Here are the Top Market Analysis for the 15th of September, 2023.

Currencies (Forex – FX)

• EUR/USD is trading in a bearish trend, with the price below the 200-day moving average. The bears are likely to target the support level at 1.0600. The weakness of the EUR is being driven by concerns about the European economy, which is facing headwinds from the war in Ukraine and rising energy prices.
• USD/JPY is trading in a bullish trend, with the price above the 200-day moving average. The bulls are likely to target the resistance level at 105.00. Bank of Japan (BOJ) continues to maintain its ultra-loose monetary policy. The BOJ’s dovish stance is making the JPY less attractive to investors, as it is seen as a safe haven currency.
• GBP/USD is trading in a sideways trend, with the price consolidating between the support level at 1.1900 and the resistance level at 1.2200. Investors await more clarity on the UK’s economic outlook. The UK economy is facing headwinds from the war in Ukraine and rising inflation, but the Bank of England (BoE) is expected to raise interest rates again this week.
• AUD/USD is trading in a bullish trend, with the price above the 200-day moving average. The bulls are likely to target the resistance level at 0.6500. Commodity prices continue to decline. The weakness of the AUD is being driven by concerns about the global economic outlook, which is being weighed down by the war in Ukraine and rising inflation.
• NZD/USD is trading in a bearish trend, with the price below the 200-day moving average. The bears are likely to target the support level at 0.6300. NZD is tracking the AUD. The NZD is also being affected by the weakness of commodity prices.

Metals

• Gold: Gold is trading lower after hitting a 10-month high last week. The bears are looking to break below the 1,900 level to target 1,880. If the bulls can push gold above 1,920, the metal could rise to 1,940.
• Silver: Silver is also trading lower after hitting a 7-month high last week. The bears are looking to break below the 24.00 level to target 23.50. If the bulls can push silver above 24.50, the metal could rise to 25.00.
• Platinum: Platinum is trading sideways after hitting a 6-month high last week. The bulls are looking to break above the 950 level to target 970. If the bears can push platinum below 940, the metal could fall to 930.
• Palladium: Palladium is trading higher after hitting a 10-month high last week. The bulls are looking to break above the 1,250 level to target 1,270. If the bears can push palladium below 1,230, the metal could fall to 1,220.
• Copper: Copper is trading lower after hitting a 10-month high last week. The bears are looking to break below the 3.80 level to target 3.75. If the bulls can push copper above 3.85, the metal could rise to 3.90.

Commodities

• Crude oil: Crude oil is trading higher after falling sharply last week. The bulls are looking to break above the 95.00 level to target 100.00. If the bears can push crude oil below 90.00, the oil could fall to 88.00.
• Natural gas: Natural gas is also trading higher after falling sharply last week. The bulls are looking to break above the 2.70 level to target 2.90. If the bears can push natural gas below 2.60, the gas could fall to 2.50.
• Wheat: Wheat is trading lower after hitting a 14-month high last week. The bears are looking to break below the 750 level to target 730. If the bulls can push wheat above 770, the grain could rise to 790.
• Corn: Corn is also trading lower after hitting a 10-month high last week. The bears are looking to break below the 600 level to target 580. If the bulls can push corn above 620, the grain could rise to 640.
• Wheat: Wheat is trading lower, as it is affected by the same factors as corn and soybeans. The price is currently trading at $8.60 per bushel, and is facing support at the $8.50 level. If wheat breaks below this level, it could target the $8.40 level next.
• Coffee: Coffee is trading sideways after hitting a 2-year high last week. The bulls are looking to break above the 220 level to target 230. If the bears can push coffee below 210, the bean could fall to 200.
• Soybeans: Soybeans are trading lower after hitting a 10-month high last week. The bears are looking to break below the 1,360 level to target 1,340. If the bulls can push soybeans above 1,380, the oilseed could rise to 1,400.
• Gold, Silver, Copper: Please check Metals category

Indices

• S&P 500: The S&P 500 is trading lower after hitting a 52-week high last week. The bears are looking to break below the 4,500 level to target 4,400. If the bulls can push the S&P 500 above 4,550, the index could rise to 4,600.
• NASDAQ Composite: The NASDAQ Composite is also trading lower after hitting a 52-week high last week. The bears are looking to break below the 15,000 level to target 14,500. If the bulls can push the NASDAQ Composite above 15,250, the index could rise to 15,500.
• Dow Jones Industrial Average: The Dow Jones Industrial Average is trading sideways after hitting a 52-week high last week. The bulls are looking to break above the 35,000 level to target 35,500. If the bears can push the Dow Jones Industrial Average below 34,500, the index could fall to 34,000.
• FTSE 100: The FTSE 100 is trading higher after falling sharply last week. The bulls are looking to break above the 7,200 level to target 7,400. If the bears can push the FTSE 100 below 7,000, the index could fall to 6,800.
• Nikkei 225: The Nikkei 225 is trading lower after hitting a 10-month high last week. The bears are looking to break below the 27,000 level to target 26,500. If the bulls can push the Nikkei 225 above 27,500, the index could rise to 28,000.

Cryptocurrencies

• Bitcoin: Bitcoin is trading above the $25,000 support level, but it is still facing headwinds from the broader sell-off in risk assets. The Federal Reserve is expected to raise interest rates by 50 basis points next week, which could weigh on cryptocurrencies.
• Ethereum: Ethereum is also trading above the $1,500 support level, but it is facing similar headwinds to Bitcoin. The Ethereum Merge, which is expected to take place in the coming months, could provide some support for the price of ETH.
• Tether (USDT): The price of Tether is currently trading around $1. It is a stablecoin, which means that it is designed to be pegged to the US dollar. The price of Tether has been relatively stable in recent weeks.
• Binance Coin (BNB): The price of Binance Coin is currently trading around $300. It has been consolidating in a range for the past few weeks. The RSI is in the neutral territory, so it is too early to say whether the price will break out of the consolidation range.
• Solana (SOL): The price of Solana is currently trading around $40. It has been consolidating in a range for the past few weeks. The RSI is in the oversold territory, but the MACD is not as bearish as it is for Bitcoin or Ethereum. This suggests that Solana may be more likely to break out of the consolidation range than Bitcoin or Ethereum.

Current Factors Affecting the Markets and Events to Watch Out For

• Economic data: The US non-farm payrolls data will be released on Friday. If the data comes in strong, it could lead to further gains for the USD.
• Geopolitical news: Any escalation in the war in Ukraine could also weigh on the forex market.
• Central bank policy: If central banks continue to raise interest rates, it could put pressure on most currencies, except for the USD.
• 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.
• 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.