Daily Market Report: October 14, 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 14, 2021

GBPUSD extends gains; Gold continues to shine

US Stock Market

Last: 4

Pivot: 4

Review:

US stocks were mixed after the close on Wednesday, as gains in the utilities, basic materials and technology sectors led shares higher while losses in the financials, telecoms and healthcare sectors led shares lower. At the close in the NYSE, the Dow Jones Industrial Average fell 0.00%, while the S&P 500 index added 0.30%, and the NASDAQ Composite index climbed 0.73%.

Technical comment:

As long as 4383.00 is resistance for S&P 500, there would be a likely decline to 4327.00.

Preference scenario:

For taking short positions below 4383.00, look for targets at 4327.00 and 4306.00 in extension.

Alternative scenario:

In the event of an upsided breakout above 4383.00, traders could look for a further upside with 4428.00 and 4462.00 as targets.

Resistance 4 4 4
Support 4 4 4
GBPUSD extends gains; Gold continues to shine
USDJPY

Last: 113.29

Pivot: 113.5

Review:

The US dollar is regaining some ground against the Japanese yen on Wednesday’s US trading session. The pair’s reversal from three-year highs at 113.80 has found support at 113.25, before ticking up to 113.45.

Technical comment:

As long as 113.50 is resistance, look for choppy price action with a bearish bias.

Preference scenario:

A sell opportunity could arise if the price dips below 113.50, with targets at 113.10 and 112.95 in extension.

Alternative scenario:

For a price climb above 113.50, look for a further upside with 113.65 and 113.80 as targets.

Resistance 113.5 113.65 113.8
Support 113.1 112.95 112.8
GBPUSD extends gains; Gold continues to shine
Gold

Last: 1,791

Pivot: 1,775

Review:

Gold, usually seen as a hedge against inflation, shone as a softer dollar added to its strength. Spot gold jumped 1.9% to $1,792.91 an ounce.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

For a price appreciation above 1775.00, seek targets at 1805.00 and 1815.00 in extension.

Alternative scenario:

Should there be a breakout below 1775.00,ook for a further downside with 1767.00 and 1758.00 as targets.

Resistance 1,805 1,815 1,821
Support 1,775 1,767 1,758
GBPUSD extends gains; Gold continues to shine
Oil

Last: 80.65

Pivot: 81.1

Review:

The U.S. crude oil price fell 0.15%, down to $80.52 per barrel.

Technical comment:

As long as 81.10 is resistance, look for choppy price action with a bearish bias.

Preference scenario:

If the price dips below 81.10, traders may look for a further downside with targets at 79.90 and 79.45 in extension.

Alternative scenario:

In the event of an upside movement of 81.10, traders could seek a further upside with 81.60 and 82.15 as targets.

Resistance 81.1 81.6 82.15
Support 79.9 7,945 78.65
GBPUSD extends gains; Gold continues to shine
EURUSD

Last: 1.1596

Pivot: 1.1575

Review:

The EUR/USD advances as the Asian session begins trading at 1.1597, barely up 0.04% during the day at the time of writing.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

In the case of a positive upward trend above 1.1575, look for targets at 1.1610 and 1.1625 in extension.

Alternative scenario:

In the event of a depreciation below 1.1575, look for a further downside with 1.1560 and 1.1540 as targets.

Resistance 1.161 1.1625 1.164
Support 1.1575 1.156 1.154
GBPUSD extends gains; Gold continues to shine
GBPUSD

Last: 1.3665

Pivot: 1.363

Review:

The GBP/USD pair extends gains on Thursday. The pair touched a high of 1.3667 in the previous session composed of nearly 100-pips movement.

Technical comment:

The RSI advocates for further advance.

Preference scenario:

For a breakout above 1.3630, look for a further upside with targets at 1.3700 and 1.3720 in extension.

Alternative scenario:

Should the price fall below 1.3630, look for further downside with the next targets at 1.3610 and 1.3590 in extension.

Resistance 1.37 1.372 1.374
Support 1.363 1.361 1.359
GBPUSD extends gains; Gold continues to shine

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. Trade360 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. Trade360 cannot be held liable for any information provided by Trading Central. Trade360 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 Trade360, a third party or otherwise.

Trade with a Licenced Broker

Search

RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68.01% of retail investor accounts lose money when trading CFDs with Trade360. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Learn more about managing risks.