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Market Update (4 hour)
EURUSD extending low and now dependent on 1.1450 holding to keep focus on 1.15 or door opens further on the downside. Note EURJPY selling (after rising sharply post-BoJ) after USDJPY tested 158 and retreated weighing on the EURUSD.
US500 pivoting 7650 after move above it stalled.
XBRUSD: Market can’t make up its mind although charts show momentum pointed down.
XAUUSD (GOLD) 4 HOUR: 4400 clearly pivotal
Extending high but so far pausing around 4400 and just below 4402 resistance.
Why is 4400 important?
It was a break of a 7-day pivot around this level that led to the last leg down.
It is also the obstacle to 4443, above which would produce an outside week and open the door back to 4500.
If not, then needs to hold 4335-50 to keep a bid on dips.
USDJPY 4 HOUR: CLEAR UNDERERFORMER
With the Fed setting the bar high for being hawkish, the JPY has sold off after the as expected BoJ rate hike in what was not a unanimous decision.
USDJPY moving through 157.52 = 61.8% has put 158 on the radar, a level the BoJ may look to covertly defend given the void of key levels until 160+ on the upside.
So 2 levels to watch, both potentially pivotal
157.50 on the downside
158.00 on the upside
COMING UP: Data: Japanese Inflation (Aug), German PPI (Aug), UK Retail Sales (Aug), US Industrial/Manufacturing Production (Aug)
Events: BoJ Policy Announcement
US Market Wrap – 17th September 2026: Stocks and bonds gain as market focuses on Fed credibility
SNAPSHOT: Equities up, Treasuries up, Crude down, Dollar down, Gold up
Nvidia ticked higher for a second straight day, after five consecutive red sessions, closing a tad above the 100-day SMA at $214.00. The RSI is trying to rebound towards the 50 neutral level. If the stock rebounds further, then it may initially test the 20-day SMA at $218.50. Further up, it might potentially try to drift gradually higher, towards the high of september 7 at $234.70.
NAS100 (NASDAQ) 4 HOUR: Bid but resistance looms
Bounce from just below support has broken down momentum but would need to take out 29480-500 (on this CFD chart) to confirm and shift the risk to the layers of resistance on the upside. Currently, 29291+ is needed to keep the focus on 29500 and away from 29K.
Nvidia (NVDA) CEO Huang says AI safety is paramount; Nvidia (NVDA) to sell twice as many chips next year as this year…Source: Newsquawk.com
US PRE-MARKET MOVERS: NKE, ARM, GNRC, GFL, LEN, QGEN, LCID, CRWV
ES +0.9% NQ +1.2% RTY +1%
(Right click on any image (or chart) to open a full screen in a new tab)No surprise from the BOE… Initial dovish reaction (GBPUSD down)
Market Sanpshot 2: Bonds, Energy, Metals, Cryptos
(Right click on any image (or chart) to open a full screen in a new tab)
