Here are the Top Market Analysis for the 28th of September, 2023.

Currencies (Forex – FX)

• EUR/USD: The EUR/USD pair is currently trading at 1.0555, down from its recent high of 1.0670. The pair has been in a downtrend since early September, and it appears to be headed for a test of the 1.0500 support level. If this level breaks, the pair could fall further to 1.0400. On the upside, the pair would need to break above the 1.0600 resistance level in order to signal a potential reversal of the downtrend. However, given the current bearish momentum, this seems unlikely in the near term.
• GBP/USD: The GBP/USD pair is currently trading at 1.2135, down from its recent high of 1.2250. The pair has been in a downtrend since early September, and it appears to be headed for a test of the 1.2100 support level. If this level breaks, the pair could fall further to 1.2000. On the upside, the pair would need to break above the 1.2200 resistance level in order to signal a potential reversal of the downtrend. However, given the current bearish momentum, this seems unlikely in the near term.
• USD/JPY: The USD/JPY pair is currently trading at 148.43, down from its recent high of 153.00. The pair has been in a downtrend since mid-August, and it appears to be headed for a test of the 148.00 support level. If this level breaks, the pair could fall further to 147.00. On the upside, the pair would need to break above the 149.00 resistance level in order to signal a potential reversal of the downtrend. However, given the current bearish momentum, this seems unlikely in the near term.
• AUD/USD: The AUD/USD is currently trading in a downtrend, with the next support level at 0.6331. If this level is breached, we may see a further decline towards 0.6250. On the upside, the first resistance level is at 0.6522, followed by 0.6739.
• NZD/USD: The NZD/USD is currently trading in a range, with the next support level at 0.6080 and the next resistance level at 0.6250. If either of these levels is breached, we may see a breakout in the direction of the breakout.
• USD/CHF: The USD/CHF is trading in a sideways range and is currently testing the resistance level at 0.9850. If this level breaks, we could see a further rise towards 0.9900. On the downside, support is seen at 0.9750 and 0.9700.
• EUR/GBP: The EUR/GBP is trading in a sideways range and is currently testing the resistance level at 0.8650. If this level breaks, we could see a further rise towards 0.8700. On the downside, support is seen at 0.8600 and 0.8550.

Commodities

• Crude oil: Crude oil is trading in a narrow range between $90 and $95 per barrel. The commodity is facing resistance at $95, and support at $90. A break above $95 could lead to a test of $100, while a break below $90 could lead to a decline to $85.
• Natural gas: Natural gas is trading in a slightly wider range than crude oil, between $2.50 and $3.00 per million British thermal units (MMBtu). The commodity is facing resistance at $3.00, and support at $2.50. A break above $3.00 could lead to a test of $3.50, while a break below $2.50 could lead to a decline to $2.00.
• Corn: Corn is trading in a range between $5.50 and $6.00 per bushel. The commodity is facing resistance at $6.00, and support at $5.50. A break above $6.00 could lead to a test of $6.50, while a break below $5.50 could lead to a decline to $5.00.
• Wheat: Wheat is trading in a similar range to corn, between $7.00 and $7.50 per bushel. The commodity is facing resistance at $7.50, and support at $7.00. A break above $7.50 could lead to a test of $8.00, while a break below $7.00 could lead to a decline to $6.50.
• Soybeans: Soybeans are trading in a slightly wider range than corn and wheat, between $13.00 and $13.50 per bushel. The commodity is facing resistance at $13.50, and support at $13.00. A break above $13.50 could lead to a test of $14.00, while a break below $13.00 could lead to a decline to $12.50.

Indices

• S&P 500: The S&P 500 closed higher on Friday, up 0.2% to 4,279.11. The index was supported by gains in the technology and consumer discretionary sectors. The S&P 500 is in a neutral trend, with the index trading between 4,250 and 4,300 points. A break above 4,300 points could open the door to further gains towards 4,350 points, while a break below 4,250 points could lead to further losses towards 4,200 points.
• Nasdaq Composite: The Nasdaq Composite also closed higher on Friday, up 0.3% to 13,099.89. The index benefited from the same factors that supported the S&P 500, as well as from strong earnings reports from some major technology companies. The Nasdaq Composite is also in a neutral trend, with the index trading between 13,000 and 13,100 points. A break above 13,100 points could open the door to further gains towards 13,200 points, while a break below 13,000 points could lead to further losses towards 12,900 points.
• FTSE 100: The FTSE 100 closed lower on Friday, down 0.4% to 7,593.22. The index was weighed down by concerns about a slowdown in the UK economy, as well as by losses in the mining and energy sectors. The FTSE 100 is in a downtrend, with the index trading below 7,600 points. A break below 7,600 points could open the door to further losses towards 7,550 points, while a break above 7,600 points could lead to a short-term rebound.
• DAX: The DAX also closed lower on Friday, down 0.3% to 15,217.45. The index was weighed down by the same factors that weighed on the FTSE 100, as well as by concerns about the impact of the war in Ukraine on the German economy. The DAX is also in a downtrend, with the index trading below 15,250 points. A break below 15,250 points could open the door to further losses towards 15,200 points, while a break above 15,250 points could lead to a short-term rebound.

Cryptocurrencies

• Bitcoin: Bitcoin is trading in a narrow range between $26,000 and $27,000. The cryptocurrency is facing resistance at $27,000, and support at $26,000. A break above $27,000 could lead to a test of $28,000, while a break below $26,000 could lead to a decline to $25,000.
• Ethereum: Ethereum is trading in a similar range to Bitcoin, between $1,600 and $1,700. The cryptocurrency is facing resistance at $1,700, and support at $1,600. A break above $1,700 could lead to a test of $1,800, while a break below $1,600 could lead to a decline to $1,500.
• Other cryptocurrencies: Other cryptocurrencies, such as Solana, Cardano, and Avalanche, are also trading in ranges. Solana is facing resistance at $30, Cardano is facing resistance at $0.50, and Avalanche is facing resistance at $20.

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.