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Daily market review

Daily Market Review – 23/05/2017

The USD remains under pressure

Forex

German’s data from the IFO Institute in focus

EUR/USD

EURUSD

During yesterday’s trading session, the European currency reached a six-month high against the US dollar. In the absence of economic statistics, the main driver for the pair was Angela Merkel’s speech. The German chancellor noted that the euro was “too weak” because of ECB’s soft monetary policy. Most market participants interpreted this speech as a signal for the ECB to begin a gradual tightening of the policy, which could support the euro.

Meanwhile, investors’ focus will be on preliminary data on the business activity index in the manufacturing and services sectors in France, Germany and the Eurozone in general. The data will be presented in the morning. Special attention will be paid to the data from German IFO Institute for Economic Research, which will be published at 08:00 (GMT). Similar indicators for the US economy will be presented at 13:45 (GMT).

Resistance levels: 1,12632, 1,12993, 1,13384
Support levels: 1,11712, 1,11220, 1,10750

The pound declined

GBP/JPY

Gold

The British currency remained under pressure for the second day in a row. Yesterday’s decline came as a reaction on the information that Britain can refuse negotiations with the EU if Brussels insists on paying 100 billion euros “exit” bill. This opinion was expressed by the UK Minister David Davis. Also, last night’s explosion in the Manchester Arena took at least 22 lives and left about 50 people injured. The police regard this as a terrorist act. Against this background, it is possible that the parliamentary elections scheduled for June 8, will be postponed.

Since the yen is a protective asset in the event of political or economic risks, this morning the pound fell slightly against JPY. Further pair’s dynamics will be influenced by investors.

Resistance levels: 144,715, 145,380, 145,924
Support levels: 143,823, 143,343, 142,640

Stock market

The largest bank of Russia will present its quarterly results tomorrow

Сбербанк ПАО (SBER)

Sberbank

Tomorrow, the largest state bank of Russia, Sberbank, will present its financial result for the first quarter of this year. Despite the sanctions imposed by the government of Ukraine against the subsidiaries of the financial holding, it is expected that the results in the reporting period will exceed analysts’ expectations. For example, the earnings-per-share is expected to be at the level of 6.50 rubles, while the total revenue will rise to the level of 721.3 billion rubles. If the actual values confirm the forecast, the shares’ value may rise to 173.00 rubles.

Resistance levels: 170,14, 171,30, 172,41
Support levels: 165,55, 163,65, 162,21

Commodity market

Political risks support gold

GOLD

Gold

The investors’ appetite for gold hit new high on the background of increased political risks. These include the scandal surrounding the Trump administration, the ongoing missile tests of North Korea, as well as yesterday’s terrorist attack in the Manchester Arena. The weakening US dollar also provides additional support for gold. According to analysts, quotes may grow up to a mark of $ 1,300.00 per ounce in the short term. Meanwhile, today and tomorrow, investors will be expecting the publication of the US Federal Reserve protocols. This document may shed light on the prospects of further tightening of the regulator’s monetary policy.

 

Resistance levels: 1265,00, 1270,00, 1276,00
Support levels: 1257,00, 1250,00, 1244,00

Daily Market Review – 22/05/2017

Today’s main event: EU’s finance ministers meeting

Forex

The UK may refuse to negotiate with the EU

GBP/USD

GBPUSD

The British currency grew during Friday’s trading because of the USD’s weakening. However, the GBP started this week with a moderate fall, due to reports that the UK may refuse to negotiate the exit from the EU. The British government is ready to take such a step if Brussels will continue to insist on their “exit” bill of 100 billion euros. Earlier, the cost of leaving the EU was estimated at 60 billion euros. The issue may be discussed at today’s meeting of the EU finance ministers.

 

Resistance levels: 1,30132, 1,30395, 1,30600
Support levels: 1,29406, 1,29057, 1,28742

Fed officials’ speeches will influence the USD’s dynamics

 

USD/JPY

USDJPY

Last Friday, the pair traded in a narrow range. The USD’s dynamics is still reflecting on the scandal surrounding the Trump administration. Meanwhile, the dollar is supported by a high probability of the Federal Reserve monetary policy tightening to be announced at their June meeting. To help it even more, the Federal Reserve Bank representative Bullard stressed in his Friday speech that he would support raising rates, if those are to be announced in June. Today, the attention will be on the American regulator representatives’ speeches, scheduled for the evening session.

Resistance levels: 111,700, 112,230, 112,750
Support levels: 110,900, 110,350, 110,000

 

Stock market

Major US stock indices reduced losses

Dow Futures

Dow

During Friday’s trading session, the main US stock indexes recovered, reducing losses incurred amid political uncertainty. Nonetheless, investors are concerned whether the US president will be able to fulfill his pre-election promises and reform the US economy. The investors will pick up on even the most subtle changes in the tone of the Federal Reserve representatives during today speeches.

Resistance levels: 20836,63, 20864,42, 20893,95
Support levels: 20758,45, 20721,10, 20688,10

 

Commodity market

Oil is on the rise

Brent Oil Futures

BrentOil

Last Friday, the “black gold” quotes grew steadily. Investors hope that the deal to reduce oil production will be extended. We would like to remind you that the OPEC’s countries meeting is scheduled on the 25th of May at the headquarters of the cartel in Vienna. The possible extension of the deal will be discussed. Meanwhile, analysts are less confident on the terms of the deal, since the United States oil producers can claim the market share which was freed. Today, the oil prices will be guided by the dollar’s dynamics.

 

Resistance levels: 54,30, 54,80, 55,30
Support levels: 53,50, 53,00, 52,50

Daily Market Review – 18/05/2017

Markets slide again because of Trump’s possible impeachment

Forex

European Central Bank’s monthly report will be in focus today

EUR/JPY

EURJPY

During yesterday’s trading, the European currency rate dropped because of political risks. In the US, the new Trump scandal may lead to the announcement of the impeachment procedure for the president. In addition, market participants doubt the ability of the presidential administration to carry out the planned reforms. Reacting on this, investors have traditionally resorted to purchasing defensive assets, which include the Japanese yen. Meanwhile, a definite support for the euro was provided yesterday by the euro area inflation data over the past month. The final data coincided completely with the initial estimate. Yesterday’s data on Japan’s GDP for the first quarter of 2017 did not have a significant impact on the pair’s dynamics.

Today, the investors’ attention will be on the ECB report on the monetary policy, which will be presented at 11:30 (GMT). President’s Mario Draghi speech will take place at 5:00 pm (GMT).

Resistance levels: 124,432, 124,899, 125,542
Support levels: 123,399, 122,922, 122,517

The report on retail sales in the UK may support the pound

GBP/JPY

GBPJPY

In the beginning of yesterday trading session, the UK currency received support from unexpectedly promising data on the UK labor market. According to the data, the unemployment rate in March fell from 4.7% to 4.6%. These results blocked the negative influence from the slow salaries increase in the UK. Meanwhile, the The Japanese yen was in high demand yesterday amid the investors’ fears. Today, the main event for the currency will be the publication of the report on the UK retail sales for April, which is scheduled for 08:30 (GMT).

According to the Bank of England’ report, a deep plunge of the British currency after the referendum on EU membership led to a drop in real household income. In the future, it can reduce the nominal GDP of the country. The today’s report will show how the fall in the exchange rate of the pound affected the British consumers’ behavior. Meanwhile, the currency will also be influenced by external political risks.

Resistance levels: 144,944, 145,658, 146,097
Support levels: 143,620, 143,125, 142,640

Stock market

One of the world’s leading retailers announces their first quarter results today

Wal-Mart Stores Inc (WMT)

Wal-Mart

Today before the opening of the regular session, Wal-Mart will present its quarterly report.  The company is a leader of global retail sales industry. According to analysts’ expectations, the profit per share will be around $ 0.96, while the total revenue will rise to $ 113.2 billion. The forecast values are expected to underestimate the actual data. In this case, the shares’ value may rise to $ 77.00.

Resistance levels: 74,80, 75,20, 75,70
Support levels: 74,30, 73,90, 73,60

Commodity market

Gold price rallied to new high yesterday

 GOLD

Gold

Gold jumped 2% yesterday, adding about $ 25 in price. This dynamic reflected on the investors reaction to increased political risks, as they were pushed toward the safest assets. Another reason for the “golden rush” was the general fall in the US currency exchange rate after the series of disappointing reports. Today, the trading dynamics will be affected by the US labor market report at 12:30 (GMT), and the statements of the US Federal Reserve officials, scheduled for the afternoon.

Resistance levels: 1260,00, 1263,70, 1268,50
Support levels: 1250,00, 1244,90, 1238,00

Daily Market Review – 17/05/2017

The European currency climbed to a new record

Forex      

The euro area inflation data took centre stage

EUR/USD

EURUSD

Yesterday, the American currency fell sharply against the euro. The main currency pair rose to a six-month high during yesterday’s trading. This happened due to the political uncertainty surrounding the US’ presidential administration. According to reports, Donald Trump shared some sensitive piece of information on the Middle East with Russian Officials. Although the Trump administration has officially denied this fact, the currency market plays out this situation in its own way.

The positive data on the Euro area’s GDP in the first quarter of 2017 provided additional support for the euro. At the same time, the pressure on the dollar was provided by the US real estate market data. Today, trade’s dynamics may be affected by the euro area inflation data in the final assessment for April, which will be presented at 09:00 (GMT).

Resistance levels: 1,11384, 1,11879, 1,12325
Support levels: 1,10634, 1,10199, 1,09695

The GBP continues to struggle

GBP/JPY

GBPJPY

During yesterday’s trading, the pound rose sharply as the April customer inflation data arrived. Still, the British currency failed to keep the acquired positions. The last strong fall in the pound’s quotations, which led to an inflation surge, could put pressure on consumer spending, and these concerns affected yesterday’s dynamics. At the same time, the rate increase seems unlikely under the current economic conditions. Using the yen as a protective asset also put pressure on the British currency. Today, the market participants will be focused on the British labor market data, which will be presented at 08:30 (GMT).

 

Resistance levels: 145,658, 146,097, 146,565
Support levels: 145,038, 144,471, 143,882

 

Stock market

The biggest online retailer in the world will present its quarterly results tomorrow

Alibaba Group (BABA)

Alibaba

Alibaba, the biggest online retailer in the world will publish its quarterly report tomorrow. According to analysts’ forecast, the profit per share should be around $ 0.66, while the total revenue could grow up to $ 35.99 billion. It is worth mentioning that for the last four quarters the actual performance exceed forecasts. If this happens again tomorrow, the shares’ value may rise to $ 127.00 per unit.

Resistance level: 124,08, 125,00, 125,82
Support levels: 121,88, 121,16, 120,23

 

Commodity market

The oil reserves data put pressure on quotes

Brent Oil Futures

BrentOil

The “black gold” quotes continued to rise during yesterday’s early trading, as it looked like OPEC will extend the cut agreement. To make the matters even better, the International Energy Agency report indicated that the balance of supply and demand in the world oil market continued to recover. Meanwhile, the forecast for the current year demand remained the same. The dynamics changed in the afternoon session. The pressure on oil came from the US Petroleum Institute’ reserves report. According to the report, reserves increased by 0.88 million barrels against expectations for their reduction by 2.3 million barrels.

Today, the focus is on a similar report from the US Department of Energy, which will be published at 14:30 (GMT).

Resistance levels: 51,70, 52,50, 53,00
Support levels: 51,00, 50,34, 49,90

Daily Market Review – 16/05/2017

The focus is on another scandal of the Trump administration

Forex

Market participants buy the Japanese yen

USD/JPY

USDJPY

Yesterday, the US currency was mainly in a downward trend. An exception was the rate against the Japanese yen. The US Treasury bonds’ yield growth increased the demand for the dollar and became a positive driver for the pair. Nevertheless, a disappointing report on manufacturing activity from the New York Federal Reserve Bank has influenced the trend. According to the report, the manufacturing activity dropped for the first time in seven months.

Meanwhile, during today’s Asian session, the US currency fell across the markets after reports that the US president had provided Russian diplomats with secret intelligence information about the Middle East. With increased background fears, the investors followed tradition and turned to the Japanese currency as a protective asset. The further dynamics of the pair could be influenced by the presentation of the US real estate market data at 12:30 (GMT). Also, the US industrial production data for April will be published today at 13:15 (GMT)

Resistance levels: 113,845, 114,332, 114,608
Support levels: 113,175, 112,764, 112,318

 

Data on the British inflation will have an impact on the GBP

GBP/USD

GBPUSD

In the beginning of yesterday’s session, the pair grew against the generally negative background for the US currency, caused by Friday report on consumer inflation in the US. By the second half of the day, the dynamics changed radically and the pair lost all advances earned earlier. The reason for this dynamic was the preparation for today’s report on the UK consumer price inflation.

We would like to remind you, that last Thursday, the Bank of England’ boss, Mark Carney, stressed on the fact that the last price increase was possible solely due to the depreciation of the pound after the EU referendum vote. In his opinion, this situation will not allow the regulator to raise rates in the near future, which will put pressure on the British currency in the medium time scale. Today, all eyes will be on the British inflation data, which will be presented at 08:30 (GMT).

Resistance levels: 1,29408, 1,29612, 1,29865
Support levels: 1,28940, 1,28682, 1,28444

 

Stock market

The British stock market updates its highs

FTSE Futures

FTSE

The main European stock markets completed yesterday’s trading on a positive note. The reason for this dynamic was the Chancellor Angela Merkel’ victory in Germany regional elections. To make atmosphere even better, the news on a possible extension of the deal to reduce oil production for another 9 months came in to support the stock exchanges.

Meanwhile, today the investors’ attention will be focused on revised data on the Eurozone’s GDP. The data will be presented at 09:00 (GMT). In addition, the ECB officials meeting is scheduled for today.

Resistance levels: 7428,43, 7448,03, 7467,68
Support levels: 7399,22, 7380,20, 7361,18

 

Commodity markets

Political risks support gold

GOLD

Gold

The price of the precious metal rose yesterday, reflecting on the growing political uncertainty around the US, another missiles test by North Korea and World cyber attacks. On top of that, gold was supported by widespread weakening of the US currency amid negative Friday data on consumer inflation. Today, the trading dynamics will be influenced by political risks and the United States economic statistics.

Resistance levels: 1237,36, 1241,25, 1245,35
Support levels: 1231,80, 1228,63, 1225,63

Daily Market Review – 15/05/2017

The American currency came under pressure

Forex

Mixed Chinese statistics influenced the Australian Dollar’ dynamics

AUD/USD

AUDUSD

During Friday’s trading, the US currency dropped in price across the market on the background of pessimistic statistics. According to the data presented, even though the consumer price index rose last month, it underperformed compared to experts’ forecasts. To make matters worse, retail sales also showed a slower growth in April. This somewhat lowered the likelihood of higher rates from the US Federal Reserve at their next meeting. Meanwhile, China’s economy data was presented today. China is a strategic partner of Australia. According to the data published, the industrial production growth in China failed to reach the forecasts of experts for April. Nevertheless, retail sales demonstrated strong growth. The further dynamics of the pair may be affected by the data on manufacturing activity from the Federal Reserve Bank of New York.

 

Resistance levels: 0,74269, 0,74456, 0,74720
Support levels: 0,73816, 0,73551, 0,73334

British Pound recovers after recent losses

GBP/JPY

GBPJPY

Last Friday, GBP was under pressure as a result of the decision to keep the target rate level at the record low. Nonetheless, the strong pressure was mainly a result of a drop in the forecasts for GDP growth and the level of inflation. However, the pound started the new week on a positive note, bouncing back from the recent losses. Today, the market participants will be focused on Theresa May’s speech, which will take place at 19:00 (GMT). The next important event is tomorrow’s publication of data on retail sales and consumer inflation in the UK for the last April.

Resistance levels: 147,116, 147,575, 148,098
Support levels: 145,796, 145,366, 144,913

Stock market

The American stock market is expecting new drivers

Dow Futures

Dow

Last Friday, the major US stock indexes traded in different directions. The investors were focused on statistics on consumer inflation and retail sales in the US in April. According to the data presented, consumer inflation grew less than was predicted.

Nevertheless, growth was recorded for the second time in a row this year. Playing along, the retail sales showed the strongest growth in the last three months. The US Federal Reserve officials’ speech had certain impact too. Today, the overall mood of investors will affect the trading dynamics.

 

Resistance levels: 20921,88, 20944,28, 20963,77
Support levels: 20877,89, 20849,25, 20825,60

 

Commodity market

Oil starts new week strong

Brent Oil Futures

BrentOil

Last Friday, oil was under some pressure as a result of growing numbers of operating drilling rigs. According to Baker Hughes service company, the number increased by 9 units. It should be noted that the increase in the number of installations is fixed for 17 consecutive weeks. Meanwhile, this morning news came that Saudi Arabia’s oil minister believes that the agreement to reduce production will be extended by another nine months. This added optimism to the oil market participants and supported quotes. Thus, most likely today, the market will see an increase in the “black gold’s” prices.

 

Resistance levels: 52,30, 52,70, 53,00
Support levels: 51,00, 50,34, 49,90

Daily Market Review – 11/05/2017

All eyes are on the Bank of England

Forex

The British regulator might cause a drop in GBP’s quotations

GBP/USD

GBPUSD

Yesterday, the GBP lost some positions to the USD against the general strengthening of the latter. Also, the spotlight is on the import price index data in the US for April. According to the data presented, import prices rose higher than predicted by expert analysts. To give the USD a further boost, representatives of the US Federal Reserve confirmed their commitment to a policy of gradual rate increase.

Meanwhile, today’s main event is the Bank of England decision announcement, which is scheduled for 11:00 (GMT). A letter on inflation will be published at the same time.

According to the majority of expert analysts, the British regulator will not change their monetary policy. Nonetheless, the accompanying statement may give us a hint on the regulator’s future actions. To make matters even more interesting, some experts predict a decline in UK inflation and GDP growth forecasts for the next 6 months. This can put serious pressure on the British pound.

Resistance levels: 1,29640, 1,29950, 1,30300
Support levels: 1,28995, 1,28660, 1,28410

The European currency is losing positions

EUR/USD

EURUSD

The Euro continued to decline yesterday. This trend is facilitated by a projected rate rise from the Fed at their June meeting. Mario Draghi’s speech also turned out to have negative effect on the EUR. The ECB Head noted that the Eurozone economy is gradually recovering from recent losses.

However, according to his comments, it is too early to talk about stopping large-scale incentives, since this recovery can be of a short-term nature. We would like to remind you that for the last two years the European regulator has struggled with low inflation levels.

Today, trading dynamics may be affected by the US’ labor market report and the producer price index data for April, which will be presented at 12:30 (GMT). The market participants are getting ready to face tomorrow’s publication of consumer inflation data in Germany and the United States.

Resistance levels: 1,08980, 1,09263, 1,09475
Support levels: 1,08529, 1,08198, 1,07908

Stock market

Tesla continues to surprise

Tesla Inc (TSLA)

Tesla

Following the publication of their quarterly report on May the 3rd, Tesla’s share prices continue to grow. The reason is the company’s new electric vehicle schedule for launch soon. To make matters even better, Elon Musk announced the official start of the application process for glass solar roofs. This time, the order can be made from anywhere in the World.

Meanwhile, the product’s arrival on the American market is scheduled for this year and then the other markets will follow. At the end of yesterday’s trades, the company’s shares value increased by $ 3.96 (approx. 1.23%).

Resistance levels: 327,05, 330,00, 332,50
Support levels: 321,95, 317,90, 314,75

 

Commodity market

Strong dollar puts pressure on gold

GOLD

Gold

Gold spent yesterday’s trading session in the sidings. The precious metal had risen in price a day before, when it was announced that Trump had fired the FBI director. Investors are concerned that, in the light of the recent big moves from the presidential administration, it will be difficult to conduct reform laws through Congress.

A further growth in gold’ price is projected to limit the rates increase from the Fed.

In turn, this will lead to a rise of the US currency and put pressure on gold. Today, trade’s dynamics may be affected by the US’ statistics data.

Resistance levels: 1225,77, 1235,50, 1242,74
Support levels: 1217,64, 1208,00, 1200,00

Daily Market Review – 10/05/2017

The USD picks up after recent losses

 

Forex

Trump’s decision has strengthened the JPY demand

USD/JPY

USDJPY-2

Yesterday, the USD advanced in comparison to its main competitors. The U.S Federal Reserve Bank announced a rate increase for June, which provided support for the U.S currency. Furthermore, Fed’s strategy to raise rates three times this year is a priority, according to the bank’s officials.

In addition, the labor market data also played along to support the US currency. According to the data provided yesterday, the number of vacancies in March has significantly increased.

Nonetheless, the USD fell slightly at the end of yesterday’s trades after Trump fired the head of the FBI James Comey. As usual after such a big event, the investors have followed the safest pattern and turned to the JPY as a protective asset, which led to a fall in the currency pair. Today, trade’s dynamics may be somewhat affected by US’ Federal Reserve official statements.

Resistance levels: 114,332, 114,608, 115,000
Support levels: 113,380, 112,937, 112,444

The New Zealand Central Bank will announce its monetary policy decision today

NZD/USD

NZDUSD-2

At yesterday’s auction, the pair demonstrated negative dynamics, because of the USD’s general strengthening. Also, the New Zealand currency came under pressure as a result of the commodity sites’ negative dynamics. We would like to remind you that New Zealand’s exchange rate depends mostly on commodity prices.

Meanwhile, the market participants are cautious before the Reserve Bank of New Zealand’s monetary policy announcement. The conclusions will be announced today at 21:00 (GMT) and the accompanying statement will be announced at the same time. The regulator’s press conference will be held at 22:00 (GMT). It is expected that the central bank will keep rates at the same level of 1.75%.

Resistance levels: 0,69165, 0,69373, 0,69562
Support levels: 0,68818, 0,68608, 0,68395

Stock Market

The company’s value set a historic record

Apple Inc (AAPL)

Apple-2

The day before yesterday, Apple set a historic record for capitalization. The company’s value exceeded 800 billion dollars. On Monday, the value of the company’s shares was above the psychological level of $ 150.00 and closed at $ 152.87. Thus, ExxonMobil is no longer the “The Most Expensive Company in the World”.

Further dynamics of the company’s shares will depend on external factors and speculative operations. Meanwhile, some expert analysts have set the shares’ target price at the level of 175.00 USD per unit.

Resistance levels: 154,77, 155,66, 157,00
Support levels: 152,68, 151,86, 150,75

 

Commodity Market

«The Black Gold» fails to recover after fall

Brent Oil Futures

BrentOil-2

Oil prices fell by 1% yesterday, losing all the previously earned positions. This was due to investors’ doubts about OPEC’s ability to balance the world oil market. To make matters worse, the US increased production to 9.3 million barrels per day, which equals the daily production of oil giants such as Russia and Saudi Arabia. Meanwhile, some support for oil prices came from data on reserves from the US Petroleum Institute. According to the data, the reserves decreased by 5.8 million against expectations of a reduction of 1.8 million barrels.

Today, trade’s dynamics will be affected by a similar report, which will be published by the US Department of Energy. The statistics will be presented at 14:30 (GMT).

Resistance levels: 49,50, 50,20, 51,00
Support levels: 48,40, 47,60, 46,65

Daily Market Review – 08/05/2017

Will the markets remain optimistic now that Macron won?

 

Forex

EUR/USD

20170508_EURUSD

Last Friday, the pair recorded growth against a background of mixed statistics. Thus, the NFP index was significantly higher than the average forecast. Meanwhile, the value for the previous period was revised downward. Also, the unemployment rate has dropped to its lowest level in the last ten years. At the same time, the average wage growth for the reporting period turned out to be at the level of forecasts. Nevertheless, the value of the previous period was reduced. This put pressure on the American currency. Despite this, the probability of raising rates at a meeting in June by the Fed has increased to almost 90%.

Meanwhile, yesterday in France there was a second round of presidential elections, on which centrist Macron expectedly won. This allowed the single currency to rise to six-month highs. Nevertheless, in the course of further trading the pair fell significantly, which was due to the comments of the losing Marin Le Pen. In her speech, she stressed that the main struggle will unfold during the parliamentary elections in June. Together with this, a certain influence on the further dynamics of the pair could be made by the representatives of the Federal Reserve in the afternoon.

Resistance: 1,10200, 1,10513, 1,10787
Support: 1,09610, 1,09350, 1,09110

USD/JPY

20170508_USDJPY

The latest positive statistics on the US economy supported the pair over the past three weeks. Also, the victory in the French presidential election of Emmanuel Macron, who stands for a united Europe, reduced the investors’ need for defensive assets. Against the background of the divergence of the policy of the two central banks, the pair will receive support in the medium term. Today, a certain impact on the dynamics of the pair could come from publication of data on the index of conditions on the US labor market at 14:00 (GMT). Also, in the focus of attention of market participants will be comments of officials of the US Federal Reserve.

Resistance: 113,042, 113,492, 113,874
Support: 112,444, 112,088, 111,834

 

Stock Market

NASDAQ Futures

20170508_Nasdaq

The US quarterly reporting season is coming to an end. Based on the results thus far, the main US stock indexes showed significant growth. At the same time, the high-tech sector index was able to establish a historic record. Today, world’s stock exchanges were supported by the results of the presidential elections in France.

Resistance: 5648,58, 5657,64, 5666,58
Support: 5632,60, 5624,91, 5617,19

 

Commodities

GOLD

20170508_Gold

On Friday, the precious metal continued to fall amid the strengthening of the US currency in response to strong data on the US labor market. Today so far, gold continued to decline in price on the background of a reduction in political risks in Europe after the victory of Macron during the second round of presidential elections. The further dynamics of gold will depend on the fluctuations of the US currency, in which its value is expressed.

Resistance: 1235,50, 1242,74, 1250,94
Support: 1225,01, 1216,17, 1208,00

Daily Market Review – 03/05/2017

The Fed will be today’s main market-mover

 

Forex

EUR/USD

20170503_EURUSD

Yesterday the pair traded in a narrow range, as there were few economic events. Nevertheless, some influence came from the data on the unemployment rate in the euro area for March. According to the report, the indicator did not grow comparing to the previous month, but turned out to be higher than the forecasts of experts. Today’s dynamics of the pair will be influenced by the euro area GDP in the preliminary assessment for the first quarter of this year, which will be released at 09:00 (GMT). It is expected that this indicator has grown moderately. Meanwhile, of course, the main focus of investors will be on the announcement of the results of a two-day meeting of the US Federal Reserve. The most interesting will be the accompanying statement, which, together with the decision on interest rates will be announced at 18:00 (GMT). Most experts do not expect changes in the monetary policy from this meeting.

Resistance: 1,09505, 1,09691, 1,09933
Support: 1,08880, 1,08549, 1,08209

GBP/USD

20170503_GBPUSD

Yesterday, the British currency strengthened slightly against the US dollar. This was primarily due to the fact that the economy demonstrates enviable stability, even despite the Brexit procedure. The index of business activity in the manufacturing sector of Great Britain was presented yesterday, which was significantly higher than expected. Meanwhile, today the dynamics of the pair may be influenced by the publication of a similar report in the construction sector of the UK. In addition, the index of business activity in the sphere of services will also be published today from the Institute of Supply Management (ISM) of the United States at 14:00 (GMT). Nevertheless, do not forget that after today’s announcement of the results of the meeting of the US Federal Reserve, the next important event will be the Friday NFP report.

Resistance: 1,29280, 1,29640, 1,29950
Support: 1,28660, 1,28410, 1,28080

 

Stock Market

Tesla Inc (TSLA)

20170503_Tesla

Today, after the US trading day comes to a close, Tesla, one of the world’s most innovative enterprises, will present its quarterly report. The main products of the concern are electric cars, solar batteries and other energy-saving technologies. According to average estimates, its earnings per share should come in at $0.84, with total revenue reaching $2.6 billion. Nevertheless, the company remains very attractive to investors in the long term.

Resistance: 323,80, 327,05, 330,00
Support: 312,67, 307,46, 301,3

 

Commodities

GOLD

20170503_Gold

Yesterday, gold fell to a three-week low, thanks to a better than expected USD. Additionally, demand for risky assets reduced the demand for gold. Meanwhile, investors are eagerly awaiting the announcement of the results of the two-day meeting of the US Federal Reserve, which will be announced today at 18:00 (GMT). In addition, they will be cautious on the eve of an important NFP report, which will be presented this Friday.

Resistance: 1260,00, 1267,17, 1277,67
Support: 1251,92, 1244,42, 1234,83