Previous Trading Day’s Events (15 Jan 2024)
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Winners vs Losers
The dollar gains significant ground against other currencies. USDCHF leads with 0.99% gains not far away from USDJPY having 0.94% gains for the week. USDJPY remains on the lead this month with 3.66% gains.
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News Reports Monitor – Previous Trading Day (15 Jan 2024)
Server Time / Timezone EEST (UTC+02:00)
- Midnight – Night Session (Asian)
No important news announcements, no special scheduled releases.
- Morning–Day Session (European and N. American Session)
No important news announcements, no special scheduled releases.
World Economic Forum annual meetings this week are held in Davos and attended by central bankers, prime ministers, finance ministers, trade ministers, and business leaders from over 90 countries. Statements to reporters could cause more volatility than normal.
Eurogroup meetings are attended by the Eurogroup President, Finance Ministers from euro area member states, the Commissioner for Economic and Monetary Affairs, and the President of the European Central Bank for coordinating economic policies of the nineteen euro area member states.
General Verdict:
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FOREX MARKETS MONITOR
EURUSD (15.01.2024) 15m Chart Summary
Server Time / Timezone EEST (UTC+02:00)
Price Movement
The pair experienced volatility after the start of the European session, deviating from the 30-period MA near 30 pips, and testing the lows but it was unsuccessful. Retarcement followed and the price returned to the mean. The price formed an intraday triangle after the volatility levels started to get very low causing the pair to close almost flat for the day.
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CRYPTO MARKETS MONITOR
BTCUSD (Bitcoin) 4-Day Chart Summary
Server Time / Timezone EEST (UTC+02:00)
Price Movement
Bitcoin fell lower on the 10th Jan reaching the support at near 44300 USD before reversing, returning back to the MA just before the SEC announcement for approval. U.S. regulators eventually approved Bitcoin ETFs, dramatically broadening access to the 15-year-old cryptocurrency and its price experienced an intraday shock with high volatility. The price eventually settled near 46K USD as volatility calmed. On the 11th though, bitcoin saw an upward movement during the time the inflation report was released, for the U.S. Its price reached the resistance near 49K USD and, soon after, it experienced a sudden drop back to the 30-period MA. It remarkably dropped from the mean near 46K USD and moved a lot lower to the support near 42K USD before retracing to the MA and settling close to the 43K USD level. It remains in consolidation around this low level since the 13th Jan.
Crypto sorted by Highest Market Cap:
Cryptos are currently in a state of consolidation, prices remained stable at lower levels after a fall on Friday 12th Jan.
Source: https://www.investing.com/crypto/currencies
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EQUITY MARKETS MONITOR
NAS100 (NDX) 4Hour Timeframe Chart Summary
Server Time / Timezone EEST (UTC+02:00)
Price Movement
This week, upon the U.S. inflation data release the uptrend was interrupted and the index dropped sharply, crossing the 30-period MA on its way down, and finding support at 16615 USD before retracing strongly upwards and settling close to the mean. This drop could be attributed to stronger USD at that time and the expectations of borrowing costs to remain elevated for longer than anticipated. On the 12th Jan, its price remained close to the mean but showed signals that the uptrend might return. A triangle formation was apparent, as mentioned in our previous analysis, and the price tested the resistance near 16900 USD eventually without success. A breakout to the downside took place, breaching the triangle, with the index currently moving lower and lower rapidly with the price possibly reaching even to 16640 USD.
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COMMODITIES MARKETS MONITOR
USOIL (WTI) 4-Day Chart Summary
Server Time / Timezone EEST (UTC+02:00)
Price Movement
The resistance at near 74 USD/b was broken on the 12th after Crude’s price tested that level twice this week. Crude reached the strong resistance at 75 USD/b before a heavy reversal took place with the price crossing the 30-period MA on its way down reaching the support near 72 USD/b and settling near 73 USD/b eventually. On the 15th Jan, the price moved even lower, deviating from the mean and reaching near 71.4 USD/b before reversing back to the MA.
XAUUSD (Gold) 4-Day Chart Summary
Server Time / Timezone EEST (UTC+02:00)
Price Movement
After the U.S. CPI report, Gold moved eventually to the downside significantly breaking the triangle formation, reaching 2013 USD/oz as the dollar was gaining strength. When the dollar experienced weakness during the rest of the trading day, Gold’s price reversed fully, crossing the MA on its way up and remarkably breaking the triangle to the upside. On the 12th Jan the resistance at 2040 USD/oz was broken early, nearly at the start of the trading day it steadily moved to the upside reaching 2060 USD/oz as mentioned in our previous report. That resistance proved to be strong enough causing the price to retrace back to the 61.8 Fibo level. On the 15th Jan Gold remained stable on a sideways path due to low volatility close to the support near 2050 USD/oz. That level was broken today and the price dropped rapidly. The drop is driven mainly by the surprising USD appreciation that the market is experiencing currently.
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News Reports Monitor – Today Trading Day (16 Jan 2024)
Server Time / Timezone EEST (UTC+02:00)
- Midnight – Night Session (Asian)
No important news announcements, no special scheduled releases.
- Morning–Day Session (European and N. American Session)
The U.K. reported 11.7K more people claiming unemployment-related benefits in December, a number less than the forecast but way over the previous change of just 0.6K. In October to December 2023, the estimated number of vacancies in the U.K. fell by 49K in the quarter. Vacancies fell in the quarter for the 18th consecutive period. The weak labour market conditions are quite apparent. The annual growth in employees’ average total earnings (including bonuses) was 6.5% from September to November 2023, a figure lower than the forecast and the previously reported figure. The GBP suffered depreciation against other currencies but the impact in the market soon faded and pairs reversed back soon.
At 15:30, Canada’s inflation figures are going to be released. The CAD pairs will probably be affected by an intraday shock. The monthly figure is expected to be reported significantly lower. It could be the case that we will see a surprisingly higher figure, but the CAD is not expected to be affected heavily during that time.
General Verdict:
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