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Market Analysis 10/6/2022

Economic calendar

Today- US CPI at 8:30 EST



USDJPY Daily Chart. Source: TradingView

The dollar continued to strengthen against the Yen due to interest rate differentials. BOJ still firm on its dovish stance, with analysts predicting that it will remain this way until the current BOJ governor, Kuroda’s term is over in the coming year. Trading just above 134.00, the pair is just one Yen, or 100 pips away from its 2 decades high, made back in 2002. We are expecting the pair to continue rising and test the mentioned 2 decades high. Next support is marked at 132.5, its previous swing low on the 4 hour chart.



XAUUSD H4 Chart. Source: TradingView

Gold failed to make a higher high and is now trading below both the 50 and 200 moving averages on the 4-hour chart. Not only that, but the bulls also couldn’t win the tug of war in the 1855 decision area. The metal is positioned for a bearish move, but we should wait for the CPI numbers later today for a firmer direction. The inflation rate Year over Year is expected to stay the same as the previous’s reading while the core inflation (excluding food and energy prices) is expected to cool down by 0.1%. 


Crude Oil

USOIL H4 Chart. Source: TradingView

Technical wise, crude oil steadies with higher lows and higher highs made over the week. The gasoline demand in the US has been increasing due to the start of the summer travel season, lockdowns in China began to ease and supplies remain tight, these are some of the main factors pushing the crude prices up. $129 recent highs are still in sight with the 50 moving average as the immediate support.

US Stocks


SP500 Daily Chart. Source: TradingView

After trading above the 4100 for a few days, SP500 couldn’t hold the level and it fell 2.27% during yesterday’s session. Could that be a lower high being made? We shall wait for the CPI report later as inflation is the main driver of investors' sentiment in the stocks market now.



BTCUSD Daily. Source: TradingView

As capital fled away from risk assets due to global uncertainties, the trading volume of Bitcoin has diminished significantly. It has been consolidating for a whole 30 days and there looks to be no upcoming big market catalyst to move the cryptocurrency. For trend traders, we shall wait for a breakout.


Trader, Technical Analyst


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