Daily Market Report: January 19, 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 19, 2021
Stronger Greenback and Global Covid Surge Topple Oil
U.S. stocks were closed due to Martin Luther King Day.
The RSI is bearish and calls for further downside.
Short positions below 31,215 with targets at 30,620 & 30,350 in extension.
Above 31,215, look for further upside with 31,420 & 31,690 as targets.
USD/CAD fell on Monday, closing at 1.2750.
The RSI advocates for further downside.
Short positions below 1.2775 with targets at 1.2720 & 1.2700 in extension.
Above 1.2775, look for further upside with 1.2800 & 1.2835 as targets.
Gold prices declined on Monday, closing at 1837.85.
The RSI is mixed with a bullish bias.
Long positions above 1825.00 with targets at 1845.00 & 1857.00 in extension.
Below 1825.00, look for further downside with 1816.00 & 1810.00 as targets.
Oil prices dropped early on Monday as a stronger U.S. dollar and many countries still battling rising daily COVID-19 cases weighed on market sentiment at the start of the week.
As long as the resistance at 52.50 is not surpassed, the risk of a break below 51.75 remains high.
Short positions below 52.50 with targets at 51.75 & 51.50 in extension.
Above 52.50, look for further upside with 52.90 & 53.10 as targets.
The EUR/USD dropped, being the single currency likely to be under pressure this week with the ECB meeting, EU summit, and Italy’s political crisis in focus.
The RSI calls for a rebound.
Long positions above 1.2055 with targets at 1.2100 & 1.2115 in extension.
Below 1.2055, look for further downside with 1.2040 & 1.2020 as targets.
The GBP/USD pair fell, closing at 1.3579.
The RSI calls for a bounce.
Long positions above 1.3555 with targets at 1.3600 & 1.3620 in extension.
Below 1.3555, look for further downside with 1.3535 & 1.3520 as targets.
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