💵 💴 💶Oil Market💴 💶

Oil prices rose due to the suspension of production at Norway’s Johan Sverdrup oil field and the escalation of the Russia-Ukraine war. The Biden administration’s approval for Ukraine to target Russian forces around Kursk with long-range missiles has further escalated tensions. This development may lead to the reintroduction of geopolitical risk premiums in oil prices.

Dollar Gains Against Yen

The US dollar appreciated against the yen on Monday as the Bank of Japan (BoJ) hinted at the possibility of further monetary tightening in the near future. However, officials avoided specifying a timeline for such rate hikes. BoJ Governor stated that Japan’s economy is progressing towards sustainable, wage-driven inflation, and emphasized the risks of keeping borrowing costs low. This suggests a potential rate hike as early as next month. However, the absence of a clear schedule highlights the need to assess various uncertainties.

GLOBAL MARKETS

Asian stocks climbed as US Treasury yields and the dollar retreated from multi-month highs, while investors closely monitor President-elect Donald Trump’s cabinet appointments. Market participants are also seeking clues on the Federal Reserve’s potential monetary easing measures. Technology sector stocks mirrored the rebound on Wall Street following sharp losses last week. However, there was limited movement ahead of chipmaker Nvidia’s quarterly earnings report, set to be released tomorrow.

Technical Overview

DXY

The Dollar Index (DXY) is strongly recovering at the start of the week, continuing its upward trend. Finding strength at the critical support level of 100.68, the DXY is expected to maintain its upward momentum as long as it stays above this support. Especially as it trades above the 106.68 level, upward movements are anticipated to accelerate. Buyers are observed to be dominant in this area, and the index is likely to advance toward resistance levels.

Resistances: 104.76 / 106.00 / 107.35
Supports: 104.02 / 102.26 / 100.68

BTC/USD

Bitcoin has reached the resistance of the descending channel structure and successfully broke through with significant volume. This resistance zone is crucial for BTC and could open the doors to a new bullish trend in the cryptocurrency markets. If Bitcoin manages to sustain its price above this strategic level, we may see bullish momentum for Bitcoin and other altcoins, triggering a rally that gains traction in the market. Therefore, the current levels represent a critical turning point that should be closely monitored.

Resistances: 68,350 / 71,927 / 75,000
Supports: 66,148 / 64,290 / 60,000

ETH/USD

ETHUSD continues to trade within the descending channel pattern, remaining under pressure. After losing its horizontal major support, ETHUSD is now priced around the 2400 level. If selling deepens, the critical support level to watch is 2100, where buyers are expected to strengthen. On the other hand, for the upward trend in ETH to continue, it needs to close decisively above the major resistance at 2922 with strong volume. If this resistance is breached, a new uptrend could begin.

Resistances: 2565 / 3000 / 3364
Supports: 2200 / 1700 / 1052

NASDAQ

The index, continuing its upward trend, is pricing above the 20,635 resistance level, maintaining its bullish momentum. In the event of potential pullbacks, two critical support levels stand out. Firstly, the 19,600 level serves as an important support zone in the short term. In case of a deeper pullback, the 18,400 level should be monitored as a strong buying area. Buyers are expected to step in at these levels.

Resistances: 20,635 / 22,400 / 23,000
Supports: 18,913 / 18,670 / 17,200

BRENT

Brent crude has shown medium-term recovery and regained its previous channel structure, continuing its upward trend. It has surpassed the 76.98 resistance zone, and as long as it holds above this level, it is expected to rise towards the 80.00 – 82.00 range. In the event of a pullback, the critical support level to monitor is the 72.37 zone, where buyers are expected to become active. Maintaining this support is crucial for the continuation of the trend.

Resistances: 74.45 / 76.98 / 79.84
Supports: 72.37 / 71.00 / 70.50

EURUSD

EUR/USD successfully broke through its ascending channel resistance and has been trading above both horizontal and channel resistance. It held above the 1.0983 resistance zone and reached our target of 1.114. However, facing selling pressure around 1.11, it lost this zone, creating a “deviation” and leading to a pullback. Now, the critical support level to watch for EUR/USD is 1.0983. Maintaining this level is crucial for stabilizing the price.

Resistances: 1.114 / 1.130 / 1.135
Supports: 1.098 / 1.088 / 1.080

XAUUSD

Gold surpassed the 2,742 resistance zone, reaching a new all-time high and heading strongly towards the 2,800 level. In this uptrend, the 2,745 level stands out as a key support; as long as gold stays above this level, it could maintain its upward momentum. As it moves towards the 2,800 target, investors should closely watch whether gold continues to trade above this support zone.

Resistances: 2800 / 2850 / 2910
Supports: 2740 / 2690 / 2625

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