The most important economic event and new market: in this brief,
we give details about the most important news expected to be traded during the week:
Topics:
Economic Calendar
Tuesday 13/2/24: U.S. Consumer Price Index (CPI) -(YoY )-(MoM)
Wednesday 14/2/24: U.K. Consumer Price Index (CPI) YoY
Wednesday 14/2/24: U.S. Crude Oil Inventories
Thursday 15/2/24: U.K. Gross Domestic Product (GDP) YoY (Q4)
Thursday 15/2/24: U.S. Continuing Jobless Claims
Friday 16/2/24: U.S. Core Producer Price Index (PPI) YoY
Gold
Annual US consumer prices, which the markets expect to decline to 2.9%,
in the event of a violation of expectations, we may witness positivity for the dollar
and possible negativity for gold, and vice versa in the event of a decline.
With prices located below the digital resistance level of $2037,
which coincides in price with the upper border of the descending digital channel,
prices may return to the decline once I see time to target the levels of $2007,
and by breaking them, the target will be to meet at $2000.
Oil
On the daily frame, prices achieved a new, higher low at $72, forming an upward directional movement.
A close is observed above the pivot point 76.64,
which stimulates the upward process to achieve a higher peak.
In the event of breaching the resistance level of 80.00,
the possibility of visiting the resistance area 85.73 – 86.12 will increase.
However, in the event of a return below the pivotal level,
it will be possible to retest 70.65, then the main support at $68.00.
Dow Jones Index
Last week, the Dow Jones Index succeeded in penetrating and holding the highest level of 38615, achieving 0.25%.
The price is located above the lower border of the ascending price channel,
targeting levels of 39110.
However, if the lower border is breached downwards,
the index will head towards levels of 36985, and the markets are awaiting CPI data on Tuesday.
GBPUSD
The pound stabilized at $1.262 and at neutral levels,
after breaking the lower border of the ascending channel.
The possibility of a rise is still excluded unless it breaches the sub-denominator of 1.2770.
However, if it declines again and settles below the support 1.2494,
it will make it more likely that it will return to the support levels 1.2188 – 1.2037.
EURUSD
The EUR/USD pair moved upward from the support levels of 1.0720-1.0745 last week.
With a harmonic bat pattern in place and targeting 1.0900 levels,
the markets awaiting inflation data and the consumer price index next Tuesday.
USDJPY
In light of US interest rates remaining high during the current year for an extended period,
the positivity is likely to continue.
With prices above the digital support level of 148.50,
and with prices also above the upper border of the ascending digital channel,
prices are likely to target the 150.25-152.00 levels, and this comes with prices maintaining trading above 149.00.
The most important economic event and new market