Daily Market Report: September 14, 2021

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

EURUSD rebounds; Oil settles higher

US Stock Market

Last: 15

Pivot: 15

Review:

US stocks were mixed after the close on Monday, as gains in the Oil & Gas, Financials and Telecoms sectors led shares higher while losses in the Healthcare, Utilities and Industrials sectors led shares lower. At the close on NYSE, the Dow Jones Industrial Average gained 0.76%, while the S&P 500 index gained 0.23%, and the NASDAQ Composite index fell 0.07%.

Technical comment:

The RSI shows upside momentum.

Preference scenario:

A breakout above 15350.00 would set the price off to 5560.00 and 15670.00 in extension. Strong buying action could be expected.

Alternative scenario:

On the flip side, a breakout below 15350.00 would open the downside with 15265.00 and 15140.00 as targets.

Resistance 15 15 15
Support 15 15 15
EURUSD rebounds; Oil settles higher
USDCAD

Last: 1.2647

Pivot: 1.268

Review:

USDCAD bears take a breather following the heaviest daily fall in eight days, grinds lower near 1.2650 during the early Tuesday morning in Asia.

Technical comment:

The RSI calls for a drop.

Preference scenario:

Short-selling action would be favoured if the price broke below 1.2680. In this case, the next targets would be at 1.2620 and 1.2600 in extension.

Alternative scenario:

Should the price break out above 1.2680 it would open the upside with 1.2700 and 1.2720 as the next targets in sight.

Resistance 1.268 1.27 1.272
Support 1.262 1.26 1.258
EURUSD rebounds; Oil settles higher
Gold

Last: 1,792.8

Pivot: 1,784

Review:

Spot gold was little changed at $1,792.94 an ounce as of 7:50 a.m. in Singapore, after rising 0.4% on Monday.

Technical comment:

The RSI calls for a bounce.

Preference scenario:

If the price breaks out above 1784.00, it will give traders a chance to go long, with 1799.00 next in sight and 1804.00 in extension.

Alternative scenario:

Should it break out below 1784.00, the further downside path would be open with 1778.00 and 1771.00 as targets.

Resistance 1.00 1.00 1.00
Support 1.00 1.00 1.00
EURUSD rebounds; Oil settles higher
Oil

Last: 70.62

Pivot: 70.1

Review:

US crude settled up $0.73, or up 1.05%, at $70.45 per barrel.

Technical comment:

The RSI advocates further advance.

Preference scenario:

If the price manages to surpass 70.10, it will call for 71.00 and 71.40 in extension.

Alternative scenario:

A slip below 70.10 would further extend the downleg with 69.70 and 69.30 as targets.

Resistance 71 71.4 72
Support 70.1 69.7 69.3
EURUSD rebounds; Oil settles higher
EURUSD

Last: 1.181

Pivot: 1.1785

Review:

The EURUSD pair rebounded from two-week lows at 1.1769 and climbed to 1.1816, reaching a fresh daily high.

Technical comment:

The RSI is poised to the upside.

Preference scenario:

The price breaking above 1.1785 will give traders a shot the the arm to go long, with targets at 1.1835 and 1.1850 in extension.

Alternative scenario:

However, a breakout below 1.1785 could not be overruled. Should this happen, the downside path would be open with 1.1770 and 1.1755 as targets.

Resistance 1.1835 1.185 1.1865
Support 1.1785 1.177 1.1755
EURUSD rebounds; Oil settles higher
GBPUSD

Last: 1.3839

Pivot: 1.382

Review:

The GBPUSD pair has been rejected at the critical 1.3895 level in what could prove to be a decisive blow to its recovery.

Technical comment:

The RSI is above its neutrality area at 50%.

Preference scenario:

An opportunity to go long will unfold if the price conquers the 1.3820 level and continues to mount towards 1.3855 and 1.3875 in extension of the upleg.

Alternative scenario:

Conversely, if it breaks out below 1.3820, it would give bears enough leeway to open the downside with 1.3800 and 1.3780 as targets.

Resistance 1.3855 1.3875 1.389
Support 1.382 1.38 1.378
EURUSD rebounds; Oil settles higher

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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