Markets covered in the Weekly Forex Forecast: DXY, EurUsd, NzdUsd, UsdChf, UsdCad, GbpUsd, AudUsd, WTI, CadJpy, NzdCad, NzdChf, EurChf, ChfJpy, SPX, RUT, NDX, Nifty, DJIA, XauUsd, XagUsd & BTCUSD / Bitcoin

Weekly notes

Markets have been quiet over the last three weeks as traders & investors anticipate the outcome of this evenings FOMC meeting.

There has been a prevailing view recently that FED Chair Powell will announce the start of tapering in November, however, this has been thrown into doubt due to recent events including the situation around Chinese property developer Evergrande (which is still a default risk) which spooked the markets this week over contagion fears. Evergrande has come to an agreement with onshore bondholders however has still yet to agree terms with offshore bondholders who are due to be paid tomorrow (23rd September).

In the weeks Weekly Forex Forecast we have outlined multiple potential plays for both hawkish and dovish outcomes. It seems likely that whichever way the cards fall in this evenings FOMC, it is likely to kick start the next directional move in the Dollar Index & kick start markets across the board in the process.

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Editors’ Picks

EUR/USD: Weekly resistance line, 200-SMA test recovery above 1.1300

EUR/USD pauses corrective pullback from two-month-old support around 1.1330 during the initial Asian session on Tuesday. The major currency pair battles the 200-SMA, as well as a descending trend line from January 17.

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GBP/USD is testing critical hourly support

GBP/USD is holding tight in somewhat bearish territory below 1.35 the figure. Sterling dropped on Monday to its lowest in three weeks versus the US dollar, with traders moving out of risk and into safe havens due to the expectations of Fed tightening and escalating tensions between Russia and Ukraine.

GBP/USD News

Gold struggles around yearly resistance line with eyes on Fed

Gold bounces off intraday low to extend the previous day’s recovery moves towards a one-year-old descending trend line. That said, the yellow metal picks up bids to $1,841 by the press time of Tuesday’s Asian session.

Gold News

Bitcoin finds buyers despite new six-month and 2022 lows, BTC relief rally on deck

Bitcoin price action on Monday was mainly in a full-blown bear attack, with a new 2022 and six-month lows hit. That all changed near the end of the NY equity market session when buyers poured in to rally Bitcoin higher to close in the green for the second day in a row.

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The sell-off continues as Fed, earnings and Ukraine trigger sell off

US stocks are having yet another calamitous start to the week, both the Nasdaq and the S&P 500 are down more than 3% at the time of writing. The question now is, will this sell off last, or have we been wrong-footed by another strange Monday in the land of investing?

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