30/09/2022 Daily Reports
Support Level: 0.9700- 0.9630- 0.9535 Resistance Level: 0.9830 - 0.9920- 1.0000
EUR/USD
- The EUR/USD is trading at the highest level since last Wednesday around the 0.9800 mark. It is up by more than 250 pips from Wednesday low as it continues to recovery on the back of a weaker US dollar.
- The dollar received a brief and short-lived relief earlier on Thursday following the release of US economic data that confirmed a 0.6% GDP contraction during the second quarter and a larger-than-expected decline in initial jobless claims to the lowest level in months below 200K.
- Fed officials continue to point toward more rate hikes. Bullard argued the rates will likely be at higher levels for a longer period of time. Mester said inflation remains the main economic problem. The US central bank is expected to continue rising rates with odds favoring a 75 basis points rate hike in November.
- The EUR/USD pair is trading near the 0.9800, up for the day with the bearish stance in daily chart. The pair still stabilized below 20 and 50 SMA, indicates bearish strength. Meanwhile, 20 SMA continued accelerating south and developing below longer ones, suggests bears not exhausted yet. On upside, the immediate resistance is 0.9830, break above this level will extend the advance to 0.9920.
- 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 below the midline, indicating downward potentials. On downside, the immediate support is 0.9700 and below this level will open the gate to 0.9630.
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Support Level: 1.0900- 1.0760- 1.0630 Resistance Level: 1.1110 - 1.1220- 1.1370
GBP/USD
- The GBP/USD advances for the third consecutive day as the global equities sell-off continues. The pair is trading at 1.1080, above its opening price by more than 1%, after hitting a daily low of 1.0759.
- In the North American session, US economic data was mixed, with GDP for the second quarter coming at -0.6%, as estimated by street analysts. Worth noticing that the government revised GDP data from 2016 Q4 to 2021 Q4, which showed that the economy’s recovery from the Covid-19 pandemic was stronger than initially reported.
- Meanwhile, Fed officials are keeping to its hawkish narrative. Cleveland’s Fed President Loretta Mester expressed she does not see distress in the US financial markets when asked about what’s happening in the UK. She acknowledged that the Bank of England’s actions pledged to stabilize the bonds market.
- The GBP/USD still 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 1.1110 with a break above it exposing to 1.1220.
- Technical readings in the daily chart support the bearish stances. RSI indicator stabilized around 38, while the Momentum indicator stabilized below the midline, suggesting downward potentials. On downside, the immediate support is 1.0900, unable to defend this level will resume the decline to 1.0760.
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Support Level: 1640 - 1615- 1600 Resistance Level: 1665 - 1685- 1700
XAU/USD
- Gold attracts some buying in the vicinity of the $1,640 level on Thursday and recovers a major part of its early lost ground. The XAU/USD climbs back closer to the weekly high touched the previous day and is trading around the $1,660 region during the North American session, still bearish in the daily chart.
- The US dollar struggles to preserve its intraday gains and drops to a fresh daily low in the last hour, which turns out to be a key factor offering support to the dollar-denominated gold. The USD downtick could be solely attributed to a goodish pickup in demand for the British pound, though a combination of factors could help limit deeper losses.
- Investors seem convinced that the Federal Reserve will continue to hike interest rates at a faster pace to combat stubbornly high inflation. The bets were reaffirmed by the recent hawkish comments by a slew of FOMC officials. This, in turn, triggers a fresh leg up in the US Treasury bond yields and should act as a tailwind for the greenback.
- Gold price stabilized around 1660, unchanged for the day and bearish in the daily chart. The gold price still stabilized below all main SMAs, suggesting bearish strength. Meanwhile, the 20 SMA continued accelerating south and developing below longer ones, indicating bears not exhausted yet. On upside, the immediate resistance is 1665, break above this level will open the gate to extend the advance to 1685 area.
- From a technical perspective, the RSI indicator hold below the midline and stabilized around 41, suggesting bearish strength. The Momentum indicator struggled below the midline, suggests bearish potentials. On downside, the immediate support is 1640, below this area may resume the decline to 1615.
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Support Level: 143.00 - 141.50 - 140.30 Resistance Level: 145.00 - 146.00 - 147.00
USD/JPY
- The USD/JPY pair regains some positive traction on Thursday and trades near the top end of a three-day-old trading range, around the 144.50 region through the US session, still bullish in the daily chart.
- The US dollar makes a solid comeback and reverses a part of the overnight sharp retracement slide from a two-decade high, which, in turn, is seen offering support to the USD/JPY pair. Following the previous day’s dramatic turnaround, a fresh leg up in the US Treasury bond yields, bolstered by hawkish Fed expectations, helps revive the USD demand.
- Investors seem convinced that the US central bank will tighten its monetary policy at a faster pace to curb persistently high inflation. This marks a big divergence in comparison to a more dovish stance adopted by the Bank of Japan, which continues to undermine the Japanese yen and further contributes to intraday buying around the USD/JPY pair.
- The USD/JPY pair stabilized around 144.50, 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 143.00, break below this level will open the gate to 140.30 area.
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Support Level: 29000 - 28870 - 28700 Resistance Level: 29450 - 29650 - 29880
DJI
- DJI under the strong sell pressure, tumbled from 29780 strong resistance region to low 29050. It bounced modestly and ended Thursday around 29300, 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 29450 may encourage bulls to challenge 29650, break above this level will open the gate to 29880.
- Technical indicators suggest the bearish strength. RSI stabilized around 47, while the Momentum indicator stabilized in negative territory, suggests downward potentials. On downside, the immediate support is 29000, break below this level will open the gate for more decline to 28870 area.
Support Level: 87.70 - 85.50 - 84.50 Resistance Level: 90.10 - 91.00 - 92.60
BRENT
- Brent resumed the advance after hit intraday low 87.36 area, It climbed to 90.11 high and ended Thursday at 88.60, bullish in the hourly chart. The price stabilized between 20 and 50 SMAs, suggests neutral strength in short term. Meanwhile, the 20 SMA started turning flat but continued developing above 50 SMA, indicating bulls not exhausted yet. On upside, overcome 90.10 may encourage bulls to challenge 91.00, break above this level will open the gate to 92.60.
- Technical indicators suggest the directionless movement, hovering near the midline. RSI stabilized around 49, while the Momentum indicator stabilized near the midline, suggests neutral potentials. On downside, the immediate support is 87.70, break below this level will open the gate for more decline to 85.50 area.
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