Daily Market Report: October 13, 2021

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

Oil gains yet again; Pound still dogged by Brexit

US Stock Market

Last: 14,663

Pivot: 15,000

Review:

US stocks were lower after the close on Tuesday, as losses in the telecoms, technology and healthcare sectors led shares lower. At the close in the NYSE, the Dow Jones Industrial Average lost 0.34%, while the S&P 500 index lost 0.24%, and the NASDAQ Composite index fell 0.14%.

Technical comment:

The RSI is mixed to bearish.

Preference scenario:

For short positions below 15000.00, the next targets would be at 14530.00 and 14390.00 in extension.

Alternative scenario:

For a breakout above 15000.00, look for a further upside with 15115.00 and 15240.00 as targets.

Resistance 15,000 15,115 15,240
Support 14,530 14,390 14,250
Oil gains yet again; Pound still dogged by Brexit
USDJPY

Last: 113.62

Pivot: 113.29

Review:

USDJPY continues to climb to levels not reached since 2018.

Technical comment:

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 113.58 and 113.42).

Preference scenario:

The upside prevails as long as 113.29 is support, look for 114.25.

Alternative scenario:

In the event of a downside breakout of 113.29, it would call for 112.95 and 112.74 as targets.

Resistance 114.04 114.25 114.45
Support 113.29 112.95 112.74
Oil gains yet again; Pound still dogged by Brexit
Gold

Last: 1,761.02

Pivot: 1,753.5

Review:

Gold traded lower, as it awaits US inflation for the next big move, closing the day at 1761.02.

Technical comment:

the RSI is above its neutrality area at 50. The MACD is below its signal line and positive. Prices could retrace in the short term. Gold is below its 20 period moving average (1761.40) but above its 50 period moving average (1758.70).

Preference scenario:

As long as 1753.50 is support, the next target to look for would be 1777.50.

Alternative scenario:

For a downside breakout of 1753.50, the next targets would be at 1744.50 and 1739 in extension.

Resistance 1,777.5 1,783 1,788.5
Support 1,753.5 1,744.5 1,739
Oil gains yet again; Pound still dogged by Brexit
Oil

Last: 80.59

Pivot: 81.23

Review:

US crude prices posted a fourth straight day of gains, settling firmly above $80 per barrel on Tuesday, as the trade awaited weekly inventory data that could show another build in a market paying scant attention to any negative data on oil.

Technical comment:

As long as 81.23 is resistance, look for choppy price action with a bearish bias.

Preference scenario:

A sell opporunity would arise if the price falls below 81.23, with targets at 80.00 and 79.46 in extension.

Alternative scenario:

In the case of an appreciation above 81.23, look for a further upside with 82.15 and 83.00 as targets.

Resistance 81.23 82.15 83
Support 80 79.46 78.65
Oil gains yet again; Pound still dogged by Brexit
EURUSD

Last: 1.153

Pivot: 1.1557

Review:

EURUSD traded lower, as rising energy prices fed worries inflation may dent economic growth.

Technical comment:

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.1539 and 1.1549).

Preference scenario:

In there is a negative price movement, the downside prevails as long as 1.1557 is resistance.

Alternative scenario:

For a price increase above above 1.1557, look for 1.1588 and 1.1606.

Resistance 1.1557 1.1588 1.1606
Support 1.1491 1.1473 1.1455
Oil gains yet again; Pound still dogged by Brexit
GBPUSD

Last: 1.3591

Pivot: 1.3614

Review:

The pound is unlikely to be rescued by the increasing odds of a Bank of England rate hike, as the currency may struggle to escape the clutches of stagflation just as the impact of Brexit begins to emerge.

Technical comment:

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.3600 and 1.3597).

Preference scenario:

In a price fall scenario, the downside prevails as long as 1.3614 is resistance.

Alternative scenario:

An upside breakout of 1.3614 would call for 1.3641 and 1.3657 as targets.

Resistance 1.3614 1.3641 1.3657
Support 1.3559 1.3543 1.3527
Oil gains yet again; Pound still dogged by Brexit

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