting ultra-loose monetary policy.

The Japanese Yen is under pressure as lower wage growth may delay plans to exit the easy monetary policy. Decent wage growth is crucial for the BoJ to consider policy changes. Traders are closely watching the Fed's Logan speech and the preliminary Michigan Consumer Sentiment Index for November for trading cues in the USD/JPY pair.

The USDJPY is continuing its bullish trend beyond 151.00. The BoJ may intervene, creating volatility.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
153.50	152.00	150.00	149.3	148.00	146.50

Gold Prices Show Modest Recovery with Hawkish Fed Remarks

Gold price (XAU/USD) experienced a modest recovery on Thursday, ending a three-day losing streak that had brought it to its lowest level since October 18, around $1,944. However, the recovery lacked follow-through buying, and during the European session, the precious metal slid back to the $1,955 area. This week, several influential members of the Federal Open Market Committee (FOMC) took a more hawkish stance while Fed Chair Jerome Powell mentioned on Thursday that policymakers are encouraged by the slowing pace of inflation but uncertain if the current policy is restrictive enough to maintain momentum. This has allowed the yield on the 10-year US government bond to rise from a one-month low, supporting the USD and putting pressure on the non-yielding gold. The easing concerns over the Israel-Hamas conflict have also contributed to the decline in demand for gold, although worries about China's worsening economic conditions may help limit the downside. Traders are now focusing on the release of the Michigan US Consumer Sentiment Index, which could impact the dynamics of the USD price. Overall, the broader risk sentiment and these upcoming factors should provide short-term trading opportunities in the gold market.

Gold faced rejection at the 1950 level, which serves as a significant confluence point for solid support and resistance. There is potential for a continuation upward in the market.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2040​	2020​	2006​	1963​	1947​	1920​

WTI Crude Oil Prices Face Third Consecutive Weekly Loss

West Texas Intermediate (WTI) Crude Oil prices climbed to $76.00/barrel during the Asian session, attracting some buyers. However, the commodity remains near its lowest level since July 21, indicating a potential third consecutive week of losses.

Investors anticipate that the Federal Reserve (Fed) will need to maintain higher interest rates for longer to address persistent inflation, raising concerns about economic headwinds from rising borrowing costs. Manufacturing sectors in the US, Europe, and China have reported worsening business conditions, further dampening crude oil demand.

Reduced risk premium over Middle East supply disruptions and increased US and Iranian crude production suggest oil markets may not be as tight as expected. Commitments from major producers Russia and Saudi Arabia to maintain supply cuts until year-end offer little support to crude oil prices.

The recent US Dollar (USD) recovery, driven by expectations of another Fed rate hike, supports a potential near-term depreciation for the USD-denominated commodity. Technical indicators suggest the path of least resistance for crude oil prices is downward. Any recovery could be viewed as a selling opportunity with limited staying power.

WTI had more selloffs and broke solid support at 87 and now continuing toward the next target at 74.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
90​	84​	82​	77​	74​	68​

 

[Z Forex]

EUR/USD Correction Underway, Short-Term Outlook Uncertain with Blurry Price Action

EUR/USD is currently undergoing a correction after hitting the resistance level of 1.07500. However, its direction is still uncertain, much like the blurry price action outlook of DXY. While there doesn't seem to be a clear short-term level of support, the price may be held at the 1.0550 level, and the next resistance lies at the 1.0750 level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0930	1.0800	1.07500	1.0630	1.0550	1.0450

GBP/USD Tilted Toward Bearish Sentiment

The GBPUSD leans towards a bearish sentiment, with confirmation anticipated beyond the next support at 1.2260, followed by 1.2200. The 1.2100 level is expected to serve as a solid support for the price.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2550​	1.2450​	1.2300​	1.2260	1.2200	1.2100

USD/JPY Momentum Grows Following Policy Divergence

The USD/JPY pair has been gaining momentum due to the ongoing monetary policy divergence, which is not seen as positive for the yen. With the current levels, it seems like an intervention from the BoJ is imminent, as they cannot accept such a deterioration in the yen's value. When positioning on the USDJPY, it's important to consider the high volatility and an average of 350 pips.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
160.00	155.00	153.50	149.3	148.00	146.50

Gold Finds Support at Key 100/200MA Levels, Correction Seen as Temporary

Gold is currently supported by the 100/200MA levels, which have previously served as resistance twice before. This creates a confluence area where the price may potentially fluctuate. Despite the recent correction, the outlook for gold remains positive, considering the fundamental factors. This correction is a natural occurrence, considering the movement seen in gold prices over the last month.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1980​	1965​	1947​	1937​	1920​	1902​

WTI Crude Oil Faces Correction, Bears Eyeing $74.2 Support

The correction in WTI crude oil towards the $77.5 level appears normal before its potential continued downward trend. This bearish momentum is strongly supported by fundamental factors. The next support level at $74.2, which is near, will be a significant test for oil. A breach at this level could pave the way for oil prices to revisit their lowest levels not witnessed since July.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.5​	80​	77.20​	74​	72​	68​

 

[Z Forex]

EUR/USD Sees Reversal, Eyes Further Gains Beyond 1.0850

The EUR/USD has experienced a notable reversal, surging past the resistance level of 1.0850. Further confirmation awaits with today's data, guiding the trajectory forward. Anticipated targets include 1.0940, followed by the significant 1.1000 round number.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1050	1.1000	1.0940	1.0850	1.0800	1.0750

GBP/USD Surges, Breaks Resistance at 1.2500, Targets 1.2600

The GBP/USD, along with other major currencies, witnessed a strong upward movement, reaching the 100MA and breaching the resistance level of 1.2500. The next target lies at 1.2600.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2700​	1.2600​	1.2500​	1.2400	1.2300	1.2200

USD/JPY Correction Prompts Potential BoJ Intervention Amid High Volatility

The USD/JPY pair experienced a correction from its peak due to a decline in the dollar, although there is no notable positive influence from the yen. The situation suggests a potential intervention by the Bank of Japan (BoJ), as they may find it unacceptable to witness such a pronounced decline in the yen's value. Given the high volatility and an average movement of 350 pips, careful consideration is advised when positioning on the USDJPY.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
155.00	153.50	152.00	149.3	148.00	146.50

Gold Gains Momentum Amid Dollar Decline, Targets Next Peak at $1,979

Gold capitalized on the decline in the dollar and US Treasury to achieve further gains, setting its sights on the next target at 1979. The precious metal is validating a solid trend, indicating a high likelihood of continued upward movement. The next target is projected at 2003.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2020​	2003​	1979​	19​	1937​	1920​

Crude Oil's Bearish Trend Continues, Eyes Correction Towards $78.50

The bearish trend in oil persists, indicating a probable continuation of the correction towards $78.50. Further clarity is anticipated with today's data. The next target stands at $74.19. Meanwhile, OPEC may explore strategies to counter short sellers in response to the market dynamics.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.5​	80​	77.20​	74​	72​	68​

 

[Z Forex]

Euro Challenges Resistance Against US Dollar as DXY Seeks Support

In today's forex market, the EUR/USD pair is encountering a notable resistance level, while the US Dollar Index (DXY) is actively seeking support around the 100-day Moving Average (100MA). Today's market direction is highly dependent on important data releases and events scheduled for the day.

Analysts suggest that a sustained bullish trend could shape the immediate future of both EUR/USD and DXY. If the bullish momentum prevails, the EUR/USD pair is eyeing significant targets, particularly the 1.0940 level and the psychologically significant 1.1000 round number.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1050	1.1000	1.0940	1.0850	1.0800	1.0750

GBP/USD Correction from 100MA Resistance as Dollar Developments Awaited

In recent trading sessions, the GBP/USD pair has undergone a correction, stepping back from the resistance level around the 100-day Moving Average (100MA) at 1.2500. Today's market developments, particularly related to the US Dollar, are poised to play a crucial role in determining the pair's future direction.

Looking ahead, traders and investors are eyeing the next target for the GBP/USD pair, which is identified at the 1.2600 level. The realization of this target will depend on the interplay between the British Pound and the US Dollar, influenced by ongoing market developments and key economic indicators.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2700​	1.2600​	1.2500​	1.2400	1.2300	1.2200

USD/JPY Surges to New High with Dollar Strength, BoJ Intervention Possible

In the latest market developments, the USD/JPY pair has experienced a notable rebound, reaching new highs following gains made by the US Dollar. The Japanese Yen, currently displaying weakness and lacking fundamental support, raises the likelihood of intervention by the Bank of Japan (BoJ) in the near future.

Analysts note the significant decline in the yen's value, prompting concerns within the BoJ. The central bank may take measures to stabilize the currency and prevent further depreciation, as an excessively weak yen can have broader implications for the Japanese economy.

Traders engaging in USD/JPY transactions are advised to exercise caution due to the observed high volatility, with an average movement of around 350 pips. The dynamics of the currency pair will be closely tied to potential interventions by the BoJ and how the market responds to these actions.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
155.00	153.50	152.00	149.3	148.00	146.50

Gold Extends Rally, Exhibits Strong Bullish Trend with Eyes Set on $2003

In a noteworthy market development, gold prices are on a continued ascent, underscoring a robust bullish trend. Both fundamental factors and observed price action align to support this upward trajectory, heightening investor optimism about the precious metal's performance.

The current bullish sentiment in the gold market has propelled prices upward, with market participants closely monitoring the next target at $2003. The optimistic outlook is grounded in a combination of fundamental drivers and favorable price dynamics that contribute to the ongoing positive momentum.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2020​	2003​	1979​	1940​	1920​	1902​

Oil Prices Bearish, Threatening to Break Key Support Level at $74.20

In the latest market update, oil prices are displaying a persistent bearish trend, with indicators pointing towards a potential descent to the crucial support level at $74.20. Analysts suggest that a breach of this support level could usher in a significant shift, entering what is considered the bottom zone and sending an alarming signal throughout the energy market.

The continued downward movement in oil prices is prompting attention from various market participants, including OPEC. OPEC, historically influential in stabilizing oil prices, may face increasing pressure to intervene if the support level is breached, as such a development could have broader implications for the energy sector.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.5​	80​	77.20​	74​	72​	68​

 

[Z Forex]

Traders are waiting for confirmation of EUR/USD direction after touching 1.0900. a breakout takes the price toward 1.0950 followed by the round number of 1.1000.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1050	1.1000	1.0940	1.0850	1.0800	1.0750

The GBP/USD pair is currently undergoing a correction after facing resistance at the 100MA level of 1.2500. The retail sales data indicates a negative trend for the pair, with the next support level likely at 1.2300.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2700	1.2600	1.2500	1.2400	1.2300	1.2200

The USDJPY is experiencing a downward correction leading the major currencies today, with a potential target of 149.00. There is a possibility of a continuing correction due to intervention.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
155.00	153.50	152.00	149.3	148.00	146.50

Gold's bullish strong momentum continues, and a higher level could be reached. 2003 is the next target followed by 2020.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2037	2020	2003	1979	1960	1940

Oil broke the support level of 74.20 and entering the bottom zone would be an alarming signal for OPEC to stabilize prices.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
80	78	74	72	68	65

 

[Z Forex]

EUR/USD Surges as Dollar and Treasuries Retreat

The EUR/USD pair sustained its upward momentum, propelled by a decline in both the dollar and treasuries. Currently hovering near the resistance level of 1.0950, the next milestone awaits at the significant round number of 1.1000.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1050	1.1000	1.0940	1.0850	1.0800	1.0750

GBP/USD Nears 100MA Resistance, Targets 1.2600 with Dollar Weakness

The GBP/USD pair approached the 100MA resistance level but did not benefit from the weakening dollar like other majors. If it breaks above this level, it could reach the next target at 1.2600.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2700​	1.2600​	1.2500​	1.2400	1.2300	1.2200

USD/JPY Targets 148.30 Following Dollar Weakness

The USD/JPY is currently experiencing a favorable upswing attributed to the weakening Dollar and positive shifts in fundamentals. This trend signals a reversal mode for the currency pair, with an anticipated target set at 148.30. The confluence of dollar depreciation and improved underlying economic factors is driving this bullish momentum, underscoring a potential strengthening of the Japanese Yen against the US Dollar in the near term.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
153.50	152.00	150.00	148.00	146.50	144.80

Gold's Bullish Run Targets $2003 with Market Anticipation

Gold's strong bullish momentum encountered a significant resistance level at 1979, creating a momentary pause as market participants await additional developments. Eyes are set on the next target of 2003, with anticipation building for potential breakthroughs that could push gold prices further.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2020​	2003​	1979​	1960​	1940​	1912​

Oil’s Potential Trajectory with OPEC Influence

Oil finds itself in a correction mode due to circulating rumors surrounding OPEC's potential influence on prices, particularly with the looming prospect of Saudi Arabia and Russia's impact on the global supply. The current support level is identified at 72, serving as a crucial marker for market stability amid the uncertainty. A formidable resistance level of 78 highlights the challenges faced by the commodity in its upward trajectory.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.20​	80​	78​	72​	68​	65​

 

[Z Forex]

EUR/USD Bulls Hold Ground Near Resistance as DXY Nears Crucial Support

The EUR/USD pair sustained its bullish momentum, persisting in an upward trend even as it approached a resistance area. At the same time, the DXY is positioned at a crucial support level, setting the stage for today's significant event. There is a possibility that the pair will extend its movement towards the 1.100 mark, a level where we might witness a notable market reaction.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1050	1.1000	1.0940	1.0850	1.0800	1.0750

GBP/USD Surges Past 100MA Resistance

The GBP/USD has successfully breached the 100MA resistance level and is now advancing towards the notable milestone of 1.2600, a point of strong confluence.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2800​	1.2700​	1.2600​	1.2400	1.2300	1.2200

USD/JPY Gains Momentum in Reversal Mode, Targets 148.30 with Dollar Weakness

The USD/JPY pair is capitalizing on the overall weakness of the dollar and is supported by improving fundamentals, marking a shift into a reversal mode with a targeted upward movement set at 148.30. This positive trajectory is fueled by a combination of factors, including a more favorable economic backdrop, indicating a potentially sustained upward trend for the currency pair.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
153.50	152.00	150.00	148.00	146.50	144.80

Gold Maintains Bullish Momentum, Nearing 2003 Level

Gold's bullish momentum persists as it approaches the 2003 level. The ongoing strength in the trend suggests a strong market sentiment, and there are anticipations of further advances in the near term.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2037​	2020​	2003​	1979​	1960​	1940​

Crude Oil Correction Unfolds with OPEC Speculations

Crude oil is currently undergoing a correction phase fueled by speculations surrounding OPEC's potential influence on prices, with attention directed towards the actions of major players such as Saudi Arabia and Russia, which could impact overall supply dynamics. Currently hovering around the 78-level, the market is set for potential movement towards the target of 82.22.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.20​	80​	78​	72​	68​	65​

 

[Z Forex]

Euro Faces Resistance at 1.1950 with DXY Rebound Post-FOMC

EURUSD encountered resistance at 1.9500, while the DXY is rebounding following yesterday's FOMC minutes. The potential correction could drive the price down towards 1.0850, whereas a breakout might push it towards a significant level of 1.1000.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1050	1.1000	1.0940	1.0850	1.0800	1.0750

GBP/USD Breaks Through Key 100MA Resistance, Eyes 1.2600 Level

In a significant development, the GBP/USD pair has successfully breached the crucial 100-day moving average (100MA) resistance level. The currency pair is currently making notable strides as it moves towards the key level of 1.2600. This level could impact where the GBP/USD goes next, catching the attention of traders and analysts as they keep a close eye on how things unfold.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2800​	1.2700​	1.2600​	1.2400	1.2300	1.2200

USD/JPY Reversal Signals Potential Shift in Momentum

The USD/JPY is currently gaining strength due to a weaker dollar and positive economic factors. However, today's market activity reveals a reversal as the dollar rebounds, with the pair touching the median line of the bullish trend before facing resistance and making a comeback. This suggests a potential shift in momentum, indicating that traders are hesitating or pushing back against the recent upward movement in the pair.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
153.50	152.00	150.00	148.00	146.50	144.80

Gold Bulls Encounter Resistance at 2003, Eyes Set on Targets at 2020 and 2037

The bullish momentum of gold faced a resistance level in 2003, which is the highest level since the end of November. If a breakout occurs, then the next targets will be 2020 and 2037, while any recovery will find support at the 1979 level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2037​	2020​	2003​	1979​	1960​	1940​

Oil Market Pauses, Eyes 82.20 Level Following Bearish Trend

The oil market is currently in a holding pattern, awaiting clearer signals to determine its next move toward the 82.20 level after a retreat to 72. The overall trend remains bearish, indicating a downward trajectory. Any potential shift in direction would likely require strong fundamental factors to counteract the existing momentum, and this appears to be a challenging task given the current market dynamics.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.20​	80​	78​	72​	68​	65​

 

[Z Forex]

EURUSD Faces Resistance at 1.0950, Potential Breakout Towards Key Level at 1.1000

EURUSD is coming back from the 1.0950 resistance level, if a breakout happens the price may go towards the significant round number of 1.1000.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1050	1.1000	1.0950	1.0850	1.0800	1.0750

GBP/USD Shows Positivity, Surpasses 100MA Resistance

The GBP/USD is positive today and after going beyond the 100MA resistance level now advancing towards 1.2600, a notable confluence point.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2800​	1.2700​	1.2600​	1.2400	1.2300	1.2200

USDJPY Gains Following Dollar Weakness and Positive Fundamentals

The USDJPY is coming back again benefiting from dollar weakness and improving fundamentals, but the pair will be challenged by the median line of the bullish long trend is playing as support.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
153.50	152.00	150.00	148.00	146.50	144.80

Gold Marks its Highest Resistance Level of November

The bullish momentum of gold faced a resistance level at 2003, which is the highest level since the end of November. If a breakout occurs, then the next targets will be 2020 and 2037, while any recovery will find support at the 1979 level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2037​	2020​	2003​	1979​	1960​	1940​

 

[Z Forex]

EURUSD Displays Strength as Dollar Weakens, Eyes 1.0940 Resistance

The EURUSD is showing some strength today, while the dollar is weaker. The next challenge for the pair lies at the 1.0940 resistance level. The bullish trend is still strong, and a breakout could push prices to the 1.1000/1.1040 range. Today, the PMI data may have a significant impact on the pair.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1040	1.1000	1.0940	1.0850	1.0800	1.0750

GBPUSD Flat After Three Days, Decision Point at 1.2580 Resistance

The GBP/USD pair is trading flat today following three days of non-directional movement. The pair is approaching the 1.2580 resistance level, and it's evident that it requires a clear direction to either revert towards 1.2400 or break the resistance level and escape the selling territory.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2800​	1.2700​	1.2580​	1.2400	1.2300	1.2200

USDJPY Holds Steady on Holiday with Low Volumes

The USDJPY is stagnant today due to the US holiday, resulting in low trading volumes. The pair is currently at a critical point, with the median line acting as support. The price action indicates an overbought condition, increasing the likelihood of a reversal.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
153.50	152.00	150.00	148.00	146.50	144.80

Gold's Bullish Momentum Pauses, Eyes the Next Week for Direction

The bullish momentum of gold is on hold currently, awaiting direction in the coming week, while the 2006 resistance level continues to hold the pair. A breakout in the pair could result in the price reaching the next targets of 2020 and 2037.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2037​	2020​	2006​	1979​	1960​	1940​

Oil Holds Steady Ahead of OPEC Meeting

Oil is maintaining the same level as yesterday, with the upcoming OPEC meeting being the next significant event for price direction. The 78.00 level, along with the 200MA, is acting as resistance. If a breakout occurs, the next target will be 82.22.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.20​	80​	78​	72​	68​	65​

 

[Z Forex]

EUR/USD Shows Strength, Eyes Resistance Break at 1.0940/50

The EUR/USD pair is showing strength today, making an effort to surpass the resistance level at 1.0940/50 with the potential to advance towards 1.1040. The trend seems bullish, driven by the dollar's weakness and underlying fundamental factors that work against the dollar.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1040	1.1000	1.0940	1.0850	1.0800	1.0750

GBP/USD Bullish Momentum Continues, Targets 1.2700

The GBP/USD pair is exhibiting a bullish trend, benefiting from the weakness of the US dollar and the Bank of England's (BoE) continued hawkish stance. The next target for the pair is at 1.2700. It has entered the buying zone, having moved past the 100 and 200-day moving averages (MAs) and broken out of the bearish channel.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2900​	1.2800​	1.2700​	1.2580	1.2400	1.2300

USD/JPY Trends Downward with Limited Decline

The USD/JPY pair is currently trending downwards, but the decline is limited. The median line remains the next significant hurdle to overcome for a clear trend reversal. Should there be a breakout, the next targets to watch for are in the region of 146.50 to 146.00.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
153.50	152.00	150.00	148.00	146.50	144.80

Gold's Bullish Momentum Persists, Breaks 2006 Resistance and Aims for 2037 Target

The bullish momentum in gold persists today, as the metal successfully breaches the 2006 resistance level and advances towards the next target at 2037. This sustained bullish trend finds support from underlying fundamental factors.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2052​	2037​	2020​	2006​	1979​	1960​

Oil Prices Decline on OPEC Meeting Delay and Fundamental Factors

Today, oil prices have declined, influenced by the delayed OPEC meeting and various fundamental factors. The trend exhibits a strong bearish sentiment, raising the possibility of a retracement to the previous level around $72, particularly in light of the heightened volatility in the current market environment.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.20​	80​	78​	74​	72​	68​

 

[Z Forex]

EUR/USD Muted, Awaits Economic Data for Direction

The EUR/USD pair is showing muted activity today, lacking a clear direction, as economic data will play a crucial role in determining whether the pair will continue its ascent towards the next target of 1.1050 or retreat towards the next support level at 1.0940.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1100	1.1050	1.1000	1.0940	1.0900	1.0850

GBP/USD Holds Steady with Dollar Rebound, Potential for Surge on Unfavorable Data

The GBP/USD pair is showing a similar performance to the euro today, remaining quiet after a comparable showing yesterday. Despite the dollar's rebound, the pound managed to maintain its ground. The pound's strength suggests that if today's data is unfavorable for the dollar, the GBP/USD pair could experience a significant surge, reinforcing its already robust bullish trend.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2900​	1.2800​	1.2700​	1.2580	1.2400	1.2300

USD/JPY Bearish as BoJ Comments Impact, Targets 100-Day Moving Average

The USD/JPY pair is bearish today following comments from Bank of Japan members, taking the pair towards the 100-day moving average, which acts as a support level. With the pair also breaking through the median line, the next target at 144.80 seems close after the initial support level of 146.50 is reached if today's data turns out to be against the dollar.

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 Pauses at 2053 Level, Strength Intact

Gold is currently in a holding pattern after reaching the 2053 level. It continues to show strength, and today's data will determine its direction. If the data is favorable, the next target will be 2070, while an unfavorable outcome could lead to a correction towards the 2027 level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2085​	2070​	2053​	2027​	2006​	1979​

WTI Price Action Points to Potential Reversal, Awaits OPEC+ Meeting

WTI price action continues to signal a potential reversal, pending the outcome of today's OPEC+ meeting. The key level for a breakout is at 78, which is currently acting as resistance, alongside the 200-day moving average. The next target is set at 82.22.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.22​	80​	78​	74​	72​	68​

 

[Z Forex]

EUR/USD Rebounds, Faces Challenge at 1.1000 Target

The EUR/USD experienced a decline yesterday, reaching the 1.0880 support level, and subsequently rebounded today. The next target for the pair is set at 1.1000, posing a challenge for it to sustain its bullish trend.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1100	1.1050	1.1000	1.0880	1.0850	1.0750

GBP/USD Bulls Aim for 1.2800 After Resistance at 1.2700

The GBP/USD pair encountered resistance at 1.2700 but recovered towards 1.2600. The uptrend remains healthy and strong, with 1.2800 identified as the next target if the bullish momentum continues.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2900​	1.2800​	1.2700​	1.2580	1.2400	1.2300

USD/JPY Rebounds Near 100MA, Targets 144.80 Support

The USD/JPY pair rebounded yesterday following a touch on the 100-day moving average (100MA) at 147.0. Although the short-term bearish trend requires further confirmation for a reversal, it's noteworthy that 144.80 stands out as the next significant support target. This is particularly relevant given the oversold nature of the yen.

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 Forms Reversal Pattern Near 2053 Resistance

Gold is potentially forming a reversal pattern after reaching the resistance level of 2053. The presence of a descending triangle pattern suggests a bearish trend. However, today's data and events have the potential to significantly impact the current outlook.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2085​	2070​	2053​	2027​	2006​	1979​

WTI Oil Price Holds Steady Within 78-74 Range Post-OPEC+ Meeting

The WTI price action remains within the range of 78 to 74, and despite heightened volatility observed yesterday during the OPEC+ meeting, the direction of oil appears unclear at the moment.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.20​	80​	78​	74​	72​	68​

 

[Z Forex]

EUR/USD Sees Moderate Decline with Dollar's Gains

After an uncertain and volatile move last week, the EUR/USD is showing a moderate decline today, driven by the dollar, which is showing some gains. The next target is likely to be the support area around 1.0850.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1100	1.1050	1.1000	1.0850	1.0750	1.0800

GBP/USD Consolidates Near 1.2700 Resistance

The GBP/USD pair encountered strong resistance at 1.2700 and is consolidating around this level. The dollar's strength today is hindering a clear upward movement. A potential breakout above this level could drive the pair towards 1.2800, which serves as the next resistance and target, with a drop back to 1.2580.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2900​	1.2800​	1.2700​	1.2580	1.2400	1.2300

USD/JPY Declines as Weaker Dollar Drives Toward 144.80 Support

The USD/JPY pair continues to benefit from the weaker dollar, dropping further towards the next significant target at 144.80, followed by 142.00 if the trend continues.

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 Shows Strong Bullish Sentiment, Targets 2070 for Further Upside

Gold has moved significantly, reaching 2146 before stabilizing at 2120 and then falling back to 2080. The gold market is showing strong bullish sentiment with investors increasingly benefiting from its role as a safe haven. A daily close beyond the 2070 mark is essential to confirm further upward developments.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2126​	2085​	2070​	2027​	2006​	1979​

WTI Price Faces Resistance at 78, Retreats Towards 72 Support with Weak Fundamentals

The WTI price is persistently declining after testing the 78 resistance level multiple times. Weak fundamentals are preventing oil from moving higher, and it is retracing towards its support level at the 72 support target. Oil remains volatile and challenging to predict in recent times.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.20​	80​	78​	72​	68​	66​

 

[Z Forex]

EUR/USD Weakens Below 1.0850, Targets 1.0750 with Dollar Momentum

The EURUSD is declining below the support level of 1.0850, heading towards the next level of 1.0750. The euro is exhibiting weakness, while the dollar gains momentum as we await data this week. The Euro is adversely affected by its weak economic data.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1050	1.1000	1.0850	1.0750	1.0700	1.0650

GBP/USD Corrects, Retreats to 1.2580 with Dollar Recovery

The GBP/USD pair is correcting as a result of the dollar's recovery, returning toward the 1.2580 level while awaiting further developments from today's and this week's data. The pair remains bullish and strong, poised for a healthy upward move if the data proves supportive.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2900​	1.2800​	1.2700​	1.2580	1.2400	1.2300

USD/JPY Targets Downward Trend to 144.80

The USD/JPY pair is less influenced by the dollar's rebound, signifying market confidence that the pair is poised to sustain its downward reversal towards the 144.80 level.

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 Seeks Direction Around 2027 Support, Awaits Breakout Toward 2070 Level

Gold corrected towards the 2027 support level and the 0.5 Fibonacci retracement. The precious metal is awaiting further developments to determine its direction, with the challenge poised at the 2070 level. A daily and weekly break above 2070 could pave the way for continued upward movement, potentially reaching new record highs for gold.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2126​	2085​	2070​	2027​	2006​	1979​

WTI Remains Bullish as Price Approaches $72 Support Following OPEC and US Strategic Stock Dynamics

WTI is persisting in its bearish movement with a pessimistic outlook as ongoing fundamentals exert downward pressure. The price is approaching the support level of 72. OPEC and Saudis might seek avenues to bolster oil's advancement, as they express dissatisfaction with current levels. Additionally, the replenishment of the US strategic stock may contribute to an upward push for oil.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.20​	80​	78​	72​	68​	66​

 

[Z Forex]

EUR/USD Correction Persists, Targets 1.0750 with Dollar Rebound

The EUR/USD pair continues its correction, with the next target set at 1.0750. The rebound in the dollar is hindering the pair's upward movement. The dollar index is approaching the median line, which coincides with the resistance level and the 100-day moving average (100MA). This convergence could act as a confluence point, potentially preventing the dollar from rising further.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1050	1.0900	1.0850	1.0750	1.0700	1.0650

GBP/USD Seeks Modest Recovery from 1.2580 Support, Faces Uncertain Market Direction

The GBP/USD pair has found support at 1.2580 and is attempting a modest recovery today, given the significant data concerning the pound. However, the market's direction remains uncertain. There may be a challenge at the 1.2700 resistance level for any rebound, while the current support level could also pose a challenge if the pair continues to decline.

Resistance 3​	Resistance 2​	Resistance 1​	Support 1	Support 2	Support 3
1.2900​	1.2800​	1.2700​	1.2580	1.2400	1.2300

USD/JPY Hints at Downward Trend with Market Conviction of Yen Correction

The USD/JPY pair continues to show a greater likelihood of a downward trend, even though no clear movement was observed in the market over the past two days. The next target is set at 144.80. The market appears convinced that the yen is oversold and requires a significant correction, especially considering the risk in economic conditions that favor safe-haven currencies.

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 Shows Bullish Rebound, Aims for Record High Beyond 2070

Gold, after two days of a strong correction, is returning to its upward trend. The general outlook appears bullish, as indicated by the price action, which shows a healthy and strong bullish trend. Risks and fundamentals support this outlook. The key challenge for gold will be surpassing the 2070 mark to set a new record high.

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

WTI Extends Bearish Trend, Targets $72 and $68 Support Levels

WTI remains bearish, continuing its downward trend and breaking the $74 support level. It is now heading towards the $72 and $68 support levels. The overall trend is bearish, with the oil market continuing to show volatility.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
80​	78​	74​	72​	68​	65​

 

[Z Forex]

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​

 

[Z Forex]

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.

 

[Z Forex]

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​