Daily Market Report: June 9, 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 9, 2021
U.S. Equities Were Mixed Gold Eased Off the Highs Oil Settled at Multi Year Tops
U.S. stocks were mixed after the close on Tuesday, as gains in the Oil & Gas, Consumer Services and Industrials sectors drove shares higher, while losses in the Utilities, Consumer Goods and Healthcare sectors pushed shares lower. As a result, the Dow Jones Industrial Average fell 0.09%, while the S&P 500 index gained 0.02%, and the NASDAQ Composite index went up 0.31%.
From a technical perspective, the RSI is above its neutrality area at 50.
Long positions could occur if the price lifts above 4215.00, with targets at 4250.00 and 4275.00 in extension.
Conversely, if it drops below 4215.00, it opens the path to further downside movement, with 4205.00 and 4192.00 as targets.
USD/CAD fell on Tuesday, closing at 1.2071.
The RSI is bullish and calls for further upside.
Long positions would be favoured if the price rises above 1.2080, with targets at 1.2135 and 1.2155 in extension.
If it slips below 1.2080, further downside action is likely, with price targets at 1.2065 and 1.2050, respectively.
Gold Fell on Tuesday, closing at 1892.42
The RSI is mixed with a bullish bias.
If the price breaks above 1883.00, it opens the path to further upside movement, with targets at 1903.00 and1909.00 in extension.
If it drops below 1883.00, chances are that it would continue to slip further, making 1877.00 and 1871.00 the next price targets.
Oil prices rose on Tuesday, settling at the highest levels in more than two years after the top U.S. diplomat said that even if the United States were to reach a nuclear deal with Iran, hundreds of U.S. sanctions on Tehran would remain in place.
The RSI is bullish and calls for further advance.
Long positions might occur if the price travels above 69.20, with targets at 70.50 and 71.00 in extension.
If the price drops below 69.20, it opens the path to further downside movement, making 68.80 and 68.45 the next price targets.
The EUR/USD fell on Tuesday, closing at 1.2172.
The RSI calls for a drop.
Short positions might leave room for near-term profit taking, should the price drop below 1.2200. In this case, the next price targets to watch would be around1.2145 and 1.2130 in extension.
Should the price rise above 1.2200, further upside movement is likely, with 1.2215 and 1.2230 as targets.
The GBP/USD fell on Tuesday, closing at 1.4148.
As long as the resistance at 1.4175 is not surpassed, the risk of the price breaking below 1.4120 remains high.
Short positions could be in traders' focus if the price slips below 1.4175, with targets at 1.4120 and 1.4100 in extension.
On the contrary, if it climbs above 1.4175, chances are it would continue to move upwards, making 1.4200 and 1.4225 the next targets.
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