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Market Outlook
Daily Technical Analysis: Crypto, Stocks, and Gold Drop Ahead of CPI!

Daily Technical Analysis: Crypto, Stocks, and Gold Drop Ahead of CPI!

10-12-2021 10:49

ZFX – Today's daily analysis will focus on Forex, Indices, Cryptocurrencies (Ethereum) and American Stocks (Tesla). Also, at the end of the article there is a NAS100 trading idea (signal) that might be an insight for you.

Every afternoon during the London session, ZFX brings you a technical analysis or Outlook in a video form. You can watch it by clicking here.

So, How Does the Pre-New York Analysis Look Like Today?

Before you start trading, you need to do some analysis first. Here's a little summary of today's market picture (10/12/2021) from our ZFX Analysts:

XAUUSD Technical Analysis - Commodities

XAUUSD Technical Analysis
Graph taken from TradingView

XAUUSD (Gold) broke the $1780,000 area. As expected yesterday, gold continued its decline with the daily target of support at the level of $1763,098. In short term, gold is still bearish. However, if this support has a strong demand with the release of CPI data later, Gold can go back up to $1790 and even return above the $1810 area. Let's be patient in waiting for the CPI data tonight.

ETHUSD Technical Analysis - Cryptocurrency

ETHUSD Technical Analysis
Graph taken from TradingView

ETHUSD broke the trendline support. As expected yesterday's analysis, ETH continues its decline towards the current $4000 level, the next target is the $3800 area. As long as ETHUSD does not break the $4800 resistance level, it is still bearish in the short term.

Tesla Technical Analysis - American Stocks

TSLA Technical Analysis
Graph taken from TradingView

Tesla dropped more than -6% today. Tesla seems to follow the movement of the crypto market. This is because we know that Tesla is one of the largest Bitcoin holding companies in the World. Tesla's current support level is the $980 area. If, this support breaks, Tesla can drop further towards the $878.22 level. Tesla can be a good investment, if you also believe that Crypto will again set a new ATH record.

Trading Idea - NAS100 (Buy Limit)

NAS100 Trading Idea
Graph taken from TradingView

Order: Buy Limit
Entry: 15815.92
Stop Loss: 15500
Target 1:  16400 (50% + BE)
Target 2: 16722.97 (25%)
Target 3: Open (25%)
Risk total: 1-2% Equity (Medium Risk Setup)
Reason: Bullish Market Structure, Expected to Reject Support Trendline.

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Disclaimer: Trading ideas by this website are provided as general market information for educational purposes. There is a risk of losing money in trading. Past performance is not necessarily indicative of future results.

Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.

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