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Gold Breaks the Support​

Gold price traded with strong negativity yesterday to break the bullish channel’s support line and head towards potential visit to 1776.25 level, making the bearish bias suggested for today, supported by moving below the EMA50. Therefore, we are waiting for more expected decline in the upcoming sessions, noting that breaching 1800 will stop the negative pressure and lead the price to recover again, taking into consideration that the markets might witness mixed trades due to the general weak volumes, caused by the holidays season.

The expected trading range for today is between 1775 support and 1810 resistance.​

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BTCUSD - drop in investment activity in the pre-New Year period

As most experts expected, the traditional pre-Christmas rally of the token did not happen, and investors reduced their activity amid the consequences of the bankruptcy of the FTX cryptocurrency exchange and negative signals from the American regulator, which will continue tightening monetary policy next year. The period of low holiday volatility is likely to continue soon.

Experts are trying to guess what awaits the first cryptocurrency and the market as a whole next year, and opinions on this matter differ: optimists believe that prices have already hit bottom and will soon begin to grow, while pessimists believe that quotes will linger at the current levels or may resume the decline. For example, analysts at JPMorgan Chase & Co. note that the bankruptcy of FTX made cryptocurrencies unattractive for a long time for most institutional investors. Also, the current market situation will push global regulators to introduce strict restrictive rules against the digital industry. The largest cryptocurrency platform Binance is under serious pressure from the authorities in the United States, where its activities are being investigated, and in other countries. For example, the exchange's management is accused of illegal advertising in France. Likely, next year the pressure on sector participants will only increase, contributing to the weakening of the leading tokens. The most pessimistic experts expect the market recovery to begin by 2024, after the next BTC halving.

The trading instrument is around 16800, where it will remain soon due to the festive mood in the market. If the middle line of Bollinger bands is broken up around 17100, the growth will be able to resume to 17830 (Fibonacci correction 23.6%) and 18750.00 (Murrey level [7/8]). The key "bearish" level is 16250 (Murrey level [5/8], the lower line of Bollinger bands), a breakdown of which will give the prospect of further decline to 15700 (the area of November lows) and 15000 (Murrey level [4/8]).

Technical indicators do not give a single signal: Bollinger bands and Stochastic are horizontal, the MACD histogram is near the zero zone, and its volumes are insignificant.

Resistance levels: 17100, 17830, 18750 | Support levels: 16250, 15700, 15000​

 

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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​

 

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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​

 

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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.​