Daily Market Report: May 17, 2022
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May 17, 2022
US stocks mixed; Oil drops
Last: 12
Pivot: 12
Review:
US equities were mixed on Monday. At the close in NYSE, the Dow Jones Industrial Average gained 0.08%, while the S&P 500 index fell 0.39%, and the NASDAQ Composite index lost 1.20%.
Technical comment:
The RSI is around its neutrality area at 50%.
Preference scenario:
For long positions above 12070.00, check out fresh targets at 12720.00 and 12960.00 in extension.
Alternative scenario:
If the rate moves below 12070.00, look for a further downside with 11690.00 and 11440.00 as targets.
| Resistance | 12 | 12 | 13 |
| Support | 12 | 11 | 11 |
Last: 1.2829
Pivot: 1.2875
Review:
The USD/CAD pair is oscillating below 1.2850 after a sheer downside fall from a high of 1.3076 published last week.
Technical comment:
The RSI lacks upward momentum.
Preference scenario:
Should the rate slide below 1.2875, look for targets at 1.2805 and 1.2770 in extension.
Alternative scenario:
In the event of a price rise above 1.2875, look for a further upside with 1.2915 and 1.2950 as targets.
| Resistance | 1.2875 | 1.2915 | 1.295 |
| Support | 1.2805 | 1.277 | 1.274 |
Last: 1,825
Pivot: 1,810.00
Review:
Gold price (XAU/USD) is establishing itself above $1,820.00 after finding an intense responsive buying action below the psychological support of $1,800.00 on Friday.
Technical comment:
The RSI shows upside momentum.
Preference scenario:
For long positions above 1810.00, discover new targets at 1832.00 and 1844.00 in extension.
Alternative scenario:
Should the rate slide below 1810.00, look for a further downside with 1802.00 and 1795.00 as targets.
| Resistance | 1,832 | 1,844 | 1,858.00 |
| Support | 1,810.00 | 1,802.00 | 1,795 |
Last: 114.20
Pivot: 111.3
Review:
Crude oil fell by 52 cents, or 0.5%, to the rate of $113.68 a barrel.
Technical comment:
The RSI advocates for further advance.
Preference scenario:
If the rate moves above 111.30, look for targets at 115.50 and 117.50 in extension.
Alternative scenario:
If the price moves below 111.30, look for a further downside with 109.80 and 108.00 as targets.
| Resistance | 115.50 | 117.50 | 120 |
| Support | 111.3 | 109.8 | 108.00 |
Last: 1.0446
Pivot: 1.0420
Review:
The EUR/USD pair is displaying back and forth moves in a tight range of 1.0428-1.0443 after a modest upside move from a low of 1.0354 last week.
Technical comment:
The RSI lacks downward momentum.
Preference scenario:
In the event of a price decline below 1.0420, look for a further downside with 1.0400 and 1.0385 as targets.
Alternative scenario:
If the price climbs above 1.0420, look for targets at 1.0460 and 1.0480 in extension.
| Resistance | 1.046 | 1.048 | 1.05 |
| Support | 1.042 | 1.04 | 1.0385 |
Last: 1.2341
Pivot: 1.23
Review:
GBP/USD grinds higher past 1.2300, keeping the two-day recovery moves from the lowest levels since mid-2020.
Technical comment:
The break above 1.2300 is a positive signal that has opened a path to 1.2360.
Preference scenario:
For long positions above 1.2300, find new targets at 1.2360 and 1.2390 in extension.
Alternative scenario:
Should the rate drop below 1.2300, look for a further downside with 1.2270 and 1.2235 as targets.
| Resistance | 1.236 | 1.239 | 1.242 |
| Support | 1.23 | 1.227 | 1.2235 |
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