Daily Market Report: July 22, 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 22, 2021
Dow Jones Edges Higher; Gold Loses 0.4%
U.S. stocks were higher after the close on Wednesday, as gains in the Oil and Gas, Basic Materials and Financials sectors led shares higher. At the close on NYSE, the Dow Jones Industrial Average gained 0.83%, while the SandP 500 index gained 0.82%, and the NASDAQ Composite index climbed 0.92%.
On the Dow JOnes chart, the RSI is above its neutrality area at 50%.
If the price breaks above 34550, it will likely spur some buying action. In this case, the next price targets will be at 35075 and 35380 in extension.
Should it break 34550, it would make way for further downside, with 34370 and 33980 as targets.
The USD/JPY pair stayed relatively quiet below 110.00 in the first half of the day but gathered bullish momentum during the American session.
The RSI advocates for further advance.
If the price conquers the 110.00 level, it will clear the path towards 110.50 and 110.70 in extension, and thus stirring some buying action.
If it below 110.00, it will pave the way for further downside action, with 109.80 and 109.60 as targets.
Spot gold dropped 0.4% to $1,802.79 an ounce.
The immediate trend remains down but the momentum is weak.
Short positions would be favoured if the price dropped below 1809.00, with targets at 1794.00 and 1788.00 in extension.
If it manages to climb 1809.00, the path to further upside will be open, with 1814.00 and 1819.00 as targets.
U.S. crude rose 4.75% to $70.39 per barrel.
The next resistance levels to watch are at $71.40 and $72.40.
BUY opportunities could occur should the price rise above $68.75, with targets at $71.40 and $72.40 in extension.
Should it slip below $68.75, the further downside path would be clear, with $67.90 and $66.80 as targets.
The EUR/USD pair recovered some ground, hitting a daily high of 1.1804 on the back of a better market’s mood.
The RSI calls for a bounce.
If the price travels above 1.1770, it will likely give traders a shot in the arm to open long positions, with targets at 1.1810 and 1.1825 in extension.
Should it drop 1.1770, the further downside path would then be clear, with 1.1755 and 1.1740 as targets.
The GBP/USD rose further during the American session and printed a fresh daily high at 1.3717.
The RSI is bullish and calls for further upside.
If the price climbs above 1.3670, the upside will then be clear, with targets at 1.3745 and 1.3770 in extension.
Should it break out below 1.3670, it would open the dorr to further downside with 1.3640 and 1.3600 as targets.
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