NEWS & TRADE RECOMMENDATIONS
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Market News 23 September 2024
Technical Overview & Comments
West Texas Intermediate (WTI), the US crude oil benchmark, traded around $70.80 on Friday. WTI prices edged lower amid profit-taking.
Pivot Points: 70.82
- R3 = 71.88
- R2 = 71.47
- R1 = 71.22
- S1 = 70.41
- S2 = 70.16
- S3 = 69.76
Trade Recommendation:
- Buy = 70.67
- SL = 69.77
- TP = 71.87
DISCLAIMER ON
Technical Overview & Comments
Gold (XAU/USD) gained positive traction for the second consecutive day on Friday, reaching new record highs, surpassing $2,600 during early European trading. The significant Federal Reserve rate cut on Wednesday was accompanied by projections of a further 50 basis point reduction in borrowing costs by the end of the year.
Pivot Points: 2610.64
- R3 = 2651.61
- R2 = 2635.96
- R1 = 2626.29
- S1 = 2594.99
- S2 = 2585.32
- S3 = 2569.67
Trade Recommendation:
- Buy = 2616.00
- SL = 2603.00
- TP = 2634.00
DISCLAIMER ON
Technical Overview & Comments
EUR/USD faced selling pressure above 1.1150 during North American trading hours on Friday. The currency pair fell as the US Dollar (USD) regained strength.
Pivot Points: 1.11593
- R3 = 1.12050
- R2 = 1.11875
- R1 = 1.11767
- S1 = 1.11418
- S2 = 1.11310
- S3 = 1.11136
Trade Recommendation:
- Buy = 1.11603
- SL = 1.11103
- TP = 1.12203
DISCLAIMER ON
Technical Overview & Comments
Pound Sterling (GBP) performed strongly against other major currencies on Friday. The British currency strengthened as UK Retail Sales data for August was released stronger than expected.
Pivot Points: 1.33094
- R3 = 1.33813
- R2 = 1.33539
- R1 = 1.33369
- S1 = 1.32820
- S2 = 1.32650
- S3 = 1.32375
Trade Recommendation:
- Buy = 1.33153
- SL = 1.32453
- TP = 1.33753
DISCLAIMER ON
Technical Overview & CommentsÂ
The Japanese Yen (JPY) trimmed its daily gains following post-meeting comments from Bank of Japan (BoJ) Governor Kazuo Ueda. However, JPY slightly strengthened against the US Dollar (USD) following the BoJ’s policy decision on Friday, maintaining its interest rate at 0.15%, as widely expected.
Pivot Points: 143.373
- R3 = 146.130
- R2 = 145.077
- R1 = 144.426
- S1 = 142.320
- S2 = 141.669
- S3 = 140.616
Trade Recommendation:
- Buy = 143.902
- SL = 143.602
- TP = 144.302
DISCLAIMER ON
Disclaimer
Every review, news, research, analysis, price, or other information contained in this report is provided as general market commentary, not as trading advice, and is subject to change over time. Trading in Financial Markets and Currencies with margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work both to your advantage and disadvantage. Before entering the financial and currency markets, you should carefully consider your trading objectives, level of experience, and risk tolerance. There is a possibility that you could lose part or all of your initial trade, and therefore, you should not trade money that you cannot afford to lose. You should be aware of all the risks associated with trading in Money Markets and Foreign Exchange, and if you have any doubts, seek advice from an independent financial advisor.
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