Daily Market Report: January 13, 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 13, 2021
US Dollar Strengthens Positions Amid Growing Pandemic Stimulus Expectations
U.S. stocks were higher after the close on Tuesday, as gains in the Oil & Gas, Basic Materials, and Consumer Goods sectors, led shares higher. At the close in NYSE, the Dow Jones Industrial Average rose 0.21%, while the S&P 500 index added 0.06%, and the NASDAQ Composite index gained 0.25%.
The RSI is bearish and calls for further downside.
Short positions below 31185, with targets at 30720 and 30500 in extension.
Above 31185 look for further upside, with 31420 and 31690 as targets.
The USD/CAD pair closed the previous week in the negative territory, but gained traction on broad USD strength, and falling crude oil prices on Monday.
The RSI calls for a new downleg.
Short positions below 1.2755, with targets at 1.2685 and 1.2655 in extension.
Above 1.2755 look for further upside, with 1.2790 and 1.2820 as targets.
Gold futures on Tuesday were edging up for a second session in a row, as investors braced for the prospect of further fiscal stimulus to reflate the economy in the wake of the coronavirus pandemic, when President-elect Joe Biden takes office on Jan. 20.
As long as 1864.00 is resistance, expect a return to 1829.00.
Short positions below 1864.00, with targets at 1829.00 and 1816.00 in extension.
Above 1864.00 look for further upside, with 1877.00 and 1894.00 as targets.
U.S. oil stockpiles fell last week, adding to expectations that crude demand will likely remain resilient, as the vaccine Rollout continues. U.S. crude inventories fell by 5.82 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a draw of 1.67 million barrels the previous week. Gasoline inventories rose by 1.88 million barrels, and distillate stocks increased by 4.43 million barrels.
The RSI advocates for further upside.
Long positions above 52.80, with targets at 53.50 and 54.00 in extension.
Below 52.80 look for further downside, with 52.50 and 52.00 as targets.
EUR/USD rose 0.2% to 1.2169, after slipping to 1.2132 during the previous session for the first time since Dec. 21
The RSI is bullish and calls for further upside.
Long positions above 1.2165, with targets at 1.2235 and 1.2260 in extension.
Below 1.2165 look for further downside, with 1.2135 & 1.2112 as targets.
The GBP/USD pair has been recovering amid Britain’s vaccine Rollout, and comments from BoE Governor, Andrew Bailey. The pair is currently trading around $1.3622. Pound (GBP) Gains as Vaccine Rollout is Implemented. The Pound (GBP) was supported today as well, following on from comments from the Andrew Bailey this morning.
The RSI lacks downward momentum.
Long positions above 1.3615, with targets at 1.3700 and 1.3735 in extension.
Below 1.3615 look for further downside, with 1.3570 and 1.3535 as targets.
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