Daily Market Report: April 16, 2021

Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.

Dow Cracks 34,000 For the First Time

U.S. Stock Market

Last: 34,040

Pivot: 33,890

Review:

US stocks were higher after the close on Thursday, as gains in the Technology, Healthcare and Basic Materials sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average added 0.90% to hit a new all-time high, while the S&P 500 index gained 1.11%, and the NASDAQ Composite index climbed 1.31%.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

Long positions above 33,890.00, with targets at 34,130.00 & 34,290.00 in extension.

Alternative scenario:

Below 33,890.00, look for further downside with 33,700.00 & 33,540.00 as targets.

Resistance 34,130 34,290 34,400
Support 33,540 33,700 33,890
Dow Cracks 34,000 For the First Time
USD/CAD

Last: 1.2532

Pivot: 1.2505

Review:

The USD/CAD exchange rate pared early losses and looked to post modest daily gains around 1.2540.

Technical comment:

The RSI is above its neutrality area at 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 (respectively at 1.2526 and 1.2517).

Preference scenario:

The upside prevails as long as 1.2505 remains as support.

Alternative scenario:

The downside breakout of 1.2505 would call for 1.2475 and 1.2457.

Resistance 1.2571 1.2589 1.2608
Support 1.2457 1.2475 1.2505
Dow Cracks 34,000 For the First Time
Gold

Last: 1,764.90

Pivot: 1,755.50

Review:

Gold jumped as US sanctions on Russia reintroduce the political hedge trade.

Technical comment:

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. Prices could retrace in the short term. Gold is above its 20 and 50-period moving average (respectively at 1759.20 and 1747.70).

Preference scenario:

As long as 1,755.50 remains as support, look for 1,784.00.

Alternative scenario:

Below 1,755.50, expect 1,745.00 and 1,739.00.

Resistance 1,784 1,790 1,796
Support 1,739 1,745 1,755
Dow Cracks 34,000 For the First Time
Oil

Last: 63.15

Pivot: 62

Review:

Crude oil prices edged higher Thursday, trading near one-month highs on increasing optimism for demand growth as the global economy continues to recover.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

Long positions above 62.00, with targets at 63.70 & 64.45 in extension.

Alternative scenario:

Below 62.00, look for further downside with 61.40 & 60.90 as targets.

Resistance 63.70 64.45 64.85
Support 60.90 61.40 62
Dow Cracks 34,000 For the First Time
EUR/USD

Last: 1.1973

Pivot: 1.1948

Review:

The EUR/USD currency pair loses traction before testing 1.2000, steadies around 1.1970.

Technical comment:

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 levels to trigger further gains.

Preference scenario:

A rebound to 1.2009 levels.

Alternative scenario:

Below 1.1948, expect 1.1919 and 1.1902 as targets.

Resistance 1.2009 1.2027 1.2044
Support 1.1902 1.1919 1.1948
Dow Cracks 34,000 For the First Time
GBP/USD

Last: 1.3787

Pivot: 1.3759

Review:

The GBP/USD exchange rate inched down 0.07% to 1.3769 before recovering to 1.3787 later in the trading session.

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 (respectively at 1.3785 and 1.3781).

Preference scenario:

The upside prevails as long as 1.3759 remains as support.

Alternative scenario:

Below 1.3759, expect 1.3726 and 1.3706.

Resistance 1.3828 1.3848 1.3868
Support 1.3706 1.3726 1.3759
Dow Cracks 34,000 For the First Time

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. 1Market 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. 1Market cannot be held liable for any information provided by Trading Central. 1Market 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 1Market, a third party or otherwise.

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