Daily Market Report: September 17, 2021
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September 17, 2021
Gold crashes on Strong Sales Data
US stocks were mixed after the close on Thursday, as gains in the Consumer Services, Telecoms and Technology sectors led shares higher while losses in the Basic Materials, Oil & Gas and Utilities sectors led shares lower. At the close on NYSE, the Dow Jones Industrial Average fell 0.18%, while the S&P 500 index lost 0.15%, and the NASDAQ Composite index climbed 0.13%.
Let's take a look at the NASDAQ chart. We can observe that the RSI advocates further advance.
Should the price break out above 15440.00, it would give traders an opportunity to go long while keeping a close eye on 15600.00 and 15670.00 as the next targets on the upward path.
Should it break out below 15440.00, it would call for 15370.00 and 15315.00 as its downside targets.
USDCAD traded higher, closing at 1.2680.
The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50-period Moving Average (respectively at 1.2669 and 1.2647).
As long as 1.2644 is support, the 1.2744 level remains within reach.
If, however, the price dips below the 1.2644 support, it will likely continue to decline further towards 1.2609 and 1.2588 in extension.
Gold crashes on upbeat US Retail Sales figures.
The RSI is trading below 30. This could mean that either prices are in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and above its signal line. The configuration is mixed. Gold is trading below both its 20 and 50-period Moving Average (respectively at 1759.10 and 1778).
A short-term rebound towards 1768.50 is on the cards.
A breakout below 1748 would open the path towards 1740.50 and 1736 in extension.
Oil prices steadied on Thursday after hitting a multi-week high a day earlier as the threat to US Gulf crude production from Hurricane Nicholas receded.
The RSI is above its neutrality area at 50%.
An opportunity to go long will present itself if the price manages to conquer the 72.15 level and continue to climb towards 73.00 (the nearest target in focus) and 73.50 in extension.
Instead, should the price break out below 72.15, it would clear the downside path towards 71.53 and 71.00.
The EURUSD pair traded lower on Thursday following a rally in the greenback. US Retail Sales rose 0.7% last month, partly boosted by back-to-school shopping and child tax credit payments, while data for July was revised down.
The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands above its 20-period Moving Average (1.1761) but below its 50-period Moving Average (1.1787).
A rebound towards 1.1829 is on the cards.
A breakout below 1.1741, on the other hand, would map the way towards 1.1708 and 1.1689 in extension.
GBPUSD tumbles to one-week lows under 1.3800 as the US Dollar strengthens.
The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50-period Moving Average (respectively at 1.3794 and 1.3818).
A rebound towards 1.3846 is likely.
The downside breakout of 1.3769 would call for 1.3741 and 1.3724.
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