Daily Market Report: April 8, 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 8, 2021

Stocks Steady as Fed Reconfirms Easy Policy

U.S Stock Market

Last: 13.000

Pivot: 13.00

Review:

US stocks finished mixed as gains in the Technology, Oil & Gas and Financials sectors led shares higher, while losses in the Basic Materials, Consumer Goods and Healthcare sectors led shares lower. The Dow Jones rose by 0.05%, the S&P 500 rose by 0.15% and the NASDAQ lost 0.07% from its value.

Technical comment:

The NASDAQ 100 RSI is mixed with a bullish bias.

Preference scenario:

Long positions above 13,420.00, with targets at 13,700.00 & 13,850.00 in extension.

Alternative scenario:

Below 13,420.00, look for further downside with 13,260.00 & 13,080.00 as targets.

Resistance 13.00 13.00 13.00
Support 13.00 13.00 13.00
Stocks Steady as Fed Reconfirms Easy Policy
Amazon

Last: 3.00

Pivot: 3.00

Review:

Amazon (AMZN) shares rose by 1.72% on data showing positive signs for e-commerce sales.

Technical comment:

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Amazon is trading above both its 20 and 50-period moving average (respectively at 3,260.21 and 3,221.99).

Preference scenario:

The upside prevails as long as 3,260.50 is support.

Alternative scenario:

Below 3,260.50, expect 3,233.25 and 3,217.00.

Resistance 3.00 3.00 3.00
Support 3.00 3.00 3.00
Stocks Steady as Fed Reconfirms Easy Policy
Gold

Last: 1.00

Pivot: 1.00

Review:

Gold fell by 0.38%, closing at around $1,739.00, just below the resistance line at $1,740.00.

Technical comment:

The RSI is mixed to bullish.

Preference scenario:

Long positions above 1,729.00 with targets at 1,746.00 & 1,752.00 in extension.

Alternative scenario:

Below 1,729.00 look for further downside with 1,721.00 & 1,710.00 as targets.

Resistance 1.00 1.00 1.00
Support 1.00 1.00 1.00
Stocks Steady as Fed Reconfirms Easy Policy
Oil

Last: 59.62

Pivot: 58.65

Review:

Oil prices bounced by 0.51% as a better than expected Crude Oil Inventories report came in at -3.5M vs. the -2M forecast.

Technical comment:

The RSI is mixed to bullish.

Preference scenario:

Long positions above 58.65, with targets at 60.00 & 60.90 in extension.

Alternative scenario:

Below 58.65, look for further downside with 58.10 & 57.65 as targets.

Resistance 60.00 60.90 61.50
Support 57.65 58.10 58.65
Stocks Steady as Fed Reconfirms Easy Policy
EUR/USD

Last: 1.1872

Pivot: 1.1895

Review:

The EUR/USD exchange rate fell slightly, by 0.02%, after the Final Services PMI in Europe came in positive at 49.6.

Technical comment:

The RSI calls for a drop.

Preference scenario:

Short positions below 1.1895, with targets at 1.1850 & 1.1830 in extension.

Alternative scenario:

Above 1.1895, look for further upside with 1.1915 & 1.1930 as targets.

Resistance 1.1895 1.1915 1.1930
Support 1.1850 1.1830 1.1810
Stocks Steady as Fed Reconfirms Easy Policy
GBP/USD

Last: 1.3741

Pivot: 1.3790

Review:

The GBP/USD currency pair fell yesterday by 0.59% as the British Final Services PMI came in less than expected at 56.3 vs. 56.8 forecast by economists.

Technical comment:

The RSI advocates for further decline.

Preference scenario:

Short positions below 1.3790, with targets at 1.3705 & 1.3680 in extension.

Alternative scenario:

Above 1.3790, look for further upside with 1.3815 & 1.3840 as targets.

Resistance 1.3790 1.3815 1.3840
Support 1.3705 1.3680 1.3650
Stocks Steady as Fed Reconfirms Easy Policy

Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. Trade360 provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. Trade360 cannot be held liable for any information provided by Trading Central. Trade360 makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of Trade360, a third party or otherwise.

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