Daily Market Report: April 28, 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 28, 2021

Markets Flat as Alphabet Smashes Earnings Expectations

U.S Stock Market

Last: 14.00

Pivot: 13.00

Review:

US equities were mixed at the close on Tuesday, as gains in the Oil & Gas, Financials and Industrials sectors propelled shares higher while losses in the Utilities, Consumer Goods and Telecoms sectors held shares back from gains. At the close in NYSE, the Dow Jones Industrial Average rose 0.01%, while the S&P 500 index fell 0.02%, and the NASDAQ Composite index declined by 0.34%.

Technical comment:

The Nasdaq 100 RSI is mixed to bullish.

Preference scenario:

Long positions above 13,920.00, with targets at 14,050.00 & 14,150.00 in extension.

Alternative scenario:

Below 13,920.00, look for further downside with 13,845.00 & 13,715.00 as targets.

Resistance 14.00 14.00 14.00
Support 13.00 13.00 13.00
Markets Flat as Alphabet Smashes Earnings Expectations
USD/CAD

Last: 1.2408

Pivot: 1.2380

Review:

The USD/CAD exchange rate faced resistance near 1.2425 and is trying to settle below the support at 1.2400.

Technical comment:

The RSI calls for a rebound.

Preference scenario:

Long positions above 1.2380, with targets at 1.2430 & 1.2450 in extension.

Alternative scenario:

Below 1.2380, look for further downside with 1.2360 & 1.2340 as targets.

Resistance 1.2430 1.2450 1.2470
Support 1.2380 1.2360 1.2340
Markets Flat as Alphabet Smashes Earnings Expectations
Gold

Last: 1.00

Pivot: 1.00

Review:

Gold closes fractionally lower as market participants await Fed’s decision on interest rate outlook.

Technical comment:

The RSI is mixed to bullish.

Preference scenario:

Long positions above 1,768.00, with targets at 1,785.00 & 1,789.00 in extension.

Alternative scenario:

Below 1,768.00, look for further downside with 1,764.00 & 1,760.00 as targets.

Resistance 1.00 1.00 1.00
Support 1.00 1.00 1.00
Markets Flat as Alphabet Smashes Earnings Expectations
Oil

Last: 63.05

Pivot: 62.40

Review:

New York-traded West Texas Intermediate, the benchmark for US crude, was up 43 cents, or 0.7%, at $62.34 by 11:10 AM ET, before rising to a session high near 63.30.

Technical comment:

The RSI shows upside momentum.

Preference scenario:

Long positions above 62.40, with targets at 63.40 & 63.90 in extension.

Alternative scenario:

Below 62.40, look for further downside with 62.05 & 61.75 as targets.

Resistance 63.40 63.90 64.35
Support 62.40 62.05 61.75
Markets Flat as Alphabet Smashes Earnings Expectations
EUR/USD

Last: 1.2090

Pivot: 1.2070

Review:

Morgan Stanley’s latest EUR/USD exchange rate forecast highlights the upside risk to the EUR/USD price despite being neutral on the Euro.

Technical comment:

The RSI calls for a new up leg.

Preference scenario:

Long positions above 1.2070, with targets at 1.2115 & 1.2130 in extension.

Alternative scenario:

Below 1.2070, look for further downside with 1.2055 & 1.2040 as targets.

Resistance 1.2115 1.2130 1.2150
Support 1.2070 1.2055 1.2040
Markets Flat as Alphabet Smashes Earnings Expectations
GBP/USD

Last: 1.3894

Pivot: 1.3910

Review:

The GBP/USD currency pair bottomed for the day at 1.3858 but trimmed intraday losses and ended the day with modest gains in the 1.3900 price zone.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

Long positions above 1.3880, with targets at 1.3930 & 1.3950 in extension.

Alternative scenario:

Below 1.3880, look for further downside with 1.3860 & 1.3840 as targets.

Resistance 1.3930 1.3950 1.3975
Support 1.3880 1.3860 1.3840
Markets Flat as Alphabet Smashes Earnings Expectations

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