Daily Market Report: January 13, 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 13, 2022

US stocks up; Oil hits- 2 month highs

US Stock Market

Last: 15,905.00

Pivot: 15,675

Review:

US stocks were higher after the close on Wednesday, as gains in the basic materials, consumer goods and technology sectors led shares higher. At the close in the NYSE, the Dow Jones Industrial Average gained 0.11%, while the S&P 500 index added 0.28%, and the NASDAQ Composite index climbed 0.23%.

Technical comment:

The RSI calls for a new upleg.

Preference scenario:

For long positions above 15675.00, look for targets at 16150.00 and 16280.00 in extension.

Alternative scenario:

If the price dips below 15675.00, look for a further downside with 15490.00 and 15200.00 as targets.

Resistance 16,150 16,280 16,640
Support 15,675 15,490 15,200
US stocks up; Oil hits- 2 month highs
USD/JPY

Last: 114.62

Pivot: 114.8

Review:

The dollar was up on Thursday morning in Asia, clawing back from new lows hit overnight.

Technical comment:

The upward potential is likely to be limited by the resistance at 114.80.

Preference scenario:

For short positions below 114.80, with targets at 114.35 and 114.20 in extension.

Alternative scenario:

Should the rate surpass 114.80, look for a further upside with 115.00 and 115.20 as targets.

Resistance 114.8 115.00 115.20
Support 114.35 114.2 114.00
US stocks up; Oil hits- 2 month highs
Gold

Last: 1,825.2

Pivot: 1,814

Review:

Spot gold held steady at $1,824.54 an ounce.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

If the price rises above 1814.00, look for targets at 1831.00 and 1839.00 in extension.

Alternative scenario:

If the price falls below 1814.00, look for a further downside with 1808.00 and 1801.00 as targets.

Resistance 1,831 1,839 1,848
Support 1,814 1,808 1,801
US stocks up; Oil hits- 2 month highs
Oil

Last: 82.74

Pivot: 81.8

Review:

Oil prices hit two-month highs, lifted by tight supply and easing concerns over the spread of the Omicron coronavirus variant, jumped 1.92% to $82.78 per barrel.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

Should the price increase above 81.80, seek out targets at 83.50 and 84.30 in extension.

Alternative scenario:

If the price drops below 81.80, look for a further downside with 81.15 and 80.45 as targets.

Resistance 83.5 84.3 85
Support 81.8 81.15 80.45
US stocks up; Oil hits- 2 month highs
EUR/USD

Last: 1.1441

Pivot: 1.1410

Review:

The EUR/USD pair trades near a daily high of 1.1445, a level that was last seen on November 15

Technical comment:

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

Preference scenario:

For long positions above 1.1410, look for targets at 1.1460 and 1.1480 in extension.

Alternative scenario:

If the rate slides below 1.1410, look for a cfurther downside with 1.1390 and 1.1370 as targets.

Resistance 1.146 1.148 1.15
Support 1.141 1.139 1.137
US stocks up; Oil hits- 2 month highs
GBP/USD

Last: 1.3717

Pivot: 1.369

Review:

GBPUSD on the daily chartThe GBPUSD is trading at a new two month high (going back to November 4. The high price just reached 1.36829.

Technical comment:

the RSI advocates for further advance.

Preference scenario:

In the case of a price climb above 1.3690, new targets are at 1.3730 and 1.3750 in extension.

Alternative scenario:

Should the price fall below 1.3690, look for a further downside with 1.3670 and 1.3645 as targets.

Resistance 1.373 1.375 1.377
Support 1.369 1.367 1.3645
US stocks up; Oil hits- 2 month highs

Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. Trade360 provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. Trade360 cannot be held liable for any information provided by Trading Central. Trade360 makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of Trade360, a third party or otherwise.

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