Daily Market Report: June 8, 2021
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June 8, 2021
U.S. Equities Were Mixed Gold Back on High Oil Retreated
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%.
The NASDAQ 100 RSI advocates for further upside.
Long positions could occur if the price rises above 13720.00, with targets at 13835.00 and 13950.00 in extension.
If the price slips below 13720.00, further downside movement is likely, with 13611.00 and 13470.00 as targets.
USD/CAD fell on Monday, closing at 1.2071.
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).
Rebound towards 1.2128.
A downside breakout of 1.2046 would call for 1.2015 and 1.1996.
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.
The RSI is bullish and calls for further advance.
Long positions could occur if the price breaks above 1887.00, with targets at 1909.00 and 1916.00 in extension.
If it drops below 1887.00, further downside action is likely, with 1880.00 and 1873.00 as targets.
Oil prices pulled back on Monday after touching two-year highs on expectations of improved demand and OPEC producers keeping supply curbs in place.
The RSI is below its neutrality area at 50% but reversing up.
Long positions would be favoured if the price rose above 69.00 with targets at 69.52 & 69.78 in extension.
If the price dips below 69.00, the possibility of downside movement is likely, with targets at 68.85 and 68.60, respectively.
The EUR/USD rose on Monday, closing at 1.2195.
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).
The upside prevails as long as 1.2170 remains the main support line.
A break below 1.2170 would open the path to 1.2138 and 1.2119.
The GBP/USD rose on Monday, closing at 1.4184.
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).
The upside prevails as long as 1.4150 is support.
The downside breakout of 1.4150 would call for 1.4110 and 1.4086.
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