Daily review for December 24, 2021
The Turkish pound continues to decline. Erdogan’s government has made bad monetary policy decisions. The market punishes inaccuracies.
Bitcoin continues to rise. This time, the Bulls are looking to consolidate above USD$50,000. If so, a crypto Christmas rally could be on the cards.
Energy demand continues to rise in Europe. Brent crude oil is trading above USD$76 per barrel.
| USDTRY -6.62% |
| The efforts of the Turkish Central Bank to maintain the stability of the Turkish pound continue. At the moment the USDTRY currency pair is down -6.62% and is trading at 11.28. On the other hand, Omicron cases continue to increase globally, mainly in Europe. Governments are starting to evaluate containment measures. At the moment, traders are focused on the Turkish pound, which has shown significant fluctuations in recent days. The Erdogan government’s measures have not presented good decisions in monetary policy. Therefore, the market is punishing the currency. |
 |
| Support 1: 11.2068 Support 2: 11.1146 Support 3: 10.9896 Resistance 1: 11.4240 Resistance 2: 11.5490 Resistance 3: 11.6412 Pivot Point: 11.3318 |
| The currency is at support 3, where it has started to move sideways. Expected trading range between 10.98 and 11.64. Pivot point for trend reversal at 11.33. RSI in oversold zone. |
| BITCOIN +0.23% |
| The Bitcoin and cryptocurrency market continues to rise. Trading volume is more balanced towards buyers. At the moment, the outlook for the industry is positive. The SEC is putting together a pro-market regulatory framework. Institutions are starting to acquire Bitcoin and Ethereum and banks and financial institutions are starting to offer custody services. Bitcoin is currently up 0.23% and is trading at USD$49,227. |
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| Support 1: 48,820.9 Support 2: 48,516.7 Support 3: 48,332.7 Resistance 1: 49,309.1 Resistance 2: 49,493.1 Resistance 3: 49,797.4 Pivot Point: 49,004.9 |
| The price continues above the 200-day moving average. Expected trading range between USD$48,332 and USD$49,797. Pivot point for trend change at USD$49,004. RSI approaching the overbought zone. Bulls are looking for the crypto Christmas rally. |
| BRENT +1.41% |
| South Korea announced the release of 3 million barrels from its strategic reserves during Q1 2022. This is in support of the strategy of the United States and other allies to release more supply to the market, with the purpose of stabilizing international prices. Brent is currently up 1.41% and is trading at USD$76.32 per barrel. Energy demand continues to rise in the northern hemisphere. |
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| Soporte 1: 75,75 Soporte 2: 75,27 Soporte 3: 75,01 Resistencia 1: 76,49 Resistencia 2: 76,75 Resistencia 3: 77,23 Pivot Point: 76,01 |
| The price is in good bullish momentum. Bulls are reaching the levels of USD$76 per barrel. The next target is at USD$78.25. Expected trading range between USD$75.01 and USD$77.23. Pivot point at USD$76.01. RSI in overbought zone. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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