Daily Market Report: May 13, 2022

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

US stocks mixed; Oil up

US Stock Market

Last: 3,869

Pivot: 3,960

Review:

US stocks were mixed after the close on Thursday, as gains in the consumer services, healthcare and telecoms sectors led shares higher while losses in the utilities, technology and basic materials sectors led shares lower. At the close in the NYSE, the Dow Jones Industrial Average declined 0.33% to hit a new 52-week low, while the S&P 500 index declined 0.13%, and the NASDAQ Composite index added 0.06%.

Technical comment:

The RSI is below its neutrality area at 50%

Preference scenario:

For short positions below 3960.00, discover new targets at 3830.00 and 3750.00 in extension.

Alternative scenario:

In the event of a price increase above 3960.00, look for a further upside with 4073.00 and 4150.00 as targets.

Resistance 3,960 4,073 4,150
Support 3,830 3,750 3,620
US stocks mixed; Oil up
USD/JPY

Last: 128.4

Pivot: 128.9

Review:

USD/JPY picks up bids to portray a rebound from 12-day low, 38.2% Fibonacci retracement level. The USD/JPY recovers from a fortnight low, snaps two-day downtrend, as it regains 128.50 during the initial hour of Tokyo open on Friday.

Technical comment:

The RSI has just struck against its neutrality area at 50% and is reversing down.

Preference scenario:

For short positions below 128.90, find new targets at 127.90 and 127.50 in extension.

Alternative scenario:

Should the rate travel above 128.90, look for a further upside with 129.20 and 129.50 as targets.

Resistance 128.9 129.2 129.5
Support 127.9 127.5 127.1
US stocks mixed; Oil up
Gold

Last: 1,820

Pivot: 1,834

Review:

The gold price (XAU/USD) is continuously dropping south as raising odds of a bumper rate hike by the Federal Reserve (Fed) in its June monetary policy are punishing the precious metal. The bright metal extended its losses on Thursday after establishing below the two-day low at $1,832.07.

Technical comment:

As long as the resistance at 1834.00 is not surpassed, the risk of the break below 1807.00 remains high.

Preference scenario:

Should the rate slide below 1834.00, look out for targets at 1807.00 and 1793.00 in extension.

Alternative scenario:

In the case of a price rise above 1834.00, look for a further upside with 1849.00 and 1859.00 as targets.

Resistance 1,834 1,849 1,859
Support 1,807 1,793 1,780
US stocks mixed; Oil up
Oil

Last: 107.01

Pivot: 104.7

Review:

WTI grinds higher past $105.00 after two-day uptrend. Crude oil prices seem defensive at around $105.00 during Friday’s Asian session, after rising to a four-day high on crossing the 21 and 50 DMAs the previous day.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

If the price climbs above 104.70, check out fresh targets at 108.40 and 109.60 in extension.

Alternative scenario:

Should the rate drop below 104.70, look for a further downside with 103.00 and 101.30 as targets.

Resistance 108.4 109.6 111.5
Support 104.7 103 101.3
US stocks mixed; Oil up
EUR/USD

Last: 1.0378

Pivot: 1.044

Review:

The EUR/USD pair is advancing higher at a nominal pace after printing a low of 1.0355 on Thursday. The asset has extended its losses after witnessing a downside break of a tad wider consolidation placed in a range of 1.0471-1.0642 from April’s last week.

Technical comment:

The RSI is bearish and calls for further decline.

Preference scenario:

For short positions below 1.0440, find targets at 1.0330 and 1.0300 in extension.

Alternative scenario:

If the price climbs above 1.0440, look for a further upside with 1.0465 and 1.0490 as targets.

Resistance 1.044 1.0465 1.049
Support 1.033 1.03 1.027
US stocks mixed; Oil up
GBP/USD

Last: 1.2207

Pivot: 1.225

Review:

GBP/USD bears take a breather around two-year low after six-day downtrend. GBP/USD licks its wounds near 1.2200, after refreshing a two-year low during the uninterrupted fall in the last six days, during the initial Asian session on Friday.

Technical comment:

As long as 1.2250 is resistance, look for choppy price action with a bearish bias.

Preference scenario:

If the rate declines below 1.2250, check out new targets at 1.2170 and 1.2140 in extension.

Alternative scenario:

Should the rate move above 1.2250, look for a further upside with 1.2280 and 1.2310 as targets.

Resistance 1.225 1.228 1.231
Support 1.217 1.214 1.211
US stocks mixed; Oil up

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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