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Forthcoming FOMC Meet Turned Sluggish for Equity & Commodity Markets

By Research Team Monday, Sep 19, 2022
UK100

    • 11.00amW1
    • High7309
    • Low7231
    • Close7252

UK100 is trading at 7256.3, 0.04% down since previous day close. The range bound trading can be seen in UK100 amid steady USD ahead of the FOMC meeting which is scheduled on Tuesday; with an expectation of rate hike by 75bps. Last week, the worst U.S CPI data & strong chances of interest rate hike of 75 bps in the Fed meeting led the downside in equity markets. The U.K’s CPI rate grew by just 9.9% lower than 10.1% in the previous month while Core CPI showed better results creating mixed sentiments. The U.K markets are shut down today in observance of the funeral of Queen Elizabeth. As seen in the chart, the index is trading near the short term Moving Averages of period 10 & 20 & hence, a cautious trading may be recommended for the day.

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Daily Outlook

UK100

Intra Day
Near Day

Technical Levels

R3 7420.00000
R2 7342.00000
R1 7297.00000
Turnaround 7264.00000
S1 7219.00000
S2 7186.00000
S3 7108.00000
By Research Team Monday, Sep 19, 2022
GOLD

    • 11.15amW1
    • High1678.78
    • Low1666.84000
    • Close1668.54

Gold is trading at $1668.97, 0.11% down since previous close. The weakness continued to be seen in precious metals against the USD ahead of the outcome of U.S FOMC meeting with a hope of interest rate hike by 75bps & future Fed’s stance. The rising inflation concern in U.S & other parts of the world lowered down consumption demand of global commodities. However, the recovering Chinese economic conditions hint for the revival in commodities on long run; as China is a major consumer of metals. The result of NAHB Housing Market Index will remain in focus for the day. As seen in the chart, the Gold is trading near previous multiple lows which acts as a major support level.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1722.33000
R2 1696.09000
R1 1685.55000
Turnaround 1669.85000
S1 1659.31000
S2 1643.60000
S3 1617.37000
By Research Team Monday, Sep 19, 2022
AUD/USD

    • 10.35amW1
    • High0.6732
    • Low0.66989
    • Close0.67074

AUD/USD is trading at 0.67106, 0.08% down since previous day close. The flat to downside trading can be seen in Aussie as market remains cautious ahead of the U.S FOMC monetary decision due on Wednesday. On data front, the Australia issued weaker than expected labor data wherein the number of employed people rose by just 33.5K lower than expectation 35.5K & the Unemployment Rate grew to 3.5% from 3.4% in the previous month. The better than expected Chinese key economic data remains bullish for antipodean currencies. As seen in the chart, the pair corrected down till lower trend-line of channel pattern & is trading below Moving Averages in weekly chart; which indicates the chances of either side breakout situation on short to medium term basis.

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Daily Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.68123
R2 0.67581
R1 0.67381
Turnaround 0.67039
S1 0.66839
S2 0.66497
S3 0.65955
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