Daily Market Report: June 7, 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.

June 7, 2021

U.S. Equities Ended the Week Higher Boosted by Oil & Gas Upward Momentum

U.S Stock Market

Last: 4,228.3600

Pivot: 4,120.000

Review:

U.S. equities closed higher on Friday, as gains in the Technology, Consumer Goods and Oil & Gas sectors led shares higher. The Dow Jones Industrial Average added 0.52%, while the S&P 500 index added 0.88%, and the NASDAQ Composite index added 1.47%.

Technical comment:

The S&P 500 RSI calls for a new upleg.

Preference scenario:

Long positions could occur if the price rises above 4120.00, with targets at 4236.00 and 4385.00 in extension.

Alternative scenario:

If the price slips below 4120.00, further downside movements could be expected, with 4055.00 and 4000.00 as targets.

Resistance 4,236.00 4,385.00 4,485.00
Support 4,120.00 4,055.00 4,000.00
U.S. Equities Ended the Week Higher Boosted by Oil & Gas Upward Momentum
USD/JPY

Last: 109.550

Pivot: 108.40

Review:

The USD/JPY pair inched down 0.01% to 110.27 after data released earlier in the day showed household spending increased 0.1% month-on-month and 13% year-on-year in April.

Technical comment:

A support base at 108.40 has formed and has allowed for a temporary stabilisation.

Preference scenario:

Long positions could occur if the price travels above 108.40, with targets at 111.00 and 112.20 in extension.

Alternative scenario:

On the contrary, if the price drops below 108.40, further downside risk looms, with price targets at 107.45 and 106.20.

Resistance 111.00 112.20 113.00
Support 108.40 107.45 106.20
U.S. Equities Ended the Week Higher Boosted by Oil & Gas Upward Momentum
Gold

Last: 1,905.590

Pivot: 1,860.000

Review:

Gold Ends Week Below $1,900 Despite Mixed U.S. Job Data

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

Long positions could occur if the price moves above 1860.00, with targets at 1925.00 and 1960.00 in extension.

Alternative scenario:

If the price drops below 1860.00, further downside price movement is likely, with 1830.00 and 1800.00 as targets.

Resistance 1,925.00 1,960.00 2,000.00
Support 1,860.00 1,830.00 1,800.00
U.S. Equities Ended the Week Higher Boosted by Oil & Gas Upward Momentum
Oil

Last: 68.84

Pivot: 62.70

Review:

Crude oil prices edged higher Friday, continuing the recent rally amid growing expectations of an improving fuel demand outlook, particularly by the U.S., the world’s largest consumer.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

Long positions could occur if the price rises above 62.70, with targets at 75.40 and 78.60 in extension.

Alternative scenario:

If the price dips below 62.70, further downside moves are likely, with 60.50 and 57.20 as targets.

Resistance 75.40 78.60 80.00
Support 62.70 60.50 57.20
U.S. Equities Ended the Week Higher Boosted by Oil & Gas Upward Momentum
EUR/USD

Last: 1.21640

Pivot: 1.1985

Review:

The EURUSD rose on Friday, closing at 1.2164.

Technical comment:

Even though a continuation of the consolidation cannot be ruled out, its extent could be limited.

Preference scenario:

Long positions could occur if the price rises above 1.1985, with targets at 1.2350 and 1.2450 in extension.

Alternative scenario:

If the price drops below 1.1985, further downside momentum cannot be ruled out, with 1.1880 and 1.1775 as targets.

Resistance 1.2350 1.2450 1.2555
Support 1.1985 1.1880 1.1775
U.S. Equities Ended the Week Higher Boosted by Oil & Gas Upward Momentum
GBP/USD

Last: 1.4159

Pivot: 1.3970

Review:

The GBP/USD pair inched down 0.09% to 1.4091 as investors await the U.K.’s Construction Purchasing Managers Index in May, due later in the day.

Technical comment:

Technically, the RSI is above its neutrality area at 50.

Preference scenario:

Long positions are likely if the price travels above 1.3970, with targets at 1.4240 and 1.4380 in extension.

Alternative scenario:

If, on the contrary, the price drops below 1.3970, further downside movement is on the cards, with 1.3800 and 1.3670 as targets.

Resistance 1.4240 1.4380 1.4500
Support 1.3970 1.3800 1.3670
U.S. Equities Ended the Week Higher Boosted by Oil & Gas Upward Momentum

Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. Trade360 provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. Trade360 cannot be held liable for any information provided by Trading Central. Trade360 makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of Trade360, a third party or otherwise.

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