Technical Analysis By zForex

[Z Forex]

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​

 

[Z Forex]

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​

 

[Z Forex]

Eyes on Fed: Markets Await Policy Decision and Clues on Interest Rate Cuts

On Wednesday, the dollar slightly rose against major currencies as traders anticipated the Federal Reserve's policy meeting conclusion for insights into potential US interest rate reductions. Fed officials are expected to provide updated economic and interest rate projections, with a focus on Chair Jerome Powell's perspective on possible rate cuts in early 2024. The US CPI edged up last month, influencing these expectations.

Recent data from the UK suggests that the Bank of England may reverse its cycle of rate hikes in 2024. This is due to a deeper industrial slowdown, a contraction in the economy, and a slowing growth in average earnings.

Meanwhile, the ECB is poised to keep interest rates unchanged at its meeting, despite the Eurozone inflation approaching the 2% target. The ECB counters early rate cut expectations by highlighting persistent price upside risks, especially from growing wages.

In Japan, the Yen is affected by reduced expectations for an immediate shift in the Bank of Japan's policy, with reports suggesting little inclination to end negative rates soon. Hopes for further policy support and stimulus from China also influence the yen.

Gold prices were range-bound on Wednesday as investors awaited the US Federal Reserve's interest rate decision. The market consensus leans towards unchanged rates this week, with a significant likelihood of a rate cut by May.

Oil market dynamics are complex, shaped by Federal Reserve policies, economic growth concerns, and revised US oil supply forecasts. The EIA's increased supply estimate for 2023 and a lowered Brent crude price forecast for 2024 reflect these changing market conditions. OPEC+ faces challenges in controlling supplies, further complicated by geopolitical tensions, such as the Yemeni attack on a Norwegian tanker, which poses risks to Middle East oil supply.

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​

 

[Z Forex]

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

 

[Z Forex]

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

 

[Z Forex]

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

 

[Z Forex]

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

 

[Z Forex]

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	Suppprt 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

 

[Z Forex]

EUR/USD Faces Significant Test at 1.1000 Resistance Amid Dollar Weakness
The EUR/USD is once again testing the 1.1000 resistance level with weakened dollar. A breakout beyond this point could potentially lead to an advance towards the next target at 1.0850, while failure to break through might result in a reversion back to the 1.0900 level.

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 Encounters Resistance at 1.2800, Trades Range-Bound Today
The GBP/USD continues trading within a narrow range with a muted performance today, with the 1.2800 level remaining a key challenge for the pair's upward movement.

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 Consolidates Near 142.00 Support, Dollar Weakness May Propel Downward Move
USD/JPY is hovering around the 142.00 area and the weakening dollar may help the pair break the support level and 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 Maintains Bullish Momentum, Targets Resistance at 2070 on Strong Fundamentals
The bullish momentum for gold persists, as the metal approaches the resistance level of 2070. Strong fundamentals support the upward movement in gold prices. The optimistic outlook for gold remains intact, suggesting a potential continuation into the next year.

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

WTI Oil Eyes $76 Resistance in Reversal Movement, Long-Term Trend Remains Bearish
WTI oil continues its reversal movement with a muted movement for today, 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

 

[Z Forex]

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

 

[Z Forex]

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	2.8	68	64.9

 

[Z Forex]

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
2.5	81	78	72.8	68	64.9

 

[Z Forex]

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

 

[Z Forex]

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	Sopport 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

 

[Z Forex]

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	1.1100	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

 

[Z Forex]

Dollar Holds Steady as Markets Await US Inflation Data, Euro Under Pressure

On Wednesday, the dollar remained stable in cautious trading, with markets awaiting the US inflation data due later this week. This key report could significantly influence the Federal Reserve's policy decisions. Meanwhile, Bitcoin experienced volatility following a fake social media post that disrupted the markets. The upcoming US Consumer Price Index report, expected on Thursday, is anticipated to show a 0.2% monthly increase in headline inflation and a 3.2% annual rise, which could sway opinions regarding a potential March rate cut.
In Europe, the euro is under pressure following dismal German industrial production data released on Tuesday, which indicated a 0.7% drop in November, contrary to the expected 0.3% rise. This downturn raises concerns about a potential recession in Europe's largest economy and increases expectations for a rate cut by the European Central Bank in April. However, a recent surge in Eurozone inflation might prompt the ECB to maintain high interest rates. In the absence of significant US data on Wednesday, traders are now focusing on French industrial production and Italian retail sales figures for further direction.
The Pound Sterling is facing a sharp sell-off due to ongoing uncertainties about the Bank of England’s tight monetary policy and the increasing risk of a technical recession in the UK. The pound's direction will likely be influenced by an upcoming speech from Bank of England Governor Andrew Bailey, expected to address interest rates and inflation. Investors are also anticipating Friday's UK factory data, hoping for a recovery in industrial and manufacturing production.
The Japanese Yen continues its depreciation following a report from the Labour Ministry that real wages in Japan have shrunk for the 20th consecutive month as of November. Coupled with falling inflation rates in Tokyo, this reinforces the expectation that the Bank of Japan will maintain negative interest rates. The yen's weakness is further exacerbated by a lack of haven flows amid the cautious mood in equity markets.
Gold prices were subdued, influenced by a firmer US dollar and higher treasury yields. The market is closely watching the US inflation report, which could clarify the Federal Reserve's stance on rate cuts. The combination of a stable US dollar and bond yields is curbing the rise in gold prices, contrasting with the trends seen at the end of 2023.
Oil prices gained about 2% in the previous session due to supply concerns following a Libyan supply outage and ongoing regional tensions from the Israel-Gaza conflict. However, the week started with a more than 3% decline in trading on Monday. Supporting oil prices are renewed attacks on shipping in the Red Sea by Yemen's Houthi militia, which threaten oil tanker flows, and a larger-than-expected drawdown in US crude inventories, supporting demand sentiment.

EUR/USD Stalls in Non-Directional Movement Near 1.0950
The EUR/USD has been moving in a non-directional way for the past six days, hovering around the area close to 1.0950 which is near the median line. There has been no significant movement or change from yesterday. The next resistance level is at 1.1000, while 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's Long Bullish Trend Faces Resistance with Channel Support
The GBP/USD is currently in the price accumulation phase where the pair is correcting for the second day. 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 Tests 145.00 for Breakout, Eyes Next Resistance at 148.30
The USD/JPY is testing the 145.00 level again for a breakout. 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	145.00	144.80	140.00	138.00

Gold Outlook Shifts to Neutral with Resistance at 2050

Gold prices have been attempting to recover for the second day following a short-term bearish trend. However, the current outlook is somewhat neutral. In case the rebound persists, the next resistance level will be at 2050. Conversely, if the prices keep declining, the next support level is at 2006.

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

WTI Crude Oil Price Displays Unpredictable Unidirectional Swings
WTI crude oil price continues its volatile unidirectional movements, as the market is still divided on the direction oil prices will take next impacted by geopolitics tensions and slowing demand. 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	74	70	68	64.9

 

[Z Forex]

US Indices are Getting Busier after Declines

S&P 500 futures and Nasdaq-100 futures saw modest gains, rising by 0.1% and 0.3% respectively. In the cryptocurrency market, Coinbase and Marathon Digital experienced declines of 1% and nearly 3%, amid a decrease in Bitcoin prices. This downtrend was triggered by a false announcement on the U.S. Securities and Exchange Commission’s X account, mistakenly claiming the approval of Bitcoin ETFs.
Investors are now turning their attention to the latest Consumer Price Index (CPI) report, set to be released on Thursday. Economists surveyed by Dow Jones anticipate a 3.2% year-over-year increase in the CPI for December. This report is critical, as it will provide insights into the potential timing for the Federal Reserve to commence rate cuts. While there has been some recent scaling back in these expectations, the CME Group FedWatch tool indicates a 64% probability of rate cuts.
The focus on earnings will intensify on Friday, with anticipated results from major financial institutions such as JPMorgan Chase and Bank of America. Additionally, reports from UnitedHealth Group and Delta Air Lines are expected, marking a significant day in the earnings calendar.
For the Nasdaq and other US major indices, the uncertainty continues, and markets are not taking any uncalculated bets until the final data on Thursday and Friday are delivered. The momentum is still strong but volatility may intensify as this week's economic data and the beginning of the Q4 earnings may impact risk sentiment.

Volatility in the Crypto Market Today

Cryptocurrencies experienced volatility on Wednesday as the market anticipated the SEC's decision on approving spot Bitcoin exchange-traded funds (ETFs). This speculation was intensified by a false announcement on the SEC's social media account claiming the ETFs had been approved, causing Bitcoin prices to momentarily spike before falling back. The SEC later confirmed that its account was breached and clarified that no such approval had been granted.
The SEC has been cautious about approving spot Bitcoin ETFs, citing concerns over market surveillance and the potential for fraud and manipulation. The market is now at a critical juncture as the SEC faces a final deadline on Wednesday for several proposed funds. The recent incident highlights the high level of anticipation and potential market impact of such an approval.
Despite the regulatory uncertainty, the eventual U.S. approval of spot Bitcoin ETFs, could significantly boost interest in cryptocurrencies, especially among institutional investors. This approval could further drive Bitcoin prices, already supported by limited supply and strong holding by long-term investors. However, the market remains prone to volatility, with the potential for significant movements depending on the SEC's decision on ETF approvals.
Bitcoin's price reached $47,000 but corrected for the second day. The momentum is strong, but a potential correction could occur before the uptrend resumes.

 

[Z Forex]

EUR/USD Uncertainty Continues, Eyes the 1.1000 Resistance Level
The EUR/USD continues to hover around the median line without a clear direction after last week's data. This week's data may give more direction for the pair. The next resistance level is at 1.1000, while 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 Still Unclear with Correction Possibility
The GBP/USD currency pair found resistance at 1.2800 the direction is still unclear while the market is still uncertain. If prices break out, they may reach the next target of 1.2930. However, if there is a correction, prices may fall back to 1.2630.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2700	1.2650	1.2500	1.2400

USD/JPY Pair Unclear as Fundamentals Deteriorate
The USD/JPY encountered resistance from the 50MA and is building a reversal in the short term. There is no confirmation yet of a clear direction for the pair, but the next support level is at 144.80. As the fundamentals deteriorate, the yen may weaken further, while the direction of the pair will also depend on the Dollar.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
155.00	152.00	148.30	144.80	144.00	142.00

Gold; Safe Haven Amidst Geopolitical Tensions
Gold is benefiting from geopolitical tensions increasing the heaven gold appeal. If the trend continues the next target will be 2070, Conversely, if the prices come back declining, the next support level is in 2032.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2140	2090	2070	2032	2006	1979

Oil Prices Face a Challenge with 50MA, Trend Bearish
The 50-day moving average (50MA) poses a challenge for the price, as it could potentially lead to a reversal. Meanwhile, the path of the oil price remains uncertain. Currently, the resistance area is between 74 and 76, with support found at 68. The trend is currently bearish in an accumulation phase.

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

 

[Z Forex]

EUR/USD Declines, Eyes 200MA at 1.0850 with Dollar Strength
The EUR/USD is currently experiencing a decline, breaching the median line. Although the 50-day moving average (50MA) could serve as a transient support level, the focus is now on the 200-day moving average (200MA) with a target set at 1.0850. The main force driving this movement is the strength of the dollar.

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 Corrects to 1.2600, Eyes 50MA Support
The GBP/USD currency pair is correcting toward 1.2600 where the 50MA also is placed while the 1.2540 is the strong next support with the 200MA. The long bullish tends to remain strong and the correction can be temporary.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2700	1.2600	1.2500	1.2400

USD/JPY Gains Momentum, Approaches 147.40 Resistance
The USD/JPY is on an upward trajectory, supported by the resilience of the dollar and the yen's weakness. The pair is advancing towards the upcoming resistance, situated at both the upper parallel of the downtrend and the 100-day moving average at 147.40.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
155.00	152.00	147.40	145.00	144.80	140.00

Gold Correction Following Strong Dollar and Rising Yields
Gold is currently influenced by the strength of the dollar and rising treasury yields, undergoing a correction from its recent level of 2056. While this correction may be temporary, the next support level is expected to be 2036, signaling a potential stabilization point for the precious metal.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2140	2090	2070	2036	2006	1979

Stable Oil Prices with Uncertain Fundamentals and Geopolitical Tensions
Over the last three days, oil prices have remained stable without showing any significant movements. The uncertain fundamentals of the oil market and the geopolitical tensions have made the market picture unclear and blurred. Currently, the resistance level is at 50MA, while the support level stands at 70.

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

 

[Z Forex]

EUR/USD Support at 1.0850, Key Data and Events Awaited
The EUR/USD is currently nearing the support level of 1.0850. Although a rebound from this support is possible, today's important data and events may impact its direction. If a breakout continues, then the next target would be 1.0800, while the next resistance level is at 1.0920.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1100	1.1000	1.0920	1.0850	1.0800	1.0750

GBP/USD Holds Firm at 1.2600 with Potential Direction to 1.2700
The GBP/USD found support at the 1.2600 at the 50MA. A rebound may lead the price to 1.2700, while a breakout below the 50MA could find support at 1.2540.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2700	1.2600	1.2500	1.2400

Yen Faces Continued Downward Pressure while USD/JPY Strengthens
The dollar has gained strength against the yen, with USD/JPY on the rise, aiming for the next target at 148.35. The yen's downward trajectory may persist, as current fundamentals do not favor the currency.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
152.00	150.00	148.35	146.50	144.80	144.00

Gold Prices React to USD Strength and Yields, 50MA Support Crucial
Gold prices are currently being affected by the strength of the US dollar as well as rising treasury yields. Currently, it is at the 50MA support level and whether the correction will continue or not depends on today's economic calendar. If it continues to decline, the price is expected to drop towards the 2006 support level, while a comeback will push the price towards 2056 as the next target.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2090	2070	2056	2021	2006	1979

Oil Still Uncertain with Modest Movements, Support at 70
Oil lacks clear direction, displaying modest fluctuations following recent losses over the past two days. The next support stands at the 70 level, with an uncertain overall outlook and unpredictable market movements.

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