ZuluTrade Blog

Market Daily Outlook - Ending Correction or just a Reaction?

Market View | Wednesday, September 16, 2020 1:34 PM GMT

The markets are moving within green territory including the US premarket ahead of the FED’s announcement later today. Analysts don’t expect any major changes or surprises regarding their strategic policy as economic indicators show recovery signs. The interest rates will probably remain unchanged but Federal Reserve is going to talk about 2023 forecasts for the first time. In the meantime, Apple announced a series of new products (hardware and software) including the new Apple Watch, new iPad as well as a new Fitness+ workout services. Even though the equity didn't record a new daily low, it lost its intraday gains as traders took an opportunity to proceed with profit-taking. 

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Reviewing other major economic news, the EU trade surplus was increased to €27.9bn in July while the UK’s inflation rate fell further to 0.2% which is the lowest since 2015. Additionally, Producer prices dropped by 0.9%. Getting to Asia, Yoshihide Suga was officially elected as new Japan's prime minister who promised that he will continue the key policies of Prime Minister Shinzo Abe.

Reviewing the charts, NAS100 is flirting with the broken rising trendline which acts a major resistance. However, if the price remains above 20EMA in the daily, it will be considered positive. SPX500 is following the rising channel and has a similar behavior as NAS100. GER30 is still consolidating within a tight range while UK100 is rising gradually towards the upper side of the falling channel.


NAS100 Daily

SPX500 Daily

GER30 Daily 

UK100 Daily

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The USOil canceled its bearish bias and finally performed a sharp breakout of its symmetrical triangle. This was the result of Hurricane Sally which forced over 25% of American oil and gas producers to shut down their operations. 

USoil 240min

On the contrary, XAUUSD has finally reached and is currently testing the upper side of the triangle. If the commodity performs a valid bullish breakout then it will activate a major upside target.

XAUUSD 240min


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