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
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%.
The S&P 500 RSI advocates for further advance.
Long positions above 4390.00 with targets at 4440.00 & 4460.00 in extension.
Below 4390.00, look for further downside with 4372.00 & 4350.00 as targets.
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
The RSI is bearish and calls for further decline.
Short positions below 109.20 with targets at 108.85 & 108.70 in extension.
Above 109.20, look for further upside with 109.35 & 109.50 as targets.
Spot gold dropped 0.2% to $1,810.05 an ounce
A support base at 1805.00 has formed and has allowed for a temporary stabilisation.
Long positions above 1805.00 with targets at 1815.00 & 1819.00 in extension.
Below 1805.00, look for further downside with 1800.00 & 1792.00 as targets.
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.
The RSI has just struck against its neutrality area at 50% and is reversing down.
Short positions below 70.95 with targets at 69.80 & 69.20 in extension.
Above 70.95, look for further upside with 71.50 & 71.95 as targets.
The EUR/USD pair advanced to 1.1892 during European trading hours, currently trading in the 1.1860 price zone
The RSI calls for a rebound.
Long positions above 1.1850 with targets at 1.1895 & 1.1910 in extension.
Below 1.1850, look for further downside with 1.1835 & 1.1820 as targets.
The GBP/USD pair trades a handful of pips above the 1.3900 level, posting a modest intraday advance.
The RSI calls for a bounce.
Long positions above 1.3890 with targets at 1.3935 & 1.3950 in extension.
Below 1.3890, look for further downside with 1.3875 & 1.3860 as targets.
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