Daily Market Report: October 8, 2021

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

Oil up; Gold down; Sterling benefits from improved sentiment

US Stock Market

Last: 34,844

Pivot: 34,660

Review:

US stocks were higher after the close on Thursday, as gains in the Basic Materials, Healthcare and Consumer Goods sectors led shares higher. At the NYSE close, the Dow Jones Industrial Average gained 0.98%, while the S&P 500 index gained 0.83%, and the NASDAQ Composite index gained 1.05%.

Technical comment:

The RSI is above its neutrality area at 50%.

Preference scenario:

For those looking to take long positions if the price goes above 34660, traders may find a chance if the price surpasses 35060 and 35200 in extension.

Alternative scenario:

If the price falls below 34660, the further downside path would be open with 34500 and 34300 as targets.

Resistance 35,060 35,200 35,370
Support 34,660 34,500 34,300
Oil up; Gold down; Sterling benefits from improved sentiment
USDJPY

Last: 111.65

Pivot: 111.45

Review:

USDJPY remains subdued in the early Asian session after posting solid gains in the overnight session. USDJPY is trading at 111.668, up 0.03% for the day.

Technical comment:

The RSI calls for a new upleg.

Preference scenario:

If the price exceeds 111.45, the bullish trend will then be defined, with targets at 111.80 and 111.95 in extension.

Alternative scenario:

A breakout below 111.45 would, on the other hand, open the downside with 111.30 and 111.15 as targets.

Resistance 111.8 111.95 112.1
Support 111.45 111.3 111.15
Oil up; Gold down; Sterling benefits from improved sentiment
Gold

Last: 1,754

Pivot: 1,763

Review:

Gold futures ended with a loss on Thursday, trading less than $1 lower for the week so far. The pair was down 0.35% on a daily basis at $1,755.

Technical comment:

As long as 1763.00 is resistance, look for choppy price action with a bearish bias.

Preference scenario:

A sell opportunity could arise if the price falls below 1763.00. The next targets to have in mind would be at 1745.00 and 1740.00 in extension.

Alternative scenario:

If there is an upward move above 1763.00, traders could look for a further upside with 1770.00 and 1775.00 as targets.

Resistance 1,763 1,770 1,775
Support 1,745 1,740 1,735
Oil up; Gold down; Sterling benefits from improved sentiment
Oil

Last: 78.83

Pivot: 77.6

Review:

Oil futures rebounded on Thursday, as the market deemed it unlikely that the United States would release emergency crude reserves or ban exports to ease tight supplies. Crude oil takes rounds to $79.10 following the heaviest daily jump since mid-June.

Technical comment:

The RSI is bullish and calls for a further advance.

Preference scenario:

A buy opportunity could present itself if the price climbs above 77.60. Should this be the case, the next targets would be at 79.80 and 80.40 in extension.

Alternative scenario:

For a price dip below the 77.60 mark, traders may seek a further downside with 76.55 and 75.70 as targets.

Resistance 79.8 80.4 81
Support 77.6 76.55 75.7
Oil up; Gold down; Sterling benefits from improved sentiment
EURUSD

Last: 1.1555

Pivot: 1.157

Review:

After two consecutive days of printing losses, reaching a new yearly low at 1.1528, the EURUSD is staging a comeback, is trading at 1.1564, modestly up 0.06%.

Technical comment:

As long as 1.1570 is resistance, look for choppy price action with a bearish bias.

Preference scenario:

If the price breaks out below 1.1570, the targets at 1.1540 and 1.1525 in extension could be kept in mind.

Alternative scenario:

An price climb above 1.1570 could present the opportunity to look for further upside with 1.1585 and 1.1600 as targets.

Resistance 1.157 1.1585 1.16
Support 1.154 1.1525 1.151
Oil up; Gold down; Sterling benefits from improved sentiment
GBPUSD

Last: 1.3614

Pivot: 1.358

Review:

GBPUSD consolidates recovery above 1.36153, near weekly highs.

Technical comment:

The RSI calls for a bounce.

Preference scenario:

Long positions could be taken if the price surpasses 1.3580, with the next targets at 1.3645 and 1.3670 in extension.

Alternative scenario:

Should the price fall below 1.3580, the next targets to look at could be 1.3560 and 1.3540 in extension.

Resistance 1.3645 1.367 1.369
Support 1.358 1.356 1.354
Oil up; Gold down; Sterling benefits from improved sentiment

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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