Daily Market Report: September 15, 2021

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

Oil up on sharp demand

US Stock Market

Last: 15,363

Pivot: 15,450

Review:

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%.

Technical comment:

Technically, the RSI is below its neutrality area at 50, meaning that further donwside action is on the cards.

Preference scenario:

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.

Alternative scenario:

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.

Resistance 15,450 15,560 15,670
Support 15,265 15,140 15,010
Oil up on sharp demand
USDCAD

Last: 1.2692

Pivot: 1.265

Review:

USDCAD settled back above 1.2650 and tested the resistance level at 1.2685.

Technical comment:

The RSI calls for further advance.

Preference scenario:

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.

Alternative scenario:

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.

Resistance 1.2725 1.276 1.279
Support 1.265 1.2625 1.26
Oil up on sharp demand
Gold

Last: 1,803

Pivot: 1,796

Review:

Gold returned to above the key $1,800 an ounce level on Tuesday as US consumer inflation data for August came in within expectations.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

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.

Alternative scenario:

A breakout below 1796.00 would open the downside with 1788.00 and 1780.00 as targets.

Resistance 1,809 1,815 1,823
Support 1,796 1,788 1,780
Oil up on sharp demand
Oil

Last: 70.75

Pivot: 70.1

Review:

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.

Technical comment:

The next resistance levels to look out for are at 71.25 and then at 72.00.

Preference scenario:

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.

Alternative scenario:

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.

Resistance 71.25 72 72.6
Support 70.1 69.75 69.35
Oil up on sharp demand
EUR/USD

Last: 1.18

Pivot: 1.182

Review:

EURUSD was flat at 1.1808.

Technical comment:

The RSI advocates for further decline.

Preference scenario:

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.

Alternative scenario:

A breakout above 1.1820 will open the upside further, with 1.1835 and 1.1850 as targets.

Resistance 1.182 1.1835 1.185
Support 1.1785 1.177 1.1755
Oil up on sharp demand
GBP/USD

Last: 1.3808

Pivot: 1.385

Review:

GBPUSD edged higher to 1.3838.

Technical comment:

The RSI is bearish and calls for further downside.

Preference scenario:

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.

Alternative scenario:

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.

Resistance 1.385 1.387 1.389
Support 1.378 1.375 1.3725
Oil up on sharp demand

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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