Daily Review for April 13, 2021
Equities in sideline as the market defines a trend.
Treasury yields are back in the limelight.
Investors are aware of the US inflation data to revise forecasts.
Market mixed, but is slowly starting to turn green, mainly in the Asian indices.
The increase in cases of coronavirus and the strengthening of the USD put pressure on crude oil and in commodities.
EURUSD and DAX await US inflation data and the ZEW German investor confidence index. Analysts expect economic expansion.
| DOW JONES +0.04% |
| Dow Jones starts the day in positive territory, up 0.04% and trading at 33,651 points. The market is awaiting the US inflation data and daily corporate results. Meanwhile, the market opens mixed in Europe, in Asia the market remains in green and US futures are mixed. Contradictory message from the FED. On one hand Jerome Powell announced that there is still a long road to go to reach economic recovery. On the other hand, James Bullard, St. Louis president of the FED, announced that if the US reached 70% of the population vaccinated, it’s a sign that the pandemic is ending. |
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| Support 1: 33,614.4 Support 2: 33,596.7 Support 3: 33,583.9 Resistance 1: 33,644.9 Resistance 2: 33,657.7 Resistance 3: 33,675.4 Pivot Point: 33,627.2 |
| Trading range between 33,583 and 33,675. Pivot point in 33,627. Price is at resistance 1, reaching 33,682. Sideways movement. RSI neutral. |
| CRUDE OIL +0.60% |
| Crude oil continues to move sideways, as a result of the increase in cases of coronavirus globally and the strengthening of the USD. At the moment, the price is up 0.60% and is trading at USD$59.96 per barrel. Today, we will have OPEC’s monthly report and the IEA’s report on US inventories, where the market expects a decrease of at least 1.3 million barrels. |
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| Support 1: 59.86 Support 2: 59.67 Support 3: 59.56 Resistance 1: 60.16 Resistance 2: 60.27 Resistance 3: 60.46 Pivot Point: 59.97 |
| Trading range between 59.56 and 60.46. Pivot point at 59.97. Price is looking for a trend between support 1 and resistance 1. Sideways movement at 59. RSI is neutral. |
| EURUSD -0.04% |
| Currency is trying to hold above the 1.1900 mark. It is currently down 0.04% due to rising bond yields. Traders are aware of the US inflation data, which may set the trend of the currency. In Germany, the government is concentrating its efforts to accelerate the vaccination campaign. Meanwhile, the DAX 30 remains above the 15,200-point mark. |
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| Support 1: 1.1877 Support 2: 1.1871 Support 3: 1.1859 Resistance 1: 1.1895 Resistance 2: 1.1907 Resistance 3: 1.1913 Pivot Point: 1.1889 |
| The price bounced off from a double bottom. It also rebounded from support 1 and the Bulls are trying to break resistance 1. If they succeed in doing so, the next level to watch is 1.1918. Pivot point at 1.1889. Trading range between 1.1859 and 1.1913. |
| DAX 30 -0.03% |
| The market remains mixed in Europe. Bond yields continue to rise, leaving uncertainty about a clear trend in the equity market. The German index is currently trading at 15,263. Traders are aware of the ZEW data on investor confidence in Germany. This is a sentiment indicator. The market is expecting a reading of 79, which would indicate economic expansion. |
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| Support 1: 15,242.9 Support 2: 15,236.2 Support 3: 15,230.9 Resistance 1: 15,254.9 Resistance 2: 15,260.2 Resistance 3: 15,266.9 Pivot Point: 15,248.2 |
| The price continues with bullish strength. It is above the Ichimoku cloud. Also above resistance 1. RSI neutral. Expected trading range between 15.230 and 15.266. Pivot point at 15.248. |
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