Daily Market Report: October 11, 2021

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 11, 2021

Oil rises; Euro hampered by ECB’s dovish stance

US Stock Market

Last: 14,821

Pivot: 15,030

Review:

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%.

Technical comment:

The RSI is bearish and calls for further downside.

Preference scenario:

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.

Alternative scenario:

Should the price rise above 15030.00, traders could look for a further upside with 15340.00 and 15700.00 as targets.

Resistance 15,030 15,340 15,700
Support 14,380 14,060 13,780
Oil rises; Euro hampered by ECB’s dovish stance
USDJPY

Last: 112.26

Pivot: 111.9

Review:

USDJPY traded higher on Friday, continuing its bullish climb in October, closing at 112.26.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

A price climb above 111.90 could provide an opportunity for a further upside, with 112.50 a target and 112.70 in extension.

Alternative scenario:

In the scenario where the price falls below 111.90, traders could seek a further downside with 111.70 and 111.50 as targets.

Resistance 112.5 112.7 112.9
Support 111.9 111.7 111.5
Oil rises; Euro hampered by ECB’s dovish stance
Gold

Last: 1,754

Pivot: 1,763

Review:

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.

Technical comment:

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

Preference scenario:

If there is a price breakout below 1763.00, targets to have in mind would be 1745.00 and 1740.00 in extension.

Alternative scenario:

For an upward move above 1763.00, look for a further upside with 1770.00 and 1779.00 as targets.

Resistance 1,763 1,770 1,779
Support 1,745 1,740 1,735
Oil rises; Euro hampered by ECB’s dovish stance
Oil

Last: 79.95

Pivot: 79.15

Review:

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.

Technical comment:

The RSI is mixed to bullish.

Preference scenario:

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.

Alternative scenario:

For a price dip below the 79.15 mark, look for further downside with 78.65 and 78.10 as targets.

Resistance 80.4 81 82
Support 79.15 78.65 78.1
Oil rises; Euro hampered by ECB’s dovish stance
EURUSD

Last: 1.1564

Pivot: 1.1555

Review:

The euro remains a laggard among G10 currencies, weighed down by the European Central bank's dovish stance.

Technical comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Preference scenario:

If there is an upward price movement above 1.1555, the next targets could be at 1.1585 and 1.1600 in extension.

Alternative scenario:

Should the price slide below 1.1555, look for a further downside with 1.1540 and 1.1525 as targets.

Resistance 1.1585 1.16 1.1615
Support 1.1555 1.154 1.1525
Oil rises; Euro hampered by ECB’s dovish stance
GBPUSD

Last: 1.3614

Pivot: 1.364

Review:

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.

Technical comment:

The RSI advocates for further decline.

Preference scenario:

For short positions below 1.3640, traders may seek a further downside with targets at 1.3580 and 1.3560 in extension.

Alternative scenario:

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.

Resistance 1.364 1.366 1.368
Support 1.358 1.356 1.354
Oil rises; Euro hampered by ECB’s dovish stance

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