Daily Market Report: July 30, 2021

Today’s events & figures – Trade what you know Financial markets feed into world events and are their direct consequence. Keep a daily eye on our roundup of the day’s news, numbers and announcements.

July 30, 2021

US Equities, Gold Oil on a Winning Streak

U.S. Stock Market

Last: 15,055

Pivot: 14,790

Review:

The S&P 500 closed near record highs Thursday, led by gains in cyclical stocks as investors looked through softer second-quarter U.S. growth amid signs of stronger consumer spending. The S&P 500 rose 0.43% to remain close to its closing record of 4,422.13. The Dow Jones Industrial Average gained 0.5%, or 175 points, ending the day just below its closing record of 35,144.91. The Nasdaq was up 0.1%.

Technical comment:

The RSI is mixed to bullish on the NASDAQ 100 chart.

Preference scenario:

A window of opportunity for buyers will present itself if the price manages to surpass 14790.00. In this case, the next price targets will be at 15265.00 and 15365.00 in extension.

Alternative scenario:

If, on the other hand, the price breaks below 14790.00, further downslides will be imminent going forward, with 14665.00 and 14555.00 as targets.

Resistance 15,265 15,365 15,400
Support 14,790 14,665 14,555
US Equities, Gold Oil on a Winning Streak
USD/CAD

Last: 1.245

Pivot: 1.248

Review:

The USDCAD pair settled below 1.2480 and is testing the next support at 1.2450.

Technical comment:

The upward potential is likely to be limited by the resistance at 1.2480.

Preference scenario:

Sellers might have an opportunity if the price breaks below 1.2480. Should this happen, the next levels to watch would be at 1.2420 and 1.2400 in extension.

Alternative scenario:

If the price rises above 1.2480, a further upside path projects nicely with 1.2500 and 1.2520 as targets.

Resistance 1.248 1.25 1.252
Support 1.242 1.24 1.238
US Equities, Gold Oil on a Winning Streak
Gold

Last: 1,830

Pivot: 1,817

Review:

Gold clinched its best day in nearly three months on Thursday as a Federal Reserve standing resolute against any immediate talk of stimulus tapering or rate hike sent a horde of buyers toward the yellow metal.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

Buying opportunities will be occasioned by a price climb above 1817.00. In that case, the next price targets will be at 1837.00 and 1850.00 in extension.

Alternative scenario:

If the price slips below 1817.00, further moves to the downside will be imminent, with 1811.00 and 1803.00 as targets.

Resistance 1,837 1,850 1,863
Support 1,817 1,811 1,803
US Equities, Gold Oil on a Winning Streak
Oil

Last: 73.33

Pivot: 72.85

Review:

Crude oil prices pushed higher Thursday, climbing to two-week highs amid signs of a U.S. economy continuing to recover while inventories in the world’s largest consumer fell once more.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

The price breaking out above 72.85 will call for long positions, with targets at 73.90 and 74.25 in extension.

Alternative scenario:

The price breaking out below 72.85 will open a further downside path towards 72.50 as the next price target with 72.10 in extension.

Resistance 73.9 74.25 74.85
Support 72.85 72.5 72.1
US Equities, Gold Oil on a Winning Streak
EUR/USD

Last: 1.1893

Pivot: 1.1865

Review:

EURUSD rose 0.1% to 1.1856.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

Long positions will be favoured by the price climbing above 1.1865, with targets at 1.1920 and 1.1935 in extension.

Alternative scenario:

Any move below 1.1865 will clear the way for further downside with 1.1850 and 1.1835 as targets.

Resistance 1.195 1.1935 1.192
Support 1.1865 1.185 1.1835
US Equities, Gold Oil on a Winning Streak
GBP/USD

Last: 1.3967

Pivot: 1.393

Review:

GBPUSD rose 0.2% to 1.3931.

Technical comment:

The RSI is poised to the upside.

Preference scenario:

Long positions will be an option if the price conquers the 1.3930 level, in which case the next targets will be at 1.4000 and 1.4020 in extension.

Alternative scenario:

The price slipping below 1.3930 will open a further downside path with 1.3910 and 1.3895 as targets.

Resistance 1.14 1.402 1.404
Support 1.393 1.191 1.3859
US Equities, Gold Oil on a Winning Streak

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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