Daily Market Report: April 12, 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 12, 2021
Dow, S&P 500 Hit New Records But Futures Point Down
US stocks were higher after the close on Friday, as gains in the Healthcare, Industrials and Consumer Services sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average gained 0.89% to hit a new all-time high, while the S&P 500 index jumped 0.77% and the NASDAQ Composite index climbed by 0.51% or 71 points.
The RSI advocates for further upside.
Long positions above 32,000.00, with targets at 34,100.00 & 34,750.00 in extension.
Below 32,000.00, look for further downside with 30,880.00 & 29,850.00 as targets.
The USD/CAD currency pair traded slightly lower, closing at 1.2530.
Technically, the RSI is below its neutrality area at 50.
Short positions below 1.2660, with targets at 1.2460 & 1.2360 in extension.
Above 1.2660, look for further upside with 1.2745 & 1.2855 as targets.
Gold prices slid on Friday but still ended the week up by 1%. The yellow metal emerged partially victorious from its fencing duel with US bond yields and the Dollar, which were both sluggish throughout most of the week due to mixed readings on inflation.
A break below 1,675.00 would trigger a drop towards 1,570.00.
Short positions below 1,835.00, with targets at 1,675.00 & 1,570.00 in extension.
Above 1,835.00, look for further upside with 1,960.00 & 2,075.00 as targets.
Oil prices fell by as much as 3.5% over the week as concerns over summer fuel demand offset news that Europe appeared to be finally turning the corner on its Covid-19 vaccine crisis.
As long as 63.10 is resistance, look for choppy price action with a bearish bias.
Short positions below 63.10, with targets at 57.30 & 53.40 in extension.
Above 63.10, look for further upside with 67.80 & 72.30 as targets.
EUR/USD exchange rate traded slightly lower on Friday, after a warning from Australia's central bank regarding excessive global lending risk.
The upward potential is likely to be limited by the resistance at 1.1950.
Short positions below 1.1950, with targets at 1.1815 & 1.1700 in extension.
Above 1.1950, look for further upside with 1.2030 & 1.2130 as targets.
The GBP/USD currency pair traded lower, with the sterling hurt by growing concerns about Britain's reliance on AstraZeneca (NASDAQ: AZN)'s vaccine to continue its (so-far) successful vaccination program.
The RSI shows downside momentum.
Short positions below 1.4000, with targets at 1.3450 & 1.3260 in extension.
Above 1.4000, look for further upside with 1.4240 & 1.4370 as targets.
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