Daily Market Report: September 14, 2021
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September 14, 2021
EURUSD rebounds; Oil settles higher
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%.
The RSI shows upside momentum.
A breakout above 15350.00 would set the price off to 5560.00 and 15670.00 in extension. Strong buying action could be expected.
On the flip side, a breakout below 15350.00 would open the downside with 15265.00 and 15140.00 as targets.
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.
The RSI calls for a drop.
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.
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.
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.
The RSI calls for a bounce.
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.
Should it break out below 1784.00, the further downside path would be open with 1778.00 and 1771.00 as targets.
US crude settled up $0.73, or up 1.05%, at $70.45 per barrel.
The RSI advocates further advance.
If the price manages to surpass 70.10, it will call for 71.00 and 71.40 in extension.
A slip below 70.10 would further extend the downleg with 69.70 and 69.30 as targets.
The EURUSD pair rebounded from two-week lows at 1.1769 and climbed to 1.1816, reaching a fresh daily high.
The RSI is poised to the upside.
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.
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.
The GBPUSD pair has been rejected at the critical 1.3895 level in what could prove to be a decisive blow to its recovery.
The RSI is above its neutrality area at 50%.
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.
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.
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