Daily Market Report: September 9, 2021

Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.

Crude steadies as hurricane worries ebb

US Stock Market

Last: 15,611

Pivot: 15,530

Review:

US stocks were lower after the close on Wednesday, as losses in the Oil & Gas, Basic Materials and Technology sectors led shares lower. At the close on NYSE, the Dow Jones Industrial Average fell 0.20%, while the S&P 500 index lost 0.13%, and the NASDAQ Composite index fell 0.57%.

Technical comment:

The RSI is above its neutrality area at 50%.

Preference scenario:

Traders may feel urged to open long positions if the price breaks out above 15530.00. This will open the upside, with targets at 15700.00 and 15750.00 in extension.

Alternative scenario:

A breakout below 15530.00 will open the downside with 15460.00 and 15370.00 as targets.

Resistance 15,700 15,750 15,830
Support 15,530 15,460 15,370
Crude steadies as hurricane worries ebb
USDCAD

Last: 1.2695

Pivot: 1.265

Review:

The USDCAD pair rallied sharply but settled well off the session highs closing above support near the 10-day Moving Average at 1.2603.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

Buyers may benefit from a window of opportunity if the price conquers the 1.2650 level and continues to mount. This will open the upside with targets at 1.2730 and 1.2760 in extension.

Alternative scenario:

Should the price break out below 1.2650, the downside would then be clear with 1.2620 and 1.2590 as targets.

Resistance 1.273 1.276 1.279
Support 1.265 1.262 1.259
Crude steadies as hurricane worries ebb
Gold

Last: 1,788

Pivot: 1,800

Review:

Gold took a fresh hard tumble beneath the key $1,800 an ounce level on Wednesday before settling in the red again for a fourth day in a row as a rebounding dollar capped a comeback by the yellow metal.

Technical comment:

The RSI is bearish and calls for further decline.

Preference scenario:

Traders looking for an opportunity to go short on Gold may find it if the price dips further below 1800.00. This would make 1781.00 the next target, with 1770.00 in extension.

Alternative scenario:

An opportunity to enter the market would unfold if the price moved above 1800.00, with 1807.00 and 1815.00 as targets.

Resistance 1,800 1,807 1,815
Support 1,781 1,770 1,759
Crude steadies as hurricane worries ebb
Oil

Last: 69.25

Pivot: 68.5

Review:

Oil was steady above $69 a barrel as the slow return of US output halted by Hurricane Ida more than a week ago tightened the market.

Technical comment:

The RSI lacks downward momentum.

Preference scenario:

An opportunity to go long will present itself if the price slashes through the 68.50 level and continues advancing, with targets at 69.75 and 70.30 in extension.

Alternative scenario:

Should the price tumble below 68.50, further downside advancement would be imminent, with 68.05 and then 67.65 next in focus.

Resistance 69.75 70.3 70.7
Support 68.5 68.05 67.65
Crude steadies as hurricane worries ebb
EURUSD

Last: 1.1818

Pivot: 1.183

Review:

EURUSD fell 0.1% to 1.1833.

Technical comment:

As long as the resistance at 1.1830 is not surpassed, the risk of the break below 1.1800 remains high.

Preference scenario:

Any dip below 1.1830 would make 1.1800 the next target with 1.1785 in extension.

Alternative scenario:

In comparison, a breakout above 1.1830 would clear the upside with 1.1845 and 1.1860 as targets.

Resistance 1.183 1.1845 1.186
Support 1.18 1.1785 1.177
Crude steadies as hurricane worries ebb
GBPUSD

Last: 1.3765

Pivot: 1.379

Review:

GBPUSD dropped 0.2% to 1.3760.

Technical comment:

The upward potential is likely to be limited by the strong resistance at 1.3790.

Preference scenario:

Short-term action is likely if the price sinks below 1.3790. If this were to happen, the next targets would be at 1.3745 and 1.3725 in extension.

Alternative scenario:

The opposite scenario would materialise with a breakout above 1.3790, opening the upside path with 1.3810 and 1.3830 as targets.

Resistance 1.379 1.381 1.383
Support 1.3745 1.3725 1.37
Crude steadies as hurricane worries ebb

Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. 1Market provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. 1Market cannot be held liable for any information provided by Trading Central. 1Market makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of 1Market, a third party or otherwise.

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