Daily Market Report: October 15, 2020
Today’s events & figures – Trade what you know Financial markets feed into world events and are their direct consequence. Keep a daily eye on our roundup of the day’s news, numbers and announcements.
October 15, 2020
Oil, Gold Climb for different reasons, cable awaits Johnson decision
U.S. stocks were lower after the close on Wednesday, as losses in the Telecoms, Consumer Services and Financials sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average lost 0.58%, while the S&P 500 index fell 0.66%, and the NASDAQ Composite index lost 0.80%.
The S&P 500 RSI calls for a new upleg.
Long positions above 3390.00 with targets at 3588.00 & 3745.00 in extension.
Below 3390.00 look for further downside with 3305.00 & 3210.00 as targets.
USD/JPY was up 0.1% at 105.50.
As long as the resistance at 106.90 is not surpassed, the risk of the break below 104.85 remains high.
Short positions below 106.90 with targets at 104.85 & 104.00 in extension.
Above 106.90 look for further upside with 108.15 & 109.65 as targets.
Gold was up on Wednesday morning in Asia, as hopes that the latest U.S. stimulus measures would be passed by Congress before the Nov. 3 presidential election, and a COVID-19 treatment would be launched quickly, were dashed.
The RSI has just struck against its neutrality area at 50% and is reversing down.
Short positions below 1935.00 with targets at 1848.00 & 1815.00 in extension.
Above 1935.00 look for further upside with 1980.00 & 2035.00 as targets.
Oil prices rebounded on Wednesday ahead of the U.S. government’s weekly report on stockpiles that could show large drawdowns due to data distortion caused by Hurricane Delta.
As long as 41.70 is resistance, expect a return to 36.60.
Short positions below 41.70 with targets at 36.60 & 35.40 in extension.
Above 41.70 look for further upside with 44.00 & 46.90 as targets.
EUR/USD was down 0.1% at 1.1744.
The RSI is mixed to bearish.
Short positions below 1.1850 with targets at 1.1610 & 1.1500 in extension.
Above 1.1850 look for further upside with 1.2015 & 1.2150 as targets.
GBP/USD rose 0.72% to $1.303. UK Prime Minister Boris Johnson is reportedly set to decide on Friday whether to walk away or continue talks with the EU, according to UK media reports. The prime minister will continue negotiations with European Commission president Ursula von der Leyen later on Wednesday.
The RSI is mixed to bearish.
Short positions below 1.3080 with targets at 1.2675 & 1.2500 in extension.
Above 1.3080 look for further upside with 1.3250 & 1.3480 as targets.
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