Here are the Top Market Analysis for the 18th of September, 2023.

Currencies (Forex – FX)

• EUR/USD: EUR/USD is trading in a narrow range between 1.0700 and 1.0780. The bulls need to break above 1.0780 to signal a resumption of the uptrend. If the bears break below 1.0700, the pair could fall to 1.0650. The euro is being weighed down by concerns about a recession in the eurozone, as well as the ongoing war in Ukraine.
• USD/JPY: USD/JPY is trading higher against the yen, approaching the 139.50 level. The bulls are looking to break above this resistance level to target 140.00. If the bears can push the dollar below 138.50, the pair could fall to 138.00. The yen is being weighed down by a number of factors, including a weak economy, rising inflation, and a dovish central bank.
• GBP/USD: GBP/USD is trading lower against the dollar, approaching the 1.1750 level. The bears are looking to break below this support level to target 1.1700. If the bulls can push the pound above 1.1800, the pair could rise to 1.1850. The pound is being weighed down by a number of factors, including a weak economy, rising inflation, and political uncertainty.
• AUD/USD: AUD/USD is trading lower against the dollar, approaching the 0.6350 level. The bears are looking to break below this support level to target 0.6300. If the bulls can push the Australian dollar above 0.6400, the pair could rise to 0.6450. Investors are optimistic about the Australian economy.
• NZD/USD: NZD/USD is trading lower against the dollar, approaching the 0.6250 level. The bears are looking to break below this support level to target 0.6200. If the bulls can push the New Zealand dollar above 0.6300, the pair could rise to 0.6350.

Commodities

• Crude Oil: Crude oil prices are trading above their 50-day and 200-day moving averages, which is a bullish signal. The commodity is also facing resistance at the $93 per barrel level. A break above $93 could open the door to further gains towards $95.
• Natural Gas: Natural gas prices are trading below their 50-day and 200-day moving averages, which is a bearish signal. The commodity is also facing resistance at the $2.70 per MMBtu level. A break below $2.60 could open the door to further losses towards $2.50.
• Wheat: Wheat prices are trading above their 50-day and 200-day moving averages, which is a bullish signal. The commodity is also facing resistance at the $7.80 per bushel level. A break above $7.80 could open the door to further gains towards $7.90.
• Corn: Corn prices are trading above their 50-day and 200-day moving averages, which is a bullish signal. The commodity is also facing resistance at the $6.10 per bushel level. A break above $6.10 could open the door to further gains towards $6.20.
• 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.
• Soybeans: Soybean prices are trading above their 50-day and 200-day moving averages, which is a bullish signal. The commodity is also facing resistance at the $14.50 per bushel level. A break above $14.50 could open the door to further gains towards $14.60.
• Gold, Silver, Copper: Please check Metals category

Indices

• S&P 500: The S&P 500 is trading below its 50-day and 200-day moving averages, which is a bearish signal. The index is also facing resistance at the 4,450 level. A break below 4,400 could open the door to further losses towards 4,350.
• Dow Jones Industrial Average: The Dow Jones Industrial Average is trading below its 50-day and 200-day moving averages, which is a bearish signal. The index is also facing resistance at the 34,600 level. A break below 34,500 could open the door to further losses towards 34,400.
• Nasdaq 100: The Nasdaq 100 is trading below its 50-day and 200-day moving averages, which is a bearish signal. The index is also facing resistance at the 15,200 level. A break below 15,100 could open the door to further losses towards 15,000.
• DAX: The DAX is trading above its 50-day and 200-day moving averages, which is a bullish signal. The index is also facing resistance at the 15,900 level. A break above 15,900 could open the door to further gains towards 16,000.
• FTSE 100: The FTSE 100 is trading above its 50-day and 200-day moving averages, which is a bullish signal. The index is also facing resistance at the 7,720 level. A break above 7,720 could open the door to further gains towards 7,750.
• CAC 40: The CAC 40 is trading above its 50-day and 200-day moving averages, which is a bullish signal. The index is also facing resistance at the 7,380 level. A break above 7,380 could open the door to further gains towards 7,400.
• Nikkei 225: The Nikkei 225 is trading above its 50-day and 200-day moving averages. The index is also facing resistance at the 34,000 level. A break above 34,000 could open the door to further gains towards 34,200.
• Shanghai Composite: The Shanghai Composite is trading above its 50-day moving average but below its 200-day moving average. The index is also facing resistance at the 3,200 level. A break above 3,200 could open the door to further gains towards 3,250.
• Hang Seng Index: The Hang Seng Index is trading below its 50-day and 200-day moving averages. The index is also facing resistance at the 20,000 level. A break below 19,500 could open the door to further losses towards 19,000.

Current Factors Affecting the Markets and Events to Watch Out For

• Monday, September 19: US housing starts (August)
• Tuesday, September 20: UK inflation rate (August)
• Wednesday, September 21: US FOMC meeting minutes
• Thursday, September 22: US existing home sales (August)
• Friday, September 23: German Ifo business climate index (September)
• The US Federal Reserve is expected to raise interest rates by 75 basis points at its next meeting on September 21. This is likely to put further upward pressure on the US dollar.
• The Chinese economy is slowing down, which could impact demand from the world’s largest consumer.
• 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.