<p>On the daily chart below, we can
see that the price has finally broken out of the range between the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>support</a> at 33540 and the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> at 34477. The market is
repricing a higher terminal rate and what may come next is a recession. </p><p>This is bad for the stock market
as we can see from the bearish price action. Once the support at 32684 gives
way, the sellers will have plenty of room to the downside. That level will also
be the last line of defence for the buyers.</p><p>On the 4 hour chart below, we can
see the recent breakout of the range and the price bouncing from the previous
low at 33030. We may see a pullback towards the broken support at 33538 that
now may turn into a resistance. There will be also the red long period <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
average</a> acting as resistance. If the buyers manage to get into the range again,
then we may see another run towards the 34477 resistance. </p><p>In the 1 hour chart below, we can
see that the resistance at 33538 has also the 61.8% <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-using-fibonacci-retracements-20220421/“>Fibonacci
retracement</a> level. The downward <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a> should act as the first
resistance for the sellers and the 38.2% Fibonacci level may be the spot where
we will see them piling in. </p><p>The 33538 resistance will be the
last line of defence for the sellers, while a break below the recent low at
33030 should give another flush towards the 32684 level. </p>

This article was written by ForexLive at www.forexlive.com.

<p>Turkey’s central bank cut its key interest rate on Thursday to the lowest in three years, in an extension of the country’s emergency response to its worst earthquake disaster in decades.</p><p>Turkish Weekly Repo Rate Actual 8.5% (Forecast 8%, Previous 9.00%)</p><p><a target=“_blank“ href=“https://www.bloomberg.com/news/articles/2023-02-23/turkey-delivers-smaller-rate-cut-than-forecast-after-earthquakes?utm_source=twitter&utm_content=middleeast&utm_medium=social&utm_campaign=socialflow-organic&sref=1STrqapn“ target=“_blank“ rel=“nofollow“>BBG</a></p><p>After a two-month pause, the Monetary Policy Committee led by Governor Sahap Kavcioglu lowered its one-week repo rate to 8.5% from 9%. Most economists surveyed by Bloomberg expected a full percentage-point reduction</p><p>What Bloomberg Economics Says… “The rate cut will likely increase the pressure on the lira, which will curtail the expected deceleration in price gains. As for inflation, the central bank may be relying on strong base-effects to deliver a mechanical deceleration.”</p>

This article was written by Ryan Paisey at www.forexlive.com.

<p><a target=“_blank“ href=“https://www.wsj.com/articles/china-to-shake-up-financial-system-as-xi-jinping-installs-key-associates-1b962796?mod=latest_headlines“ target=“_blank“ rel=“nofollow“>WSJ Report – </a></p><p>China to Shake Up Financial System as Xi Jinping Installs Key Associates</p><p>_____</p><p>Chinese leader Xi Jinping is preparing to shake up the leadership of the country’s financial system, installing key associates to run the central bank and reviving a Communist Party body to tighten political control over financial affairs, according to people familiar with the discussions.</p><p>The new PBOC leadership will need to lead the central bank through a turbulent time in China, helping the economy get back on its feet following the scrapping of most zero-Covid restrictions and dealing with the worst property downturn on record to safeguard financial stability.</p>

This article was written by Ryan Paisey at www.forexlive.com.

<p>On the daily chart below, we can
see that the buyers couldn’t break the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> at 4175 as the blockbuster <a target=“_blank“ href=“https://www.forexlive.com/news/us-nonfarm-payroll-517k-vs-185k-estimate-unemployment-rate-34-vs-35-estimate-20230203/“>NFP
report</a> changed the market expectations of future interest rates. </p><p>The minor upward <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a> that was acting as <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>support</a> for the rally was breached as <a target=“_blank“ href=“https://www.forexlive.com/centralbank/bullard-at-this-point-sees-policy-rate-in-the-range-of-525-550-as-appropriate-20230216/“>Fed’s
Bullard</a> mentioned that he would be open for a 50 bps hike at the March meeting
and that he sees a higher terminal rate as more appropriate. </p><p>The market will be looking at <a target=“_blank“ href=“https://www.forexlive.com/EconomicCalendar“>incoming economic data</a>, especially the next NFP and CPI
reports to decide where to go next. We are in a “good news is bad news”
environment now for the stock market so watch out for more selloffs in case of
hot data. </p><p>In the 4
hour chart below, we can see that the market is founding some short term bottom
as depicted by the multiple wicks around the 4000 level. We may see a pullback
towards the 4060 level where we can also find the 38.2% <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-using-fibonacci-retracements-20220421/“>Fibonacci
retracement</a> level. </p><p>That’s
going to be a strong level where we should see sellers piling in. With a break
higher though, we may see the buyers extend the rally towards the broken
trendline and the 61.8% Fibonacci retracement level around 4110-4120. </p><p>In the 1 hour chart below, we can
see that the price broke out of the downward trendline. This may be a signal of
a change in momentum as we can also see from the hourly <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
averages</a> crossing to the upside. </p><p>Once the buyers manage to break
the 4025 level we should see the pullback towards the previously mentioned 4060
resistance. In case this is just a fakeout, sellers will start to pile in again
on the break of the low at 3984. </p>

This article was written by ForexLive at www.forexlive.com.

<p>The always awesome Newsquawk US Market Open report -</p><p><a target=“_blank“ href=“https://newsquawk.com/daily/article/?id=2872-us-market-open-hawkish-action-continues-prefomc-minuteswilliams-fixed-off-worst-postsupply&utm_source=newsquawk&utm_medium=email&utm_campaign=newsletter&utm_content=us-open“ target=“_blank“ rel=“nofollow“>Link</a></p><p>Hawkish action continues pre-FOMC Minutes/Williams; fixed off worst post-supply</p><p>European bourses are softer across the board as hawkish price action remains in full swing, US futures contained pre-Minutes.</p><p>DXY remains underpinned by haven dynamics to modest detriment of peers ex-NZD after a 50bp RBNZ hike and guidance for further tightening.</p><p>Core fixed has bounced following well-received EZ/UK supply, in a rebound from marked initial pressure with Bunds printing a fresh YTD trough.</p><p>Commodities are underpressure by the above risk tone/hawkish dynamics with specific drivers limited though geopols remain in focus.</p><p>Looking ahead, highlights include Fed’s Williams, FOMC Minutes (Feb), S. African Budget Presentation, Supply from the US, Earnings from NVIDIA.</p>

This article was written by Ryan Paisey at www.forexlive.com.

<p>China’s Wang is on the wires after his meeting with President Putin: Perhaps most notably (well, it’s certainly the headline the squawks were keenest on).. „We Are Ready To Deepen Strategic Cooperation With Russia“</p><p>Headlines – </p><p>OUR RELATIONS WILL NOT SUCCUMB TO PRESSURE FROM THIRD COUNTRIES</p><p>WE ARE READY TO DEEPEN STRATEGIC COOPERATION WITH RUSSIA</p><p>OUR RELATIONS ARE NOT DIRECTED AT ANY THIRD COUNTRY</p><p>OTHER COUNTRIES CANNOT PUT PRESSURE ON OUR RELATIONS</p><p>WE ARE READY TO DEEPEN OUR STRATEGIC PARTNERSHIP</p>

This article was written by Ryan Paisey at www.forexlive.com.

<p>On the daily chart below, we can
see that the price has finally broken out of the falling channel. A further
breakout of the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> at 0.9287 will give conviction
to the buyers to target the 0.96 handle. </p><p>As we can see the falling channel
was <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-divergence-20220429/“>diverging</a> with the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-macd-20220427/“>MACD</a>. When the price breaks out, we
can generally see a correction all the way back to the top of the channel. The <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
averages</a> also switched to the upside giving a bullish bias. </p><p>On the 4 hour chart below, we can
see that the buyers are struggling to break convincingly the resistance at
0.9287. Last Friday we got a fakeout and this continuous knocking on the
resistance is now forming an <a target=“_blank“ href=“https://www.forexlive.com/Education/chart-patterns-guide-20220125/“>ascending
triangle pattern</a>. </p><p>The buyers should have enough
conviction to break out to the upside given that the fundamentals are now again
in favour of the USD. The market is repricing a higher terminal rate from the
Fed caused by recent hot economic data. </p><p>On the 1 hour chart below, we can
see that if there is to be a pullback, it shouldn’t go below the 0.9214 level
where we have <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-confluence-20220318/“>confluence</a> with the upper band of the
broken channel, the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a>, a previous swing point and the
61.8% <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-using-fibonacci-retracements-20220421/“>Fibonacci
retracement</a> level. </p><p>Sellers will need to break below
that strong zone to invalidate everything and then target the lower band of the
channel. </p><p>For the buyers that zone will be
the last line of defence. For the more near-term price action, a break above
the resistance at 0.9287 should lead to a bullish run given that yesterday’s <a target=“_blank“ href=“https://www.forexlive.com/news/sp-global-february-flash-services-pmi-505-vs-472-expected-20230221/“>US
PMIs</a> surprised again to the upside. </p>

This article was written by ForexLive at www.forexlive.com.

<p>Inventory
that a company does not think it can utilize or <a target=“_blank“ href=“https://kaarat.com/“ target=“_blank“ rel=“follow“>sell</a> because there isn’t enough
demand is referred to as obsolete inventory, also known as „excess“
or „dead“ inventory. Inventory frequently has to be updated after a
given amount of time since it has reached the end of its useful life.</p><p>Before a
product can no longer be sold, it goes through a number of stages that make it
dead or outdated. Typically, inventory that is sluggish to move becomes excess
inventory; surplus inventory becomes outdated inventory and eventually obsolete
inventory.</p><p>Explaining
Obsolete Inventory</p><p><a target=“_blank“ href=“https://kaarat.com/signup“ target=“_blank“ rel=“follow“>Businesses</a> that sell
tangible goods and those engaged in maintenance and repair must keep track of
their outmoded inventory. The quantity of outdated stock a company has can be a
crucial sign of whether its buying and inventory management, also known as
material requirements planning (MRP), is optimized or whether they need to be
reevaluated.</p><p>Because
obsolete inventory can lead to substantial cash flow difficulties, it might
harm a firm’s capacity to weather a challenging period. If a business with thin
margins frequently needs updated inventory and deals with the issue, it might
be in serious trouble.</p><p>What’s the
Process for Obsolete Inventory?</p><p>Businesses
must establish their standards for what constitutes obsolete inventory, and
these standards will differ between different product categories and sectors
(think about the differences between furniture and food, for example). To create
rules for when inventory products should be classified as slow-moving, excess,
and outdated, start with criteria relevant to your business.</p><p>Inventory
might become outdated for several reasons, including faults with the product,
inadequate forecasts, ineffective inventory management, or other problems.
Businesses may reduce dead inventory by carefully monitoring their inventory
locations. If you can identify products while they are still in the slow-moving
or surplus stages, you can make money from them before they become outdated.</p><p>Five Reasons
for Too Much and Obsolete Inventory</p><p>Inventory
can become outdated for a variety of frequent reasons. Businesses should
carefully examine their processes to see whether any of these are problems and
if so, correct them before they cause financial loss:</p><p>· Inaccurate
forecasting</p><p>· Inadequate
Management System of Inventory</p><p>· Poor Quality
or Design of Product</p><p>· Sloppy
Purchasing</p><p>· Inaccurate
Lead Times</p><p>How is
inventory reserve determined?</p><p>Business
managers typically examine historical data to determine what proportion of
their inventory is usually unsold owing to variables that might include
everything from falling out of style to breakage and theft. Then, they
calculate their netlist, shown on the company’s balance sheet, by deducting a
certain proportion from their gross inventory. The proportion of the reserve
can also be changed at the discretion of the business management to reflect
shifting economic conditions.</p><p>FINAL
INSIGHT</p><p>A lot of
companies spend too much money on obsolete inventory. Obsolete stock can
contribute less than tiny amounts of inventory to do liabilities on the balance
sheet.</p><p>One option
to recover the cost of surplus inventory is to find a second home for items
that have been placed in the warehouse for too long. By giving staff the
information they need to make wiser purchasing and inventory management
decisions, software that offers complete inventory visibility and thorough
reporting may help stop the issue before it even arises.</p>

This article was written by ForexLive at www.forexlive.com.

<p>Market picture</p><p>Bitcoin once
again failed to break through the $25K level. Initial technical resistance was
later supported by strong negative momentum in US equity indices, where the
Nasdaq100 lost 2.5%. </p><p>On the
weekly timeframe, the local situation looks like the market’s inability to move
into a bullish phase, as bitcoin sells off on touching the 50- and 200-week
moving averages. Without a bullish reversal in the coming days, be prepared for
another pullback to the $17.5K or even $16.5K area.</p><p>Glassnode
notes that bitcoin is holding up well in the face of current market dynamics
and regulatory pressure and attributes this to a change in participant
behaviour. The buy-the-dip pattern has re-emerged among short-term investors.
However, the number of „whale“ addresses with balances of 1,000 BTC
or more has fallen to mid-2019 levels, indicating that the retail sector is
acting as a buying driver and the whales are selling.</p><p>News Background</p><p>According to
Bloomberg, Chinese authorities have tacitly supported Hong Kong’s initiative to
establish a blockchain industry development centre in the metropolis. Companies
previously operating in mainland China can now register in Hong Kong.</p><p>Despite
rising prices, the Bank for International Settlements (BIS) estimated that the
average retail investor would lose around half of their bitcoin investment
between 2015 and 2022. The BIS reiterated its call for global coordination in
cryptocurrency regulation, warning of the risks of increased spillover effects
on the global financial system.</p><p>The Litecoin
blockchain has introduced a counterpart to the Ordinals protocol, which allows
users to post various objects in images, text, video, and other formats.</p><p>This article was written by
FxPro’s Senior Market Analyst Alex Kuptsikevich.</p>

This article was written by FxPro FXPro at www.forexlive.com.

<p>On the daily chart below, we can
see that after the break of the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a>, the price is having a hard time
breaking lower as the strong <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>support</a> at 0.6860 halted the selling
momentum. </p><p>The bearish bias remains though
as we have the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
averages</a> pointing south. The USD is supported fundamentally as the market is
repricing a higher terminal rate from the Fed and no cuts for this year. This
repricing started with the very strong <a target=“_blank“ href=“https://www.forexlive.com/news/us-nonfarm-payroll-517k-vs-185k-estimate-unemployment-rate-34-vs-35-estimate-20230203/“>NFP</a> report and hot economic reports
afterwards. The market is probably just waiting for some catalyst before
pushing lower. </p><p>On the 4 hour chart below, we can
see that the selling momentum waned as the price tried a breakout of the
support at 0.6860 as depicted by the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-divergence-20220429/“>divergence</a> with the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-macd-20220427/“>MACD</a>. It’s possible that we will see
first a pullback to the downward trendline before another attempt from the
sellers to break the support. </p><p>The buyers will need first to
break the trendline to the upside to start targeting higher highs and the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> at the 0.70 handle, which will
be the key spot for both sides.</p><p>On the 1 hour chart below, we can
see that there’s <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-confluence-20220318/“>confluence</a> with a 61.8% <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-using-fibonacci-retracements-20220421/“>Fibonacci
retracement</a> level at the trendline. That may be a target for
the buyers and a good spot to lean on for the sellers as they will have a
defined risk and can fold fast if the price starts breaking the trendline to
the upside. </p>

This article was written by ForexLive at www.forexlive.com.