Daily Market Report: January 11, 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.

January 11, 2021

A Quiet Day on the Economic Data Front

U.S. Stock Market

Last: 12,924.52

Pivot: 12,170.00

Review:

U.S. stock market showed mixed figures after the close on Friday, as gains in the Consumer Goods, Utilities and Technology sectors led shares higher, while losses in the Telecoms, Basic Materials and Industrials sectors pushed stocks in the opposite direction. At the close in NYSE, the Dow Jones Industrial Average declined 0.06%, while the S&P 500 index added 0.26% to its value, and the NASDAQ Composite index gained 0.61%.

Technical comment:

The NASDAQ 100 RSI is mixed with a bullish bias.

Preference scenario:

Long positions above 12,170.00 with targets at 13,100.00 & 13,800.00 in extension.

Alternative scenario:

Below 12,170.00, look for further downside with 11,500.00 & 10,960.00 as targets.

Resistance 13,100 13,800 14,000
Support 12,170 11,500 10,960
A Quiet Day on the Economic Data Front
USD/CAD

Last: 1.2725

Pivot: 1.2685

Review:

The Canadian dollar rose to close at 1.2697.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

Long positions above 1.2685 with targets at 1.2745 & 1.2775 in extension.

Alternative scenario:

Below 1.2685, look for further downside with 1.2660 & 1.2630 as targets.

Resistance 1.2745 1.2775 1.278
Support 1.2685 1.266 1,827
A Quiet Day on the Economic Data Front
Gold

Last: 1,827

Pivot: 1,856.00

Review:

Gold traded higher on Thursday, closing at 1914.23.

Technical comment:

The RSI is bearish and calls for further downside.

Preference scenario:

Short positions below 1856.00 with targets at 1800.00 & 1775.00 in extension.

Alternative scenario:

Above 1856.00, look for further upside with 1877.00 & 1894.00 as targets.

Resistance 1,856 1,877 1,894
Support 1,800 1,775 1,765
A Quiet Day on the Economic Data Front
Oil

Last: 52.27

Pivot: 51.40

Review:

New York-traded West Texas Intermediate, the key indicator for U.S. crude, did a final trade of $52.61 per barrel, after settling Friday’s official session up $1.41, or 2.8%, at $52.24 per barrel. For the week, WTI rose $3.72, or nearly 7.7%, for the biggest weekly gain since November.

Technical comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Preference scenario:

Long positions above 51.40 with targets at 52.75 & 53.45 in extension.

Alternative scenario:

Below 51.40, look for further downside with 50.90 & 50.45 as targets.

Resistance 52.75 53.45 54.15
Support 51.4 50.9 50.45
A Quiet Day on the Economic Data Front
EUR/USD

Last: 1.2177

Pivot: 1.2230

Review:

EUR/USD fell 0.1% to 1.2262, after earlier reaching an almost three-year high of 1.2346.

Technical comment:

The RSI is bearish and calls for further downside.

Preference scenario:

Short positions below 1.2230 with targets at 1.2135 & 1.2115 in extension.

Alternative scenario:

Above 1.2230, look for further upside with 1.2255 & 1.2285 as targets.

Resistance 1.223 1.2255 1.2285
Support 1.2135 1.2115 1.21
A Quiet Day on the Economic Data Front
GBP/USD

Last: 1.351

Pivot: 1.3545

Review:

The GBP/USD pair climbed 0.1% to 1.3579.

Technical comment:

A break below 1.3500 would trigger a drop towards 1.3460.

Preference scenario:

Short positions below 1.3545 with targets at 1.3500 & 1.3460 in extension.

Alternative scenario:

Above 1.3545, look for further upside with 1.3590 & 1.3630 as targets.

Resistance 1.3545 1.359 1.363
Support 1.35 1.346 1.343
A Quiet Day on the Economic Data Front

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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