Daily Market Report: April 30, 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 30, 2021
Stocks Jump As Earnings Week Continues to Impress
US stocks were higher after the close on Thursday, as gains in the Telecoms, Financials, and Oil & Gas sectors led shares upwards. At the close in NYSE, the Dow Jones Industrial Average rose 0.71 %, the S&P 500 index climbed by 0.68%, and the NASDAQ Composite index gained 0.22%.
The Nasdaq 100 RSI is bullish and calls for further advance.
Long positions above 13,835.00, with targets at 14,070.00 & 14,150.00 in extension.
Below 13,835.00, look for further downside with 13,790.00 & 13,715.00 as targets.
The USD/CAD exchange rate holds lower ground near 1.2278, down 0.05% intraday, during Thursday’s Asian session. The Loonie pair refreshed the multi-month low at the 1.2275 level as the US Dollar bulls seem to catch a breather. Other than the lack of US Dollar moves, mild losses in S&P 500 Futures and Oil (WTI) join the faster inoculation of Canadian citizens to ward off COVID-19, seeming to confuse trader sentiment.
The RSI advocates for further downside.
Short positions below 1.2320, with targets at 1.2250 & 1.2220 in extension.
Above 1.2320, look for further upside with 1.2350 & 1.2380 as targets.
Gold futures ended Thursday with a third loss in a row. A slight rise in US Treasury yields, following a strong reading on first-quarter US economic growth, put some pressure on prices.
The RSI calls for a bounce.
Long positions above 1,765.00, with targets at 1,781.00 & 1,790.00 in extension.
Below 1,765.00, look for further downside with 1,756.00 & 1,747.00 as targets.
Crude oil prices got a significant boost this week from optimistic expectations for demand from OPEC+, as well as rebalancing fuel inventories in the United States. Brent jumped to over $68 per barrel, and West Texas Intermediate (WTI) neared $65 per barrel by the middle of the week, looking to rise even further unless meaningful headwinds appear. Earlier in the week, OPEC+ forecast that oil demand this year would increase by 5.95 million barrels per day (BPD). This was an upward revision of 70,000 BPD from an earlier projection, injecting optimism in traders.
The RSI is mixed with a bullish bias.
Long positions above 64.25, with targets at 65.45 & 66.00 in extension.
Below 64.25, look for further downside with 63.60 & 63.25 as targets.
The EUR/USD currency pair advanced to a fresh monthly high of 1.2145 this Thursday but retreated from the level to finish the day in the 1.2120 price zone.
The RSI calls for a bounce.
Long positions above 1.2100, with targets at 1.2150 & 1.2170 in extension.
Below 1.2100, look for further downside with 1.2080 & 1.2060 as targets.
The GBP/USD exchange rate peaked at 1.3976, its highest for the week, but trimmed intraday gains and finished the day unchanged around 1.3950, as the Dollar recovered ground during US trading hours. The Pound benefited from Asian and European equity advances, backed by demand for high- yielding assets.
The RSI calls for a rebound.
Long positions above 1.3930, with targets at 1.3975 & 1.4000 in extension.
Below 1.3930, look for further downside with 1.3910 & 1.3890 as targets.
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