Daily Market Report: April 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.

April 22, 2021

Stocks Rebound After Two Days of Losses

Dow Jones

Last: 34.00

Pivot: 33.00

Review:

US stocks were higher after the close on Wednesday, as gains in the Basic Materials, Oil & Gas and Financials sectors led shares upwards. At the close in NYSE, the Dow Jones Industrial Average gained 0.93%, while the S&P 500 index added 0.93%, and the NASDAQ Composite index surged 1.19% to recoup yesterday’s losses.

Technical comment:

The RSI advocates for further advance.

Preference scenario:

Long positions above 33,900.00, with targets at 34,250.00 & 34,400.00 in extension.

Alternative scenario:

Below 33,900.00, look for further downside with 33,690.00 & 33,560.00 as targets.

Resistance 34.00 34.00 34.00
Support 33.00 33.00 33.00
Stocks Rebound After Two Days of Losses
USD/CAD

Last: 1.2493

Pivot: 1.2518

Review:

The USD/CAD exchange rate fell sharply by 0.88% to end the session around $1.2496.

Technical comment:

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50-period moving average (respectively at 1.2539 and 1.2578).

Preference scenario:

The downside prevails as long as 1.2518 is resistance.

Alternative scenario:

Above 1.2518, look for 1.2547 and 1.2563 in extension.

Resistance 1.2518 1.2547 1.2563
Support 1.2419 1.2436 1.2453
Stocks Rebound After Two Days of Losses
Gold

Last: 1.00

Pivot: 1.00

Review:

Gold came within a hair’s breadth of touching the critical $1,800 an ounce mark on Wednesday.

Technical comment:

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Gold is above its 20 and 50-period moving average (respectively at 1,788.80 and 1,783.80).

Preference scenario:

The upside prevails as long as 1,784.00 remains as support.

Alternative scenario:

Below 1,784.00, expect 1,773.50 and 1,767.00 as targets.

Resistance 1.00 1.00 1.00
Support 1.00 1.00 1.00
Stocks Rebound After Two Days of Losses
Oil

Last: 61.09

Pivot: 60.80

Review:

Oil prices fell by as much as 2% on Wednesday on talk of a nuclear-related deal by May focused on Iran that would take US sanctions off the Islamic Republic’s crude exports.

Technical comment:

The RSI calls for a new up leg.

Preference scenario:

Long positions above 60.80, with targets at 62.36 & 63.28 in extension.

Alternative scenario:

Below 60.80 look for further downside with 60.40 & 59.80 as targets.

Resistance 62.36 63.28 64.40
Support 59.80 60.40 60.80
Stocks Rebound After Two Days of Losses
EUR/USD

Last: 1.2034

Pivot: 1.2010

Review:

The EUR/USD currency pair traded slightly up at 1.2031.

Technical comment:

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50-period moving average.

Preference scenario:

The upside prevails as long as 1.2010 remains as support.

Alternative scenario:

Below 1.2010, expect 1.1982 and 1.1966 as targets.

Resistance 1.2068 1.2084 1.2100
Support 1.1966 1.1982 1.2010
Stocks Rebound After Two Days of Losses
GBP/USD

Last: 1.3932

Pivot: 1.3899

Review:

The GBP/USD exchange rate traded flat at around the 1.3935-mark.

Technical comment:

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50-period moving average.

Preference scenario:

The upside prevails as long as 1.3899 remains as support.

Alternative scenario:

Below 1.3899, expect 1.3861 and 1.3838 as targets.

Resistance 1.3978 1.4001 1.4024
Support 1.3838 1.3861 1.3899
Stocks Rebound After Two Days of Losses

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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