Daily Market Report: September 9, 2021
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September 9, 2021
Crude steadies as hurricane worries ebb
US stocks were lower after the close on Wednesday, as losses in the Oil & Gas, Basic Materials and Technology sectors led shares lower. At the close on NYSE, the Dow Jones Industrial Average fell 0.20%, while the S&P 500 index lost 0.13%, and the NASDAQ Composite index fell 0.57%.
The RSI is above its neutrality area at 50%.
Traders may feel urged to open long positions if the price breaks out above 15530.00. This will open the upside, with targets at 15700.00 and 15750.00 in extension.
A breakout below 15530.00 will open the downside with 15460.00 and 15370.00 as targets.
The USDCAD pair rallied sharply but settled well off the session highs closing above support near the 10-day Moving Average at 1.2603.
The RSI is bullish and calls for further upside.
Buyers may benefit from a window of opportunity if the price conquers the 1.2650 level and continues to mount. This will open the upside with targets at 1.2730 and 1.2760 in extension.
Should the price break out below 1.2650, the downside would then be clear with 1.2620 and 1.2590 as targets.
Gold took a fresh hard tumble beneath the key $1,800 an ounce level on Wednesday before settling in the red again for a fourth day in a row as a rebounding dollar capped a comeback by the yellow metal.
The RSI is bearish and calls for further decline.
Traders looking for an opportunity to go short on Gold may find it if the price dips further below 1800.00. This would make 1781.00 the next target, with 1770.00 in extension.
An opportunity to enter the market would unfold if the price moved above 1800.00, with 1807.00 and 1815.00 as targets.
Oil was steady above $69 a barrel as the slow return of US output halted by Hurricane Ida more than a week ago tightened the market.
The RSI lacks downward momentum.
An opportunity to go long will present itself if the price slashes through the 68.50 level and continues advancing, with targets at 69.75 and 70.30 in extension.
Should the price tumble below 68.50, further downside advancement would be imminent, with 68.05 and then 67.65 next in focus.
EURUSD fell 0.1% to 1.1833.
As long as the resistance at 1.1830 is not surpassed, the risk of the break below 1.1800 remains high.
Any dip below 1.1830 would make 1.1800 the next target with 1.1785 in extension.
In comparison, a breakout above 1.1830 would clear the upside with 1.1845 and 1.1860 as targets.
GBPUSD dropped 0.2% to 1.3760.
The upward potential is likely to be limited by the strong resistance at 1.3790.
Short-term action is likely if the price sinks below 1.3790. If this were to happen, the next targets would be at 1.3745 and 1.3725 in extension.
The opposite scenario would materialise with a breakout above 1.3790, opening the upside path with 1.3810 and 1.3830 as targets.
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