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Hawkish Fed Stance Led Heavy Sell-off in Overall Market Instruments

By Research Team Thursday, Sep 22, 2022
US30

    • 10.30amD1
    • High30198
    • Low30047
    • Close30174

US30 is trading at 30176.8, 0.36% down since previous day close. The strong selling pressure can be observed in major equities on Wednesday after FOMC revealed a rate hike move of 75bps leading an interest rate in the rage of 3.00% to 3.25%. However, the Fed remains more hawkish for future monetary policy; for hinting more aggressive rate hikes. This led heavy sell-off in overall market instruments. The surging bond yields & strong US Dollar Index further led to selling pressure in US30. The outcome of U.S Jobless Claims & Current Account will be closely monitored for the day. As seen in the chart, the US30 is trading near lower levels of previous lows & hence, the target of 30000 can be expected if downside prevails further.

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US30

Intra Day
Near Day

Technical Levels

R3 32416.00000
R2 31440.00000
R1 30793.00000
Turnaround 30464.00000
S1 29817.00000
S2 29488.00000
S3 28512.00000
By Research Team Thursday, Sep 22, 2022
WTI OIL

    • 10.48amW1
    • High83.56
    • Low82.39000
    • Close83.2

WTI Oil is trading at $83.26, 0.13% down since previous day close. The Oil prices moved down on Wednesday against the strong USD post Fed meeting which not only raised an interest rate by 75bps but also hinted for more aggressive rate hike stance in the future meetings; for this weakens currency backed commodities. The U.S EIA report showed a rise in Oil inventory level by 1.1mbpd mild rise against the previous reading; pushing down the prices. Also, the API report showed a rise in Oil stocks level by 1.035 mbpd lower than expectation 2.32 mbpd. As seen in the chart, the Oil is trading near lower levels but still above the long term Moving Averages. This indicates the chances of either side breakout on daily basis.

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WTI OIL

Intra Day
Near Day

Technical Levels

R3 92.34000
R2 88.17000
R1 85.52000
Turnaround 84.00000
S1 81.35000
S2 79.83000
S3 75.66000
By Research Team Thursday, Sep 22, 2022
EUR/USD

    • 10.10amD1
    • High0.98377
    • Low0.98071
    • Close0.98248

EUR/USD is trading at 0.98209, 0.23% down since previous day close. The EURO heavily almost testing two-decade lows on Wednesday. Majorly, the strong USD after FOMC raised an interest rate by 75bps as expected while turning more hawkish than expected for future monetary stance led heavy sell-off in other basket of currencies. Besides this, the Russia ordered the mobilization of reserve troops in an escalation of the war in Ukraine which intensifies the tension; further lowering downs the EURO. The outcome of Euro-zone PMI figures will remain in focus on Friday. As seen in the chart, the pair is strongly trading within the bearish channel pattern & hence, selling on higher levels may be recommended on short term basis.

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EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.01982
R2 1.00357
R1 0.99334
Turnaround 0.98732
S1 0.97709
S2 0.97107
S3 0.95482
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