Market Analysis Review

Daily Market Report: Expert Technical & Fundamental Insights – 23.10.2024

| 23 October, 2024 at 09:28 GMT

EURUSD

EURUSD traded almost unchanged today at $1.0800 after it fell below $1.08, the lowest since early August. USD strength continued, USD index traded at 104.15, the highest in three months as the US economy remains robust & the Fed is unlikely to be aggressive in lowering the rates later this year. Consumer confidence from EZ & ECB’s President Lagarde speech will be due later today. This currency pair continued breaking the support levels, it seems that the last one will be executed as well with 60% bearish traders. Technical patterns still show further weakness.

USDJPY

USDJPY kept advancing for three consecutive days, traded higher today at 151.96, the highest since July 30/2024. All markets’ participants asked, will BoJ intervene again? or is BoJ going to raise the rates to stop the excessive Yen weakness. As long as the US bond yields remain elevated, Yen weakness may continue and carry trade will intensify.

The last major resistance was executed . 1H RSI is overbought at 83, but bullish price action continued ( size of the hourly candles) . According to the market forecast poll, 75% of the traders remain bullish. Beware of the aggressive volatility & probable BoJ intervention.

GBPUSD

GBPUSD was little changed today at $1.2988, amid tight trading. As the UK calendar offers no major economic releases, BoE’s governor Baily’s speech later today will be the most important event for GBP traders. In the meantime, USD strength remained intact, GBPUSD is still down by -3% in a month.

This currency pair failed to reach $1.3050, however the average forecast for traders still targets $1.3055 with bullish bias. $1.2955 is support, and $1.3030 is the next short-term target.

Gold

Gold never stops & never failed market’s bulls , setting new record-high today at $2750 per ounce. What happens in gold market recently is a combination of expected weaker rates, more easing policies from the central banks, demand from China and PBoC weaker interest rates that happened in the last few days. Will the rally continue?

All major resistance levels have been executed; new ones have been added. While the price action is still advancing, it is not yet overbought (surprisingly) but volatility index is high. The daily & hourly trend remains bullish.

Silver

Silver was little changed today, maintained the bullish performance for nine consecutive days, and traded today at $34.70 per ounce. Silver remained positively correlated to gold, silver advanced by almost 10% in a week, surpassing gold’s of 2.8%.

In the meantime, the trend index remains bullish, $34.40 & $34.12 are support , $34.90 is the next major target. Technical confluence in silver is not the strongest now, somehow in the middle with low volatility index.

Oil – WTI

Crude oil prices fell today, WTI $71.60 PB, Brent $75.95PB after two consecutive days of gains. According to API, the US weekly crude oil inventories increased by 1.6 million barrels last week, higher than the estimates, US oil inventories will be released later today by EIA. Ongoing geopolitical tensions in the ME continued, but the main concern in oil markets remained the demand outlook, that’s what will decide the next trend in oil markets.

1H RSI is approaching from an overbought point, but the forecasts remained bullish with 25% and 75% sideways bias. $72.50 is the next target, with $70.70 is support.

DAX

DAX futures traded higher today after slightly fell on Tuesday with -1.7% decrease in Allianz, -0.86% -1.1% Adidas and Airbus gained by 1.7%. German 10Y bond auction will be held later today, higher bonds yields may continue, following the same trend of the US bond yields.

Technically speaking, the hourly trend index is bearish now, with low volatility. 19315 is support, 19570 is an important resistance. Trading my stay in sideways bias for today.

Nasdaq

US stock futures traded slightly weaker today after mixed closing on Tuesday, Dow Jones was down -0.02%, SPX -0.05% and Nasdaq rose 0.18%. McDonald’s fell by -6% and Starbucks lost 4% after the third quarter sales fell in its same-store business. US existing home sales will be due later today, and the most important news will be Fed’s beige book that will show the current economic situation in the US.

While 1H trend remains bearish, the volatility index is shrinking. 20200 is support, 20460 is resistance. Sideways bias may continue until today’s afternoon.

BTCUSD

Major cryptocurrencies fell today, BTC -0.54% to $67051, Eth -0.48%, Cardano -0.50% and Solana is losing now by -1.84%. Bitcoin developer Peter Todd goes into hiding after HBO documentary wrongly identified him as Satoshi Nakamoto who is supposed to be the creator of Bitcoin.

Technically speaking, correction continues & targets $66700 then $65200 on 1H chart. The hourly index is bearish now, and the volatility is low as well. The forecast poll shows that that the market remained bullish on BTC by 50% bullish, 25% bearish and 25% sideways.