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Daily market review

DAILY MARKET REVIEW — 16/02/2017

US dollar lost positions yesterday; will it continue?

 

Forex

AUD/USD

AUDUSD

 

US statistics impacted the markets yesterday. Retail sales and consumer inflation for January 2017 showed strong growth. At the same time, the inflation rate reached Fed’s target. This morning data Australian labor market was published. Despite better than expected data the Australian dollar fell somewhat.

Further dynamics will depend on US housing starts and labor market data, scheduled for 13:30 GMT.

Resistance: 0.77239, 0.77404, 0.77621
Support: 0.76890, 0.76663, 0.76469

NZD/USD

NZDUSD

Yesterday, the pair started to grow after almost a week of falling. Positive US economic statistics caused the pair to fall along with Janet Yellen’s speech.

Today at 21:45 GMT New Zealand Retail Sales Q4 2016 will impact the markets.

Resistance: 0.72596, 0.72881, 0.73262
Support: 0.71979, 0.71646, 0.71341

 

Stocks

Yandex (YNDX)

Yandex

US stocks hit record highs as US president Donald Trump reiterated his promise to reduce corporate taxes. Yandex will publish its quarterly report before the market starts. This company is listed on the Nasdaq. Analysts believe that its earnings per share will be $0.19 with total revenue at $20.8 billion.

Resistance: 23.28, 23.49, 23.66
Support: 22.99, 22.83, 22.69

 

Commodities

Brent Oil Futures

BrentOil

Oil lost all previously-earned positions yesterday thanks to a report from the US Department of Energy on oil stocks. It grew for the third consecutive week, with inventories totaling another 9.53 million barrels, compared to forecasts of 3.7 million barrels. Today’s dynamics will depend on the US dollar.

Resistance: 56.25, 56.71, 57.12
Support: 55.42, 54.96, 54.50

DAILY MARKET REVIEW — 15/02/2017

Will the Fed hike the rates come March?

 

Forex

GBP/USD

GBPUSD

The pair declined yesterday thanks to mixed UK inflation data, with the consumer price index coming in worse than expected.

On the other side of the pond, the US producer price index grew more than what analysts anticipated, causing the US dollar to appreciate. Janet Yellen’s speech had a similar impact. She noted that delaying to a rate increase has the potential to harm the US economy. Yellen will speak again today at 15:00 GMT.

Resistance: 1.25149, 1.25492, 1.25828
Support: 1.24394, 1.24049, 1.23509

 

USD/CAD

USDCAD

Oil prices impacted the pair yesterday. Additionally, positive US economic statistics supported the pair. Today at 13:30 GMT will be the US inflation report. This report certainly has the potential to impact the Fed’s March meeting. Additionally, Canada’s manufacturing sales, scheduled for 13:30 GMT will impact the market.

Resistance: 1.31065, 1.31355, 1.31779
Support: 1.30247, 1.29916, 1.29676

 

Stocks

General Motors (GM)

GeneralMotors

GM is looking to sell Opel to Peugeot. There is a heavy impression that the Americans are trying to get rid of loss-making foreign operations and focus more on the domestic market.

General Motors is hoping to get a multibillion-dollar payoff from the sale. It falls under the strategy of quality prevail over quantity, which adheres to the company’s management in recent years. During yesterday’s trading session General Motors jumped approximately 5%.

Resistance: 37.27, 37.65, 38.14
Support: 36.39, 35.87, 35.39

 

Commodities

GOLD

Gold

Gold grew yesterday as geo-political risks increased. However, it did weaken a bit as the US dollar strengthened. Today US economic statistic’s will impact the precious metal.

Resistance: 1230.00, 1237.22, 1244.57
Support: 1220.00, 1214.71, 1209.28

DAILY MARKET REVIEW — 14/02/2017

Janet Yellen’s speech will be today’s main market mover

 

Forex

EUR/USD

EURUSD

The euro declined significantly yesterday as the US dollar strengthened, despite the fact the European Commission believes that GDP growth and inflation forecasts are looking up. Meanwhile traders are waiting for the US Fed report with Janet Yellen scheduled to speak at 15:00 GMT.

Additionally, the Eurozone GDP will be published today at 10:00 GMT.

Resistance: 1.06398, 1.06702, 1.07058
Support: 1.05889, 1.05633, 1.05345

 

GBP/JPY

GBPJPY

The Economic calendar was practically empty yesterday so technical factors determined the pair’s direction.

Today, UK Inflation data will be published at 9:30 GMT. It should be noted that after the Brexit the pound dropped significantly. So far today Japan’s Industrial Production data came out better than expected, which provided key support for Japanese currency.

Resistance: 142.800, 143.520, 144.136
Support: 141.806, 141.276, 140.685

 

Stocks

Apple Inc (AAPL)

Apple

Yesterday’s report proved that Apple is perhaps the most valued company in the world. $701 billion was its market capitalization on yesterday. Apple briefly hit the $700-billion level it last broke in February 2015. Apple swelled to near $770 billion in 2015, after shares hit an all-time intraday high of $134.54 a share in April 2015.

Resistance: 134.80, 136.80, 138.60
Support: 130.40, 128.76, 127.31

 

Commodities

Brent Oil Futures

BrentOil

Oil lost about 2% yesterday thanks to increased activity last week in the US oil industry by eight units. Meanwhile, according to yesterday’s monthly report, OPEC members decreased their oil output by 890K barrels per day. At the same time, investors are concerned about US production growth.

Today, traders are waiting for the API’s report on oil stocks, scheduled for 20:30 GMT.

Resistance: 55.90, 56.32, 56.82
Support: 55.21, 54.72, 54.20

DAILY MARKET REVIEW — 13/02/2017

After a positive meeting between Trump and Abe, what will happen next?

 

Forex

USD/JPY

USDJPY

The pair fell slightly during Friday’s session due to negative US statistics. US Consumer Sentiment fell as there is great uncertainty about Donald Trump’s policy decisions. Meanwhile, Japanese Prime Minister Shinzō Abe and President Trump met last Friday and it was determined that Japan will increase its investment in the US economy.

Today, the pair’s dynamics will depend on the behavior of investors.

Resistance: 114,251, 114,766, 115,306
Support: 113,018, 112,416, 111,617

GBP/USD

GBPUSD

On Friday, the pair traded sideways. UK industrial production and manufacturing PMI’s provided support for the British currency.

This week the start of the inevitable Brexit will move the pair the most this week. Additionally, traders also will prepare for tomorrow’s UK Consumer Inflation reading.

Resistance: 1,25492, 1,26128, 1,27000
Support: 1,24534, 1,24049, 1,23509

 

Stocks

PepsiCo Inc (PEP)

PepsiCo

Major US stock indexes have updated their historical highs yet again thanks to Trump’s tax reforms.

Additionally, earnings report season is almost finished and on Wednesday PepsiCo will publish its report. Analysts expect that its earnings per share (EPS) will be $1.16, with total revenue at $19.67 billion.

Resistance: 106,36,107,02, 107,66
Support: 105,59, 105,05, 104,47

 

Commodities

GOLD

Gold

Gold grew slightly last Friday as the US dollar fell thanks to Friday’s worse than expected Consumer Sentiment report.

Today’s dynamics will depend on the USD.

Resistance: 1237,22, 1244,57, 1255,07
Support: 1225,36, 1217,39, 1209,28

DAILY MARKET REVIEW — 09/02/2017

Japanese Prime Minister Shinzo Abe’s Upcoming Visit with Trump is Sure to Impact the Yen

 

Forex

EUR/JPY

EURJPY

The pair decreased during the first half of the day. The JPY grew after Japan’s Chief Cabinet Secretary’s statement. He mentioned that the Japanese economy is growing at a moderate pace thanks to high-tech products exports. Japanese Prime Minister Shinzo Abe’s visit to the US scheduled for tomorrow, which has the potential impact the pair.

During the second half of the day the pair recovered thanks to France’s political situation. Additionally, most traders preferred to take profit after a significant drop-off, causing the pair to grow by default.

Today, Eurozone statistics will impact the pair.

Resistance: 120.132, 120.538, 120.999
Support: 119.326, 118.979, 118.557

 

AUD/USD

AUDUSD

The Australian dollar grew this week thanks to strong Chinese economic activity. It should be noted that China and Australia are major trading partners. Additionally, the Reserve Bank of Australia left their monetary policy setting unchanged.

Today’s US Jobless Claims report, scheduled for 13:30 GMT will impact the pair the most. US Fed representatives also will speak today.

Resistance: 0.76660, 0.76956, 0.77176
Support: 0.76061, 0.75771, 0.75512

 

Stocks

Coca-Cola Company (KO)

Coca-Cola

Earning season continues in the US with Coca-Cola scheduled to report its quarterly report before the market opens. Most analysts believe that another poor report is in the cards. Its earnings per share (EPS) should be $0.36, with total revenue at $9.24 billion dollars. If that occurs share prices may be negatively impacted.

Resistance: 42.14, 42.24, 42.37
Support: 41.80, 41.68, 41.50

 

Commodities

Brent Oil Futures

BrentOil

Oil grew by $1 yesterday despite the fact the US Department of Energy’s report mentioned that inventory stocks increased by 13.8 million barrels. Numerous analysts are concerned about a rise in US production, which has the potential to derail efforts by OPEC members to reduce oil production.

According to most analysts oil will drop in the near future.

Resistance: 55.86, 56.32, 56.82
Support: 54.96, 54.50, 54.20

DAILY MARKET REVIEW — 08/02/2017

Gold is at a 3-Month High; Will it Last?

 

Forex

EUR/USD

EURUSD

Recent political and economic events in the EU have not really helped the euro. So this may lead to the pair’s parity faster than what everyone is expecting. First off, is the uncertainty of the upcoming French presidential election. Additionally, come the disagreements between the ECB and Germany. Germany’s finance minister is engaged in a dispute with the head of the ECB regarding the euro. Furthermore, accusations by the United States and others are making investors nervous.

Today, the pair will depend on political news. However, there is more potential that the pair will fall.

Resistance: 1.07064, 1.07398, 1.07714
Support: 1.06558, 1.06206, 1.05880

 

NZD/USD

NZDUSD

The pair traded with mixed results yesterday. In the morning, the pair grew after New Zealand published its better than anticipated inflation rate. However, in the afternoon the dynamics flipped, with the USD strengthening across a broad market spectrum. A speech from a Federal Reserve representative provided support for USD. Numerous Fed officials are calling for tighter monetary policy in the near future.

Today’s trading dynamics will ultimately depend on the Reserve Bank of New Zealand’s rate meeting at 20:00 GMT, followed by Graeme Wheeler’s speech at 21:00 (GMT).

Resistance: 0.73075, 0.73300, 0.73582
Support: 0.72693, 0.72363, 0.72088

 

Stocks

Twitter Inc (TWTR)

Twitter

Twitter, the preferred social media network of President Donald Trump will publish its quarterly report before the start of tomorrow’s trading session. According to leading analysts, its earnings per share (EPS) will be $0.12, with total revenue at $744 million.

Resistance: 18.70, 18.90, 19.13
Support: 18.10, 17.90, 17.77

 

Commodities

GOLD

Gold

Gold is trading at a three-month high thanks to political tension in Europe. Generally in times of uncertainty the precious metal is used as a safe asset.

At the moment, traders are worried about the situation in Europe as elections in France, Germany and Italy are scheduled for later on this year. Additionally a disappointing US trade balance further impacted gold.

Resistance: 1240.00, 1250.00, 1260.00
Support: 1225.00, 1215.00, 1203.15

DAILY MARKET REVIEW — 07/02/2017

Political Tension in France Continues to Pressure the EUR

 

Forex

EUR/GBP

EURGBP

The euro came under immense pressure during yesterday’s session thanks to political tension in France. Conservative candidate Francois Fillon insisted he will not withdraw from the French presidential race despite allegations his wife illegally received €830,000 taxpayer money.

The UK is ready to start the Brexit procedures. However, positive recent UK economic statistics provided support for GBP. Additionally, ECB President Mario Draghi’s statement to the European Parliament concerning the bank’s QE program put further pressure on the euro. He stated that it is too early to talk about scrapping it because inflation has not reached the intended targets.

Today’ trading dynamics will mostly depend on political news as the economic calendar is empty.

Resistance: 0.86243, 0.86449, 0.86633
Support: 0.85738, 0.85465, 0.85220

 

USD/CAD

USDCAD

The pair grew yesterday. The main catalyst was the difference between how both countries to how both countries were performing economically. However, general weakness in the oil market cannot be understated.

Yesterday, the US dollar grew slightly thanks to solid labor market data. In the near future most analysts believe the pair will grow for the most part.

Today’s Canadian and US trade balance data, scheduled for 13:30 GMT along with the Canadian Building Permits at 13:00 GMT will impact the pair the most. Of course political events can play a role.

 

Resistance: 1.31447, 1.31900, 1.32290
Support: 1.30773, 1.30420, 1.30074

 

Stocks

Walt Disney Company (DIS)

Disney

Walt Disney will present its quarterly report today after the US session closes. Leading analysts believe its earnings per share (EPS) will fall slightly to $1.50, but its total revenue will remain at $15.26 billion.

Resistance: 110.00, 110.73, 111.46
Support: 108.78, 108.10, 107.48

 

Commodities

Brent Oil Futures

BrentOil

Oil fell yesterday as the US dollar strengthened considerably. Moreover, according to recent data, activity in the US oil industry sector has picked, with the number of active rigs increasing. This is the 12th consecutive week that sector has grown. Investors fear that with production volumes growing in the US OPEC will refuse to slash their production volumes despite promises to do so. If this occurs oil prices will drop tremendously.

Resistance: 56.32, 56.82, 57.28
Support: 55.35, 55.00, 54.65

DAILY MARKET REVIEW — 06/02/2017

USD is under pressure, but for how long?

 

Forex

EUR/USD

EURUSD

Friday’s NFP report was last week’s main event. Data came out better than expected, with 227 thousand jobs created as opposed to 175 thousand. However, the results didn’t support the USD. Wages grew by only 0.1% as opposed to the 0.3% forecast. Additionally, the unemployment rate unexpectedly rose from 4.7% to 4.8%. Analysts are worried about a potential wage growth slowdown.

Today at 15:00 GMT US labor market should impact market.

Resistance: 1.07978, 1.08286, 1.08724
Support: 1.07600, 1.07252, 1.06842

 

AUD/JPY

AUDJPY

Traders bought the Australian dollar last Friday, which caused the pair to grow. However, this morning was a different story altogether. The Chinese Caixin Services came out worse than expected.  Additionally, Australia’s Retail Sales report showed decline.

Tomorrow at 03:30 GMT the Reserve Bank of Australia’s interest rate decision will be published. Analysts believe that its monetary policy will remain the same.

Resistance: 86.521, 86.719, 86.915
Support: 86.010, 85.729, 85.521

 

Stocks

General Motors Company (GM)

General Motors

General Motors, the world’s largest automaker will publish its quarterly report before the session starts. According to leading analysts the data should be positive. Its earnings per share (EPS) is expected to hit $1.17 with its total revenue at $39.97 billion.

 

Resistance: 36.40, 36.65, 37.00
Support: 35.45, 35.20, 34.90

 

Commodities

GOLD

Gold

Gold grew last Friday thanks mixed US labor market data. Additionally, inflation growth from world’s largest economies provided strong support for the precious metal.

Today’s dynamics will depend on the US dollar exchange rate.

Resistance: 1226.70, 1232.64, 1240.70
Support: 1215.25, 1207.27, 1200.00

DAILY MARKET REVIEW — 02/02/2017

After Disappointing FOMC Results Traders are Turning to Friday’s NFP

 

Forex

GBP/USD

GBPUSD

The Fed meeting was yesterday’s main event and the results were somewhat disappointing for those bullish on the dollar. As there were no mentions about the next monetary tightening the US dollar fell against the pound. A better than expected UK Manufacturing PMI provided further support for British currency.

Today Theresa May will reveal Britain’s Brexit plan. Additionally, the Bank of England will announce its interest rate at 12:00 GMT along with a speech from Mark Carney. Most likely, the British central bank will maintain the rates.

Resistance: 1.26922, 1.27280, 1.27743
Support: 1.26124, 1.25658, 1.25133

 

AUD/USD

AUDUSD

The pair traded with mixed results yesterday. US Institute for Supply Management data came out better than expected and provided support for US dollar. December’s Australian Trade Balance data provided support for the AUD. Traders are turning their attention to tomorrow’s NFP.

Resistance: 0.76750, 0.76947, 0.77176
Support: 0.76061, 0.75771, 0.75512

 

Stocks

Ferrari NV (RACE)

Ferrari

Today, Ferrari will publish its quarterly report after the session closes. According to leading analysts its earnings per share (EPS) will rise to $0.58, with its total revenue hitting $898.1 billion.

Resistance: 62.56, 62.91, 63.25
Support: 61.67, 61.22, 60.65

 

Commodities

Brent Oil Futures

BrentOIl

Oil grew by 1.5% yesterday as Russian production volumes decreased. Additionally, members of the OPEC cartel, signed a deal that all members will reduce production volumes. Meanwhile, US stocks rose to 6.5 million barrels, compared to only 2.9 million barrels.

Today’s trading dynamics will depend on the mood of investors.

Resistance: 57.20, 57.50, 57.80
Support: 56.25, 55.93, 55.59

DAILY MARKET REVIEW — 01/02/2017

Today’s FOMC Meeting will impact the markets the most 

 

Forex

 

EUR/USD

EURUSD

The USD fell significantly against the EUR yesterday as traders are waiting for the upcoming Fed meeting. At the same time weak statistics on US economy additionally impacted the US dollar. However, most analysts believe that Trump’s policy decisions are what’s impacting the dollar the most.

Yesterday’s Eurozone Consumer Price Index came out better than expected and provided support for the euro. GDP for Q4 2016 also exceeded the forecast.

Today’s US ADP Non-Farm Employment Change along with the ISM Manufacturing PMI, scheduled for 13:15 and 15:00 GMT respectively will impact the markets.

However, the main market mover is is the FOMC Meeting at 19:00 GMT.

.

Resistance: 1.08095, 10.08517, 1.08845
Support: 1.07600, 1.07252, 1.06842

 

USD/RUB

USDRUB

The Central Bank of Russia (CBR) last Thursday announced that they will purchase dollars in conjunction with Russia’s FinMin to shield the economy from oil swings. According to a new scheme, the Central Bank of Russia will buy dollars when oil is trading above $40/bbl (which is the 2017 budget assumption), and sell dollars when the oil price is below this level. The volume of purchases per month will be a modest $1-2bn only, which is neither likely to alter the currency’s underlying trend nor add significantly to CBR reserves.

This statement caused the pair to grow. The first currency’s purchase can be made on February 3rd. The Bank of Russia’s meeting is additionally scheduled for February 3. Resistance: 60.37007, 60.76973, 61.18809
Support: 59.75329, 59.48102, 59.19808

 

Stocks

Facebook Inc (FB)

Facebook

Major US stocks have fallen during the last three sessions as traders seem to be worried about Trump’s policies.

Nevertheless, almost all US companies are producing positive reports. Today Facebook will present its quarterly report after the session closes. Analysts believe that its earnings per share (EPS) may rise to $1.31, with its total revenue at $8.46 billion. However, shares may fall even if the results are better than what was anticipated because of Donald Trump’s policy.

Resistance: 131.55, 132.96, 134.10
Support: 129.05, 127.50, 126.25

 

Commodities

GOLD

Gold

Gold grew to $1200 per ounce due to world-wide political tensions. Additionally, many analysts believe that gold is trending upwards as many are worried that inflation for the US and Eurozone are growing too rapidly.

Today’s FOMC Meeting, starting at 19:00 GMT will impact the precious metal the most.

 

Resistance: 1213.08, 1217.82, 1223.30
Support: 1203.15, 1196.51, 1190.00