For the bulls, important resistance points exist at 26.50 level where the price is now testing the MA100, also at 27.00 level where the MA50 sits now, and finally at 28.75 level derived from the May 18th top.
For the bears, the support levels lie at 25.50 latest low of June 29th that almost coincides with the 61.8% Fibonacci Retracement level , also at 23.78 derived from the March 31st bottom, and finally at 21.90 derived from the November 30th 2020 bottom.
Bank holiday ahead on the economic calendar in the U.S. The stats for today include only CAD Bank of Canada (BOC) Business Outlook survey.
• United States major equity markets closed the week on Friday with gains following positive jobs report that President Joe Biden attributes to his successful American Rescue Plan. Biden also noted that 3 million jobs were created since he stepped into office. Meanwhile, production orders and factory shipments both rose by 1.7%.
The Dow closed with 0.44% in the green led by Microsoft jumping 2.23%, while the S&P 500 rose 0.75% with Oracle increasing by 2.87%. The Nasdaq 100 grew by 1.15% as Alphabet gained 2.30%.
• The volume of new orders for manufactured goods in the United States rose by 1.7% to $495.5 billion in May, following a decrease in figures the previous month, the Census Bureau said in a report published on Friday.
• Nonfarm employment in the United States rose by 850,000 in June, surpassing expectations, the US Bureau of Labor Statistics reported on Friday. Meanwhile, the unemployment rate was little changed at 5.9%.
According to the update, permanent job losses stood at 3.2 million, virtually unchanged compared to May's report. Meanwhile, the labor force participation rate was unchanged at 61.6%.
• The Organization of the Petroleum Exporting Countries (OPEC) and its partners (OPEC+) said on Friday that the 18th OPEC and non-OPEC Ministerial Meeting will resume on July 5 at 3 pm CET.
According to media reports, all of the energy alliance's members except the United Arab Emirates agreed to a proposal made by Russia and Saudi Arabia that entailed raising monthly oil output by 400,000 barrels per day for five months through December 2021. The UAE also would not commit to extending the OPEC-non OPEC Declaration of Cooperation from April 2022 until the end of 2022.
Important Daily Events:
• At 14:30 (GMT) CAD Bank of Canada (BOC) Business Outlook survey expected. This indicator is a survey of about 100 businesses which asks respondents to rate the relative level of general business conditions, such as sales growth, investment in machinery, employment, inflation expectations, and credit conditions.
US Indices Friday:
• Dow Jones +0.44%
• S&P 500 +0.75%
• Nasdaq +0.81%
Sources: Investing.com, forexfactory.com, breakingthenews.net