Daily Market Report: April 29, 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 29, 2021
Stocks Pull Back From Highs Despite Strong Earnings
US stocks were lower after the close on Wednesday, as losses in the Technology, Healthcare, and Consumer Goods sectors pushed shares downwards. At the close in NYSE, the Dow Jones Industrial Average fell 0.48%, the S&P 500 index declined by 0.08%, and the NASDAQ Composite index lost 0.28%.
The S&P 500 RSI is mixed to bullish.
Long positions above 4,167.00, with targets at 4,209.50 & 4,225.00 in extension.
Below 4,167.00, look for further downside with 4,155.00 & 4,118.00 as targets.
The USD/CAD currency pair spent the first half fluctuating in a relatively tight range around 1.2400 but came under strong bearish pressure during the American trading hours. The couple, which touched its lowest level since February 2018 at 1.2328, finished the session at 1.2302.
The immediate trend remains down, and the momentum is strong.
Short positions below 1.2350, with targets at 1.2280 & 1.2240 in extension.
Above 1.2350, look for further upside with 1.2380 & 1.2415 as targets.
Gold settled unsurprisingly higher ahead of the Federal Reserve’s Wednesday rate decision after moving mainly in the $1,760 to $1,775 band.
The RSI advocates for further advance.
Long positions above 1,771.00, with targets at 1,796.00 & 1,802.00 in extension.
Below 1,771.00, look for further downside with 1,762.00 & 1,753.00 as targets.
Oil prices rose about 2% on Wednesday, helped by bullish US inventory and a Goldman Sachs (NYSE: GS) forecast for $80 a barrel within the next six months. This news comes even as the third- largest crude importer, India, remained devastated by one of the world’s worst COVID-19 outbreaks.
The RSI is mixed with a bullish bias.
Long positions above 63.30, with targets at 64.50 & 65.20 in extension.
Below 63.30, look for further downside with 62.70 & 62.15 as targets.
Morgan Stanley’s latest EUR/USD forecast highlights the upside risk to the exchange rate despite being neutral on the Euro as it spiked in late trade.
The RSI is bullish and calls for further upside.
Long positions above 1.2100, with targets at 1.2160 & 1.2180 in extension.
Below 1.2100, look for further downside with 1.2080 & 1.2060 as targets.
The GBP/USD was pressured as the US dollar firmed following the Federal Reserve's interest rate decision and accompanying statement. However, the market is flippant, and from a low of 1.3860, the GBP/USD is currently trading back above 1.3950.
The RSI advocates for further advance.
Long positions above 1.3920, with targets at 1.3980 & 1.4000 in extension.
Below 1.3920, look for further downside with 1.3900 & 1.3880 as targets.
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