Daily Market Report: April 1, 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.
April 1, 2021
Stocks Trade Mixed as Biden Unveils $2 Trillion Infrastructure Plan
US stocks were mixed after the close on Wednesday, as gains in the Technology, Utilities and Healthcare sectors led shares higher while losses in the Telecoms, Oil & Gas and Financials sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average lost 0.26%, while the S&P 500 index gained 0.36%, and the NASDAQ Composite index climbed 1.54%.
The Dow Jones RSI shows upside momentum.
Long positions above 32,800.00 with targets at 33,415.00 & 33,720.00 in extension.
Below 32,800.00 look for further downside with 32,400.00 & 32,075.00 as targets.
The USD/CAD exchange rate picked up bids to 1.2560, trimming the previous day’s losses, amid the initial Asian session on Thursday.
The RSI calls for a new down leg.
Short positions below 1.2590, with targets at 1.2535 & 1.2515 in extension.
Above 1.2590, look for further upside with 1.2610 & 1.2630 as targets.
The spot price of gold traded lower than the futures, albeit showing a gain of $24.27, or 1.4%, to close at $1,709.53.
The RSI is mixed to bullish.
Long positions above 1,695.00, with targets at 1,715.00 & 1,727.00 in extension.
Below 1,695.00, look for further downside with 1,688.00 & 1,678.00 as targets.
West Texas Intermediate (WTI) crude oil settled down $1.6, or 2.6% at $59.50 per barrel, as the global supply chain begins to recover from recent disruptions.
The RSI advocates for further decline.
Short positions below 60.30, with targets at 58.65 & 58.00 in extension.
Above 60.30, look for further upside with 61.15 & 61.70 as targets.
The American Dollar retained its strength during the Asian session, pushing EUR/USD to a fresh 2021 low of 1.1703.
As long as the resistance at 1.1745 is not surpassed, the risk of the break below 1.1700 remains high.
Short positions below 1.1745, with targets at 1.1700 & 1.1685 in extension.
Above 1.1745, look for further upside with 1.1760 & 1.1775 as targets.
The GBP/USD currency pair surged to 1.3811, retaining most of its daily gains by the end of the day, on news that the UK Gross Domestic Product was regaining upward momentum.
The RSI calls for a bounce.
Long positions above 1.3755, with targets at 1.3810 & 1.3845 in extension.
Below 1.3755, look for further downside with 1.3730 & 1.3705 as targets.
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