Daily Market Report: September 15, 2021
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September 15, 2021
Oil up on sharp demand
US stocks were lower after the close on Tuesday, as losses in the Oil & Gas, Basic Materials and Financials sectors led shares lower. At the close on NYSE, the Dow Jones Industrial Average lost 0.84% to hit a new 1-month low, while the S&P 500 index lost 0.57%, and the NASDAQ Composite index lost 0.45%.
Technically, the RSI is below its neutrality area at 50, meaning that further donwside action is on the cards.
Should the price drop below 15450.00, the price would next be targeting 15265.00 and 15140.00 in extension, leaving bulls plenty of leeway to sell.
On the flip side, should the price break out above 15450.00, the further upside path would be open with 15560.00 and 15670.00 as targets.
USDCAD settled back above 1.2650 and tested the resistance level at 1.2685.
The RSI calls for further advance.
Traders may be tempted to go long if the price surpasses 1.2650. Should this happen, the next targets to look out for would be at 1.2725 and 1.2760 in extension.
On the other hand, if the price manages to break out below 1.2650, the further downside path will be open with 1.2625 and 1.2600 as its next targets.
Gold returned to above the key $1,800 an ounce level on Tuesday as US consumer inflation data for August came in within expectations.
The RSI is bullish and calls for further upside.
A breakout above 1796.00 woul open the upside, offering traders an opportunity to go long while keeping an eye on the next targets at 1809.00 and 1815.00 in extension.
A breakout below 1796.00 would open the downside with 1788.00 and 1780.00 as targets.
Oil prices traded higher Tuesday, climbing to a six-week peak, after the International Energy Agency predicted a sharp rebound in demand while another storm threatened US Gulf of Mexico output.
The next resistance levels to look out for are at 71.25 and then at 72.00.
An opportunity to go long will present itself if the price manages to rise above 70.10 and continue climbing towards the next targets at 71.25 and 72.00 in extension.
Conversely, a drop below 70.10 would prove that the bullish move was not sustainable, pulling back towards 69.75 and 69.35, its next downside targets.
EURUSD was flat at 1.1808.
The RSI advocates for further decline.
Short-selling action will be supported by a price breakout below 1.1820, in which case 1.1785 will be the next target with 1.1770 in extension.
A breakout above 1.1820 will open the upside further, with 1.1835 and 1.1850 as targets.
GBPUSD edged higher to 1.3838.
The RSI is bearish and calls for further downside.
An opportunity to go short will present itself if the price breaks out below 1.3850. Then, the next targets to look out for will be at 1.3780 and 1.3750 in extension.
A breakout above 1.3850 will wake up the bulls who will have enough steam to propel it further towards 1.3870 and then 1.3890, should the move be sustainable.
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