Saturday, October 16, 2021 marketupdate@ICMCapital.co.uk
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Market Comment
NA
Calendar
US SEP Monthly Budget Satement (B USD) exp: -184 prev: -171
14:15 US SEP Industrial Capacity Utilization exp: 76.4% prev: 76.44%
14:15 US SEP Industrial Production (MoM) exp: 0% prev: 0.4%
15:00 US OCT NAHB Housing Market exp: NA prev: 76
Forex Last %1D %YTD
EUR/USD 1.1600 0.03 -5.00
USD/JPY 114.27 0.54 10.60
GBP/USD 1.3741 0.50 0.50
Commodities Last %1D %YTD
Gold 1,767.1000 -1.60 -6.90
Silver 23.3195 -0.85 -11.70
Crude Oil 82.2900 1.21 72.00
EUR/USD intraday: our next up target stands at 1.1657 Next
Our pivot point stands at 1.1575.

Our preference: our next up target stands at 1.1657.

Alternative scenario: the downside breakout of 1.1575 would call for 1.1544 and 1.1525.

Comment: the RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.1599 and 1.1601).

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
EUR/JPY intraday: as long as 132.22 is support look for 133.24 Previous  | Next
Our pivot point stands at 132.22.

Our preference: as long as 132.22 is support look for 133.24.

Alternative scenario: below 132.22, expect 131.84 and 131.60.

Comment: the RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (132.56) but above its 50 period moving average (132.33).

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
GBP/USD intraday: as long as 1.3717 is support look for 1.3800 Previous  | Next
Our pivot point stands at 1.3717.

Our preference: as long as 1.3717 is support look for 1.3800.

Alternative scenario: below 1.3717, expect 1.3689 and 1.3673.

Comment: the RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is below its 20 period moving average (1.3749) but above its 50 period moving average (1.3711).

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
GBP/JPY intraday: as long as 156.62 is support look for 157.87 Previous  | Next
156.62 is our pivot point.

Our preference: as long as 156.62 is support look for 157.87.

Alternative scenario: the downside breakout of 156.62 would call for 156.14 and 155.86.

Comment: the RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (157.14) but above its 50 period moving average (156.42).

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
USD/JPY intraday: as long as 113.95 is support look for 114.88 Previous  | Next
Our pivot point stands at 113.95.

Our preference: as long as 113.95 is support look for 114.88.

Alternative scenario: the downside breakout of 113.95 would call for 113.60 and 113.40.

Comment: the RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (114.28) but above its 50 period moving average (114.07).

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
USD/CAD intraday: the upside prevails as long as 1.2353 is support Previous  | Next
Our pivot point stands at 1.2353.

Our preference: the upside prevails as long as 1.2353 is support.

Alternative scenario: below 1.2353, expect 1.2320 and 1.2301.

Comment: the RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.2374 and 1.2366).

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Crude Oil (WTI) (X1) Intraday: towards 82.80. Previous  | Next
Pivot: 81.50

Our preference: long positions above 81.50 with targets at 82.80 & 83.10 in extension.

Alternative scenario: below 81.50 look for further downside with 80.90 & 80.35 as targets.

Comment: the next resistances are at 82.80 and then at 83.10.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Brent (ICE) (Z1) Intraday: intraday support around 84.40. Previous  | Next
Pivot: 84.40

Our preference: long positions above 84.40 with targets at 85.10 & 85.70 in extension.

Alternative scenario: below 84.40 look for further downside with 84.00 & 83.20 as targets.

Comment: the next resistances are at 85.10 and then at 85.70.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Dow Jones (CME) (Z1) Intraday: bullish bias above 34880.00. Previous  | Next
Pivot: 34880.00

Our preference: long positions above 34880.00 with targets at 35360.00 & 35500.00 in extension.

Alternative scenario: below 34880.00 look for further downside with 34680.00 & 34340.00 as targets.

Comment: the RSI is above its neutrality area at 50%.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Gold intraday: the RSI is oversold Previous 
Our pivot point stands at 1760.50.

Our preference: short term rebound towards 1783.00.

Alternative scenario: below 1760.50, expect 1752 and 1747.50.

Comment: the RSI is trading below 30. This could mean that either prices are in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and above its signal line. The configuration is mixed. Gold stands below its 20 and 50 period moving average (respectively at 1772.80 and 1785.40).

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

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