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Daily Technical Analysis January 18th 2024
18 Jan, 2024
5 minutes
Daily Technical Analysis January 18th 2024
1. GBP/USD Analysis:
News Summary:
British inflation in December was higher than prediction, with the focus being that the annual rate of inflation in the services sector was higher than expected. In theory, it could put the Bank of England behind other major central banks in cutting interest rates this year. However, flights and hotels are the main reasons for higher inflation, and the Bank may not consider these factors to provide a good indication of the underlying trend.
Trend Analysis:
We can see GBP/USD rose sharply due to the rebound in UK CPI and was close to the 48 hours moving average. Owing to MACD double line is moving below zero axis, in short term, the sell limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.2500]
Key Resistance Levels: [1.2800]
Pivot Points [1.2720]
2. Crude Oil Analysis:
News Summary:
According to OPEC's first monthly oil market report this year, it predicts that global oil demand will continue to grow strongly next year and outpace supply growth. The report shows that driven by the recovery of China and the global economy; global oil consumption will grow strongly by 1.8 million barrels per day next year. At the same time, OPEC expects non-OPEC supply to increase next year. The oil market will remain in short supply through the end of 2025 unless Saudi Arabia and its allies significantly increase production.
Trend Analysis:
We can see crude oil has touched bottom and is currently running above the 48 hours moving average on H4 chart. In addition, the MACD double line and energy column formed golden cross diffusion near zero axis, and oil price may rise further.
Today's Key Price Levels:
Key Support Levels: [70.00]
Key Resistance Levels: [75.00]
Pivot Points [71.00]