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
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%.
The RSI is mixed to bullish on the NASDAQ 100 chart.
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.
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.
The USDCAD pair settled below 1.2480 and is testing the next support at 1.2450.
The upward potential is likely to be limited by the resistance at 1.2480.
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.
If the price rises above 1.2480, a further upside path projects nicely with 1.2500 and 1.2520 as targets.
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.
The RSI is bullish and calls for further upside.
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.
If the price slips below 1817.00, further moves to the downside will be imminent, with 1811.00 and 1803.00 as targets.
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.
The RSI is mixed with a bullish bias.
The price breaking out above 72.85 will call for long positions, with targets at 73.90 and 74.25 in extension.
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.
EURUSD rose 0.1% to 1.1856.
The RSI is bullish and calls for further advance.
Long positions will be favoured by the price climbing above 1.1865, with targets at 1.1920 and 1.1935 in extension.
Any move below 1.1865 will clear the way for further downside with 1.1850 and 1.1835 as targets.
GBPUSD rose 0.2% to 1.3931.
The RSI is poised to the upside.
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.
The price slipping below 1.3930 will open a further downside path with 1.3910 and 1.3895 as targets.
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