Daily Market Report: January 18, 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 18, 2021
Euro Dips Amid Political Crisis in Italy
U.S. stocks were lower after the close on Friday, as losses in the Oil & Gas, Basic Materials and Industrials sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average lost 0.30%, while the S&P 500 index lost 0.44%, and the NASDAQ Composite index fell 0.64%.
The RSI is mixed with a bullish bias.
Long positions above 12,170.00 with targets at 13,100.00 & 13,800.00 in extension.
Below 12,170.00 look for further downside with 11,500.00 & 10,960.00 as targets.
USD/CAD rose on Friday, closing at 1.2758.
The RSI is bullish and calls for further advance.
Long positions above 1.2700 with targets at 1.2790 & 1.2835 in extension.
Below 1.2700, look for further downside with 1.2675 & 1.2650 as targets.
Gold prices fell on Friday, but head for modest weekly gain, even as U.S. dollar firms.
A break below 1802.00 would trigger a drop towards 1788.00.
Short positions below 1833.00 with targets at 1802.00 & 1788.00 in extension.
Above 1833.00, look for further upside with 1846.00 & 1857.00 as targets.
Oil prices fell the most in a month on Friday, tumbling more than 2%, after concerns over Covid-19 lockdowns in top crude destination China hit a market that resisted for weeks worries about piling fuel stockpiles at home.
The RSI is mixed to bearish.
Short positions below 52.70 with targets at 51.80 & 51.50 in extension.
Above 52.70, look for further upside with 53.10 & 53.50 as targets.
The EUR/USD fell, only marginally dipping despite the political turmoil in Italy, the euro-zone’s third largest economy, with the ruling administration under pressure after a small party within the coalition withdrawing its support.
The RSI is bearish and calls for further decline.
Short positions below 1.2110 with targets at 1.2040 & 1.2020 in extension.
Above 1.2110, look for further upside with 1.2130 & 1.2150 as targets.
The GBP/USD fell, after data showed Britain's economy shrank by 2.6% in November, the first monthly fall in output since April and the country’s initial Covid lockdown. The economy is now 8.5% smaller than it was before the start of the coronavirus pandemic in February.
The RSI calls for a new downleg.
Short positions below 1.3625 with targets at 1.3550 & 1.3530 in extension.
Above 1.3625, look for further upside with 1.3660 & 1.3700 as targets.
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