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!

Weekly Market Report: Sep 12-17, 2022

US Stock Market (Dow Jones)

Last: 31,510

Pivot: 32,830

Review:

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%.

Technical comment:

The RSI calls for a rebound.

Preference scenario:

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.

Alternative scenario:

If the price breaks out above 32830, look for further upside with 33370 and 34260 as targets.

Resistance 32,830 33,370 34,260
Support 31,000 29,650 29,200
Weekly Market Report: Sep 12-17, 2022
USD/JPY

Last: 144

Pivot: 135.5

Review:

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.

Technical comment:

The RSI shows upside momentum.

Preference scenario:

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.

Alternative scenario:

A breakout below 135.50 would open the downside with 131.00 and 128.60 as targets.

Resistance 147 152 155
Support 135.5 131 128.6
Weekly Market Report: Sep 12-17, 2022
Oil

Last: 82.9

Pivot: 95

Review:

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.

Technical comment:

The RSI is poised for further decline.

Preference scenario:

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.

Alternative scenario:

Comparatively, should the price break out above 95.00, look for further upside with 105.00 and 110.00 as targets.

Resistance 95 105 110
Support 75 68 62
Weekly Market Report: Sep 12-17, 2022
Gold

Last: 1,701.18

Pivot: 1,765

Review:

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.

Technical comment:

A breakout below 1680.00 would trigger a drop towards 1600.00.

Preference scenario:

A drop below 1765.00 will send the price tumbling to 1680.00 and 1600.00 in extension.

Alternative scenario:

Should the price break out above 1765.00, look for further upside with 1805.00 and 1845.00 as targets.

Resistance 1,765 1,805 1,845
Support 1,680 1,600 1,560
Weekly Market Report: Sep 12-17, 2022
EUR/USD

Last: 0.9968

Pivot: 1.037

Review:

EURUSD bears eye a break of key hourly trendline support. 0.9950 is beckoning on a break below 1.0035.

Technical comment:

The RSI lacks upward momentum.

Preference scenario:

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.

Alternative scenario:

Should the price break out above 1.0370, look for further upside with 1.0600 and 1.0800 as targets.

Resistance 1.037 1.06 1.08
Support 0.93 0.96 0.986
Weekly Market Report: Sep 12-17, 2022
GBP/USD

Last: 1.1497

Pivot: 1.235

Review:

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 .

Technical comment:

The RSI shows downside momentum.

Preference scenario:

A breakout below 1.2350 will steer the price lower to 1.1430 and 1.1000 in extension.

Alternative scenario:

A breakout above 1.2350 will steer the price upward to 1.2670 and 1.2820 as the next targets in focus.

Resistance 1.235 1.267 1.282
Support 1.143 1.1 1.06
Weekly Market Report: Sep 12-17, 2022

Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. 1Market provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. 1Market cannot be held liable for any information provided by Trading Central. 1Market makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of 1Market, a third party or otherwise.

Trade with a Licensed Broker

1market.eu

Licensed by CySEC

Our EU client portal, operated by Exelcius Prime Ltd. under CySEC Regulation, license number 366/18.

1market.com

Our global client portal.

Search

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Exelcius Prime Limited, trading as 1Market, is not permitted to provide regulated financial services to residents of the United Kingdom.