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

U.S Stock Market

Last: 13.00

Pivot: 13.00

Review:

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%.

Technical comment:

The Nasdaq 100 RSI is bullish and calls for further advance.

Preference scenario:

Long positions above 13,835.00, with targets at 14,070.00 & 14,150.00 in extension.

Alternative scenario:

Below 13,835.00, look for further downside with 13,790.00 & 13,715.00 as targets.

Resistance 14.00 14.00 14.00
Support 13.00 13.00 13.00
Stocks Jump As Earnings Week Continues to Impress
USD/CAD

Last: 1.2277

Pivot: 1.2320

Review:

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.

Technical comment:

The RSI advocates for further downside.

Preference scenario:

Short positions below 1.2320, with targets at 1.2250 & 1.2220 in extension.

Alternative scenario:

Above 1.2320, look for further upside with 1.2350 & 1.2380 as targets.

Resistance 1.2320 1.2350 1.2380
Support 1.2250 1.2220 1.2200
Stocks Jump As Earnings Week Continues to Impress
Gold

Last: 1.00

Pivot: 1.00

Review:

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.

Technical comment:

The RSI calls for a bounce.

Preference scenario:

Long positions above 1,765.00, with targets at 1,781.00 & 1,790.00 in extension.

Alternative scenario:

Below 1,765.00, look for further downside with 1,756.00 & 1,747.00 as targets.

Resistance 1.00 1.00 1.00
Support 1.00 1.00 1.00
Stocks Jump As Earnings Week Continues to Impress
Oil

Last: 64.94

Pivot: 64.25

Review:

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.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

Long positions above 64.25, with targets at 65.45 & 66.00 in extension.

Alternative scenario:

Below 64.25, look for further downside with 63.60 & 63.25 as targets.

Resistance 65.45 66.00 67.10
Support 64.25 63.60 63.25
Stocks Jump As Earnings Week Continues to Impress
EUR/USD

Last: 1.2123

Pivot: 1.2100

Review:

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.

Technical comment:

The RSI calls for a bounce.

Preference scenario:

Long positions above 1.2100, with targets at 1.2150 & 1.2170 in extension.

Alternative scenario:

Below 1.2100, look for further downside with 1.2080 & 1.2060 as targets.

Resistance 1.2150 1.2170 1.2190
Support 1.2100 1.2080 1.2060
Stocks Jump As Earnings Week Continues to Impress
GBP/USD

Last: 1.3950

Pivot: 1.3930

Review:

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.

Technical comment:

The RSI calls for a rebound.

Preference scenario:

Long positions above 1.3930, with targets at 1.3975 & 1.4000 in extension.

Alternative scenario:

Below 1.3930, look for further downside with 1.3910 & 1.3890 as targets.

Resistance 1.3975 1.4000 1.4020
Support 1.3930 1.3910 1.3890
Stocks Jump As Earnings Week Continues to Impress

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