USDTRY - Turkish authorities intend to prevent currency fluctuations in the last week of the year
Last week, the main financial regulator of the Republic of Turkey sent out notices to commercial banks asking them to refrain from buying large amounts of US currency for their corporate clients so as not to provoke an increase in the USDTRY pair before the new year. Since the beginning of autumn, the agency has already artificially limited foreign exchange operations several times, focusing on the priorities set by the country’s leadership, which believes that only loose monetary policy can lead to economic growth and record inflation is only a temporary problem that will be resolved along with the macroeconomic recovery indicators.
Meanwhile, Turkey is still pursuing its attempts to take a central place in the energy agenda of the Mediterranean, the Caspian Sea, and the Middle East and reduce its dependence on the supply of resources from outside. Last week, President Recep Tayyip Erdogan announced the discovery of a new gas field in the Black Sea, whose reserves are estimated at 58.0B cubic meters, and the total cost is 1.0T dollars. The total gas volume in Turkish territorial waters has risen to 710.0B cubic meters.
On the four-hour chart, the quotes of the USDTRY pair are moving within the next wave of the global side corridor. Technical indicators continue to hold a stable buy signal.
Support levels: 18.68, 18.62 | Resistance levels: 18.74, 18.785
EURUSD keeps its positive stability
The EURUSD pair fluctuates within sideways trades since yesterday, keeping its stability above 1.0580 level, to keep the bullish trend scenario valid for the upcoming period, supported by stochastic move at the oversold areas, waiting to visit 1.0745 as a main target.
We remind you that breaking 1.0580 will press on the price to test the most important support at 1.0515 before any new positive attempt. The expected trading range for today is between 1.0560 support and 1.0710 resistance.
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CAC 40 - Bond growth is the main factor in the correction of index quotes
Thus, the popular 10-year notes are traded at a rate of 3.046%, which exceeds the October year’s high of 2.998%, while the conservative 20-year notes are traded at 3.317% while yielding the peak value of 3.420%. The global 30-year bonds’ yield is at 3.219% compared to 3.290% in October. Although the values have not yet reached highs, the situation in the global economy and the gradual approach of a recession will most likely support their positions further, provoking a decrease in investment demand for high-risk shares of companies.
In the meantime, the country’s economy remains under pressure due to mass actions of civil servants demanding higher wages: despite an agreement between the authorities and the leadership of the French National Railway, 40% to 50% of high-speed trains were canceled on Christmas Day, and medical workers institutions intend to hold demonstrations until January 2, demanding a 50% increase in the cost of admission.
On the daily chart, CAC 40 quotes continue to trade within the global Expanding formation pattern and are currently developing a new wave of decline. Technical indicators have already reversed and issued a new sell signal.
Support levels: 6370, 6170 | Resistance levels: 6580, 6810
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ADAUSD pair continues to trade within the long-term downward channel.
Since the beginning of last week, the price has been in the range of 0.2685−0.2441 (Murrey levels [3/8]−[2/8]) but today, they are trying to storm its lower border. In case of success, the quotes will open a way to decrease to the area of 0.2197 (Murrey level [1/8]) and 0.1953 (Murrey level [0/8]). The key “bullish” level is the upper limit of the sideways range 0.2685, supported by the middle line of Bollinger bands. If it is broken, the upward dynamics may increase up to 0.3173 (Murrey level [5/8], the upper line of Bollinger bands).
Resistance levels: 0.2685, 0.2929, 0.3173, 0.3418 | Support levels: 0.2441, 0.2197, 0.1953
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EURUSD - Trading near the resistance line of the rising corridor
Yesterday, November data on borrowings in the EU countries were presented, which was poor: the volume of loans to enterprises grew by 8.4% instead of the expected 8.6%, and to the private sector – by 4.1% instead of 4.3%. Today, investors will pay attention to the dynamics of the Spanish consumer price index in December, and, according to analysts’ forecasts, the index, harmonized with EU standards, may slow down from 6.7% to 6.0%.
On the daily chart, the quotes of the EUR/USD pair show corrective growth and are confidently holding near the resistance line of the ascending corridor. Technical indicators point to continued growth.
Support levels: 1.0574, 1.0396 | Resistance levels: 1.0691, 1.0849
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Nasdaq 100 - US stock market close to year lows
Thus, the quotes of Netflix Inc., an American entertainment company, as well as a streaming service for films and series, are rising against the backdrop of a significant adjustment in forecasts from CFRA Research analysts, who increased the recommendation on the issuer’s securities by two steps at once – from Sell to Buy. The target price for the company’s shares was changed to 310.0 dollars from 225.0 dollars. An upward trend is also observed in the price of the pharmaceutical giant Pfizer Inc. after the first positive results of clinical trials of gene therapy for the treatment of hemophilia appeared.
On the daily chart, the index quotes continue to decline, approaching the year’s lows around 10700. Technical indicators have already reversed and given a new sell signal.
Support levels: 10700, 10000 | Resistance levels: 11180, 11800
EURUSD gets new positive signal
The EURUSD pair leaned on the EMA50 and begins to provide slight positive trades by today’s open, noticing that stochastic overlaps positively now, waiting to motivate the price to resume the expected bullish trend for the upcoming period, which its targets begin by testing 1.0745, noting that breaching this level will extend the bullish wave to reach 1.0840 areas.
Therefore, the bullish trend scenario will remain valid and active, noting that breaking 1.0640 might press on the price to provide intraday negative trades that target testing 1.0515 areas before any new attempt to rise.
The expected trading range for today is between 1.06 support and 1.0760 resistance.