Daily Market Report: July 23, 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.
July 23, 2021
NASDAQ on the rise; Gold Oil up
Last: 14.00
Pivot: 14.00
Review:
U.S. stocks were higher after the close on Thursday, as gains in the Technology, Healthcare and Consumer Services sectors drove shares higher. At the close on NYSE, the Dow Jones Industrial Average rose 0.07%, while the SandP 500 index gained 0.20%, and the NASDAQ Composite index climbed 0.36%.
Technical comment:
On the Nasdaq Composite chart, the RSI advocates for further advance.
Preference scenario:
If the price manages to travel above 14865.00, it will open the path towards 15000.00 and 15125.00 in extension.
Alternative scenario:
If it drops below 14865.00, further downside action looms, with 14790.00 and 14710.00 as targets.
| Resistance | 15.00 | 15.00 | 15.00 |
| Support | 14.00 | 14.00 | 14.00 |
Last: 1.2559
Pivot: 1.26
Review:
At the time of writing, the USDCAD pair is trading at 1.2575 and up slightly by 0.14%, after climbing from a low of 1.2529 and reaching a high at 1.2594.
Technical comment:
As long as the 1.2600 resistance is not surpassed, the risk of a break below 1.2520 remains high.
Preference scenario:
Short-selling action might be triggered by a breakout below 1.2600, with targets at 1.2520 and 1.2490 in extension.
Alternative scenario:
Should the price rise above 1.2600, it would call for further upside, with 1.2635 and 1.2670 as targets.
| Resistance | 1.26 | 1.2635 | 1.267 |
| Support | 1.252 | 1.249 | 1.246 |
Last: 1.00
Pivot: 1.00
Review:
Gold futures traded up $2.20 and settled at $1807.60.
Technical comment:
The RSI calls for a bounce.
Preference scenario:
Traders will start looking for an opportunity to go long should the price climb above 1799.00, with targets at 1814.00 and 1819.00 in extension.
Alternative scenario:
Otherwise, should it break below 1799.00, it would clear the way for further downside, with 1792.00 and 1785.00 as targets.
| Resistance | 1.00 | 1.00 | 1.00 |
| Support | 1.00 | 1.00 | 1.00 |
Last: 71.71
Pivot: 70.1
Review:
Oil prices rose about $1.50 a barrel on Thursday, extending strong gains made in the previous sessions on expectations of tighter supplies until the end of the year as economies recover from the pandemic.
Technical comment:
The RSI is bullish and calls for further upside.
Preference scenario:
A window of opportunity for long positions could present itself if the price rose above 70.10, with targets at 73.15 and 74.25 in extension.
Alternative scenario:
Alternatively, should it slip below 70.10, it would make room for further downside, with 69.00 and 67.80 as targets.
| Resistance | 73.15 | 74.25 | 74.85 |
| Support | 70.1 | 69 | 67.8 |
Last: 1.1775
Pivot: 1.1755
Review:
After spending the first half of the day moving sideways in a tight range around 1.1800, the EURUSD pair gained traction and climbed to a daily high of 1.1831 before reversing its direction.
Technical comment:
A support base at 1.1755 has formed and has allowed for a temporary stabilisation.
Preference scenario:
If the price breaks above 1.1755, it will likely stir some buying action, with targets at 1.1790 and 1.1810 in extension.
Alternative scenario:
If it breaks below 1.1755, a further downside path would then be open, with 1.1740 and 1.1725 as targets.
| Resistance | 1.179 | 1.181 | 1.183 |
| Support | 1.1755 | 1.174 | 1.1725 |
Last: 1.3775
Pivot: 1.374
Review:
The GBPUSD pair edged higher on Thursday, ending the day around 1.3775, not far from a daily high of 1.3787.
Technical comment:
The RSI is bullish and calls for further upside.
Preference scenario:
Long positions would be an option should the price rise above 1.3740, with targets at 1.3800 and 1.3830 in extension.
Alternative scenario:
IIf it falls below 1.3740, the further downside path will be open, with 1.3715 and 1.3690 as targets.
| Resistance | 1.38 | 1.383 | 1.386 |
| Support | 1.374 | 1.3715 | 1.369 |
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