INTRODUCTION:
Analysis can be considered to be planning your route before taking a leap. of course, if you don’t plan and Analize your chart, then consider yourself a gambler. In analysis, there are several factors we consider. So, we look at Economic and Geopolitical factors, we call that Fundamental Analysis; When we look at how people feel about the market, we call that Sentimental Analysis. Finally, if we look our chart in order to figure out market direction, we call that Technical Analysis. Today we shall look at the analysis of some assets as follows:
EURUSD ANALYSIS:
Ahead of Wednesday’s German CPI inflation report, the EURUSD pair jiggles the paper but doesn’t move much. US GDP, PCE inflation, and German CPI inflation are all scheduled for this Wednesday.
from the chart analysis above, the market just broke the weekly pivot zone and may want to retest the trendline resistance above. following the directional bias, we expect the market to reach the institutional level or zone 1.08194
if it breaks this institutional level will want to test the strong support level 1.07999.
GBPUSD ANALYSIS:
Amidst US Dollar rises, the GBPUSD pairs gains above 1.2750. On Wednesday, the GBPUSD pair trades slightly negative, centered around 1.2760. In May of this year, the US CB Consumer Confidence index increased to 102.0.
the IMF expected two to three rate cuts from the BoE but increased its growth predictions for the UK.
From our chart analysis, GBPUSD is trading below the daily pivot zone 1.27797. If this zone holds may break our trendline support down to the weekly pivot level 1.27245. this weekly pivot zone is same as our institutional level or zone of 1.2702. If the downward momentum is maintained may break the institutional level down to our support level of 1.26999. Again, if our trendline support is maintain, can push further to our strong resistance level 1.28000
GBPJPY ANALYSIS:
Yen keeps weakening as GBPJPY hits new multi-decade highs. GBPJPY broke over 200.60to achieve a new 34- year high. Insufficient UK data allows the GBP to rise in relation to the Yen. Friday is Japan’s Tokyo CPI inflation report due.
from the chart above the market sits on our pivot support level of 200.456 and on a trendline support our bias in the market is bearish if and only if the market breaks our trendline support system. if this is achieved may sell up to the institutional level of 199.199.
OIL ANALYSIS:
Crude oil continues to rise, as WTI crosses $80 as investors focus on OPEC+. Crude oil prices continue to rise, with WTI raising more than 5% from the low. Barrell dealers rely on OPEC+ to limit output. US crude oil is still causing volatility in the energy markets.
From our chart, oil is raiding on a trendline support and its above our institutional support level ( 84.20-84.00)
if it breaks this trendline support may push down to the next institutional level of (83.20-83.00). pushing further may hit our final support zone (82.20- 82.00). but if the trendline support is maintained the bull run may continue.
GOLD ANALYSIS:
The Fed’s hawkish comments cause the gold price to give up its gains. Wednesday’s slight increase in the USD helps to drive down the price of gold. the US dollar is supported by the Fed’s aggressive remarks and better data, which is negative for precious metals. Gold dealers will be concentrating on the fed’s Beige Book and Wednesday’s speech by member Williams.
from our chart, Gold is on a trendline support. if it succeeds in breaking this support may test our weekly low of (2328.11-2325.25). If this trendline support is maintained, may push upward and break our pivot zone of (2356.47-2355.18).
CONCLUSION:
To see the chart clearly, sometimes you need to ride on the shoulders of those that are already there.
Db-investing is a multinational broker and one of the best that can help bring you to financial fortune
contact us via our site: www.Dbinvesting.com
