Daily Market Report: May 13, 2022
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May 13, 2022
US stocks mixed; Oil up
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%.
The RSI is below its neutrality area at 50%
For short positions below 3960.00, discover new targets at 3830.00 and 3750.00 in extension.
In the event of a price increase above 3960.00, look for a further upside with 4073.00 and 4150.00 as targets.
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.
The RSI has just struck against its neutrality area at 50% and is reversing down.
For short positions below 128.90, find new targets at 127.90 and 127.50 in extension.
Should the rate travel above 128.90, look for a further upside with 129.20 and 129.50 as targets.
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.
As long as the resistance at 1834.00 is not surpassed, the risk of the break below 1807.00 remains high.
Should the rate slide below 1834.00, look out for targets at 1807.00 and 1793.00 in extension.
In the case of a price rise above 1834.00, look for a further upside with 1849.00 and 1859.00 as targets.
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.
The RSI is bullish and calls for further advance.
If the price climbs above 104.70, check out fresh targets at 108.40 and 109.60 in extension.
Should the rate drop below 104.70, look for a further downside with 103.00 and 101.30 as targets.
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.
The RSI is bearish and calls for further decline.
For short positions below 1.0440, find targets at 1.0330 and 1.0300 in extension.
If the price climbs above 1.0440, look for a further upside with 1.0465 and 1.0490 as targets.
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.
As long as 1.2250 is resistance, look for choppy price action with a bearish bias.
If the rate declines below 1.2250, check out new targets at 1.2170 and 1.2140 in extension.
Should the rate move above 1.2250, look for a further upside with 1.2280 and 1.2310 as targets.
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