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Technical Outlook

  

-EURUSD taking support on a dynamic level showing signs of uptrend.

-USDJPY chart shows RSI bearish divergence signaling the price bearish pressure is due and the market can reverse soon.

U.S. Initial Jobless Claims

Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.

The previous Actual data was 201k while the forecast was 225k. The U.S. Initial Jobless Claims is due Thursday, September 28, 2023, 18:00 GMT.

EURUSD Technical Analysis:

EURUSD was in an uptrend, with the price trading above both the moving averages. There was a deep pullback in June, with multiple candle rejections at $1.06533. The bearish sentiment was quite strong at the level of the demand zone. Price, after reaching this level, bounced back drastically, reversing the market and becoming bullish again.

On the way up, the price broke both the moving averages. The major swing high was formed at $1.12757. following a few trading sessions, the bear pressure was high, pushing the market down, forming lower highs and lower lows. Approaching the previously formed demand zone, the price started reacting, showing a loss of momentum. The RSI is also adding a confluence by forming an oversold condition.

Traders may go into the lower time frame and look for patterns and reactions for the trade confirmation.

Pivot Points: EURUSD

  Support  Resistance
S11.0647R11.0651
S21.0646R21.0652
S31.0644R31.0654

U.S. Core PCE Price Index MoM

The Core Personal Consumption Expenditure (PCE) Price Index measures the changes in the price of goods and services purchased by consumers for the purpose of consumption, excluding food and energy. Prices are weighted according to total expenditure per item. It measures price change from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

The previous Actual data was 0.2% which is same as forecasted. Core Personal Consumption Expenditure (PCE) Price Index is due Friday, September 29, 2023, 18:00 GMT.

USDJPY Technical Analysis:

USDJPY chart clearly shows an uptrend. Price is forming higher highs and lows with moving averages below it. A golden cross could be seen forming at the beginning of May. The RSI level is at 61.76, showing a slight overbought condition.

The price broke the resistance level at $144.848, forming a deep pullback. On the chart, we could see a loss of momentum with rejections and small indecision candles. The RSI shows a bearish divergence, adding more confluence and signifying the bearish move is due.

Traders may use multitude frame analysis for trade confirmation and wait for the trade confirmation.

Pivot Points: USDJPY

  Support  Resistance
S1148.34R1148.40
S2148.30R2148.42
S3148.28R3148.46

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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