Daily Market Report: June 8, 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 8, 2021

U.S. Equities Were Mixed Gold Back on High Oil Retreated

U.S. Stock Market

Last: 13,787.1

Pivot: 13,720

Review:

U.S. equities were mixed after the close on Monday, as gains in the Healthcare, Technology and Utilities sectors led shares higher, while losses in the Basic Materials, Industrials and Telecoms sectors drove shares lower. Consequently, the Dow Jones Industrial Average lost 0.36%, while the S&P 500 index declined 0.08%, and the NASDAQ Composite index climbed 0.49%.

Technical comment:

The NASDAQ 100 RSI advocates for further upside.

Preference scenario:

Long positions could occur if the price rises above 13720.00, with targets at 13835.00 and 13950.00 in extension.

Alternative scenario:

If the price slips below 13720.00, further downside movement is likely, with 13611.00 and 13470.00 as targets.

Resistance 13,835 13,950 14,070
Support 13,720 13,611 13,470
U.S. Equities Were Mixed Gold Back on High Oil Retreated
USD/CAD

Last: 1.2071

Pivot: 1.2046

Review:

USD/CAD fell on Monday, closing at 1.2071.

Technical comment:

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands above its 20-period moving average (1.2071) but below its 50-period moving average (1.2079).

Preference scenario:

Rebound towards 1.2128.

Alternative scenario:

A downside breakout of 1.2046 would call for 1.2015 and 1.1996.

Resistance 1.2109 1.2128 1.2147
Support 1.2046 1.2015 1.1996
U.S. Equities Were Mixed Gold Back on High Oil Retreated
Gold

Last: 1,899

Pivot: 1,887

Review:

Gold returned to the $1,900 fold on Monday for the first time in three trading sessions as the US dollar and U.S. bond yields continued their retreat on lackluster U.S. jobs growth for May.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

Long positions could occur if the price breaks above 1887.00, with targets at 1909.00 and 1916.00 in extension.

Alternative scenario:

If it drops below 1887.00, further downside action is likely, with 1880.00 and 1873.00 as targets.

Resistance 1,909 1,916 1,921
Support 1,887 1,880 1,873
U.S. Equities Were Mixed Gold Back on High Oil Retreated
Oil

Last: 69.24

Pivot: 69

Review:

Oil prices pulled back on Monday after touching two-year highs on expectations of improved demand and OPEC producers keeping supply curbs in place.

Technical comment:

The RSI is below its neutrality area at 50% but reversing up.

Preference scenario:

Long positions would be favoured if the price rose above 69.00 with targets at 69.52 & 69.78 in extension.

Alternative scenario:

If the price dips below 69.00, the possibility of downside movement is likely, with targets at 68.85 and 68.60, respectively.

Resistance 69.52 69.78 70
Support 69 68.85 68.6
U.S. Equities Were Mixed Gold Back on High Oil Retreated
EUR/USD

Last: 1.2195

Pivot: 1.217

Review:

The EUR/USD rose on Monday, closing at 1.2195.

Technical comment:

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.2183 and 1.2171).

Preference scenario:

The upside prevails as long as 1.2170 remains the main support line.

Alternative scenario:

A break below 1.2170 would open the path to 1.2138 and 1.2119.

Resistance 1.2233 1.2252 1.2271
Support 1.217 1.2138 1.2119
U.S. Equities Were Mixed Gold Back on High Oil Retreated
GBP/USD

Last: 1.4184

Pivot: 1.415

Review:

The GBP/USD rose on Monday, closing at 1.4184.

Technical comment:

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.4174 and 1.4158).

Preference scenario:

The upside prevails as long as 1.4150 is support.

Alternative scenario:

The downside breakout of 1.4150 would call for 1.4110 and 1.4086.

Resistance 1.4233 1.4257 1.428
Support 1.415 1.411 1.4086
U.S. Equities Were Mixed Gold Back on High Oil Retreated

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