FUNDAMENTAL AND TECHNICAL ANALYSIS REPORT – 30 SEPTEMBER 2022
30 Sep 2022
Gold Applauds Weak Dollar
Asian Pacific shares on Friday were headed for the worst month since the onset of the COVID-19 pandemic. The Shanghai Composite is down 0.31% at 3,031.59. Overall, the Singapore MSCI is down 0.63% at 278.15. Over in Hong Kong, the Hang Seng Index is down 0.10% at 17,150.00. In Japan, the Nikkei 225 is down 1.97% at 25,820.00, while the Topix index is down 1.48% at 1834.50. South Korea’s Kospi is down 0.06% at 2,169.36. Australia S&P/ASX 200 down 1.13% at 6480.90.
Top News of the Day:
Gold prices rose slightly on Friday as pressure from the dollar eased further, but were set for a sixth straight month of losses as rising interest rates severely dampened the outlook for the yellow metal.
Bullion prices were set to lose nearly 3% in September, following a series of hawkish moves and commentary by the U.S. Federal Reserve. A spike in the dollar, which jumped to 20-year highs earlier this month, also pressured gold.
Market Summary as per 29/09/2022:
European equities Thursday closing. The DAX futures contract in Germany traded down 1.71% at 11,975.55, CAC 40 futures down 1.53% at 5676.88 and the UK 100 futures contract in the U.K. down 1.77% at 6,881.60.
In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 1.54% at 29225.62. The S&P 500 down 2.11% at 3640.46 and the Nasdaq 100 down 2.86% at 11164.78, NYSE closes down 1.63% at 13608.29.
Top Market News Today:
In the Forex market, GBPUSD up 0.37% at 1.1157. The USDJPY up 0.11% at 144.561. The USDCHF up 0.04% at 0.9756. EURUSD up 0.03% at 0.9818, EUR/GBP down 0.24% at 0.8803. The USD/CNY down 0.29% at 7.101 at the time of writing.
In the Commodity market U.S. Gold futures up 0.21% at $1,664.51. Elsewhere, Silver futures up 0.50% at $18.893 per ounce, Platinum up 0.57% at $868.39 per ounce, and Palladium down 0.89% at $2182.50.
Crude Oil down on Friday; Brent Crude Oil down 0.44% at $86.84 per barrel while U.S. West Texas Intermediate (CLc1) down 0.56% at $80.70.
In the Cryptocurrency Markets, Bitcoin at 19450.00 up 0.41%, Ethereum down 0.16% at 1334.00, Litecoin at 53.82 down 0.19%, at the time of writing.
Top Market Segment to Watch Out Today:
Amazon.com Inc.: A federal judge on Thursday dismissed two antitrust lawsuits accusing Amazon.com Inc (NASDAQ:AMZN) and five large publishers of illegally conspiring to fix U.S. prices of electronic and traditional books, causing consumers and bookstores to pay more.
US: The U.S. Senate on Thursday passed a bill to fund federal government activities through Dec. 16, as Congress moved to stave off a partial government shutdown at midnight on Friday, when the new fiscal year begins.
The 72-25 vote sent the stopgap funding bill on to the House of Representatives, which is expected to act before the deadline to keep open federal agencies that otherwise would be forced to shut down on Saturday.
Both chambers of Congress must approve the legislation before it can be sent to the White House for President Joe Biden’s signature.
A government shutdown would prove embarrassing for Democrats who control the House, Senate and White House, just six weeks before the Nov. 8 midterm elections, when control of Congress will be at stake.
“I’m glad we came to a timely conclusion and didn’t go right up to the brink and risk a shutdown. Millions and millions of people can breathe easy,” Senate Majority Leader Chuck Schumer said just before the vote.
Euro Zone: European Union countries are poised to approve a package of emergency measures including windfall profit levies on energy companies on Friday, at a meeting where states will also lock horns over whether to cap gas prices.
The 27 EU member countries are negotiating measures proposed by Brussels last week to attempt to contain an energy price surge that is stoking record-high inflation across the bloc and threatening a recession.
Diplomats from some European countries where confident EU energy ministers would approve the measures at a meeting on Friday – albeit with tweaks to the original EU plans, which Brussels said could raise 140 billion euros ($136 billion) for governments to spend on helping consumers and businesses cope with soaring bills.
A deal would see all EU countries impose a levy on fossil fuel companies’ surplus profits made in 2022 or 2023, and claw back revenues that low-cost power producers make from soaring electricity costs.
Top Economic Releases Today:
- U.K. GDP (YoY) (Q2) today at 02:00 this time estimated 2.9%, previously which was 8.7%.
- 55, this time estimated 20K, previously which was 28K.
- EURO ZONE CPI (YoY) (Sep) today at 05:00 this time estimated 9.70%, previously which was 9.10%.
- U.S. Core PCE Price Index (MoM) (Aug) today at 08:30 this time estimated 0.5%, previously which was 0.1%.
- JAPAN Housing Starts (YoY) (Aug) today at 01:00 this time estimated -4.1%, previously which was -5.4%.
GBPUSD TECHNICAL ANALYSIS
TRADE SUGGESTION- SELL AT 1.1130, TAKE PROFIT AT 1.1067 AND STOP LOSS AT 1.1166
EURUSD TECHNICAL ANALYSIS
TRADE SUGGESTION- SELL AT 0.9816, TAKE PROFIT AT 0.9795 AND STOP LOSS AT 0.9830
EURGBP TECHNICAL ANALYSIS
TRADE SUGGESTION- BUY AT 0.8823, TAKE PROFIT AT 0.8854 AND STOP LOSS AT 0.8790
EURJPY TECHNICAL ANALYSIS
TRADE SUGGESTION- BUY AT 0.9940, TAKE PROFIT AT 0.9962 AND STOP LOSS AT 0.9923
NASDAQ 100 TECHNICAL ANALYSIS
TRADE SUGGESTION- SELL AT 11257.00 TAKE PROFIT AT 11178.45 AND STOP LOSS AT 11320.60
WTI CRUDE OIL TECHNICAL ANALYSIS
TRADE SUGGESTION- SELL AT 81.14 TAKE PROFIT AT 80.75 AND STOP LOSS AT 81.30
GOLD TECHNICAL ANALYSIS
TRADE SUGGESTION- SELL AT 1669.60, TAKE PROFIT AT 1659.31 AND STOP AT 1679.75
BITCOIN TECHNICAL ANALYSIS
TRADE SUGGESTION- SELL AT 19434.00 TAKE PROFIT AT 18629.24 AND STOP AT 20029.00