Weekly Market Report: Sep 12-17, 2022
The knowledge you need to trade in the upcoming week. Keep up the pace with the market’s twists and turns!
Sep 12-17, 2022
Weekly Market Report: Sep 12-17, 2022
US stock futures were trading higher during Sunday’s evening deals, after major benchmark averages snapped three consecutive weeks decline while market participants look ahead to key inflation data set to be released later in the week. Dow Jones Futures and S&P 500 Futures were up 0.3%, while Nasdaq 100 Futures lifted 0.4%.
The RSI calls for a rebound.
Some short-selling action is to be expected if the price breaks out below 32830, opening the path to the next targets at 31000 and 29650 in extension.
If the price breaks out above 32830, look for further upside with 33370 and 34260 as targets.
USDJPY has picked significant bids around 142.50 despite lower consensus for the US inflation. The USDJPY pair has sensed a decent buying interest around the immediate support of 142.50 in the Asian session.
The RSI shows upside momentum.
Traders looking to go long may do so, if the price breaks out above 135.50 and continues upward, with targets at 147.00 and 152.00 in extension.
A breakout below 135.50 would open the downside with 131.00 and 128.60 as targets.
Oil prices are displaying a healthy correction after a juggernaut upside move. WTI Oil has declined to near $85.20 in the Asian session after failing to sustain above $86.00.
The RSI is poised for further decline.
Short-sellers may take the lead should the price fall below 95.00, opening the downward path towards 75.00 and 68.00 in extension.
Comparatively, should the price break out above 95.00, look for further upside with 105.00 and 110.00 as targets.
Gold price has struggled around $1,720.00 as investors await US Inflation data. Gold price (XAU/USD) has witnessed barricades while attempting to cross the critical hurdle of $1,720.00 in the Asian session.
A breakout below 1680.00 would trigger a drop towards 1600.00.
A drop below 1765.00 will send the price tumbling to 1680.00 and 1600.00 in extension.
Should the price break out above 1765.00, look for further upside with 1805.00 and 1845.00 as targets.
EURUSD bears eye a break of key hourly trendline support. 0.9950 is beckoning on a break below 1.0035.
The RSI lacks upward momentum.
Traders looking to go short may find the opportunity to do so, if the price breaks out below 1.0370, with targets at 0.9860 and 0.9600 in extension.
Should the price break out above 1.0370, look for further upside with 1.0600 and 1.0800 as targets.
GBPUSD remains on the front foot after defying monthly bearish channel, crossing 10-DMA. The GBPUSD remains on the front foot as it keeps Friday’s upside break of the bearish channel and the 10-DMA hurdle during Monday’s Asian sessionThe .
The RSI shows downside momentum.
A breakout below 1.2350 will steer the price lower to 1.1430 and 1.1000 in extension.
A breakout above 1.2350 will steer the price upward to 1.2670 and 1.2820 as the next targets in focus.
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