Daily Market Review — 22/09/2016

Daily Market Review — 22/09/2016


FOMC’s Interest Rate Decision Will Continue to Influence the Markets




NZDUSD september 22

The pair was influenced by the FOMC’s and RBNZ’s interest rates decisions. Both central banks fully met analysts’ expectations and refrained from changing their monetary policies. On the other hand, financial regulators made completely different comments on possible further monetary steps. While the Fed is entertaining the possibility of tightening its policy in the future, the RBNZ’s officials noted that it may be necessary to cut the rates.

Resistance: 0.73566, 0.73836, 0.74115
Support: 0.73234, 0.72899, 0.72681


EURJPY septemebr 22

The pair traded mixed yesterday thanks to the Bank of Japan’s decision to keep the interest rates unchanged.  However, officials announced that the rates may be lowered in the coming months, which significantly pressured the yen. Nevertheless, this did not stop investors  from purchasing the JPY.

Today market participants are focusing on ECB President, Mario Draghi’s speech, scheduled for 13:00 (GMT). The Consumer Confidence report, scheduled for 14:00 (GMT), may also have some impact on the EUR/JPY.

Resistance: 113.133, 113.542, 113.951
Support: 112.437, 112.083, 111.759


Stock Market

Dow Futures

Dow september 22

Major US stock indexes rose yesterday, after the US Federal Reserve announced its decision on monetary policy. Meanwhile, rising crude oil stocks also supported the stock markets.

Resistance: 18252.00, 18294.00, 18337.00
Support: 18165.00, 18120.00, 18068.00




Gold septemeber 22

Yesterday’s US Federal Reserve monetary decision took its toll on the USD, while causing a spike in gold prices. Still, the demand for gold will be short, as the Fed may still raise interest rates later this year.

Resistance: 1139.40, 1343.95, 1349.16
Support: 1330.04, 1324.59, 1320.12

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