Arabica coffee term 03/2023 (KCEH23) was unchanged because yesterday the US market was on holiday for Martin Luther King Jr., the old session closed at 151.70 cents/lbs.
The USD had a quiet session in the context of the US market holiday of Martin Luther King Jr. and the market expects the Fed to be gentle on a rate hike next month, after data showed US consumer prices fell in December for the first time in 2.5 years.
The DXY index ended the session almost unchanged from the previous session at 102.26. The Brazilian Real was recorded at 1 USD = 5.1479 BRL.
Standard inventories of the ICE New York exchange continued to increase at 850,724 bags as of January 13. The above information has put pressure on the recovery of Arabica coffee prices.
According to technical analysis, the technical indicators are showing neutral signals that the price trend is not yet clear. It is expected that in the short term, Arabica price may struggle to accumulate within the range of 145 – 160. Only when the rising price breaks out of the MA50 at the 165-166 price range will the uptrend be established clearly. Any recovery span is also an opportunity for customers to get rid of their buying position at an unfavorable low price area.
HINTS BUY/SELL STRATEGY IN THE Session (refer).
NEW BUYING CL:
- Support zone 1: 148 – 148.5 cents
- Support zone 2: 145 – 145.5 cents
- Stop loss: 143 cents
CL SELL DOWN:
- Resistance zone 1: 153.5 – 154 cents
- Resistance zone 2: 155.5 – 156 cents
- Stop Loss: 159 cents
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