Daily Market Report: June 14, 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 14, 2021
US Stocks ticked higher Oil hits new highs for a third consecutive week
U.S. stocks were higher after the close on Friday, as gains in the Technology, Consumer Services and Consumer Goods sectors led shares higher. As a result, the Dow Jones Industrial Average rose 0.04%, while the S&P 500 index climbed 0.19%, and the NASDAQ Composite index added 0.35% at market close on NYSE.
The RSI is mixed with a bullish bias.
The price rising above 13895.00 would potentially nudge traders to look for long positions with targets at 14045.00 and 14110.00 in extension.
If it slides below 13895.00, the path to further downside movement will be open, with 13815.00 and 13711.00 as targets.
The USD/CAD has been trading in an exaggerated one figure rut for more than a month from1.2035 to1.2160. Friday’s nearly 100 point move brought the pair to the top of that range, just as the drop on June 2 touched the bottom. There has been no trend since the plunge on May 6 disposed of support at 1.2265.
From a technical perspective, the RSI is above its neutrality area at 50.
Traders could be looking for opportunities to go long if the price climbs above 1.2130. SHould this happen, ets at 1.2175 would be the next price target with 1.2195 in extension.
Conversely, if it drops below 1.2130 it would leave room for further downside movement, with 1.2105 and 1.2075 as targets.
The gold speculator, whether bull or bear, may have found the perfect play for now: Buy at near $1,850 and sell well before $1,900.The $40 to $50 target for each trade may seem like a dumbed-down way to trade gold when a myriad of chart signals and the intersection of Treasury yields and the dollar should be setting the course.
As long as the resistance at 1887.00 is not surpassed, the risk of a break below 1870.00 remains high.
Traders might be looking for short positions if the price slips below 1887.00, with targets at 1870.00 & 1860.00 in extension.
If it rises above 1887.00, it will likely make way for further upside movement, with 1895.00 and 1903.00 as targets.
Oil prices were on track to mark a third week of gains on speculation of runaway summer demand for fuels, although some investors were keeping a wary eye on gasoline consumption, which hasn’t performed to expectations since the start of the peak U.S. driving season.
The RSI is bullish and calls for further upside.
Long positions could occur should the price travel above 70.40, with targets at 71.25 & 71.80 in extension.
If it slips below 70.40, further downside action is likely with 70.10 and 69.70 as targets.
EUR/USD fell 0.52% to $1.2106.
A break below 1.2090 would trigger a drop towards 1.2070.
Short positions might potentilly be favoured if the price drops below 1.2140, with targets at 1.2090 and 1.2070 in extension.
If it rises above 1.2140, further upside momentum looms with 1.2160 and 1.2180 as targets.
GBP/USD climbed 0.1% to 1.4179
The RSI calls for a rebound.
Traders might be looking for opportunities to go long should the price climb above 1.4090, with targets at 1.4135 and 1.4160 in extension.
If it drops below 1.4090, further downside movement is likely with 1.4070 and 1.4050 as targets.
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