Here are the Top Market Analysis for the 12th of September, 2023.

Currencies (Forex – FX)

• EUR/USD: The euro is trading lower against the US dollar, breaking below the support level of 1.0865. The next support level is seen at 1.0785. If the bears maintain their momentum, the euro could fall to 1.0700 or even lower.
• GBP/USD: The pound is also trading lower against the US dollar, breaking below the support level of 1.2444. The next support level is seen at 1.2375. If the bears maintain their momentum, the pound could fall to 1.2300 or even lower.
• USD/JPY: The US dollar is trading higher against the Japanese yen, breaking above the resistance level of 142.00. The next resistance level is seen at 142.50. If the bulls maintain their momentum, the US dollar could rise to 143.00 or even higher.
• AUD/USD: The Australian dollar is trading lower against the US dollar, breaking below the support level of 0.7200. The next support level is seen at 0.7150. If the bears maintain their momentum, the Australian dollar could fall to 0.7100 or even lower.
• NZD/USD: The New Zealand dollar is also trading lower against the US dollar, breaking below the support level of 0.6900. The next support level is seen at 0.6850. If the bears maintain their momentum, the New Zealand dollar could fall to 0.6800 or even lower.

Metals

• Gold: Gold is trading lower, as the US dollar continues to strengthen. The metal is currently trading at $1,920 per ounce, and is facing support at the $1,900 level. If gold breaks below this level, it could target the $1,880 level next.
• Silver: Silver is also trading lower, as it tracks gold. The metal is currently trading at $24 per ounce, and is facing support at the $23 level. If silver breaks below this level, it could target the $22 level next.
• Platinum: Platinum is trading higher, as it is supported by strong demand from the automotive industry. The metal is currently trading at $950 per ounce, and is facing resistance at the $960 level. If platinum breaks above this level, it could target the $970 level next.
• Palladium: Palladium is trading lower, as it is weighed down by concerns about the global economy. The metal is currently trading at $1,230 per ounce, and is facing support at the $1,220 level. If palladium breaks below this level, it could target the $1,210 level next.

Commodities

• Crude oil: Crude oil is trading at $85.12 per barrel. Crude oil prices are under pressure due to concerns about the global economy.
• Natural gas: Natural gas is trading at $5.73 per million British thermal units (MMBtu). Natural gas prices are also under pressure due to concerns about the global economy.
• Coal: Coal is trading at $260 per ton. Coal prices are supported by strong demand from power plants.
• Wheat: Wheat is trading at $8.81 per bushel. Wheat prices are supported by concerns about the global wheat supply.
• Corn: Corn is trading at $7.20 per bushel. Corn prices are also supported by concerns about the global corn supply.
• Gold, Silver, Copper: Please check Metals category

Indices

• S&P 500: The S&P 500 is trading higher, as investors are buying on the dip. The index is currently trading at 4,460, and is facing resistance at the 4,480 level. If the S&P 500 breaks above this level, it could target the 4,500 level next.
• Dow Jones Industrial Average: The Dow Jones Industrial Average is also trading higher, as it is tracking the S&P 500. The index is currently trading at 34,600, and is facing resistance at the 34,700 level. If the Dow Jones breaks above this level, it could target the 34,800 level next.
• Nasdaq Composite: The Nasdaq Composite is trading higher, as it is supported by strong gains in technology stocks. The index is currently trading at 15,300, and is facing resistance at the 15,400 level. If the Nasdaq breaks above this level, it could target the 15,500 level next.
• DAX: The DAX is trading higher, as it is tracking the other major indices. The index is currently trading at 15,740, and is facing resistance at the 15,800 level. If the DAX breaks above this level, it could target the 15,900 level next.
• FTSE 100: The FTSE 100 is also trading higher, as it is supported by strong gains in mining stocks. The index is currently trading at 7,478, and is facing resistance at the 7,500 level. If the FTSE 100 breaks above this level, it could target the 7,600 level next.
• Europe Stoxx 600: The Europe Stoxx 600 is trading higher, as investors are buying on the dip in global stock markets. The index is currently trading at 410, and is facing resistance at the 420 level. If the Europe Stoxx 600 breaks above this level, it could target the 430 level next.
• Nikkei 225: The Nikkei 225 is trading lower, as investors are selling on the strength of the US dollar. The index is currently trading at 32,600, and is facing support at the 32,400 level. If the Nikkei 225 breaks below this level, it could target the 32,200 level next.

Cryptocurrencies

• Bitcoin: Bitcoin is trading at $25,000. Bitcoin is under pressure due to concerns about the global economy.
• Ethereum: Ethereum is trading at $1,700. Ethereum is also under pressure due to concerns about the global economy.
• Tether: Tether is a stablecoin, which means that it is designed to be pegged to the US dollar. The price of Tether is expected to remain relatively stable in the near term.
• Binance Coin: Binance Coin is trading at $250. Binance Coin is expected to remain volatile in the near term.
• Solana: Solana is a popular cryptocurrency that is known for its fast transaction speeds. The price of Solana is expected to remain volatile in the near term.

Current Factors Affecting the Makets and Events to Watch Out For

• US economic data: The US will be releasing a number of economic data today, including the retail sales report and the industrial production report. These reports could have a significant impact on the dollar.
• ECB meeting: The European Central Bank (ECB) will be holding a meeting today. The ECB is not expected to make any major changes to monetary policy, but the meeting could still provide some direction for the euro.
• 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.
• Commodity prices: The price of commodities, such as oil and gold, could affect the currencies of commodity-exporting countries.
• Central bank policy: The decisions of central banks, such as the Federal Reserve and the Bank of Japan, could affect the value of their currencies.
• Geopolitical developments, such as the Russia-Ukraine war
• Central bank monetary policy decisions
• The weather
• Changes in investor sentiment
• The adoption of cryptocurrencies by businesses and individuals is growing, but it is still in its early stages.