Daily Market Report: June 10, 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 10, 2021

US Equities Edged Lower Oil turned bearish EURUSD inched higher.

U.S. Stock Market

Last: 4,227.51

Pivot: 4,215

Review:

U.S. stocks were lower after the close on Wednesday, as losses in the Industrials, Basic Materials and Consumer Goods sectors led shares lower. Consequently, the Dow Jones Industrial Average lost 0.44%, while the S&P 500 index fell 0.18%, and the NASDAQ Composite index lost 0.09%.

Technical comment:

The S&P 500 RSI is below its neutrality area at 50% but reversing up.

Preference scenario:

Long positions could occur should the price rise above 4215.00, with targets at 4250.00 and 4275.00 in extension.

Alternative scenario:

If it falls below 4215.00, further downside movement is likely, with 4205.00 and 4192.00 as targets.

Resistance 4,250 4,275 4,300
Support 4,215 4,205 4,192
US Equities Edged Lower Oil turned bearish EURUSD inched higher.
USD/CAD

Last: 1.2115

Pivot: 1.2085

Review:

After dropping to a daily low of 1.2056 earlier in the day, the USD/CAD pared most of its losses and was last seen trading virtually unchanged.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

Long positions would be in traders' focus if the price climbs above 1.2085, with targets at 1.2135 and 1.2155 in extension.

Alternative scenario:

A drop below 1.2085 would open the path to further downside movement, with targets at 1.2070 and 1.2055 in extension.

Resistance 1.2135 1.2155 1.2175
Support 1.2085 1.207 1.2055
US Equities Edged Lower Oil turned bearish EURUSD inched higher.
Gold

Last: 1,888

Pivot: 1,883

Review:

Gold futures scored a modest gain on Wednesday as investors awaited Thursday’s U.S. consumer price index reading. Gold has struggled to hold a close above $1,900 recently.

Technical comment:

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

Preference scenario:

Long positions would be an option should the price climb above 1883.00. Should this happen, 1898.00 would be the next price target, with 1903.00 in extension.

Alternative scenario:

On the contrary, should it drop below 1883.00, the risk for further downside momentum could not be ruled out. In this case, 1877.00 would be the next price target, with 1871.00 in extension.

Resistance 1,898 1,903 1,909
Support 1,883 1,877 1,871
US Equities Edged Lower Oil turned bearish EURUSD inched higher.
Oil

Last: 69.72

Pivot: 70.2

Review:

U.S. crude oil stockpiles that include the Strategic Petroleum Reserve (SPR) fell for the 11th straight week as refiners ramped up output, but fuel inventories grew sharply due to weak consumer demand, the Energy Information Administration (EIA) said on Wednesday.

Technical comment:

The RSI is bearish and calls for further downside.

Preference scenario:

Short positions would be favoured as a near-term profit-taking option should the price drop below 70.20. This would make 69.30 the next price target with 68.90 in extension.

Alternative scenario:

Should it break above 70.20, it would open the path to further upside movement, with 70.60 and 71.00 as targets.

Resistance 70.2 70.6 71
Support 69.3 68.9 68.5
US Equities Edged Lower Oil turned bearish EURUSD inched higher.
EUR/USD

Last: 1.2177

Pivot: 1.22

Review:

EUR/USD traded 0.1% higher at 1.2178.

Technical comment:

The RSI calls for a drop.

Preference scenario:

Short positions could occur if the price below 1.2200. In this case, the price targets to watch would be at 1.2160 and 1.2145 in extension.

Alternative scenario:

Should the price climb above 1.2200, further upside momentum looms with 1.2215 and 1.2230 as targets.

Resistance 1.22 1.2215 1.223
Support 1.2145 1.213 1.2115
US Equities Edged Lower Oil turned bearish EURUSD inched higher.
GBP/USD

Last: 1.411

Pivot: 1.414

Review:

GBP/USD traded a touch higher at 1.4158.

Technical comment:

The RSI is bearish and calls for further downside.

Preference scenario:

Short positions could occur should the price slip below 1.4140. The next price target would be at 1.4080 and 1.4060 in extension, should this happen.

Alternative scenario:

Should it rise above 1.4140, the path to a further upside movement would be open, with 1.4160 and 1.4190 as targets.

Resistance 1.414 1.416 1.419
Support 1.408 1.406 1.404
US Equities Edged Lower Oil turned bearish EURUSD inched higher.

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