Daily Market Report: October 11, 2021
Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.
October 11, 2021
Oil rises; Euro hampered by ECB’s dovish stance
US stocks were lower after the close on Friday, as losses in the Telecoms, Consumer Services and Utilities sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average lost 0.03%, while the S&P 500 index declined 0.19%, and the NASDAQ Composite index fell 0.51%.
The RSI is bearish and calls for further downside.
A sell opportunity could arise if the price falls 15030.00. The next targets to keep track of would be at 14380.00 and 14060.00 in extension.
Should the price rise above 15030.00, traders could look for a further upside with 15340.00 and 15700.00 as targets.
USDJPY traded higher on Friday, continuing its bullish climb in October, closing at 112.26.
The RSI is bullish and calls for further advance.
A price climb above 111.90 could provide an opportunity for a further upside, with 112.50 a target and 112.70 in extension.
In the scenario where the price falls below 111.90, traders could seek a further downside with 111.70 and 111.50 as targets.
Gold traded lower on Friday, as a combination of an underwhelming US jobs report for September ramping bond yields created volatility, which ultimately did little for the yellow metal’s prices.
As long as 1763.00 is resistance, look for choppy price action with a bearish bias.
If there is a price breakout below 1763.00, targets to have in mind would be 1745.00 and 1740.00 in extension.
For an upward move above 1763.00, look for a further upside with 1770.00 and 1779.00 as targets.
Oil rose on Friday, gaining about 4% on the week, as a global energy crunch boosted US prices to their highest in almost seven years as big power users struggle to meet demand.
The RSI is mixed to bullish.
For those looking to take long positions if the price tracks higher than 79.15, traders may find a chance if the price surpasses 80.40 and 81.00 in extension.
For a price dip below the 79.15 mark, look for further downside with 78.65 and 78.10 as targets.
The euro remains a laggard among G10 currencies, weighed down by the European Central bank's dovish stance.
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
If there is an upward price movement above 1.1555, the next targets could be at 1.1585 and 1.1600 in extension.
Should the price slide below 1.1555, look for a further downside with 1.1540 and 1.1525 as targets.
The GBPUSD traded lower on Friday, closing at 1.3614, as the pound continues to swing on Brexit news and a hawkish Bank of England stance.
The RSI advocates for further decline.
For short positions below 1.3640, traders may seek a further downside with targets at 1.3580 and 1.3560 in extension.
A buy opportunity could present itself if the price climbs above 1.3640, look for a further upside with 1.3660 and 1.3680 as targets.
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.
Trade with a Licensed Broker
Licensed by CySEC
Our EU client portal, operated by Exelcius Prime Ltd. under CySEC Regulation, license number 366/18.
Our global client portal.