Daily Market Report: October 13, 2021
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October 13, 2021
Oil gains yet again; Pound still dogged by Brexit
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%.
The RSI is mixed to bearish.
For short positions below 15000.00, the next targets would be at 14530.00 and 14390.00 in extension.
For a breakout above 15000.00, look for a further upside with 15115.00 and 15240.00 as targets.
USDJPY continues to climb to levels not reached since 2018.
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).
The upside prevails as long as 113.29 is support, look for 114.25.
In the event of a downside breakout of 113.29, it would call for 112.95 and 112.74 as targets.
Gold traded lower, as it awaits US inflation for the next big move, closing the day at 1761.02.
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).
As long as 1753.50 is support, the next target to look for would be 1777.50.
For a downside breakout of 1753.50, the next targets would be at 1744.50 and 1739 in extension.
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.
As long as 81.23 is resistance, look for choppy price action with a bearish bias.
A sell opporunity would arise if the price falls below 81.23, with targets at 80.00 and 79.46 in extension.
In the case of an appreciation above 81.23, look for a further upside with 82.15 and 83.00 as targets.
EURUSD traded lower, as rising energy prices fed worries inflation may dent economic growth.
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).
In there is a negative price movement, the downside prevails as long as 1.1557 is resistance.
For a price increase above above 1.1557, look for 1.1588 and 1.1606.
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.
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).
In a price fall scenario, the downside prevails as long as 1.3614 is resistance.
An upside breakout of 1.3614 would call for 1.3641 and 1.3657 as targets.
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