Daily Market Report: January 25, 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 25, 2021
Equities Brace for Earnings as Oil Retreats
The Dow slipped on Friday, led by Tech-leaders Intel and IBM. Weakness in energy stocks also contributed as another surprise increase in U.S. weekly crude inventories pressured oil prices. The Dow Jones Industrial Average fell 0.34%, or 105 points. The S&P 500 was down 0.34%, while the Nasdaq Composite remained steady with a modest 0.03% decline.
The RSI is mixed to bullish.
Long positions above 3830.00 with targets at 3848.00 & 3860.00 in extension.
Below 3830.00, look for further downside with 3813.00 & 3800.00 as targets.
Overall movement in the USD/JPY pair was nil with the 103.81 open on Monday nearly matched by Friday's close.
The RSI calls for a bounce.
Long positions above 103.60 with targets at 103.90 & 104.05 in extension.
Below 103.60, look for further downside with 103.45 & 103.30 as targets.
Gold climbed in Monday’s session, bouncing back strongly from session lows, gaining 1.4% in the just-ended week. That was less half than of the 3.5% it lost in the prior two weeks.
The RSI is bullish and calls for further advance.
Long positions above 1,845.00 with targets at 1,865.00 & 1,875.00 in extension.
Below 1,845.00, look for further downside with 1,837.00 & 1,832.00 as targets.
Crude oil traded down slightly at $51.75 a barrel from $52.25 earlier in the session.
The RSI has just landed on its neutrality area at 50% and is turning up.
Long positions above 51.90 with targets at 52.80 & 53.20 in extension.
Below 51.90, look for further downside with 51.45 & 51.10 as targets.
The EUR/USD pair extended its weekly advance moderately on Friday, reaching a high of 1.2189, to close the week with gains settling around the 1.2170 mark.
As long as the resistance at 1.2190 is not surpassed, the risk of the break below 1.2150 remains high.
Short positions below 1.2190 with targets at 1.2150 & 1.2135 in extension.
Above 1.2190, look for further upside with 1.2210 & 1.2225 as targets.
The GBP/USD pair retreated on Friday from its prior highs of the week. However, it was still able to close the week with gains at 1.3680.
The RSI calls for a rebound.
Long positions above 1.3655 with targets at 1.3710 & 1.3740 in extension.
Below 1.3655, look for further downside with 1.3635 & 1.3620 as targets.
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