The daily reports for important events that affects the forex, stocks and commodities markets.

23/09/2022 Daily Reports

Support Level: 0.9875 - 0.9800 - 0.9750 Resistance Level: 1.0050 - 1.0200 - 1.0280

EUR/USD

  • The EUR/USD remains under pressure after hitting a weekly high at around 1.0050 earlier, bolstered by higher than expected German PPI. However, as the North American session began, the exchange rate tumbled below parity and its opening price, ended Tuesday around 0.9975, bearish in the daily chart.
  • The US Dollar Index, a gauge of the buck’s value vs. a basket of currencies, is rising 0.42%, up at 110.052, while the US 10-year bond yield edges up eight bps, at 3.573%, a headwind for the EUR/USD.
  • Elsewhere, data revealed in the Euro area, mainly Germany, showed that prices paid by producers climbed in August by 7.9% MoM, vs. 2.4% estimates, and two and a half percent higher than July’s reading. On an annual basis, the reading edged up by 45.8% above 37% estimates. Sources quoted by Reuters said that “surging costs are see
  • The EUR/USD pair is trading near the 0.9975, down for the day with the neutral to bearish stance in daily chart. The pair stabilized below 20 and 50 SMA, indicates bearish strength in short term. Meanwhile, 20 SMA started turning flat but continued developing below longer ones, suggests bears not exhausted yet. On upside, the immediate resistance is 1.0050, break above this level will extend the advance to 1.0280.
  • Technical readings in the daily chart support the bearish stances. The RSI indicators hovering below the midlines and stabilized around 44, shows bearish strength. The Momentum indicator stabilized near the midline, indicating directionless potentials. On downside, the immediate support is 0.9875 and below this level will open the gate to 0.9800.
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    Support Level: 1.1350 - 1.1300 - 1.1200 Resistance Level: 1.14800 - 1.1550 - 1.1640

    GBP/USD

    • The British pound remains under pressure amidst a week where a lot of central banks would feature their monetary policy meetings for September. The pair ended Tuesday around 1.1385, down for the day and still bearish in the daily chart. 
    • Global equities portray a dismal sentiment. Traders expect an aggressive Federal Reserve on Wednesday, and uncertainty about the Summary of Economic Projections (SEP) update keeps investors on their toes.
    • In the meantime, the US Dollar Index, a headwind for the GBP/USD, rises more than 0.30%, up at 109.985, underpinned by higher US Treasury bond yields. The US 10-year benchmark note rate sits at 3.596%, skyrocketing ten bps, reaching its highest level since April 2011.
    • The GBP/USD offers bearish stance in daily chart, it maintains the downward slope and now is stabilized below all main SMAs, indicating bearish strength. Meanwhile, the 20 SMA continued accelerating south and developing far below longer ones, suggesting bears not exhausted yet. On upside, The immediate resistance is 1.1480 with a break above it exposing to 1.1640.
    • Technical readings in the daily chart support the bearish stances. RSI indicator stabilized around 32, while the Momentum indicator stabilized below the midline, suggesting downward potentials. On downside, the immediate support is 1.1350, unable to defend this level will resume the decline to 1.1300.

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    Support Level: 1654 -1640 -1610 Resistance Level: 1681 – 1707 - 1735

    XAU/USD

    • Gold meets with a fresh supply on Tuesday and extends its steady intraday descent through the early North American session. The XAU/USD is currently placed around the $1,660 level, down nearly 0.90% for the day, and remains well within the striking distance of its lowest level since April 2020 touched on Friday, still bearish in the daily chart.
    • The US dollar catches aggressive bids and makes a solid comeback from a one-week low, which, in turn, is seen as a key factor exerting downward pressure on the dollar-denominated commodity. The Federal Reserve is widely expected to deliver a third successive super-sized 75 bps rate hike at the end of a two-day policy meeting on Wednesday. The markets have also been pricing in a smaller chance of a full 100 bps rate increase, which remains supportive of elevated US Treasury bond yields and continues to act as a tailwind for the buck.
    • In fact, the yield on the rate-sensitive two-year US government bond stands tall near its highest level since November 2007. Adding to this, the benchmark 10-year Treasury note reaches a level not seen since April 2011, which is seen as another factor that contributes to driving flows away from the non-yielding yellow metal. The intraday downfall seems rather unaffected by the risk-off impulse, which tends to offer some support to the safe-haven gold. This, in turn, suggests that the path of least resistance for the XAU/USD is to the downside.
    • Gold price stabilized around 1665, down for the day and bearish in the daily chart. The gold price stabilized below all main SMAs, suggesting bearish strength in short term. Meanwhile, the 20 SMA continued accelerating south and developing below longer ones, indicating bears not exhausted yet. On upside, the immediate resistance is 1681, break above this level will open the gate to extend the advance to 1735 area.
    • From a technical perspective, the RSI indicator holds below the midline and stabilized around 34, suggesting bearish strength. The Momentum indicator struggled below the midline, suggests bearish potentials. On downside, the immediate support is 1654, below this area may resume the decline to 1610 level.

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    Support Level: 142.50 - 141.50 - 140.00 Resistance Level: 145.00 - 146.00 - 147.00

    USD/JPY

    • The USD/JPY rose from under 143.00 to 143.92, reaching the highest level in almost a week as US yields jumped on the day the two-day FOMC meeting started. It ended Tuesday around 143.70, bullish in the daily chart.
    • The US 10-year bond yield jumped to 3.59%, hitting levels not seen since January 2011.  European bond yields also rose. The decline in bonds weakened the Japanese yen, that dropped across the board during the American session.
    • US economic data released on Tuesday came in mixed, with a sharp gain in August Housing Starts and a decline in Building Permits. The focus is on the Federal Reserve, that is expected to announce on Wednesday a 75 basis points rate hike. Prices are moving mostly sideways, on a wait-and-see mode ahead of the key event.
    • The USD/JPY pair stabilized around 143.70, up for the day and bullish in the daily chart. The price still maintains the upward slope and stabilized above all main SMAs, suggests bullish strength. Meanwhile, 20 SMA continued accelerating north and developing above longer ones, indicating bulls not exhausted in the long term. On upside, overcome 145.00 may encourage bulls to challenge 146.00, break above that level will open the gate to 147.00.
    • Technical indicators suggest the bullish strength. RSI stabilized around 65, while the Momentum indicator continued developing above the midline, suggests upward potentials. On downside, the immediate support is 142.50, break below this level will open the gate to 140.00 area.

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    Support Level: 30560 – 30300 - 30000 Resistance Level: 30900 - 31250 - 31400

    DJI

    • DJI under the strong sell pressure, tumbled to intraday low 30560 area. It then recovered some losses and ended Tuesday around 30820, bearish in the hourly chart. It stabilized below 20 and 50 SMA, suggests bearish strength. Meanwhile, the 20 SMA started turning south and heading towards longer ones, suggesting bears not exhausted yet. On upside, overcome 30900 may encourage bulls to challenge 31250, break above that level will open the gate to 31400.
    • Technical indicators suggest the bearish strength, developing below the midline. RSI stabilized around 46, while the Momentum indicator stabilized in negative territory, suggests downward potentials. On downside, the immediate support is 30560, break below this level will open the gate for more decline to 30000 area.

    Support Level: 89.800 - 88.50 - 87.30 Resistance Level: 91.00 - 93.00 - 94.70

    Brent

    • Brent made a big slump to 89.80 area after hit intraday high 93.04, It recovered modestly and back to 90.70 to ended Tuesday, bearish in the hourly chart. The price stabilized below 20 and 50 SMAs, suggests bearish strength in short term. Meanwhile, the 20 SMA started turning south and heading towards longer ones, indicating bears not exhausted yet. On upside, overcome 91.00 may encourage bulls to challenge 93.00, break above this level will open the gate to 94.70.
    • Technical indicators suggest the bearish movement, hovering below the midline. RSI stabilized around 45, while the Momentum indicator continued developing in negative territory, suggests downward potentials. On downside, the immediate support is 89.800, break below this level will open the gate for more decline to 87.30 area.

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