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

U.S. Stock Market

Last: 33,092

Pivot: 32,800

Review:

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%.

Technical comment:

The Dow Jones RSI shows upside momentum.

Preference scenario:

Long positions above 32,800.00 with targets at 33,415.00 & 33,720.00 in extension.

Alternative scenario:

Below 32,800.00 look for further downside with 32,400.00 & 32,075.00 as targets.

Resistance 33,415 33,720 33,800
Support 32,800 32,400 32,075
Stocks Trade Mixed as Biden Unveils $2 Trillion Infrastructure Plan
USD/CAD

Last: 1.2569

Pivot: 1.2590

Review:

The USD/CAD exchange rate picked up bids to 1.2560, trimming the previous day’s losses, amid the initial Asian session on Thursday.

Technical comment:

The RSI calls for a new down leg.

Preference scenario:

Short positions below 1.2590, with targets at 1.2535 & 1.2515 in extension.

Alternative scenario:

Above 1.2590, look for further upside with 1.2610 & 1.2630 as targets.

Resistance 1.2590 1.2610 1.2630
Support 1.2535 1.2515 1.2500
Stocks Trade Mixed as Biden Unveils $2 Trillion Infrastructure Plan
Gold

Last: 1,708

Pivot: 1,695

Review:

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.

Technical comment:

The RSI is mixed to bullish.

Preference scenario:

Long positions above 1,695.00, with targets at 1,715.00 & 1,727.00 in extension.

Alternative scenario:

Below 1,695.00, look for further downside with 1,688.00 & 1,678.00 as targets.

Resistance 1,715 1,727 1,736
Support 1,695 1,688 1,678
Stocks Trade Mixed as Biden Unveils $2 Trillion Infrastructure Plan
Oil

Last: 59.50

Pivot: 60.30

Review:

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.

Technical comment:

The RSI advocates for further decline.

Preference scenario:

Short positions below 60.30, with targets at 58.65 & 58.00 in extension.

Alternative scenario:

Above 60.30, look for further upside with 61.15 & 61.70 as targets.

Resistance 60.30 61.15 61.70
Support 58.65 58 57.45
Stocks Trade Mixed as Biden Unveils $2 Trillion Infrastructure Plan
EUR/USD

Last: 1.1725

Pivot: 1.1745

Review:

The American Dollar retained its strength during the Asian session, pushing EUR/USD to a fresh 2021 low of 1.1703.

Technical comment:

As long as the resistance at 1.1745 is not surpassed, the risk of the break below 1.1700 remains high.

Preference scenario:

Short positions below 1.1745, with targets at 1.1700 & 1.1685 in extension.

Alternative scenario:

Above 1.1745, look for further upside with 1.1760 & 1.1775 as targets.

Resistance 1.1745 1.1760 1.1775
Support 1.1700 1.1685 1.1670
Stocks Trade Mixed as Biden Unveils $2 Trillion Infrastructure Plan
GBP/USD

Last: 1.3784

Pivot: 1.3755

Review:

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.

Technical comment:

The RSI calls for a bounce.

Preference scenario:

Long positions above 1.3755, with targets at 1.3810 & 1.3845 in extension.

Alternative scenario:

Below 1.3755, look for further downside with 1.3730 & 1.3705 as targets.

Resistance 1.3810 1.3845 1.3880
Support 1.3755 1.3730 1.3705
Stocks Trade Mixed as Biden Unveils $2 Trillion Infrastructure Plan

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