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Technical Outlook

  

-EURUSD might start a new bullish trend after the price crosses over the 50 and 200MAs.

-GBPJPY price is about to break the support of descending triangle which is a signal of a breaths momentum.

Fed Interest Rate Decision

Federal Open Market Committee (FOMC) members vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.

The previous Actual data was 5.50% which is same as forecasted. The Fed Interest Rate Decision is due Wednesday, September 20, 2023, 23:30 GMT.

EURUSD Technical Analysis:

EURUSD was in an uptrend until mid-July. Later then, the price was seen trading down, breaking the previous swing lows. On the way down, the price broke below both the 50 and 200MA. The price formed lower highs and lower lows. The break of MAs signifies a strong continuation to the downside.

The RSI line is at 35.77, showing oversold condition. What’s more important is the RSI bullish divergence, which shows the bullish momentum is due. Now, the traders can wait for the double bottom formation or trend reversal pattern to look for BUY opportunities.

Pivot Points: EURUSD

  Support  Resistance
S11.0667S11.0672
S21.0665R21.0675
S31.0662R31.0677

U.K. Interest Rate Decision

Bank of England (BOE) monetary policy committee members vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.

The previous Actual data was 5.25% which is same as forecasted. BoE Interest Rate Decision is due Thursday, September 21, 2023, 16:30 GMT.

GBPJPY Technical Analysis:

GBPJPY is in an uptrend, with the price trading both above the 50 and 200MA. As we can clearly see on the chart, the price is very close to the 50MA. Also, the current price action shows a trading pattern formation, i.ie. Descending triangle. 

The buyers seem to be exhausted, and the price is not able to make higher highs and lows but lower highs and lows. The RSI level is at 45.78, showing neutral overbought and sold condition. In mid-August, we could see a bearish RSI divergence that signifies the bearish moment is due.

Traders may wait for the price to break the 50MA and the support of the descending pattern to confirm the downtrend. 

Pivot Points: GBPJPY

  Support  Resistance
S1182.98R1183.08
S2182.94R2183.14
S3182.88R3183.18

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