Started by PocketOption, Sep 24, 2022, 05:10 am
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The major European indices opened the last session of the week lower after a mixed Asian session, with the ChinaA50 index gaining 0.74% while both the Shanghai and Shenzhen indices dropped 0.30% and 0.90%, respectively; the ASX200 also fell 1.87%, while the Japanese stock exchange remained closed for holidays. After a week characterised by numerous interest rate hikes by central banks, it will be interesting to follow the European PMI data this morning. In particular, the most important ones will be from the Eurozone, Germany and the UK. Analysts’ estimates see the PMI down from the previous survey. On the currency front, moreover, for the moment, the Japanese central bank’s intervention seems to have stemmed Yen’s fall. However, it is by no means certain that this will be enough to stop speculation, especially considering the divergence between Japanese monetary policy (the only country to have negative rates still) and that of the other major central banks.
Elsewhere, the major cryptos seem to be setting up for a strong day, with BTC and ETH gaining 3.2% and 6.16%, respectively, in the last 24 hours; on the commodities front, however, the bearish run of oil doesn’t seem to want to stop, as it is about to close its fourth week down, mainly due to a very strong dollar and despite the escalation of tension over the -e conflict.
As for the macroeconomic calendar, investors will also be focused today on US PMI data and Powell’s words, expected in the evening.
The EURUSD continues its fall and is now trading below the current weekly POC, which can be a negative bias for today. From a technical point of view, the most significant intraday resistance area is the current weekly POC, while the most crucial support area is around the 0.9807 mark. As long as prices remain below the current weekly POC, the outlook remains bearish, and the most likely scenario is a continuation of the trend towards the 0.97 mark. On the other hand, if prices break the resistance and consolidate above it, a stretch to the W-2 VAL is expected.
Main intraday support areas where to look for long trades in case of bullish candlestick pattern or short trades in case of bearish candlestick pattern: 0.9807, 0.9700.
Main intraday resistances areas where to look for short trades in case of bearish candlestick pattern or long trades in case of bullish candlestick pattern: 0.9840, 0.9883, 0.9960.
The WTI continues its fall despite the increasingly higher geopolitical tension, mainly due to the US Dollar strength. At the moment is trading around the most significant intraday support, which is the W-2 VAL. In contrast, the primary intraday resistance area is the LVN around the 84.37 mark. From a technical point of view, as long as prices remain above the support, a pullback to retest the LVN is expected. On the flip side, if prices break the support downward, a drop toward the yearly LVN becomes the most likely scenario.
Main intraday support areas where to look for long trades in case of bullish candlestick pattern or short trades in case of bearish candlestick pattern: 82.77, 80.78.
Main intraday resistances areas where to look for short trades in case of bearish candlestick pattern or long trades in case of bullish candlestick pattern: 84.37, 85.64.
POC= Point of ControlVAH= Value Area HighVAL= Value Area LowLVN= Low Volume NodeHVN= High Volume NodeW-1= last weekW-2= two weeks agoW-3= three weeks agoD-1= yesterdayD-2= two days agoD-3= three days ago
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