Daily Market Report: August 4, 2021

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August 4, 2021

U.S. Stocks Finish in the Green While the Delta Suppresses Oil’s Growth

U.S. Stock Market

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
U.S. Stocks Finish in the Green While the Delta Suppresses Oil’s Growth
USD/JPY

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
U.S. Stocks Finish in the Green While the Delta Suppresses Oil’s Growth
Gold

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
U.S. Stocks Finish in the Green While the Delta Suppresses Oil’s Growth
Oil

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
U.S. Stocks Finish in the Green While the Delta Suppresses Oil’s Growth
EUR/USD

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
U.S. Stocks Finish in the Green While the Delta Suppresses Oil’s Growth
GBP/USD

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
U.S. Stocks Finish in the Green While the Delta Suppresses Oil’s Growth

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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