Daily Market Report: January 10, 2022
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.
January 10, 2022
Oil down; Gold sluggish
US stocks were slightly lower in overnight trading Sunday after a rocky start to 2022 for equity markets as interest rates rise. Futures on the Dow Jones Industrial Average shed about 85 points, or 0.2%. S&P 500 futures dipped 0.2% and Nasdaq 100 futures lost 0.1%.
The RSI is mixed to bullish.
For long positions above 35760, look for new targets at 36960 and 37640 in extension.
In the event of a downside breakout below 35760, look for a further downside with 34700 and 34000 as targets.
The USD/CAD finished the week exactly where it began, balancing revived crude oil pricing and the excellent performance of Canada’s labour market against the Federal Reserve’s new-found inflation purpose. The pair are trading at 1.2644, at the time of writing.
The RSI advocates for further downside.
For short positions below 1.2680, check out targets at 1.2620 and 1.2600 in extension.
Should the price rise above 1.2680, look for a further upside with 1.2700 and 1.2725 as targets.
Gold (XAU/USD) offers a sluggish week-start to the markets while fading the previous day’s rebound near $1,795 per ounce, during Monday’s Asian session.
The RSI is mixed with a bullish bias.
In the event of a price climb above 1786.00, seek out fresh targets at 1801.00 and 1807.00 in extension.
If the price falls below 1786.00, look for a further downside with 1780.00 and 1774.00 as targets.
Oil prices traded lower on Monday as rapidly climbing cases of the Omicron COVID-19 variant hit economic activity (WTI) crude was down 34 cents, or 0.43%, to $78.56 a barrel.
The RSI has broken down its 30 level.
Should there be a price decline below 79.60, look for targets at 77.75 and 77.15 in extension.
If the price climbs above 79.60, look for a further upside with 80.45 and 81.00 as targets.
EUR/USD grinds higher after rallying the most in one month. EUR/USD treads around 1.1355-60 during early Monday morning in Asia.
The RSI is bullish and calls for further upside.
For long positions above 1.1330, the next targets at are 1.1370 and 1.1390 in extension.
Should the rate dip below 1.1330, look for a further downside with 1.1310 and 1.1290 as targets.
GBP/USD buyers struggle for clear directions as the cable pair takes rounds to 1.3590 during Monday’s Asian session, following the strongest daily run-up in over a week.
The RSI calls for a new upleg.
If the price surpasses the rate of 1.3555, new targets are found at 1.3610 and 1.3630 in extension.
If the price falls below 1.3555, look for a further downside with 1.3535 and 1.3515 as targets.
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