DAILY TECHNICAL ANALYSIS FOR SEPTEMBER 19, 2022
EUR/USD
Current level – 1.0012
Over the past week, we saw highly volatile movements within the single European currency. The market reached a high of 1.0197, but was later affected by a sharp correction that took the pair down towards the levels at around 0.9950. There, we saw repeated attempts by the bulls to break through the resistances at around 1.0000, but with no success. The attempts of the bears to breach the bottom below 0.9950 were also fruitless. This week, we expect streams of important events that could lead to even greater volatility. On Wednesday, we will await the decision of the U.S. Federal Reserve on its main interest rate and the follow-up market reaction to the expected increase by another 0.75%. Then, on Friday, we will follow the EU managers’ estimates on manufacturing and services. Today, however, there are no scheduled events that are expected to move the EUR/USD in any fundamental way. Whether the pressure will continue and whether the level at 0.9950 will be breached remains to be seen later this week. However, a possible negative reaction to the dollar should not be ruled out as well.
USD/JPY
Current level – 142.93
On Wednesday last week, the Ninja’s attempt to breach its previous high of 144.93 failed, and by the end of the week, the currency pair was locked in a narrow range between 143.60 and 142.60. The dollar is calling the shots so far, so the most important data in the coming days will be the Fed’s decision to raise the key interest rate in the U.S. by another 0.75% on Wednesday. Usually, the reaction is positive for the dollar and we will likely see an extension of the rally against the yen that has not stopped since the beginning of the year, but divergences in Fed expectations could shake the dollar and result in a deeper correction than the one we witnessed just a few trading sessions ago. Let’s also not forget the interest rate decision from Japan’s BoJ, which is expected this Thursday. No changes in the policy of the Japanese central bank are expected, but surprises here should not be ruled out still. Today is an official non-working day in Japan, so support for the currency is expected to be weak.
GBP/USD
Current level – 1.1417
The Cable continued its downtrend from last week. After seeing a weekly high of 1.1736 on Tuesday, it looks like the bears have found good entry points as they took full control over the pair right until the end of the week. A few hours before the end of the last trading session for the week, we saw a new bottom at 1.1348. There, the pair stabilised and managed to end the session at about 80 pips higher than the local bottom. This week, on Thursday, the Bank of England will also announce its main interest rate decision, but not before the Fed’s decision on Wednesday. The BoE is expected to raise its rate by 0.50%. Rumours of both a larger and a smaller interest rate hike are both present, so the reaction to the data should be closely monitored. The downtrend is strong, but a potential interest rate hike could stabilise the currency pair and we could see sharp upward corrections.
Gold price achieves temporary gains
Gold price provided positive trades in the previous sessions to test the first key resistance at 1680.00, and begins to decline by today’s open to head towards resuming the main bearish trend, organized inside the bearish channel that appears on the chart, supported by stochastic negativity, waiting to head towards our extended targets that start at 1644.00 followed by 1630.00.
Therefore, the bearish trend scenario will remain dominant in the upcoming sessions conditioned by the price stability below 1690.00.
The expected trading range for today is between 1645.00 support and 1685.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
Comments (21)
Great information shared.. really enjoyed reading this post thank you author for sharing this post .. appreciated
I very delighted to find this internet site on bing just what I was searching for as well saved to fav
Hi there to all for the reason that I am genuinely keen of reading this website s post to be updated on a regular basis. It carries pleasant stuff.
This was beautiful Admin. Thank you for your reflections. Watch bbc.persian
A number of them are rife with spelling problems and I find it very bothersome to tell the truth on the other hand I will surely come again again.
I m often to blogging and i really appreciate your content. The article has actually peaks my interest.
very informative articles or reviews at this time.
I like the efforts you have put in this regards for all the great content.
Nice post, learn something new and challenging on blogs I stumbleupon on a daily basis. dubai racing 3 tv live
Metal recovery and reclaiming solutions Aluminum recycling consultancy Clean aluminium scrap
Environmental compliance in metal recycling, Aluminum cable for sale, Scrap metal end-of-life management
Scrap metal reclamation and reclaiming Aluminium recycling equipment Aluminum scrap sale
Scrap metal ecological impact, Aluminum cable recycling machines, Metal repurposing centers
Metal recycling depot Aluminium scrap compactor Scrap aluminium licensing
Metal waste remanufacturing, Aluminum cables, Metal recycle and recovery
Metal reclamation facility services Scrap aluminium processing plant Aluminium scrap repurposing technologies
Environmental metal recycling, Aluminum cable dismantling, Scrap metal transportation regulations
Metal recycling solutions yard Scrap aluminium forecasting Aluminum waste management
Eco-friendly metal recycling, Scrap metal prices for aluminum cable, Metal recycling strategies
Scrap metal reprocessing center Scrap aluminium commodity trading Aluminium scrap energy efficiency
Metal waste recovery center, Selling aluminum cable scrap, Metal waste trade
Metal recycling supply Metal waste disposal facility Iron scrap compacting
Ferrous material material reprocessing, Iron scrap salvage center, Scrap metal reclamation and repurposing
Scrap metal inventory Ferrous material material handling safety Iron and steel scrapping
Ferrous material processing equipment, Iron scrap reprocessing services, Metal recyclable waste solutions
Sustainable metal recycling initiatives Ferrous scrapyards Iron reprocessing services
Ferrous metal recovery facilities, Iron repurposing services, Efficient metal shredding
Scrap metal reclaiming center Ferrous material recycling public relations Iron dump
Ferrous material recycling process improvements, Scrap iron reclamation, Metal waste reclaiming
Scrap metal recycler Ferrous scrap treatment Iron scrap melting
Ferrous metal recycling best practices, Iron waste recovery, Metal scrap reprocessing plant
384328 995859How considerably of an significant content material, maintain on penning significant other 584842