Daily Market Report: May 12, 2022
Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.
May 12, 2022
US stocks lower; Oil climbs
US stocks were lower after the close on Wednesday, as losses in the technology, consumer services and consumer goods sectors led shares lower. At the close in the NYSE, the Dow Jones Industrial Average fell 1.02% to hit a new 52-week low, while the S&P 500 index lost 1.65%, and the NASDAQ Composite index lost 3.18%.
The RSI is below its neutrality area at 50%
For short positions below 32450, look for targets at 31540 and 31290 in extension.
Should the rate surpass 32450, look for a further upside with 32900 and 33350 as targets.
The USD/CHF pair is moving north firmly after the release of the US Consumer Price Index (CPI) on Wednesday. The asset found significant bids at around 0.9874 and is now scaling sharply higher towards the psychological resistance of 1.0000.
The RSI is bullish and calls for further advance.
Should the rate climb above 0.9910, check out fresh targets at 0.9975 and 1.0000 in extension.
If the price slides below 0.9910, look for a further downside with 0.9890 and 0.9870 as targets.
Gold prices extend the previous day’s bounce off $1,835 support confluence. The XAU/USD prices pick up bids to renew intraday high around $1,858, stretching the previous day’s recovery during Thursday’s Asian session.
The RSI calls for a rebound.
If the price moves above 1839.00, look for targets at 1865.00 and 1873.00 in extension.
In the case of a price dive below 1839.00, look for a further downside with 1831.00 and 1822.00 as targets.
Oil prices eased in early Asian trade on Thursday, taking a pause after rising more than 5% in the previous session following new Russian sanctions on some European gas companies. WTI crude futures fell 13 cents to $105.58 a barrel.
The RSI shows upside momentum.
Should the rate climb above 102.60, discover fresh targets at 108.00 and 109.50 in extension.
If the rate drops below 102.60, look for a further downside with 101.30 and 99.50 as targets.
At 0.6934, EUR/USD is flat on the day so far in an environment of positive stocks in APAC despite the sea of red into the close on Wall Street. The euro was pressured as a consequence of a resilient US dollar and the market's conclusion that the inflation data for April was hot enough to panic, fuelling a bid on the greenback.
The RSI advocates for further decline.
If the rate moves below 1.0540, check out new targets at 1.0500 and 1.0480 in extension.
If the price climbs above 1.0540, look for a further upside with 1.0560 and 1.0580 as targets.
GBP/USD takes rounds to the lowest levels since June 2020 as traders await the UK Q1 GDP during Thursday’s Asian session. In doing so, the cable pair stays inside a one-week-old descending trend channel, flirting with the 1.2250 level, at the time of writing.
The RSI is bearish and calls for further decline.
In the event of a price decline below 1.2280, discover targets at 1.2200 and 1.2170 in extension.
In the case of a price rise above 1.2280, look for a further upside with 1.2310 and 1.2340 as targets.
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