Daily Market Report: April 6, 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 6, 2021
US Stocks Hit Record Highs Over Easter
US stocks were higher after the close on Monday, as gains in the Technology, Consumer Goods and Consumer Services sectors led shares upwards. At the close in NYSE, the Dow Jones Industrial Average gained 1.13% to hit a new all-time high, while the S&P 500 index gained 1.44%, and the NASDAQ Composite index jumped 1.67%.
The NASDAQ 100 RSI calls for a new upleg.
Long positions above 13,420.00, with targets at 13,700.00 & 13,850.00 in extension.
Below 13,420.00, look for further downside with 13,260.00 & 13,080.00 as targets.
Since the start of 2021, the Canadian Dollar is up about one percent against its US cousin, but there are signs that the currency may have touched the bottom.
The RSI lacks upward momentum.
Short positions below 1.2745, with targets at 1.2360 & 1.2220 in extension.
Above 1.2745, look for further upside with 1.2855 & 1.2980 as targets.
Gold futures moved up on Monday to post a slight climb for the session, finding support from some weakness in the US Dollar. However, strength in the US stock market helped to limit the rise of the precious metal. June Gold rose by 40 cents, or 0.02%, to settle at $1,728.80 an ounce for the session.
The immediate trend remains down but the momentum is weak.
Short positions below 1,760.00, with targets at 1,675.00 & 1,640.00 in extension.
Above 1,760.00, look for further upside with 1,795.00 & 1,835.00 as targets.
For better or for worse, the world’s oil producers decided last week to defy Saudi Arabia and push for higher output over the next three months. After initially patting them on the back, the market is now saying it was definitely for the worse. Crude prices fell by more than 4% on Monday, reversing the pre-Good Friday rally, as traders frowned upon the decision by OPEC+ to put to rest its year-long production cuts on the assumption of increasing summer demand for oil.
Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Short positions below 59.75, with targets at 58.30 & 57.65 in extension.
Above 59.75, look for further upside with 60.45 & 61.00 as targets.
While up so far in April, further increase in the bears’ medium-term momentum may reduce the price further to $1.16, $1.15 and $1.14 levels. In case the bears are interrupted by the bulls, the Euro may reverse and face the resistance levels present at $1.17, $1.18 and $1.19 levels.
A break below 1.1700 would trigger a drop towards 1.1610.
Short positions below 1.1950, with targets at 1.1700 & 1.1610 in extension.
Above 1.1950, look for further upside with 1.2030 & 1.2130 as targets.
The GBP/USD currency pair jumped to a three-week high of 1.3913, as the Pound rallied in a dull European session.
The upward potential is likely to be limited by the resistance at 1.4000.
Short positions below 1.4000, with targets at 1.3670 & 1.3450 in extension.
Above 1.4000, look for further upside with 1.4240 & 1.4370 as targets.
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