Daily Market Report: July 21, 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.
July 21, 2021
US Equities Tick Higher; Gold Rises on Continued Health Conerns
U.S. stocks were higher after the close on Tuesday, as gains in the Financials, Industrials and Technology sectors led shares higher.
On the Dow Jones 30-minte chart, the RSI is oversold and poised for further upside.
A breakout above 34375 would open the path to 34825 and 35080 in extension.
A breakout below 34375 would make way for further downside, with 33980 and 33740 as targets.
The Canadian dollar dropped to its lowest since late November.
The RSI is bullish and calls for further upside.
Should the price break above 1.2380, it would likely spur some buying action, with 1.2740 and 1.2880 in extension.
Should it drop below 1.2380, it would open the path towards 1.2250 and 1.2130 as the next price targets.
Gold moves higher up, boosted by ongoing COVID-19 concerns.
The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Gold stands below its 20 and 50-period moving average levels (respectively at 1813.90 and 1814.30).
The downside prevails as long as 1813 is resistance.
Any breakout above 1813 would clear the way towards 1817.50 and 1820.
Oil steadies after epic loss. Stockpiles are in focus as investors await EIA's Crude Oil Inventories reading.
The next resistance levels to watch are at 69.10 and then at 71.10.
An opportunity to go long might present itself, provided that the price breaks above 65.00. Shopuld this happen, it would open the route to 69.10 and 71.10 in extension.
If, however, the price slips below 65.00, traders will likely start looking for further downside, with 63.70 and 62.85 as targets.
EURUSD traded lower, the lowest since early April ahead of a European Central Bank policy decision on Thursday.
The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20-period moving average (1.1776) but below its 50-period moving average (1.1785).
A rebound towards 1.1821 is likely.
Should it break below 1.1754, the road to 1.1722 would be open, eyeing 1.1704 next.
The British pound was also among the biggest losers, with the currency declining 0.4% to $1.3607, as Boris Johnson's "freedom day" - ending more than a year of COVID-19 lockdown restrictions in the UK - was marred by surging infections.
The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to clear the way for further upside. Moreover, the price is trading above its 20-period moving average (1.3616) but below its 50-period moving average (1.3645).
A rebound towards 1.3663 could be expected.
If the price falls below 1.3607, it will open the path towards1.3582 and 1.3567 in extension.
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