Market Report Sept 27,2024

Market Overview

Unemploymet figures for the U.S. jobs sector released better than expected, pushing the dollar up as it released. GDP growth was also confirmed at 3% in Q2 and figures for Q1 were revised higher, alongside full-year growth for both 2023 and 2022.

PCE data to be released later. Expectations are high as this will help identify market expectation for further rate cuts.

GOLD - Gold remains comfortable near record highs. Current price action suggests that the ongoing correction is temporary, with further buying expected. The price is currently holding at the S&D zone of 2670.882.

SILVER - Silver is consolidating, but yesterdays trading hinted at potential selling down to 31.472. After testing 32.518 as expected, the price failed to break through. We are waiting for further price action, though our bullish bias remains intact.

DXY - The Pound has risen as expected, but we anticipate more buying after a brief consolidation and correction at current levels. However, if the price fails to establish a higher low, the consolidation phase could extend. Market strength will likely depend on upcoming PCE data.

GBPUSD - The Pound has risen as expected, but we anticipate more buying after a brief consolidation and correction at current levels. However, if the price fails to establish a higher low, the consolidation phase could extend. Market strength will likely depend on upcoming PCE data.

AUDUSD - The Aussie Dollar is holding at 0.68715. If support persists and a higher low forms, we could see prices moving up toward 0.69144. Our structural outlook remains unchanged.

NZDUSD - The Kiwi has gained strength after forming a higher low on its S&D structure. If 0.62898 holds, we expect further buying. Like the Aussie, our bias remains bullish, with more upward movement anticipated.

EURUSD - The Euro is consolidating, having failed to break above its S&D structure. We expect buying to resume from 1.11386, with a higher low formation suggesting further gains if the price breaks above the current zone.

USDJPY - Despite the USD weakness seen in other pairs, the Yen has struggled to sustain its strength, pushing prices above 145.196. We foresee potential for further buying but caution against trading at these levels. A BOJ intervention or rate hike could trigger a sudden price drop, especially as the BOJ adopts a more cautious approach to monetary policy.

USDCHF - The Franc is oscillating between S&D zones, with noticeable price reactions. If prices move lower, there is potential for a trade down to fill the wick.

USDCAD - The CAD is trading at 1.34803. While we see potential for a rise toward 1.35762, this depends on how the CAD interacts with current price levels. A failure to break higher at 1.34803 could signal a continuation lower.