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Daily market review

Daily Market Review – 20/04/2017

Largest investment banks changed their forecasts for the US dollar

 

Forex

EUR/USD

20170420_EURUSD

The pair consolidated in a very narrow range yesterday. Nevertheless the Eurozone Consumer Price Index had some influence on the pair. According to the data, the indicators fully justified the experts’ forecasts. Also, some pressure was made yesterday by ECB representative, who noted that it is too early to talk about changes in monetary policy. On the other hand, Fed representative called for a gradual increase in rates. Meanwhile, the main focus of investors is on the presidential elections in France, the first round of which will be held this Sunday.

In addition to this, many investors revised their positions on the US currency after major investment banks changed their expectations and forecasts. Nevertheless, today’s dynamics of trading may be influenced by the publication of the traditional report on the US labor market at 12:30 GMT.

Resistance: 1,07366, 1,07674, 1,07937
Support: 1,06996, 1,06735, 1,06514

NZD/USD

20170420_NZDUSD

Yesterday, the pair was mostly down against the background of the general recovery of the US currency. Some support for the US dollar was provided by the Fed’s Beige Book, according to which in most federal districts the economy grew at a moderate pace. Meanwhile, the fall of the pair was limited by the increase in prices for milk powder, which is the main export commodity of New Zealand. At the same time, at the end of yesterday’s trading day, the pair received strong support from the publication of data on consumer inflation in New Zealand. According to the data, prices increased in the first quarter, reaching 2.2% annually. Such data speak in favor of higher rates. The further dynamics of the pair will be influenced by the attitude of investors towards the US currency.

Resistance: 0,70677, 070895, 0,71157
Support: 0,70186, 0,69963, 0,69704

 

Stock Market

Visa Inc (V)

20170420_Visa

Today, after the US trading session closes, Visa will release its quarterly report. According to expectations, earnings per share should be $0.79, and total revenue will grow to $4.29 billion. It is worth noting that the company in the last three quarters reported better than the average forecasts of analysts. Meanwhile, even in the case of positive data on today’s report, the value of shares may fall against the background of the general negative on the stock markets.

Resistance: 89,50, 89,67, 89,90
Support: 88,84, 88,63, 88,40

 

Commodities

GOLD

20170420_Gold

Gold fell during yesterday’s trading session as the market saw a large-scale US dollar recovery. Meanwhile, the political crisis around North Korea and the presidential elections in France fuel investors’ interest in gold as a defensive asset. Nevertheless, the dynamics of gold will also depend on the value of the American currency. Today, the dynamics of trading may be seriously affected by the speech at 17:15 (GMT) of the US Treasury Secretary. Meanwhile, investors will be cautious on the eve of important events noted above.

Resistance: 1285,00, 1292,20, 1302,00
Support: 1272,70, 1267,40, 1260,00

Daily Market Review – 19/04/2017

British Prime Minister Theresa May shocked the markets yesterday. What will happen today?

 

Forex

GBP/USD

20170419_GBPUSD

Yesterday, the British currency rose significantly against the US dollar. This dynamics were due to the announcement of British Prime Minister Teresa May about early elections in the UK on June 8 this year. This triggered the closure of positions on the sale of the British currency, the number of which was at record values. She also stressed that this decision will help to unite the political forces of Great Britain on the eve of the beginning of negotiations on Brexit. Against the background of the news, the pair added about 390 points. Nevertheless, strong pressure on the US currency came from news that analysts of the largest investment banks reviewed their forecasts on the growth of the US currency against the pound, euro and yuan. Today’s dynamics of the pair could be effected by the publication of the Fed’s beige book at 19:00 (GMT).

Resistance: 1,28584, 1,29058, 1,29500
Support: 1,27052, 1,26442, 1,25880

AUD/USD

20170419_AUDUSD

Yesterday the pair fell due to published minutes of the last meeting of the Australian central bank. The regulator’s management felt that low interest rates corresponded to goals in terms of GDP, inflation and employment. Meanwhile, the downward dynamics of the pair was continued this morning caused by mixed economic statistics. Today, the dynamics of trading will be influenced by the general attitude of investors towards the US currency.

Resistance: 0,75400, 0,75560, 0,75730
Support: 0,75150, 0,75037, 074918

 

Stock Market

Goldman Sachs (GS)

20170419_GoldmanSachs

Yesterday before the opening of the regular session, Goldman Sachs released its quarterly report. According to the data, the profit per share was $5.15, which was below the average expectations of analysts. In addition, the total revenue of the bank for the first quarter was $8.026 billion against average expectations at $8.329 billion. Against this backdrop, the bank’s shares fell $10.67 dollars or 4.72%. Today, analysts believe that shares will continue to fall.

Resistance: 217,77, 220,95, 225,25
Support: 212,10, 208,78, 204,78

 

Commodities

Brent Oil Futures

20170419_BrentOil

Oil yesterday came under pressure as US production levels are expected to grow. Additionally, according to API data oil reserves fell last week by only 800 thousand barrels as opposed to 1.4 million. Today’s weekly inventory report from the US Department of Energy, scheduled for 14:30 GMT will impact trading dynamics.

Resistance: 55,22, 55,96, 56,65
Support: 54,60, 54,00, 53,68

Daily Market Review – 18/04/2017

Geopolitical risks have decreased & so has the demand for gold

 

Forex

EUR/USD

Not much occurred within the Eurozone yesterday as most countries within the region were celebrating the Easter holidays. Therefore, the pair reacted mostly to political and technical signals. Enormous support for the euro came from the polls, which indicated that French President hopeful Marine Le Pen is slated in second place in the polls. The election will take place this weekend.

Additionally, poor US production activity, further contributed to the pair’s rise. This may indicate that the Trump euphoria on the US business sector is waning. Nevertheless, during the second half of the day the dollar jumped thanks to a positive statement from the US Treasury Secretary, who stated that a strong dollar in the mid-term is beneficial for the national economy.

Today at 12:30 GMT US real estate market data followed by US industrial production data at 13:15 GMT will impact the pair’s dynamics.

Resistance: 1,06607, 1,06772, 1,06897
Support: 1,06293, 1,06067, 1,05886

AUD/JPY

Yesterday the pair was in an uptrend thanks to positive Chinese industrial production and retail sales data. Additionally, the country’s GDP grew substantially during the first quarter. Meanwhile, geopolitical risks dulled causing a drop in demand for the Japanese currency.

The Reserve Bank of Australia’s Meeting Minutes was published this morning and no changes are imminent, putting serious pressure on the Australian dollar. The commodity markets will impact the pair’s dynamics.

Resistance: 82,682, 82,950, 83,309
Support: 82,187, 81,853, 81,645

 

Stock Market

Bank of America Corporation (BAC)

Today before the US stock markets open the Bank of America will release its quarterly report. According to expectations, its earnings per share should come in at $0.35, with its total revenue rising to $22.5 billion. It is worth noting that share prices of a number of US banks grew significantly in recent years thanks to reports of higher interest rates.

Resistance: 22,60, 22,95, 23,23
Support: 22,14, 21,80, 21,58

 

Commodities

GOLD

Gold took a bit of a tumble as geopolitical tensions have waned somewhat. Meanwhile, certain pressure on gold yesterday came from the recovery of the US currency. Additionally, the positive dynamics of stock exchanges effected the sale of gold. This situation indicates that fears of investors have decreased, which eliminates the need for protective assets. Today, the dynamics of trading will be influenced by fluctuations in the exchange rate of the American currency.

Resistance: 1287,90, 1295,67, 1302,01
Support: 1277,00, 1270,00, 1260,00

Daily Market Review – 13/04/2017

Will the Ruble continue to rise?

 

Forex

USD/RUB

20170413_USDRUB

Yesterday, the pair slightly decreased, thanks to the US dollar dropping. Investors positively perceived productive talks between the US and Russian foreign ministers, which took place yesterday in Moscow. Secretary of State Rex Tillerson reiterated that the Russia must abandon Syrian President, Bashar Assad. However, Russia refused, albeit supporting the US combating international terrorism. The two-hour meeting with Russian President Putin ended with bilateral promises to maintain friendly relations.

Despite a drop in oil prices the ruble slightly strengthened yesterday. Most likely, the market reacted to the fact that they weren’t any mentions of additional sanctions against Russia. However, traders should expect this trend to be short-lived as the Central Bank of Russia has made it known that it is not satisfied with the higher than desired ruble rate, as it prevents the country from fully implementing its budget.

Resistance: 56,50800, 56,80647, 57,00848
Support: 56,16122, 55,95318, 55,76000

GBP/USD

20170413_GBPUSD

The British currency was strengthening practically all day long yesterday on a wide spectrum of the market. This, above all, was caused by positive statistics on the British labor market. According to yesterday’s data, the unemployment rate remained unchanged in February. In addition, the average earnings of the British increased more than the expectations of analysts. Such statistics have cast aside doubts that the British economy is slowing down. Nevertheless, tremendous pressure on the US dollar and, accordingly, support for the pair was rendered yesterday’s interview by Trump to one of American TV channels. In the course of answering the journalist’s questions, the president stressed the undesirable strengthening of the dollar for the national economy.

Additionally, he noted that he would like to see interest rates at low levels for quite some time. This, he said, will facilitate business lending. Against this background, the US dollar experienced a speculative sell-off. Nevertheless, today’s dynamics of the pair may be influenced by the publication of the Bank of England’s report on the state of the UK credit market at 08:30 (GMT). Additionally, at 12:30 GMT will be presented estimates of changes in producer prices and a traditional report on the US labor market. Also, at 14:00 (GMT) the consumer sentiment index in the US will be published.

Resistance: 1,25925, 1,26146, 1,26428
Support: 1,25207, 1,24808, 1,24490

 

Stock Market

JPMorgan Chase & Co (JPM)

20170413_JPMorgan Chase

Today, before the start of the US session JPMorgan Chase will report its quarterly earnings. According to leading analysts its earnings per share will be $1.52, with its total revenue will hit $24.8 billion. It should be noted that since the US elections companies in the financial grew considerably thanks to new reforms. At the moment, JPMorgan Chase is engulfed in a downward trend. However, today’s results prove to be better than what was anticipated a correction will come.

Resistance: 86,15, 86,63, 87,20
Support: 84,80, 83,76, 82,90

 

Commodities

Brent Oil Futures

20170413_BrentOil

Oil fell slightly yesterday dropping after hitting a five-week high. Such dynamics were caused by ambiguous data from the US Department of Energy. So, according to yesterday’s data, the reserves fell by 2.166 million barrels. On the other hand, oil production in the US rose by 36,000 barrels a day last week. Nevertheless, some support for the oil market was provided by an increase in the forecast for demand for the current year from OPEC. Today the focus will be on the monthly report from the International Energy Agency, which will be published at 09:00 (GMT).

Resistance: 56,10, 56,65, 57,30
Support: 55,00, 54,02, 53,24

Daily Market Review – 05/04/2017

United States and China meeting will dominate the markets today

 

Forex

EUR/USD

20170406_EURUSD

The pair traded in a wide range yesterday, thanks to the US labor market data, which proved to be better than expected. The euro was able to recoup some of its losses against the USD after the publication of the FOMC Meeting Minutes. Investors could not find hints of the urgent need for further rate hikes, although the tone of the protocols was “hawkish”.

Today’s dynamics will be influenced by speeches of various ECB officials, including Mario Draghi. Along with this, market participants are eagerly awaiting the results of the meeting between the United States and China.

Resistance: 1,07020, 1,07379, 1,07674
Support: 1,06514, 1,06308, 1,06072

USD/CAD

20170406_USDCAD

The pair demonstrates exceptional growth this week. The main reason for these dynamics is the discrepancy in the main economic indicators of the two neighboring countries. The value of the Canadian currency depends heavily on the of oil prices. Canadian economy is highly dependent on the US economy, which is the main consumer of raw materials exported from Canada. Nevertheless, speculative transactions in the foreign exchange market do not always correspond to reality. Together with this, today and tomorrow, economic data will be in the focus of market participants’. The indicator of construction permits in Canada and data on the US labor market will be published today at 12:30 (GMT). While tomorrow at 12:30 (GMT) will be released data on the labor markets of the two neighboring countries. Naturally, the focus will be on the NFP report.

Resistance: 1,34550, 1,34785, 1,35128
Support: 1,34146, 1,33900, 1,33679

 

Stock Market

McDonald’s (MCD)

20170406_McDonalds

Yesterday, the management of the largest chain of fast food restaurants reported on the changes among top managers of the company. In the coming years McDonald’s will replace its head of marketing, the head of the US menu, as well as the head of the digital department. These changes are part of administrative and management restructuring, which in the future will bring new ideas and approaches to the company. Such an innovation was greeted by the market enthusiastically. Shares rose by $2 or more than 1% yesterday. Investors expect to get more revenue this year, thanks to the company’s better loyalty program and implementation of mobile orders service.

 

Commodities

Brent Oil Futures

20170406_BrentOil

Oil trended positively during the first half of yesterday’s trading session as US inventory levels declined. During the second half of the day the price fell as investors decided to take their profits. Today investors’ attention will be focused on the results of the meeting of the heads of the United States and China, which are the largest consumers of oil.

Resistance: 55, 00, 55,70, 56,20
Support: 53,70, 52,80, 51,87

Daily Market Review – 04/04/2017

Meetings between the United States and China will determine the direction of the markets

 

Forex

GBP/USD

20170404_GBPUSD

The pair started this week with a serious fall thanks to the start of the Brexit and worse than anticipated UK manufacturing activity data. On the flipside, US economic statistics have been impressive as of late. Take yesterday as an example, with a solid US ISM report. Additionally, statements from various Fed officials regarding future monetary policy gave the dollar another boost.

Currently the US and China are discussing international trade and monetary policy, which is sure to impact the dollar and all of its crosses.

Resistance: 1,25163, 1,25592, 1,25966
Support: 1,24043, 1,23488, 1,23089

EUR/JPY

20170404_EURJPY

The single European currency fell yesterday against most of the majors thanks to a worse than expected Producer Price Index. However, it should be noted that currently the euro is more influenced by political factors than economic statistics. The single greatest risk for the euro area comes from the French presidential elections.
Today’s dynamics will depend on Eurozone Retail Sales data at 9:00 GMT.

Resistance: 118,080, 118,493, 119,010
Support: 117,487, 117,083, 116,740

 

Stock Market

Tesla (TSLA)

20170404_Tesla

Yesterday, Tesla has published its operating results for the first quarter of this year. During the reporting period, the company delivered about 25K cars, which is 69% higher than the same period in 2016. Meanwhile, this indicator does not take into account cars that have already been shipped, but have not yet reached their destination. According to analysts, in the near future, the company’s shares may rise by at least 5-6%.

Resistance: 300,00, 302,55, 305,16
Support: 286,99, 283,48, 280,50

 

Commodities

Brent Oil Futures

20170404_BrentOil

Oil fell slightly yesterday. This was due to the renewal of oil supplies from Libya. In addition, according to the service company Baker Hughes, the number of operating drilling rigs in the US rose again last week by 10 units. This indicates increased activity in the US oil industry, which could lead to an imbalance in the world oil market. Meanwhile, some support was provided by data on a significant increase in demand for oil from Asian countries. Today’s the dynamics of trading may be influenced by the publication of data on stocks in the US, which will be presented at 20:30 (GMT).

Resistance: 53,25, 53,75, 54,20
Support:52,30, 51,87, 51,38

Daily Market Review – 03/04/2017

US Economic Statistics will Dictate the Markets Today

 

Forex

EUR/USD

20170403_EURUSD

During the first half of Friday’s trading session the pair partially recovered some of the losses it incurred during the week. However, Friday’s worse than expected consumer inflation data put more pressure on the pair. Additionally, the same time, personal incomes and expenditures in the US increased slightly.

Today the Eurozone Final Manufacturing PMI at 9:00 GMT and the US ISM PMI at 14:00 GMT will impact the pair’s dynamics.

Resistance: 1,07020, 1,07379, 1,07674
Support: 1,06514, 1,06308, 1,06072

AUD/USD

20170403_AUDUSD

The US dollar strengthened strongly against its Australian counterpart on Friday, thanks to solid US economic statistics. Additionally, the AUD was negatively impacted by negative commodity market dynamics.

Tomorrow at 4:30 GMT the Reserve Bank of Australia will announce their interest rate. According to leading analysts, no changes are expected. Currently the interest rate 1.5%, a record low. No matter what occurs the announcement should at least temporarily move the pair.

Resistance: 0,76223, 0,76375, 0,76507
Support: 0,75964, 0,75873, 0,75799

 

Stock Market

Apple (AAPL)

20170403_Apple

Shares of Apple, the most valuable company in the world, rose by 24% during the first Q1 of fiscal 2017, the best quarter in five years. Its market capitalization gained a whopping $146 billion, bumping up Apple’s overall value to $750 billion. Apple’s new iPhone was the catalyst. Interestingly enough some analysts believe investors should buy shares despite the high prices. Most investment analysts are pricing it at $150 a share.

Resistance: 144,42, 145,10, 145,82
Support: 143,00, 142,31, 141,54

 

Commodities

GOLD

20170403_Gold

The precious metal increased slightly on Friday, facilitated by a drop in the US dollar and general political uncertainty. However, most analysts believe that the USD will start strengthening, which will cause gold to fall. Today’s trading dynamics will depend on various statements from US Federal Reserve members, scheduled for the second half of the day.

Resistance: 1250,65, 1254,66, 1258,37
Support: 1244,30, 1241,05, 1236,95

Daily Market Review – 30/03/2017

US economic news will move the markets today.

 

Forex

USD/JPY

USDJPY

The US dollar continues to gain strength thanks to comments from Fed officials. Yesterday during the speeches there was talk concerning the possibility of further interest rate increases assuming the US economy continue to strengthen.

Today at 12:30 GMT both the US GDP Q4 2016 and the weekly US unemployment claims report will be published important.

At 23:30 GMT, Japanese unemployment and household spending will be presented, followed Japan’s industrial production report at 23:50 GMT.

Resistance: 111.483, 112.076, 112.566
Support: 110.720, 110.258, 109.810

 

GBP/USD

GBPUSD

Yesterday, the pound declined heavily as the Brexit officially commenced. Britian has two years to complete its EU withdrawal and Eurozone officials hope that it will be a painless process for both sides.

Today’s speech from US Fed official Robert Kaplan will impact the pair along with the US GDP for Q4 2016.

Resistance: 1.24766, 1.25309, 1.25951
Support: 1.23969, 1.23488, 1.23089

 

Stocks

FTSE Futures

FTSE

The official start of the Brexit dominated the market dynamics yesterday.

Aside from Brexit news, today’s trading will depend on EU economic statistics. Eurozone Business and Consumer Survey, scheduled for 9:00 GMT, followed by German consumer inflation data, scheduled for 12:00 GMT will impact the FTSE 100.

Resistance: 7315.34, 7332.05, 7347.45
Support: 7278.31, 7265.21, 7249.81

 

Commodities

Brent Oil Futures

BrentOil

Oil prices grew by almost 2% as data on oil stocks from US Department of Energy oil stocks grew.

Additionally, oil prices further increased after a report surfaced from Libya that hostilities resumed. Furthermore, expectations that OPEC members will extend their oil reduction agreement for another six months helped push up prices.

Today’s dynamics will depend general news impacting the market US dollar fluctuations.

Resistance: 52.65, 53.00, 53.40
Support: 51.87, 51.39, 51.05

Daily Market Review – 29/03/2017

The Brexit will move the markets the most today

 

Forex

EUR/USD

EURUSD

The euro fell significantly against the US dollar yesterday thanks to a slew of better than expected US economic statistics. US housing prices grew and hit a three-year high. Additionally, the US CB Consumer Confidence reached its highest level in 16 years. Furthermore, FOMC member Robert Kaplan’s statement concerning the US interest rates provided extra support for the USD.

Today many analysts believe the dollar will continue to fall against the dollar.

Resistance: 1.08330, 1.08683, 1.09060
Support: 1.07904, 1.07601, 1.07250

 

GBP/JPY

GBPJPY

Yesterday, the British currency fell against most of the major currencies as the Brexit is about to start.

Today thus far the pound is plummeting against all of the major currencies, including the Japanese yen thanks British Prime Minister Theresa May signing the letter that will trigger Article 50, the start of the Brexit.

Resistance: 138.043, 138.513, 138.888
Support: 137.587, 137.000, 136.419

 

Stocks

Amazon.com Inc (AMZN)

Amazon

US internet retailing giant Amazon says it has reached an agreement to acquire the Arab world’s leading online shopping website, Souq.com. The deal is expected to be finalized by the end of this year. Amazon’s shares grew by 1.08% yesterday.

Resistance: 862.48, 864.74, 867.37
Support: 851.28, 548.35, 846.05

 

Commodities

GOLD

Gold

Gold started to fall yesterday after growing somewhat thanks to better than expected US economic statistics.

Today’s dynamics will primarily depend on the US dollar. However, the start of the Brexit may increase demand for the precious metal.

Resistance: 1256.00, 1261.06, 1267.00
Support: 1247.32, 1242.41, 1235.60

Daily Market Review – 28/03/2017

The Fed will move the markets the most today

 

Forex

USD/JPY

USDJPY

The pair started the week on the downside as investors decided to evade risks. However, traders started to buy the US dollar again after US economic statistics were published.

Today at 14:00 GMT, feature the US CB Consumer Confidence index, followed by Fed representative Robert Kaplan’s speech at 16:50 GMT.

Resistance: 111.000, 111.469, 111.940
Support: 110.100, 109.750, 109.340

 

GBP/USD

GBPUSD

The pair grew yesterday as the US dollar weakened thanks to uncertainty regarding Donald Trump’s reforms. However, the pound is under pressure as Teresa May will announce the official start of the Brexit tomorrow. Within two days, EU representatives will respond to the British Prime Minister’s letter and start the time and planning of the negotiations.

The Brexit has the potential to severely hurt the pound in the short and long term as it is unprofitable for companies and countries to invest in an economy and country that exits the Eurozone.

Resistance: 1.26158, 1.26578, 1.27042
Support: 1.25270, 1.24913, 1.24380

 

Stocks

S&P500 Futures

SP500

Most main stock indexes closed yesterday’s session with mixed dynamics thanks to Donald Trump’s reform failure. However, investors did not actively dump US stocks, which was why the fall was short-lived.

Today, investors will pay a lot of attention to a statement from Fed official Robert Kaplan.

Resistance: 2348.40, 2355.67, 2365.31
Support: 2332.13, 2325.54, 2317.57

 

Commodities

Brent Oil Futures

BrentOil

Oil prices fell during yesterday’s trading session as it seems that there is serious doubt that an extension to limit oil production for the second half of the year will be agreed upon.

This weekend representatives of the monitoring committee for the implementation of the agreement met. Investors expect that at the end of April the committee will give its recommendations to the OPEC cartel in terms of the expediency of the extension.

Today data on oil stocks from API will impact the market.

Resistance: 51.05, 51.60, 52.20
Support: 50.25, 49.70, 49.30