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US OPENING BELL 14-02-2023

Started by PocketOption, Feb 15, 2023, 11:44 am

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PocketOption

US OPENING BELL 14-02-2023

EUROPEAN EQUITIES ADVANCE AHEAD OF THE KEY US INFLATION DATA; THE UK LABOUR MARKET REMAIN STRONG DESPITE ECONOMIC DIFFICULTIES IN THE COUNTRY; THE US ADMINISTRATION ANNOUNCED ANOTHER UNEXPECTED CRUDE RELEASE FROM ITS STRATEGIC RESERVE.


All major European indices are up this morning, on the most important day of the week, when the key US inflation figure will be released. Currently, the Dax gains 0.38%, the Cac40 0.51% and the Eurostoxx 0.43%.


The UK labour market and Eurozone GDP data improved sentiment in the European markets this morning.


Regarding the former, unemployment remained stable at 3.7% while average wages, including bonuses, rose less than expected to 5.9%. On the other hand, wages excluding bonuses continued to grow more than expected, at 6.7% on a monthly basis against the 6.2% expected. These figures confirm that although the country’s economy is going through one of the most challenging decades, the labour market remains very strong. The BOE still has room to manoeuvre in raising rates then, as evidenced by the performance of the GBP this morning, which stands out among the top currencies.


Eurozone data, on the other hand, confirmed expectations for GDP at 1.9% year-on-year and 0.1% quarter-on-quarter.


Other interesting news last night was the US administration’s announcement of a new (and unexpected) release of 26 million barrels of crude oil from the strategic reserve. The reaction was immediate for WTI, which dropped about a dollar this morning at the open.


As for the macroeconomic calendar, investors’ focus today will be entirely on the US inflation figure. The only other noteworthy events to follow will be the FED officials’ various speeches in the evening.




EURUSD, M15



The EURUSD overcame the most significant intraday resistance (W-1 POC, now support). Prices created another weaker intraday support around the 1.0746 mark (blue dashed line). In contrast, the most critical resistance area is the W-1 VAH. From a technical point of view, as long as prices remain above the support, the most likely scenario is a continuation of the rise to target the resistance and the W-2 VAL in extension. On the flip side, a short-term inversion could occur if the pair drop below the support. In this case, prices could target the W-1 VAL. Huge volatility is expected today at the US CPI release.


Main intraday support areas where to look for long trades in case of a bullish candlestick pattern or short trades in case of a bearish candlestick pattern: 1.0746-1.0730, 1.07, 1.0633.


Main intraday resistances areas where to look for short trades in case of a bearish candlestick pattern or long trades in case of a bullish candlestick pattern: 1.0773, 1.0833.


S&P500, M30



The S&P 500 rose strongly yesterday, reaching one of our resistance levels (the W-2 POC). As for today, the most significant support area is the 4130 mark and the W-1 POC below it. In contrast, the most crucial intraday resistance area is the W-1 VAH. From a technical point of view, as long as prices remain above the support, the most likely scenario is a continuation toward the resistance. If prices break the W-1 POC, they could stretch toward the upper resistance, between the 4178 and the 4182 marks. Conversely, a trend inversion is expected if the index breaks the supports. In this case, they could target the W-1 VAL first and then the LVN around the 4079 mark. Huge volatility is expected today at the US CPI release.


Main intraday support areas where to look for long trades in case of a bullish candlestick pattern or short trades in case of a bearish candlestick pattern: 4130, 4114, 4097, 4079.


Main intraday resistances areas where to look for short trades in case of a bearish candlestick pattern or long trades in case of a bullish candlestick pattern: 4158, 4178-4182.


Key:


POC= Point of Control

VAH= Value Area High

VAL= Value Area Low

LVN= Low Volume Node

HVN= High Volume Node

W-1= last week

W-2= two weeks ago

W-3= three weeks ago

D-1= yesterday

D-2= two days ago

D-3= three days ago


The post US OPENING BELL 14-02-2023 appeared first on Key To Markets Blog.


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