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On November 19th, according to Tianyancha App, Chuangke Zhilian (Shenzhen) Electronic Information Co., Ltd. was recently established. The legal representative is Liu Junyi, and the registered capital is 100 million RMB. Its business scope includes software sales, software development, software outsourcing services, and retail of computer hardware, software, and auxiliary equipment. Shareholder information shows that the company is wholly owned by China Merchants Innovation Technology (Group) Co., Ltd.On November 19th, Goldman Sachs reported that Xiaomis (01810.HK) third-quarter results slightly beat expectations, with revenue growing 22% year-on-year, 2% higher than the banks forecast, driven by higher revenue from internet and electric vehicles. Adjusted net profit grew 81% year-on-year, 12% and 15% higher than the banks and market expectations, respectively, boosted by improved IoT gross margins and increased other and investment income. The bank forecasts smartphone shipments of 171 million units in 2025, decreasing to 169 million units in 2026, with average selling prices rising 3% in the fourth quarter of this year and 5% next year. Regarding electric vehicles, the bank raised its 2025 delivery forecast to over 400,000 units, while maintaining its 2026 forecast at 800,000 units. Meanwhile, the bank lowered its 2026-27 net profit forecasts by 4-5% to reflect greater pressure on smartphone gross margins; the 2025 net profit forecast was raised by 3% due to the better-than-expected third-quarter results. The target price was lowered from HK$56.5 to HK$53.5, with a "buy" rating.November 19th - Following a significant price increase in DRAM, flash memory prices have also risen across the board. According to the latest CFM flash memory market quotes, on November 19th, flash wafer prices increased across the board, with the largest increase reaching 38.46%. Specifically, 1Tb QLC rose 25.00% to $12.50, 1Tb TLC rose 23.81% to $13.00, 512Gb TLC rose 38.46% to $9.00, and 256Gb TLC rose 14.58% to $5.50.1. WTI crude oil futures trading volume was 782,512 lots, an increase of 125,257 lots from the previous trading day. Open interest was 1,867,735 lots, a decrease of 15,207 lots from the previous trading day. 2. Brent crude oil futures trading volume was 154,199 lots, an increase of 46,083 lots from the previous trading day. Open interest was 232,136 lots, an increase of 1,383 lots from the previous trading day. 3. Natural gas futures trading volume was 633,999 lots, an increase of 78,445 lots from the previous trading day. Open interest was 1,506,606 lots, a decrease of 9,583 lots from the previous trading day.November 19th - StoneX senior market analyst Matt Simpson stated that gold futures may be poised for a short-term rebound. The daily chart has formed a bullish hammer candlestick pattern for the second consecutive trading day. Although the daily Relative Strength Index (RSI) has not yet entered oversold territory, it is approaching that threshold, suggesting that a short-term low may have already occurred or is about to form.

EUR/USD Price Analysis: Moves upward past the 1.0710 level of support

Daniel Rogers

Jan 11, 2023 12:05

 EUR:USD.png

 

During Wednesday's sleepy mid-Asian session, EUR/USD re-establishes its intraday high above 1.0750, extending the day-start recovery. Consequently, the major currency pair demonstrates minor advances within a three-day-old rectangle pattern.

 

The buyers remain hopeful despite the pair's spectacular return from the weekly support line and better RSI (14) levels. The crossing of the 100-HMA below the 200-HMA, also termed as a bull cross, bolsters the upside bias.

 

As a result, the EUR/USD pair is projected to exceed the immediate barrier around 1.0760, which might propel prices towards the May 2022 peak near 1.0785. Nonetheless, the 1.0800 round number and the projected overbought RSI (14) conditions at that level could represent a threat to pair buyers in the future.

 

Should the EUR/USD price move higher than 1.0800, the March 2022 low near 1.0810 might serve as the last line of defense for selling before the psychological 1.1000 level becomes the focal point for bulls.

 

On the other side, an upward-sloping support line from Monday, which was around 1.0735 at the time of writing, precludes immediate EUR/USD decline ahead of the stated rectangle's bottom near 1.0710. Nevertheless, the late-December highs offer impetus to the 1.0710 support level.

 

Even if the price goes below 1.0710, the 100-HMA and 200-HMA may withstand the pair's continuing descent around 1.0645-40.