PREVIOUS TRADING DAY EVENTS – 24 April 2023
Announcements:
“German business worries are abating, but the economy is still lacking momentum,” Ifo’s president Clemens Fuest said.
Economic momentum in Germany is likely to remain weak for the time being, said Ulrich Wortberg, senior economist at German bank Helaba. “At least a recession should be avoided, and we expect a gradual recovery in the course of the year,” he added.
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Summary Daily Moves – Winners vs Losers (24 April 2023)
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News Reports Monitor – Previous Trading Day (24 April 2023)
Server Time / Timezone EEST (UTC+03:00)
- Midnight – Night Session (Asian)
No significant news announcements and no important scheduled releases.
- Morning – Day Session (European)
The sentiment in German business has slightly improved. The German ifo Business Climate Index rose to 93.6 points in April, up from 93.2 points (seasonally adjusted) in March. The EUR pairs with EUR as base currency started to move upwards around that time after the release.
General Verdict:
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FOREX MARKETS MONITOR
EURUSD (24.04.2023) Chart Summary
Server Time / Timezone EEST (UTC+03:00)
Price Movement
EURUSD moved higher yesterday. No intraday shocks took place as expected. After 11:00, the pair started to move on an upward path, moving above the 30-period MA. This move was driven mainly by the German ifo Business Climate Index release and the steady intraday depreciation of the USD.
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EQUITY MARKETS MONITOR
NAS100 (NDX) 4-Day Chart Summary
Server Time / Timezone EEST (UTC+03:00)
Price Movement
A clear downward channel for NAS100. U.S. Stocks have finally shown good signals of reversing downwards. This goes for NAS100 and S&P500, not for US30 (Dow Jones). US30 is showing more resistance. As the price was moving around the mean, the index jumped yesterday to higher levels. It is clear that higher volatility is governing these price paths and it is very hard to identify if the market is starting to form a trend or even mark the end of a trend. The current expectation for the future of the U.S. economy is a recession. Let’s see.
COMMODITIES MARKETS MONITOR
USOIL (WTI) 4-Day Chart Summary
Server Time / Timezone EEST (UTC+03:00)
Price Movement
After a long period of moving downwards, Crude has finally found resistance near 77 USD/barrel and reversed. As per the RSI: Higher Lows while Price: Same lows, the bullish divergence showed signs that the price will reverse. The price nearly reached a peak of 79.1 USD yesterday.
Related Analysis on TradingView:
https://www.tradingview.com/chart/USOIL.F/Hu8MmJmr-USOIL-Reverses-21-04-2023/
XAUUSD (Gold) 4-Day Chart Summary
Server Time / Timezone EEST (UTC+03:00)
Price Movement
Gold is currently moving with low volatility since no major figure releases have taken place yet this week. In addition, demand and supply forces do not have much of an impact. Investors did not shift their preferences significantly. We see that more risky assets, such as stocks, are still preferred. The price moves around the 30-period MA these last few days with deviations of max near 20 USD.
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News Reports Monitor – Today Trading Day (25 April 2023)
Server Time / Timezone EEST (UTC+03:00)
- Midnight – Night Session (Asian)
No significant news announcements and no important scheduled releases.
- Morning – Day Session (European)
At 17:00, intraday shocks are expected due to the release of the U.S. CB Consumer Confidence survey and the other scheduled figures released at that time. Consumer expectations about future prices have an impact.
General Verdict:
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