27/09/2022 Daily Reports
Support Level: 0.9550- 0.9500- 0.9400 Resistance Level: 0.9710 - 0.9840- 0.9910
EUR/USD
- The EUR/USD is moving toward 0.9600 after the recovers from fresh multi-year lows faded. The euro could not hold above 0.9700 and started to decline as stocks in Wall Street printed fresh session lows. It ended Monday around 0.9620, bearish in the daily chart.
- Risk aversion prevails across financial markets supporting the dollar. In the US, the Dow Jones is down 0.61% and the S&P 500 declines by 0.40%. The Nasdaq is up 0.20%. Crude oil is erasing gains and metals are back into negative territory.
- Risk aversion prevails across financial markets supporting the dollar. In the US, the Dow Jones is down 0.61% and the S&P 500 declines by 0.40%. The Nasdaq is up 0.20%. Crude oil is erasing gains and metals are back into negative territory.
- The EUR/USD pair is trading near the 0.9620, down for the day with the bearish stance in daily chart. The pair stabilized below 20 and 50 SMA, indicates bearish strength in short term. Meanwhile, 20 SMA continued accelerating south and developing below longer ones, suggests bears not exhausted yet. On upside, the immediate resistance is 0.9710, break above this level will extend the advance to 0.9840.
- Technical readings in the daily chart support the bearish stances. The RSI indicators hovering below the midlines and stabilized around 26, shows bearish strength. The Momentum indicator stabilized below the midline, indicating downward potentials. On downside, the immediate support is 0.9550 and below this level will open the gate to 0.9500.
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Support Level: 1.0600- 1.0450- 1.0320 Resistance Level: 1.0770 - 1.0930- 1.1100
GBP/USD
- GBP/USD is down by over 1.5% on the day, but trading at 1.0685, it is well away from the lows of 1.0320 that were scored earlier in the session and rests between there and the day’s high of 1.0931. The pair still bearish in the daily chart.
- In particular, markets took fright at British finance minister Kwasi Kwarteng announcing the scrapping of the top rate of income tax and canceling a planned rise in corporate taxes. The reaction to the proposed plan is a real concern and adds uncertainty to the economy. Additionally, US dollar strength is weighing heavily on the FX space with the dollar index, which tracks the greenback against six peers – hitting a new 20-year top of 114.58 in early trade.
- The drop in the pound is also leading to speculation the Bank of England will have to hold an emergency meeting to raise rates. The Bank of England said on Monday it would not hesitate to change interest rates and was monitoring markets “very closely”.
- 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 1.0770 with a break above it exposing to 1.0930.
- Technical readings in the daily chart support the bearish stances. RSI indicator stabilized around 16, while the Momentum indicator stabilized below the midline, suggesting downward potentials. On downside, the immediate support is 1.0600, unable to defend this level will resume the decline to 1.0450.
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Support Level: 1621 - 1610- 1570 Resistance Level: 1653 - 1675- 1688
XAU/USD
- The gold price dropped and hit a fresh 2-year low during the US session at around $1621 area and ended Monday nearby, still bearish in the daily chart.
- The gold price and the precious metals continue to be battered by dismal market sentiment, with US equities extending their losses and rising US T-bond yields, now with 2s and 5s, above the 4% threshold, while the 10-year gains almost seven bps, a headwind for the non-yielding metal.
- Sentiment remains depressed. Worldwide recession worries, spurred by Fed’s aggressive tightening, alongside stickier than estimated inflation readings, keeps investors assessing if the economy may tap into a recession or not. In the meantime, the greenback remains in the driver’s seat, as the US Dollar Index has shown rising 0.40%, sitting at 113.585.
- Gold price stabilized around 1622, 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 1653, break above this level will open the gate to extend the advance to 1675 area.
- From a technical perspective, the RSI indicator hold below the midline and stabilized around 27, suggesting bearish strength. The Momentum indicator struggled below the midline, suggests bearish potentials. On downside, the immediate support is 1621, below this area may resume the decline to 1610 level.
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Support Level: 142.60 - 141.50 - 140.30 Resistance Level: 145.00 - 146.00 - 147.00
USD/JPY
- The USD/JPY pair attracts some buying for the second successive day on Monday and maintains its bid tone through the US session. The pair is currently hovering near the top end of its daily trading range, around the 144.65 region, still bullish in the daily chart.
- The yen did get a strong boost last week after the Japanese government intervened to stem the rapid fall in the domestic currency. The initial market reaction, however, turned out to be short-lived amid a big divergence in the monetary policy stance adopted by the Bank of Japan and other major central banks. In fact, the BoJ has reaffirmed its commitment to ultra-low interest rates and vowed to keep purchasing bonds so that 10-year yields remain pinned at zero.
- In contrast, the Federal Reserve signalled that it will likely undertake more aggressive rate increases at its upcoming meetings to combat stubbornly high inflation. This remains supportive of elevated US Treasury bond yields, widening the US-Japan rate differential and weighing on the JPY. Meanwhile, a more hawkish stance adopted by the US central bank continues to underpin the US dollar, which is seen as another factor pushing the USD/JPY pair higher on Monday.
- The USD/JPY pair stabilized around 144.65, 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 63, while the Momentum indicator continued developing above the midline, suggests upward potentials. On downside, the immediate support is 142.60, break below this level will open the gate to 140.30 area.
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Support Level: 29220 - 29000 - 28800 Resistance Level: 29740 - 30050 - 30250
DJI
- DJI still under the sell pressure, It tumbled to intraday low 29226 area, then trimmed some losses and ended Monday around 29330, still bearish in the hourly chart. It stabilized below 20 and 50 SMA, suggests bearish strength. Meanwhile, the 20 SMA continued accelerating south and developing below longer ones, suggesting bears not exhausted yet. On upside, overcome 29740 may encourage bulls to challenge 30050, break above this level will open the gate to 30250.
- Technical indicators suggest the bearish strength, developing below the midline. RSI stabilized around 39, while the Momentum indicator stabilized in negative territory, suggests downward potentials. On downside, the immediate support is 29220, break below this level will open the gate for more decline to 29000 area.
Support Level: 83.60 - 82.40 - 81.00 Resistance Level: 87.70 - 89.00 - 91.00
Brent
- Brent still under the strong sell pressure, tumbled to intraday low 83.66 area. It recovered modestly and ended Monday around 84.00, bearish in the hourly chart. The price stabilized below 20 and 50 SMAs, suggests bearish strength in short term. Meanwhile, the 20 SMA continued accelerating south and developing below longer ones, indicating bears not exhausted yet. On upside, overcome 87.70 may encourage bulls to challenge 89.00, break above this level will open the gate to 91.00.
- Technical indicators suggest the bearish movement, hovering below the midline. RSI stabilized around 35, while the Momentum indicator continued developing below the midline, suggests downward potentials. On downside, the immediate support is 83.60, break below this level will open the gate for more decline to 82.40 area.
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