Daily Market Report: April 7, 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 7, 2021
S&P, Dow Retreat From Record Highs as Stocks Take a Breather
US stocks were lower after the close on Tuesday, as losses in the Healthcare, Technology and Oil & Gas sectors led shares downwards. At the close in NYSE, the Dow Jones Industrial Average declined 0.29%, while the S&P 500 index fell 0.10%, and the NASDAQ Composite index edged down by 0.05%.
The S&P 500 RSI shows upside momentum.
Long positions above 3,940.00, with targets at 4,100.00 & 4,270.00 in extension.
Below 3,940.00, look for further downside with 3,855.00 & 3,725.00 as targets.
The USD/CAD exchange rate has been on the front foot for most of the session, rising from the Asia Pacific session lows of around 1.2520 to current levels at around 1.2580.
The RSI advocates for further advance.
Long positions above 1.2535, with targets at 1.2595 & 1.2620 in extension.
Below 1.2535, look for further downside with 1.2520 & 1.2500 as targets.
Gold flirted with a return to $1,750 an ounce on Tuesday as US Treasury yields, and the dollar retreated from recent highs.
The RSI is bullish and calls for further advance.
Long positions above 1,733.00, with targets at 1,747.00 & 1,760.00 in extension.
Below 1,733.00, look for further downside with 1,728.00 & 1,721.00 as targets.
US crude stockpiles fell last week, but rising product inventories continue to suggest the demand outlook remains far from robust despite signs the global recovery process remains intact. West Texas Intermediate, the benchmark for US crude prices, rose by $0.63 a barrel on the news, settling at $59.18 a barrel.
The RSI is bearish and calls for further decline.
Short positions below 60.00, with targets at 58.80 & 58.20 in extension.
Above 60.00, look for further upside with 60.90 & 61.70 as targets.
The EUR/USD currency pair is looking to build on a two-day recovery rally, as a break above the 1.1900 mark remains in sight amid a relentless fall in the US Treasury yields, keeping pressure intact on the dollar.
The RSI is bullish and calls for further upside.
Long positions above 1.1840, with targets at 1.1900 & 1.1930 in extension.
Below 1.1840, look for further downside with 1.1820 & 1.1800 as targets.
The GBP/USD exchange rate was down by 0.1% to close at 1.3827.
As long as the resistance at 1.3860 is not surpassed, the risk of the break below 1.3800 remains high.
Short positions below 1.3860, with targets at 1.3800 & 1.3770 in extension.
Above 1.3860, look for further upside with 1.3890 & 1.3920 as targets.
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