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

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.