Daily Market Report: November 22, 2021
Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.
November 22, 2021
US stocks up; Oil extends losses
Stock futures rose slightly in overnight trading on Sunday ahead of the holiday-shortened week, a historically seasonally strong period for Wall Street. Futures on the Dow Jones Industrial Average gained 55 points. S&P 500 futures edged up 0.1% and Nasdaq 100 futures climbed 0.20% at the time of writting.
The RSI shows upside momentum.
For long positions above 15900.00, look for targets at 17171.00 and 17600.00 in extension.
Should the price drop below 15900.00, look for a further downside with 15330.00 and 14900.00 as targets.
The USD/CAD finished at its highest level in seven weeks as new Covid restrictions in Europe drove a US dollar safety rally on Friday. The currency pair is trading at 1.2645, at the time of writing.
The RSI is bullish and calls for further upside.
A buy opportunity could arise if the price surpasses 1.2620, with targets at 1.2680 and 1.2700 in extension.
In the event of a downside breakout below 1.2620, look for a further downside with 1.2600 and 1.2580 as targets.
The price of gold is lower despite the risk-off mood. XAU/USD ended on Friday down some 0.29% falling from a high of $1,865.83 to a low of $1,846.65, at the time of writing.
The RSI is bearish and calls for further decline.
For short positions below 1856.00, the next targets could be at 1835.00 and 1826.00 in extension.
If there ois a price rise above 1856.00, look for a vfurther upside with 1864.00 and 1871.00 as targets.
US crude prices dropped in early trade on Monday extending big losses on Friday, after Japan said on the weekend it was considering releasing oil reserves to help dampen prices. Crude futures were down 65 cents, or 0.9%, at $75.75 a barrel.
The RSI advocates for further decline.
For short positions below 76.80, look for next targets at 74.70 and 73.60 in extension.
Should the price climb above 76.80, look for a further upside with 77.50 and 78.40 as targets.
EUR/USD is on the back foot as the market looks for safer havens due to the covid concerns sweeping through Europe. The pair hit a 16-month low amid the COVID surge while expectations have also grown that the European Central Bank will be lagging with regards to interest rate hikes compared to other central banks. At the time of writing, the currency pair is trading at 1.1288
The RSI calls for a new downleg.
A sell opportunity could emerge if the price falls below 1.1320, with targets at 1.1240 and 1.1210 in extension.
If the rate surpasses 1.1320, look for a further upside with 1.1340 and 1.1360 as targets.
The GBP/USD traded lower on Sunday night, trading at 1.3443.
The RSI advocates for further decline.
For short positions below 1.3460, look for targets at 1.3400 and 1.3380 in extension.
In the scenari where the price rises above 1.3460, look for a further upside with 1.3480 and 1.3500 as targets.
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