Previous Trading Day’s Events (25 Dec 2023)
Winners vs Losers
Metals seem to have gained momentum to the upside upon market opening today. Gold and Silver climbed to the top of the winners’ list for this week with 0.44% and 0.63% gains respectively. AUDUSD remains the top performer for the month with 3.06% gains so far.
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News Reports Monitor – Previous Trading Day (25 Dec 2023)
Server Time / Timezone EEST (UTC 02:00)
- Midnight – Night Session (Asian)
No important news announcements, no special scheduled releases.
- Morning–Day Session (European and N. American Session)
No important news announcements, no special scheduled releases.
General Verdict:
- All assets are closed except crypto. Low liquidity due to the absence of activity and participants.
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FOREX MARKETS MONITOR
Closed for the 25th
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CRYPTO MARKETS MONITOR
BTCUSD (Bitcoin) 4-Day Chart Summary
Server Time / Timezone EEST (UTC 02:00)
Price Movement
Since the 21st Dec., Bitcoin’s price has been experiencing low volatility and its levels got lower and lower as time passed. This is clear from the sideways path around the mean near 43700 USD that seems to form a triangle formation due to this lowering of volatility levels. The market for this asset opened lower on the 25th, breaking the triangle to the downside. This signalled a drop to the next support 42700 USD but it did not take place. That support was reached the next day 26th Dec as per the chart.
Crypto sorted by Highest Market Cap:
Volatility is low and the upward movement has halted for now. Mixed performance for the above crypto assets for the last 24 hours as some show significant movement to the downside.
Source: https://www.investing.com/crypto/currencies
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EQUITY MARKETS MONITOR
NAS100 (NDX) 4Hour Timeframe Chart Summary
Server Time / Timezone EEST (UTC 02:00)
Price Movement
NAS100 and other indices were clearly on an uptrend when suddenly indices fell dramatically on the 20th Dec. The NAS100 experienced a near 300-dollar fall before retracing. A triangle formation was apparent after the retracement. Eventually the index broke the triangle and moved further to the upside testing the 16870 USD level before retracing on the 22nd Dec.
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COMMODITIES MARKETS MONITOR
USOIL (WTI) 4-Day Chart Summary
Server Time / Timezone EEST (UTC 02:00)
Price Movement
On the 20th Dec, the price crossed the 30-period MA ending an intraday upward but steady trend and now it seems to have great resilience to the downside even when news releases indicate that Angola is leaving the OPEC oil cartel after 16 years, after a dispute over the production cuts. Let’s see if the sideways path will continue. The price tested the support near 72.5 USD/b, on the 21st, and then reversed. On the upside, it tested the resistance near 75 USD/b and reversed again. It is clear that there is no path to one side currently but only a volatile sideways path around the 30-period MA.
XAUUSD (Gold) 4-Day Chart Summary
Server Time / Timezone EEST (UTC 02:00)
Price Movement
Gold was moving to the upside steadily last week and formed an apparent triangle that had the upper band resistance near 2047 USD/oz. That level broke on the 22nd Dec as the price moved higher, which eventually found a short-term resistance at near 2054 USD/oz. Soon it broke the resistance level on the same day confirming that it will move further upwards to the next resistance at 2070 USD/oz. After reaching that resistance it soon reversed back to the 30-period MA and the level 2054 USD/oz.
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News Reports Monitor – Today Trading Day (26 Dec 2023)
Server Time / Timezone EEST (UTC 02:00)
- Midnight – Night Session (Asian)
Japan’s jobless rate remained unchanged at 2.5%. Bank of Japan Governor Kazuo Ueda noted in a speech recently that labour conditions have tightened relative to last year, helping to support wage growth and spur workplace efficiency. There was no notable impact on the JPY at the time of the release.
At 7:00, the yearly core inflation figure was reported lower than expected, 2.7% versus 3%. This supports the evidence that Japan’s inflation is cooling significantly, good news that supports their current policy. The central bank might scrap its negative interest rate in January and wait until April to abandon its control of bond yields. The report’s release had no major impact on the market at that time.
- Morning–Day Session (European and N. American Session)
No important news announcements, no special scheduled releases.
General Verdict:
- The FX Market is open but no major movement is expected due to the absence of scheduled releases and market participants.
- Metals moved to the upside upon opening and found strong resistance.
- Cryptos moved lower.
- Crude remains in range potentially moving sideways with high volatility.
- S. indices moved also to the upside after the future exchange openings.
- The market is closed for European Indices.
- European and U.K. Stocks are closed for trading. U.S. Stocks are open for trading normally at 16:30.
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Source: BDSwiss