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Technical analysis report 12-09-2022

12 Sep 2022 11:43 AM

EUR/USD hit a new three-week high and momentum is in positive territory, implying the bulls are in control. A break above 1.0202 could pave the way for 1.0300 to be tested. RSI is near overbought territory, which could be a sign a change in trend is in the offing. Support might be found at 1.0100 or 1.0076.

GBP/USD is trending higher and there is a steady rise in positive momentum, suggesting the buyers are dominating. A rally from here could see it target 1.1692 or 1.1759. If the wider bearish trend continues, it might find support at 1.1649 or 1.1600.

USD/JPY has pulled back from the 24-year high posted last week. RSI is falling and momentum is negative, both speak to bearish sentiment. Further declines from here could see it target 141.49 or 141.00. Should the long-term uptrend resume, it could hit 143.13 or 144.00.

The S&P 500 hit a new two-week high, and if the short-term rally continues, it might target 4097 or 4105. Positive momentum is fading, and the RSI is in overbought territory, this could be a sign a pullback is on the horizon. 4061 or 4045 could act as support should the market drop.

WTI is trending higher, and momentum is in positive territory, implying the bulls are in control. If the uptrend continues, 88.00 or 89.00 could act as resistance. Last Friday, WTI fell to an eight-month low, and if the broader bearish move continues, it might hit 85.97 or 84.78.

Gold is rallying, the MACD indicator shows us that momentum is positive, suggesting the buyers are dominating. Resistance might be found at 1732 or 1737. RSI is close to being overbought, so that might be a sign the rally is overstretched. A drop from here could see it fall to 1718 or 1700.

Silver hit a new two-week high, and if the bullish run continues, it might target 19.42 or 20.00. RSI is in overbought territory, and this could be a sign a change in trend is on the horizon. A fall from here could see it target 18.83 or 18.51.

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