Daily Market Report: September 27, 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.

September 27, 2021

Gold Futures Down, Oil Up

US Stock Market

Last: 4,458

Pivot: 4,400

Review:

US stocks were mixed after the close on Friday, as gains in the Oil & Gas, Consumer Services and Financials sectors led shares higher while losses in the Healthcare, Telecoms and Utilities sectors led shares lower. At the close on NYSE, the Dow Jones Industrial Average added 0.10%, while the S&P 500 index added 0.15%, and the NASDAQ Composite index declined 0.03%.

Technical comment:

On the S&P 500 chart, the RSI advocates further advance.

Preference scenario:

An opportunity to go long will present itself if the price breaks out above 4400.00, thus clearing the path towards the next targets at 4490.00 and 4546.00 in extension.

Alternative scenario:

On the flip side, should it break below 4400.00, then the further downside path will be open, with 4305.00 and 4235.00 as targets.

Resistance 4 4 4
Support 4 4 4
Gold Futures Down, Oil Up
USDJPY

Last: 110.79

Pivot: 110.5

Review:

Earlier in the Asian session, the USDJPY pair traded in a narrow range of 11 pips, within 110.23-34, but as European traders got to their desk, the pair is edging higher. At the time of writing, USDJPY is trading at 110.69, recording a gain of 0.34% during the day.

Technical comment:

The RSI calls for a new upleg.

Preference scenario:

Traders may start looking for n opportunity to enter long positions, if the price climbs above 110.50 and heading to the next targets at 111.00 and 111.20 in extension.

Alternative scenario:

A dip below 110.50 would be the beginning of downside reversal with 110.25 and 110.00 as targets.

Resistance 111 111.2 111.4
Support 110.5 110.25 110
Gold Futures Down, Oil Up
Gold

Last: 1,758

Pivot: 1,745

Review:

US gold futures’ most active contract, December, settled down $1.90, or 0.1%, at $1,751.70 per ounce on New York’s Comex.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

Traders will find at least one opportunity to go long if the price breaks above 1745.00 and continues climbing to its next targets at 1764.00 and 1775.00 in extension.

Alternative scenario:

Should the price break out below 1745.00, the further downside path would be open, with 1737.00 and 1730.00 as targets.

Resistance 1 1 1
Support 1 1 1
Gold Futures Down, Oil Up
Oil

Last: 74.62

Pivot: 73.85

Review:

US crude rose 132 cents to $75.30.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

The price rising above 73.85 will give traders a shot in the arm to go long, with targets at 75.05 and 75.75 in extension.

Alternative scenario:

Contrarian to this scenario, should it break out below 73.85, a further downside path would be open, with 73.00 and 72.50 as targets.

Resistance 75.05 75.75 76.4
Support 73.85 73 72.5
Gold Futures Down, Oil Up
EURUSD

Last: 1.1719

Pivot: 1.1735

Review:

The EURUSD pair declined to a daily low of 1.1701 in the early American session but managed to erase a large portion of its daily losses.

Technical comment:

As long as the resistance at 1.1735 is not surpassed, the risk of the break below 1.1700 remains high.

Preference scenario:

Short-sellers will jump into the fray if the price breaks out below 1.1735, setting the pair en route to 1.1700 and 1.1685 in extension.

Alternative scenario:

A rise above 1.1735 will open the upside with 1.1750 and 1.1765 as targets.

Resistance 1.1735 1.175 1.1765
Support 1.17 1.1685 1.166
Gold Futures Down, Oil Up
GBPUSD

Last: 1.3669

Pivot: 1.3695

Review:

The GBPUSD pair could accelerate to the downside if the 1.3600 support area is broken, according to analysts at MUFG Bank.

Technical comment:

A breakout below 1.3650 would trigger a drop towards 1.3630.

Preference scenario:

An opportunity to go short will unfold if the price dips below 1.3695, making 1.3650 the next target with 1.3630 in extension.

Alternative scenario:

Conversely, should the price surpass 1.3695, the downl;eg would further extend to 1.3715 and 1.3735 as targets.

Resistance 1.3695 1.3715 1.3735
Support 1.365 1.363 1.361
Gold Futures Down, Oil Up

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.

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