Daily Market Report: January 18, 2022

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January 18, 2022

Gold down; Oil rises

US Stock Market

Last: 4,662.85

Pivot: 4,580

Review:

US stock indices fell slightly with the opening of the market.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

For long positions above 4580.00, with targets at 4818.00 and 4935.00 in extension.

Alternative scenario:

Should the rate drip below 4580.00, look for a further downside with 4500.00 and 4275.00 as targets.

Resistance 4,818 4,935 5,050
Support 4,580 4,500 4,275
Gold down; Oil rises
USD/CAD

Last: 1.2494

Pivot: 1.252

Review:

USD/CAD recently bounced at 1.2500, a level which coincides with the pair’s 200-day moving average, and is back to trading in the 1.2520s.

Technical comment:

As long as the resistance at 1.2520 is not surpassed, the risk of the break below 1.2470 remains high.

Preference scenario:

For short positions below 1.2520, with targets at 1.2470 and 1.2450 in extension.

Alternative scenario:

If the price climbs above 1.2520, look for a further upside with 1.2535 and 1.2555 as targets.

Resistance 1.252 1.2535 1.2555
Support 1.247 1.245 1.243
Gold down; Oil rises
Gold

Last: 1,823

Pivot: 1,816

Review:

Gold was down on Tuesday morning in Asia, as the dollar strengthened and US Treasury yields climbed.

Technical comment:

The RSI calls for a bounce.

Preference scenario:

In the event of a price rise above 1816.00, seek out targets at 1828.00 and 1833.00 in extension.

Alternative scenario:

Should there be a price decline below 1816.00, look for a further downside with 1812.00 and 1806.00 as targets.

Resistance 1,828 1,833 1,838
Support 1,816 1,812 1,806
Gold down; Oil rises
Oil

Last: 84.45

Pivot: 83.5

Review:

Oil rises further in Asia morning trade, gaining 0.98 cent which is 1.18%.

Technical comment:

The RSI calls for a new upleg.

Preference scenario:

For long positions above 83.50, look for targets at 85.25 and 85.70 in extension.

Alternative scenario:

If the rate dips below 83.50, look for a further downside with 82.60 and 81.90 as targets.

Resistance 85.25 85.7 86.2
Support 83.5 82.6 81.9
Gold down; Oil rises
EUR/USD

Last: 1.1418

Pivot: 1.1395

Review:

The EUR/USD pair trades around the 1.1410 level, pretty much unchanged on a daily basis, although having posted a lower low for a third consecutive days.

Technical comment:

The RSI calls for a new upleg.

Preference scenario:

Should the rate surpass 1.1395, look out for the next targets at 1.1435 and 1.1450 in extension.

Alternative scenario:

If there is a price decrease below 1.1395, look for a further downside with 1.1380 and 1.1365 as targets.

Resistance 1.1435 1.145 1.1465
Support 1.1395 1.138 1.1365
Gold down; Oil rises
GBP/USD

Last: 1.3654

Pivot: 1.3635

Review:

After a sluggish start to the key week, with the third consecutive loss-making day, GBP/USD prices remain depressed around 1.3645 during the initial hour of Tuesday’s Asian session.

Technical comment:

The RSI calls for a new upleg.

Preference scenario:

For long positions above 1.3635, find new targets at 1.3675 and 1.3690 in extension.

Alternative scenario:

If there is a downside breakout below 1.3635, look for a further downside with 1.3620 and 1.3600 as targets.

Resistance 1.3675 1.369 1.371
Support 1.3635 1.362 1.36
Gold down; Oil rises

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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