Here are the Top Market Analysis for the 6th of October, 2023.

Currencies (Forex – FX)

• EUR/USD: The euro is down around 0.3% against the US dollar on Friday. The eurozone economy is facing a number of challenges, including rising inflation, the war in Ukraine, and an energy crisis. This is weighing on the euro and making it more attractive to sell.
• GBP/USD: The British pound is also down around 0.3% against the US dollar on Friday. The UK economy is facing similar challenges to the eurozone economy, including rising inflation and a high cost of living crisis. This is weighing on the pound and making it more attractive to sell.
• USD/JPY: The Japanese yen is down around 0.2% against the US dollar on Friday. The yen has been under pressure in recent months as the Bank of Japan has maintained its ultra-loose monetary policy. This has led to a widening interest rate differential between the US and Japan, which is making the yen more attractive to sell.
• AUD/USD: The Australian dollar is down around 0.4% against the US dollar on Friday. The Australian economy is facing a number of challenges, including rising inflation and a slowdown in the housing market. This is weighing on the Australian dollar and making it more attractive to sell.

Commodities

• Crude oil: Crude oil is currently in a downtrend. A break below the $80.00 support level could lead to a further move lower towards the $75.00 level. However, if crude oil rises above the $85.00 resistance level, it could rise further towards the $90.00 level.
• Natural gas: Natural gas is currently in a bullish trend. A break above the $3.20 resistance level could lead to a further move higher towards the $3.30 level. However, if natural gas falls below the $3.00 support level, it could fall further towards the $2.90 level.
• Wheat: Wheat is currently in a consolidation range between $570.00 and $580.00. A break above the $580.00 resistance level could lead to a further move higher towards the $590.00 level. However, if wheat falls below the $570.00 support level, it could fall further towards the $560.00 level.
• Corn: Corn is also consolidating in a range between $6.50 and $6.60. A break above the $6.60 resistance level could lead to a further move higher towards the $6.70 level. However, if corn falls below the $6.50 support level, it could fall further towards the $6.40 level.
• Soybeans: Soybeans are currently in a bullish trend. A break above the $1,400 resistance level could lead to a further move higher towards the $1,450 level. However, if soybeans fall below the $1,350 support level, it could fall further towards the $1,300 level.
• Gold, Silver, Copper: Please check Metals category

Indices

• S&P 500: The S&P 500 is currently in a consolidation range between 4,200 and 4,300. A break above the 4,300 resistance level could lead to a further move higher towards the 4,400 level. However, if the S&P 500 falls below the 4,200 support level, it could fall further towards the 4,100 level.
• Dow Jones Industrial Average: The Dow Jones Industrial Average is also consolidating in a range between 33,000 and 34,000. A break above the 34,000 resistance level could lead to a further move higher towards the 35,000 level. However, if the Dow Jones Industrial Average falls below the 33,000 support level, it could fall further towards the 32,000 level.
• Nasdaq Composite: The Nasdaq Composite is currently in a bullish trend. A break above the 13,000 resistance level could lead to a further move higher towards the 13,500 level. However, if the Nasdaq Composite falls below the 12,500 support level, it could fall further towards the 12,000 level.

Cryptocurrencies

• Bitcoin: the world’s largest cryptocurrency, is trading slightly higher on Friday, as investors seek safety in the wake of rising recession risks.
• Ethereum: the second-largest cryptocurrency, is also trading slightly higher on Friday, tracking the gains in Bitcoin. Ethereum is also being supported by strong demand from decentralized finance (DeFi) and non-fungible token (NFT) projects.
• Other Cryptocurrencies: Other cryptocurrencies such as Solana, Cardano, and Binance Coin are also trading mixed on Friday. Some cryptocurrencies are rising while others are falling on concerns about a potential global recession.

Current Factors Affecting the Markets and Events to Watch Out For

• NFP will be released today!
• Geopolitical news: Any escalation in the war in Ukraine could also weigh on the forex market.
• US-China trade war: The US-China trade war is still ongoing, and could continue to weigh on the global economy and the forex market.
• The Chinese government’s recent efforts to stimulate the economy
• Central bank monetary policy decisions
• Changes in investor sentiment
• The adoption of cryptocurrencies by businesses and individuals is growing, but it is still in its early stages.