01/13 Market report

【EURUSD】

Goldman Sachs analysts believe that at this stage, the Fed will enter the monetary tightening policy. However, the eurozone central bank does not and that the difference between the two will allow the eurozone to grow faster than the US economy in the next two years.

Although the eurozone is also the hardest hit by the epidemic, there has been no extensive lockdown measures. This has effectively prevented a deeper blow on the economy.

The euro area has made a big breakthrough in the technical chart after several months of consolidation. We saw a big rise today which broke the consolidation range and that drove the Allligator to show a golden cross. KD also shows a high-end figure. The indicators show that the bulls are quite strong.

EURUSD -H4

Resistance 1: 1.14500 / Resistance 2: 1.14800 / Resistance 3: 1.15200

Support 1: 1.13800 / Support 2: 1.13500 / Support 3: 1.12800

【USDJPY】

Berkshire, which is run by Buffett, sells six kinds of yen-denominated bonds with a maximum bond term of 30 years. From 2020, Berkshire unexpectedly announced its investment in a Japanese trading company which they made a profit at. In April 2021, it sold bonds with a scale of 160 billion yen.

Perhaps inspired by the stock god Buffett, the Japanese currency finally began to improve. USDJPY fell below the recent low but is still showing a pattern that yesterdays low has not been broken yet. At this stage, both the Allligator and KD shows a death cross. This shows a high-end reversal in the USDJPY where the bearish force continues.

USDJPY -H4

Resistance 1: 115.520 / Resistance 2: 116.050 / Resistance 3: 116.350

Support 1: 114.950 / Support 2: 114.680 / Support 3: 113.150

【USOIL】

According to the latest statistics released by the U.S. Energy Information Administration EIA, U.S. crude oil production in 2023 will increase by 5% compared to 2022 to reach 12.4 million barrels per day. This will exceed the record of 12.3 million barrels per day set in 2019.

The price of crude oil continued to soar reaching $82.8 a barrel and an all-time high of 85.12 only three dollars away.

At this stage, the technical line is quite strong. The Alligator shows a golden cross and the KD shows a high-end figure. There is still no signs of a pull back.

USOIL – H4

Resistance 1: 82.800 / Resistance 2: 85.120

Support 1: 81.820 / Support 2: 79.850 / Support 3: 78.420

【BITCOIN】

The International Monetary Fund IMF said that the correlation coefficient between Bitcoin and U.S. stocks has become 0.36 from 0.01 in 2017 to 2020. The correlation coefficient between the two is getting higher. They also said that if the correlation between virtual currencies and the stock market is high, the situation of black swans may be lower.

Bitcoin began to rally from the bottom after appearing three long lower shadows to stand at $40,000 each. At this stage, the Allligator shows a golden cross while the KD high-end figure. This indicates that the rebound at the bottom continued and is forming a bullish upward momentum.

BITCOIN – H4

Resistance 1: 41715 / Resistance 2: 45439 / Resistance 3: 48569

Support 1: 40664 / Support 2: 39500

OnePro Special Analyst

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