💵 💴 💶GLOBAL MARKETS💵 💴 💶

Later in the day, revisions to the U.S. non-farm payrolls data for the month will be announced. It is expected that the revisions will show a decline in non-farm payrolls, supporting the expectation that the economy needs interest rate cuts. Tomorrow, the manufacturing purchasing managers’ index (PMI) will be published in the U.S. and other countries.

Futures markets are pricing in a 25 basis point rate cut in the U.S. next month, with a one-third chance of a 50 basis point cut. A nearly 100 basis point rate cut is being priced in for this year, with another 100 basis points expected next year.

Commodity Daily: Ceasefire Hopes in Oil

Another significant development putting pressure on prices is the possibility of a ceasefire between Israel and Hamas. U.S. Secretary of State Antony Blinken stated that Israel has accepted a ceasefire or at least a “bridge agreement” proposal. This helped alleviate some concerns regarding supply risks in the oil market. However, we still need to see if Hamas will accept this agreement and whether the ceasefire will be sustainable if accepted. Oil prices will continue to be sensitive to these developments.

Elon Musk’s Dogecoin Tweet

A tweet from X CEO Elon Musk about Dogecoin (DOGEUSD) caused the coin’s value to rise by approximately 6%. The rise follows speculation that the SpaceX executive could play a role in a potential Donald Trump administration.

A known advocate for Dogecoin, Musk recently stated that he would not promote any cryptocurrency unless it is in a joke context..

Technical Overview

DXY

The Dollar Index lost its current descending channel level under selling pressure and continued to decline to the expected support level of 100.68. It converted the lost channel support into resistance and continued the downward trend. The 100.68 level emerges as the support level to watch.

Resistance Levels: 102.26 / 103.23 / 104.02
Support Levels: 100.68 / 100 / 98.50

BTC/USD

BTCUSD continues to show signs of recovery. The pair, trading at the 60,900 level, is testing the channel resistance and continues to be priced within the channel. The 59,900 level stands out as the support level to watch; breaking this area could push the pair to lower levels, but closing above the channel resistance with high volume could extend the uptrend to the 62,400 and 64,300 areas.

Resistance Levels: 62,000 / 64,000 / 66,000
Support Levels: 60,000 / 56,600 / 52,500

ETH/USD

ETHUSD broke its rising channel structure and continued the potential selling pressure. Currently, it reached a horizontal major support and entered an uptrend from this area, testing the 2565 resistance level to convert it back to support. Staying above this level will push the pair to higher levels.

Resistance Levels: 3364 / 4078 / 4340
Support Levels: 2565 / 2200 / 1699

NASDAQ

The NASDAQ100 Index regained the lost rising channel and managed to price at 19,500. Looking at the volume trend, volume entries continue to increase on the index side. The 18,913 area stands out as the support level to watch.

Resistance Levels: 19,445 / 20,000 / 20,985
Support Levels: 18,913 / 18,500 / 18,164

BRENT

Brent Crude continues its medium-term correction. The 76.98 area stands out as the support region, where trades can be made as a buying zone during pullbacks. A short-term descending channel was formed, and buying may start again from these regions at the beginning of the week. If the 82.15 resistance level is gained with volume, oil may enter an uptrend up to the 84.50 resistance level, which is the upper band of the channel.

Resistance Levels: 79.84 / 82.15 / 84.46
Support Levels: 76.98 / 74.45 / 72.37

EURUSD

EURUSD broke its rising channel resistance and managed to price above both the horizontal resistance and channel resistance, bringing the 1.098 resistance level into support and maintaining its trend towards the main target of 1.11. Volume closings above the current resistance area will sustain the uptrend in EURUSD.

Resistance Levels: 1.1140 / 1.1200 / 1.1250
Support Levels: 1.0880 / 1.0800 / 1.0710

XAUUSD

XAUUSD broke its rising channel structure with volume and managed to price above the new ATH level of 2500. Currently, it converted the channel resistance into support and reached the 2531 resistance level. We might see some minor pullbacks from this area; the 2477 level stands out as the support area to watch.

Resistance Levels: 2530 / 2570 / 2600
Support Levels: 2488 / 2477 / 2450

🇹🇷Türkçe🇹🇷