|
|
|
Daily Markets
- Oil prices fell on Monday after a sharp rally last week, as traders turned cautious and locked in some profits ahead of demand forecasts from the OPEC and the IEA, as well as a barrage of economic data due this week. Crude prices rallied over 8% last week on the prospect of a rebound in Chinese demand, after the country reopened its borders and essentially confirmed a pivot away from its strict zero-COVID policy. Weakness in the U.S. dollar, amid signs of slowing inflation in the country, also benefited oil prices Focus is now squarely on a monthly report from the Organization of Petroleum Exporting Countries (OPEC), due on Tuesday. Markets are waiting to see whether the cartel will change its forecasts for global demand in the face of a Chinese economic recovery. Traders are also awaiting a report on crude markets from the International Energy Agency (IEA), due on Wednesday, for the body’s outlook on oil prices and demand for the year. Beyond data from industry bodies, crude markets are also awaiting a slew of economic data and central bank meetings this week. The Bank of Japan’s monetary policy meeting is of key import to markets, after the lender unexpectedly struck a hawkish chord during its December meeting - a move that rattled financial markets. Inflation readings from the euro zone and England are also in focus, as is data on U.S. retail sales, factory gate inflation, and industrial production. Markets will be watching for any signs of slowing economic growth, amid increased fears of a recession in 2023. Oil prices had slumped in the first week of the year as the International Monetary Fund warned of a potential recession this year. This notion has largely limited any upside in crude markets, with traders fearing that oil demand will be impacted by slowing economic growth across the globe. While Chinese demand has shown some signs of recovery, the country is also grappling with its worst-yet COVID-19 outbreak, which markets fear could delay a bigger economic bounceback.
|
Intraday RESISTANCE LEVELS |
16th January 2023 |
R1 |
R2 |
R3 |
GOLD-XAU |
1,927-1,940 |
1,948 |
1,955-1,967 |
Silver-XAG |
24.40-24.90 |
25.50 |
25.90-26.20 |
Crude Oil |
79.65-80.50 |
81.20-82.30 |
82.70-83.30 |
EURO/USD |
1.0900-1.0945 |
1.0990 |
1.1050-1.1100 |
GBP/USD |
1.2290-1.2350 |
1.2390 |
1.2445-1.2290 |
USD/JPY |
129.00-129.50 |
130.40 |
131.10-131.60 |
|
Intraday SUPPORTS LEVELS |
16th January 2023 |
S1 |
S2 |
S3 |
GOLD-XAU |
1,914-1,900 |
1,894-1,887 |
1,879-1,869 |
Silver-XAG |
23.40-23.00 |
22.50-22.20 |
21.90-21.10 |
Crude Oil |
78.95-78.10 |
77.00-76.10 |
75.20-74.10 |
EURO/USD |
1.0830-1.0790 |
1.0690-1.0650 |
1.0590-1.0520 |
GBP/USD |
1.2170-1.2120 |
1.2040–1.1990 |
1.1950-1.1890 |
USD/JPY |
127.45-126.90 |
126.20 |
125.50-125.00 |
|
Intra-Day Strategy (16th January 2023) |
GOLD-XAU |
Sell on Strength |
Silver-XAG |
Buy on Dips |
|
Crude Oil |
Neutral to Sell |
EUR/USD |
Neutral to Sell |
|
GBP/USD |
Neutral to Buy |
USD/JPY |
Neutral to Sell |
|
|
|
Gold – XAU
Gold on Friday made it’s intraday high of US$1921.80/oz and low of $1892.24/oz. Gold is up by 1.26% at US$1920.26/oz.
Technicals in Focus:
In daily charts, prices are above 200DMA (1809) and breakage below will call for 1790. MACD is above the zero line and histograms are a2lso increasing trend and it will bring an upward stance in the upcoming sessions. RSI is in the overbought region and more upside is expected before it gets stretched. The Stochastic Oscillator is in neutral territory and giving a negative crossover to a bearish stance for intraday trade.
Trading Strategy: Sell on Strength
Sell below 1927-1967 keeping stop loss closing above 1967, targeting 1914-1900-1894 and 1887-1879-1869.
Buy in between 1914-1879 with risk below 1879, targeting 1927-1940-1948 and 1955-1967.
|
Intraday Support Levels |
S1 |
|
|
1,914-1,900 |
S2 |
|
|
1,894-1,887 |
S3 |
|
|
1,879-1,869 |
Intraday Resistance Levels |
R1 |
|
|
1,927-1,940 |
R2 |
|
|
1,948 |
R3 |
|
|
1,955-1,967 |
|
Technical Indicators
|
Name |
|
Value |
Action |
14DRSI |
|
68.801
|
Buy |
20-DMA |
|
1829.45 |
Buy |
50-DMA |
|
1787.24
|
Buy |
100-DMA |
|
1765.87 |
Buy |
200-DMA |
|
1765.87 |
Buy |
STOCH(5,3) |
|
90.806 |
Buy |
MACD(12,26,9) |
|
27.977 |
Buy |
|
|
|
Silver - XAG
Silver on Friday made its intraday high of US$24.28/oz and low of US23.48/oz settled down by 2.09% at US$24.25/oz.
Technicals in Focus:
On daily charts, silver is sustaining below 100DMA (21.00), breakage above will lead to 21.60. MACD is below the zero line and histograms are decreasing trend and it will bring a bearish stance in the upcoming sessions. RSI is approaching the neutral region, indicating a buy signal for now. The Stochastic Oscillator is in the oversold region and gives a positive crossover to show an upside move for the intraday trade.
Trading Strategy: Buy on Dips
Buy in between 23.60-20.30, targeting 24.40-25.00-25.90 and 26.20-26.90 with stop loss should be placed on the breakage below 20.30.
Sell in between 24.40-26.20 with stop loss above 26.20; targeting 23.60-23.00-22.10 and 21.70-21.30-20.70.
|
Intraday Support Levels |
S1 |
|
|
23.40-23.00 |
S2 |
|
|
22.50-22.20 |
S3 |
|
|
21.90-21.10 |
Intraday Resistance Levels |
R1 |
|
|
24.40-24.90 |
R2 |
|
|
25.50 |
R3 |
|
|
25.90-26.20 |
|
TECHNICAL INDICATORS |
Name |
|
Value |
Action |
14DRSI |
|
57.380 |
Buy |
20-DMA |
|
23.49 |
Buy |
50-DMA |
|
22.52 |
Buy |
100-DMA |
|
21.67 |
Buy |
200-DMA |
|
21.58 |
Buy |
STOCH(5,3) |
|
48.178 |
Sell |
MACD(12,26,9) |
|
0.379 |
Buy |
|
|
Oil - WTI
Crude Oil on Wednesday made an intra‐day high of US$80.33/bbl, an intraday low of US$78.16/bbl, and settled up by 2.28% to close at US$80.32/bbl.
Technicals in Focus:
On daily charts, oil is sustaining above its 20DMA i.e. 68.50 which is a support level and breakage below will call for 65.40. MACD is above the zero line and histograms are in increasing mode will bring a bullish stance in the upcoming sessions. The Stochastic Oscillator is in the neutral region, giving a positive crossover for confirmation of a bullish stance; while the RSI is in the neutral region and more upside can be expected to reach the overbought region, which is highly probable.
Trading Strategy: Neutral to Sell
Sell in between 79.65-83.40 with stop loss at 83.40; targeting 78.95-78.10-77.00 and 76.10-75.20-74.10.
Buy above 77.10-70.10 with risk daily closing below 70.10; targeting 78.10-78.90-79.65 and 80.50-81.20-82.40.
|
Intraday Support Levels |
S1 |
|
|
78.95-78.10 |
S2 |
|
|
77.00-76.10 |
S3 |
|
|
75.20-74.10 |
Intraday Resistance Levels |
R1 |
|
|
79.65-80.50 |
R2 |
|
|
81.20-82.30 |
R3 |
|
|
82.70-83.30 |
|
TECHNICAL INDICATORS |
Name |
|
Value |
Action |
14DRSI |
|
54.927 |
Sell |
20-DMA |
|
77.41 |
Sell |
50-DMA |
|
79.08 |
Sell |
100-DMA |
|
82.73 |
Sell |
200-DMA |
|
86.07 |
Sell |
STOCH(5,3) |
|
94.721 |
Sell |
MACD(12,26,9) |
|
-0.245 |
Buy |
|
|
EUR/USD
EUR/USD on Thursday made an intraday low of US$1.0779/EUR, a high of US$1.0867/EUR, and settled the day down by 0.173% to close at US$1.0832/EUR.
Technicals in Focus:
On daily charts, prices are sustaining above 50DMA (1.0736), which becomes immediate support, a break below will target 1.0647. MACD is above the zero line and histograms are increasing mode which will bring a bullish view. Stochastic is in overbought territory and giving positive crossovers to the bullish outlook for intraday. 14D RSI is currently in a neutral region and giving no directions to consider right now.
Trading Strategy: Neutral to Sell
Sell below 1.0900-1.1100, targeting 1.0830-1.0790-1.0690 and 1.0650-1.0590-1.0520 with stop-loss at daily closing above 1.1100.
Buy above 1.0830-1.0520 with risk below 1.0820 targeting 1.0900-1.0945-1.0990 and 1.1050-1.1100.
|
Intraday Support Levels |
S1 |
|
|
1.0830-1.0790 |
S2 |
|
|
1.0690-1.0650 |
S3 |
|
|
1.0590-1.0520 |
Intraday Resistance Levels |
R1 |
|
|
1.0900-1.0945 |
R2 |
|
|
1.0990 |
R3 |
|
|
1.1050-1.1100 |
|
TECHNICAL INDICATORS |
Name |
|
Value |
Action |
14DRSI |
|
66.562 |
Buy |
20-DMA |
|
1.0679 |
Sell |
50-DMA |
|
1.0510 |
Buy |
100-DMA |
|
1.0382 |
Buy |
200-DMA |
|
1.0453 |
Buy |
STOCH(5,3) |
|
89.149 |
Buy |
MACD(12,26,9) |
|
0.0086 |
Buy |
|
|
|
GBP/USD
GBP/USD on Thursday made an intra‐day low of US$1.2149/GBP, a high of US$1.2247/GBP, and settled the day up 0.254% to close at US$1.2234/GBP.
Technicals in Focus:
On daily charts, prices are sustaining below 20DMA (1.2113) is becoming a resistance level. 14-D RSI is currently in a neutral region and direction is difficult to predict on RSI bases. The Stochastic Oscillator is in overbought territory and gives a positive crossover to confirm bullish a stance. MACD is above the zero line but histograms are increasing leading to movement.
Trading Strategy: Neutral to Buy
Based on the charts and explanations above; buy in between 1.2170-1.1890 with a target of 1.2290-1.2350 and 1.2390-1.2445-1.2290 with a stop loss closing below 1.1890.
Sell in between 1.2170-1.2445 with targets at 1.2120-1.2040-1.1990 and 1.1890-1.0850-1.0800 with stop loss should be 1.2445.
|
Intraday Support Levels |
S1 |
|
|
1.2170-1.2120 |
S2 |
|
|
1.2040–1.1990 |
S3 |
|
|
1.1950-1.1890 |
Intraday Resistance Levels |
R1 |
|
|
1.2290-1.2350 |
R2 |
|
|
1.2390 |
R3 |
|
|
1.2445-1.2290 |
|
TECHNICAL INDICATORS |
Name |
|
Value |
Action |
14DRSI |
|
55.367
|
Buy |
20-DMA |
|
1.2065 |
Buy |
50-DMA |
|
1.1962 |
Buy |
100-DMA |
|
1.1904 |
Buy |
200-DMA |
|
1.2106 |
Buy |
STOCH(5,3) |
|
71.671 |
Buy |
MACD(12,26,9) |
|
0.0013 |
Sell |
|
|
USD/JPY
USD/JPY on Thursday made an intra‐day low of JPY127.45/USD and made an intraday high of JPY129.41/USD and settled the day down by 1.079% at JPY127.84/USD.
Technicals in Focus:
In daily charts, JPY is sustaining above 200DMA (108.30), which is initial support on the daily chart. 14-D RSI is currently in the overbought region and chances of downward are expected based on RSI. MACD is above the zero line but histograms are in decreasing mode which might lead to downward movement. The Stochastic Oscillator is in neutral territory and signaling to sell as it has given a negative crossover to confirm a bearish stance.
Trading Strategy: Neutral to Sell
Sell below 132.90-138.00 with risk above 138.00 targeting 131.90-131.10-130.40 and 129.50-128.90.
Long positions above 131.90-129.00 with targets of 132.90-134.10-134.90 and 135.70-136.90-137.70 with stops below 130.00.
|
Intraday Support Levels |
S1 |
|
|
127.45-126.90 |
S2 |
|
|
126.20 |
S3 |
|
|
125.50-125.00 |
INTRADAY RESISTANCE LEVELS |
R1 |
|
|
129.00-129.50 |
R2 |
|
|
130.40 |
R3 |
|
|
131.10-131.60 |
|
TECHNICAL INDICATORS |
Name |
|
Value |
Action |
14DRSI |
|
48.943 |
Buy |
20-DMA |
|
133.90 |
Buy |
50-DMA |
|
136.85 |
Buy |
100-DMA |
|
137.89 |
Buy |
200-DMA |
|
134.81 |
Buy |
STOCH(9,6) |
|
81.067 |
Buy |
MACD(12,26,9) |
|
-1.485 |
Sell |
|
|
|
|
© 2023 Daily Forex Guide. All right reserved.
|
|
|