Daily Market Report: September 10, 2021
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September 10, 2021
Oil dives on China- led output ”relaxation”
US stocks were lower after the close on Thursday, as losses in the Healthcare, Telecoms and Utilities sectors led shares lower. At the close on NYSE, the Dow Jones Industrial Average fell 0.43% to hit a new 1-month low, while the S&P 500 index lost 0.46%, and the NASDAQ Composite index declined 0.25%
The RSI is below its neutrality area at 50% but reversing up.
Should the price travel above 15530.00, it would give traders enough leeway to go long, opening to the upside with targets at 15700.00 and 15750.00 in extension.
Comparatively, a breakout below 15530.00 would open the downside with 15460.00 and 15370.00 as targets.
The USDCAD pair struggles below 1.2700.
The upward potential is likely to be limited by the resistance at 1.2700.
The price braking out below 1.2700 would open the door to the downside and short-selling, with targets at 1.2620 and 1.2590 in extension.
However, a breakout above 1.2700 cannot be ignored, which, should it happen, it would call for 1.2730 and 1.2760 as its next targets.
The gold markets initially tried to rally during the trading session on Thursday but gave back the gains to show signs of weakness.
The RSI lacks momentum.
Buyers will have an opportunity to go long if the price breaks the 1787.00 level and continues to climb. This would make 1802.00 the next target with 1808.00 in extension.
On the flip side, should the price break out below 1787.00, it would open the door to further downslides facing support at 1781.00 and then 1775.00 in extension.
Crude prices slumped almost 2% on Thursday as top importer China announced plans to release oil reserves to reduce pressure on its refineries. A mixed US inventory drawdown also added to the oil’s downside.
As long as the resistance at 68.35 is not surpassed, the risk of the break below 67.55 remains high.
A breakout below 68.35 would spur some selling action, with potential profit-taking targets at 67.55 and 67.10 in extension.
A breakout above 68.35 would open the upside with 68.80 and 69.35 as targets.
EURUSD edged higher to 1.1815.
A support base at 1.1805 has formed and has allowed for a temporary stabilisation.
An opportunity to go long would unfold if the price managed to break above 1.1805 with targets at 1.1840 and 1.1855 in extension.
However, the chance for it breaking below 1.1805 cannout be ruled out. Should it happen, the downside ould be open with 1.1790 and 1.1775 as targets.
GBPUSD was flat at 1.3769.
The RSI calls for a new upleg.
GBP bulls will get a shot in the arm from the price breaking out above 1.3810 with targets at 1.3860 and 1.3875 in extension.
While the downside scenario cannot be completely ignored, despite the upside supporting technical setup, a breakout below 1.3810 remains likely. Should it happen, the next price targets would be at 1.3795 and 1.3780 in extension.
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