Daily Market Report: August 4, 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.
August 4, 2021
U.S. Stocks Finish in the Green While the Delta Suppresses Oil’s Growth
Last: 4,420
Pivot: 4,390
Review:
U.S. stocks were higher after the close on Tuesday, as gains in the Oil & Gas, Healthcare and Basic Materials sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average added 0.80%, while the S&P 500 index climbed 0.82%, and the NASDAQ Composite index gained 0.55%.
Technical comment:
The S&P 500 RSI advocates for further advance.
Preference scenario:
Long positions above 4390.00 with targets at 4440.00 & 4460.00 in extension.
Alternative scenario:
Below 4390.00, look for further downside with 4372.00 & 4350.00 as targets.
| Resistance | 4,440 | 4,460 | 4,500 |
| Support | 4,390 | 4,372 | 4,350 |
Last: 108.98
Pivot: 109.2
Review:
The USD/JPY pair has extended its slump to 108.87, its lowest since May 26. The pair bounced from such a low, but ended the day in the red in the 109.10 price zone
Technical comment:
The RSI is bearish and calls for further decline.
Preference scenario:
Short positions below 109.20 with targets at 108.85 & 108.70 in extension.
Alternative scenario:
Above 109.20, look for further upside with 109.35 & 109.50 as targets.
| Resistance | 109.2 | 109.35 | 109.5 |
| Support | 108.85 | 108.7 | 108.55 |
Last: 1,810
Pivot: 1,805
Review:
Spot gold dropped 0.2% to $1,810.05 an ounce
Technical comment:
A support base at 1805.00 has formed and has allowed for a temporary stabilisation.
Preference scenario:
Long positions above 1805.00 with targets at 1815.00 & 1819.00 in extension.
Alternative scenario:
Below 1805.00, look for further downside with 1800.00 & 1792.00 as targets.
| Resistance | 1,815 | 1,819 | 1,826 |
| Support | 1,805 | 1,800 | 1,792 |
Last: 70.41
Pivot: 70.95
Review:
Oil settled lower on Tuesday, as concern about rising cases of the Delta coronavirus variant outweighed expectations for another weekly draw in U.S. inventories that had boosted prices early.
Technical comment:
The RSI has just struck against its neutrality area at 50% and is reversing down.
Preference scenario:
Short positions below 70.95 with targets at 69.80 & 69.20 in extension.
Alternative scenario:
Above 70.95, look for further upside with 71.50 & 71.95 as targets.
| Resistance | 70.95 | 71.5 | 71.95 |
| Support | 69.8 | 69.2 | 68.8 |
Last: 1.1869
Pivot: 1.185
Review:
The EUR/USD pair advanced to 1.1892 during European trading hours, currently trading in the 1.1860 price zone
Technical comment:
The RSI calls for a rebound.
Preference scenario:
Long positions above 1.1850 with targets at 1.1895 & 1.1910 in extension.
Alternative scenario:
Below 1.1850, look for further downside with 1.1835 & 1.1820 as targets.
| Resistance | 1.1895 | 1.191 | 1.1925 |
| Support | 1.185 | 1.1835 | 1.182 |
Last: 1.3915
Pivot: 1.389
Review:
The GBP/USD pair trades a handful of pips above the 1.3900 level, posting a modest intraday advance.
Technical comment:
The RSI calls for a bounce.
Preference scenario:
Long positions above 1.3890 with targets at 1.3935 & 1.3950 in extension.
Alternative scenario:
Below 1.3890, look for further downside with 1.3875 & 1.3860 as targets.
| Resistance | 1.3935 | 1.395 | 1.397 |
| Support | 1.389 | 1.3875 | 1.386 |
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