Here are the Top Market Analysis for the 22nd of September, 2023.

Currencies (Forex – FX)

• EUR/USD: The EUR/USD pair is currently trading around 1.0700, near its six-month low. The pair has been under pressure recently due to the strength of the US dollar and concerns about a slowdown in the European economy. On the technical front, the EUR/USD pair is in a downtrend. The pair has broken below several key support levels, including 1.0750, 1.0800, and 1.0900. This suggests that the bears are in control and that the pair could continue to fall in the near term. Key support levels: 1.0650, 1.0600, 1.0550. Key resistance levels: 1.0750, 1.0800, 1.0900
• GBP/USD: The GBP/USD pair is currently trading around 1.2300, near its lowest level in over two years. The pair has been under pressure recently due to the weakness of the British pound and concerns about a recession in the UK. On the technical front, the GBP/USD pair is in a downtrend. The pair has broken below several key support levels, including 1.2350, 1.2400, and 1.2500. This suggests that the bears are in control and that the pair could continue to fall in the near term. Key support levels: 1.2250, 1.2200, 1.2150. Key resistance levels: 1.2350, 1.2400, 1.2500
• USD/JPY: The USD/JPY pair is currently trading around 147.50, near its highest level in over two decades. The pair has been boosted recently by the strength of the US dollar and the weakness of the Japanese yen. On the technical front, the USD/JPY pair is in an uptrend. The pair has broken above several key resistance levels, including 146.00, 146.50, and 147.00. This suggests that the bulls are in control and that the pair could continue to rise in the near term. Key support levels: 147.00, 146.50, 146.00. Key resistance levels: 148.00, 148.50, 149.00

Commodities

• Crude oil: Brent crude is in a neutral trend, with the spot price trading between $90 and $95 per barrel. A break above $95 could open the door to further gains towards $100, while a break below $90 could lead to further losses towards $85.
• Natural gas: Henry Hub natural gas is in a neutral trend, with the spot price trading between $2.60 and $2.80 per million British thermal units. A break above $2.80 could open the door to further gains towards $3.00, while a break below $2.60 could lead to further losses towards $2.40.
• Corn: Chicago corn is in a neutral trend, with the spot price trading between $460 and $480 per bushel. A break above $480 could open the door to further gains towards $500, while a break below $460 could lead to further losses towards $440.
• Wheat: Chicago wheat is in a neutral trend, with the spot price trading between $570 and $590 per bushel. A break above $590 could open the door to further gains towards $600, while a break below $570 could lead to further losses towards $550.
• Copper: London copper is in a downtrend, with the spot price trading below $3.60 per pound. A break below $3.60 could open the door to further losses towards $3.50, while a break above $3.60 could lead to a short-term rebound.
• Aluminum: London aluminum is in a downtrend, with the spot price trading below $2,400 per metric ton. A break below $2,400 could open the door to further losses towards $2,300, while a break above $2,400 could lead to a short-term rebound.
• Silver: Silver is also trading higher on Friday, with the spot price trading above $23 per ounce. Silver is benefiting from the same factors that are supporting gold, as well as from increased demand from the industrial sector.

Indices

• S&P 500: The S&P 500 is in a neutral trend, with the index trading between 4,200 and 4,400 points. A break above 4,400 could open the door to further gains towards 4,500 points, while a break below 4,200 could lead to further losses towards 4,100 points.
• Nasdaq Composite: The Nasdaq Composite is in a neutral trend, with the index trading between 13,000 and 13,400 points. A break above 13,400 could open the door to further gains towards 13,600 points, while a break below 13,000 could lead to further losses towards 12,800 points.
• FTSE 100: The FTSE 100 is in a downtrend, with the index trading below 7,700 points. A break below 7,700 could open the door to further losses towards 7,600 points, while a break above 7,700 could lead to a short-term rebound.
• DAX: The DAX is in a downtrend, with the index trading below 13,600 points. A break below 13,600 could open the door to further losses towards 13,500 points, while a break above 13,600 could lead to a short-term rebound.
• Nikkei 225: The Nikkei 225 is in a downtrend, with the index trading below 28,000 points. A break below 28,000 could open the door to further losses towards 27,000, while a break above 28,000 could lead to a short-term rebound.

Cryptocurrencies

• Bitcoin (BTC): Bitcoin is trading above $26,000, up by over 2% in the past 24 hours. Bitcoin is the largest cryptocurrency by market capitalization, and its price movements often have a significant impact on the rest of the crypto market.
• Ethereum (ETH): Ethereum is trading above $1,500, up by over 3% in the past 24 hours. Ethereum is the second-largest cryptocurrency by market capitalization, and it is a popular platform for decentralized applications (dapps).
• Solana (SOL): Solana is trading above $35, up by over 5% in the past 24 hours. Solana is a high-performance blockchain platform that is often used for non-fungible tokens (NFTs).
• Cardano (ADA): Cardano is trading above $0.45, up by over 4% in the past 24 hours. Cardano is a blockchain platform that is known for its energy efficiency and scalability.
• Polkadot (DOT): Polkadot is trading above $7.50, up by over 6% in the past 24 hours. Polkadot is a blockchain platform that allows different blockchains to communicate with each other.

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.
• 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.