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Daily market review

DAILY MARKET REVIEW — 18/01/2017

Gold continues to grow as Brexit and potential China-US currency war loom

 

Forex

GBP/USD

GBPUSD

Numerous currencies moved yesterday but none moved as much as the GBP, which grew by a whopping 400 points thanks to Prime Minister Theresa May’s statement concerning the Brexit. May indeed confirmed that Britain will be leaving the single market when it withdraws from the European Union, but would seek maximum access to it through a new trade arrangement. This provided serious support to the pound.

Additionally US President Elect Donald Trump said yesterday that dollar is currently too expensive and China is to blame.

Today, traders should pay attention to UK labor market data, scheduled for 9:30 GMT. Additionally, later today at 13:30 GMT the US will announce its consumer inflation data. Finally, at 20:00 GMT Fed Chairman Janet Yellen will present her statement.

Resistance: 1.23890, 1.24325, 1.24860
Support: 1.23167, 1.22712, 1.22285

EUR/JPY

EURJPY

The pair continued to decline during yesterday’s session as traders turned to the Japanese yen, the safe haven asset. Most investors are afraid of a potential currency war between China and the United States. Additionally, political and economic problems in the Eurozone put further pressure on EUR.

Today’s Eurozone Consumer Price Index, scheduled for 10:00 GMT should impact the pair and may impact tomorrow’s ECB decision.

Resistance: 121.248, 121.714, 122.100
Support: 120.556, 120.241, 119.914

 

Stocks

British American Tobacco PLC (BATS)

BritishAmerican Tobacco

British American Tobacco Group agreed to buy Reynolds for $49.4 billion. Thus, the British company with the rest of the redemption of shares may be the world’s largest manufacturer of tobacco products. On this background British American Tobacco at the end of yesterday’s trading fell to 4.08%.

Today, before the US market opens Citigroup, Goldman Sachs, and Netflix (NFLX) will publish their quarterly reports.

 

Resistance: 4600.00, 4622.00, 4648.00
Support: 4555.00, 4531.00, 4509.00

 

Commodities

GOLD

Gold

Yesterday, gold grew by 1% after Donald Trump’s statement caused concern among traders and analysts. He noted that he would like to see a lower US dollar exchange rate. More and more investors are flocking to the safe asset because of increased uncertainty concerning Trump’s economic reforms and the Brexit.

Today, trading dynamics will depend on US economic statistics.

Resistance: 1218.88, 1225.00, 1230.00
Support: 1206.79, 1202.31, 1195.94

DAILY MARKET REVIEW — 17/01/2017

UK and EU single market: To be or not to be?

 

Forex

GBP/JPY

GBPJPY jan 17

The GBP started the week falling as analysts and traders are worried about the Brexit. Today British Prime Minister Theresa May will hold a press-conference at the economic forum in Davos. Statements concerning the Brexit and more will influence the pound and other currency pairs.

So far today the UK released their inflation index and the results were better than expected causing a temporary spike in the pound. Outlook for the currency still looks negative.

Resistance: 138.175, 138.902, 139.605
Support: 136.822, 136.115, 135.408

EUR/USD

EURUSD jan 17

The pair grew yesterday as the US celebrated Martin Luther King Day. The Eurozone trade balance came in slightly above the projected forecasts and impacted pair’s dynamics.

Today, Germany’s ZEW Economic Sentiment, scheduled for 10:00 GMT will impact the pair. At the same time, today’s main driver pair will be the economic forum in Davos.

Resistance: 1.06732, 1.07090, 1.07484
Support: 1.06275, 1.05950, 1.05575

 

Stocks

Citigroup Inc (C)

Citigroup jan 17

US banks are under the microscope as earnings season continues to heat up. Tomorrow Citigroup bank will publish its report before the session starts. According to analysts, its earnings per share (EPS) is expected to come in at $1.12, with total revenue at $17.11 billion.

Resistance: 60.17, 60.59, 60.84
Support: 59.38 59.04, 58.68

 

Commodities

Brent Oil Futures

BrentOil jan 17

Oil spent yesterday trading in a narrow range. Traders are anticipating an oil output freeze, so oil is up at the moment. In general, the economic forum in Davos will impact all markets today.

Resistance: 56.00, 56.40, 56.70
Support: 55.35, 55.00, 54.70

 

DAILY MARKET REVIEW — 13/01/2017

The Brexit Continues to Impact the Markets

 

Forex

GBP/USD

GBPUSD jan 17

The pair traded with mixed results during Friday’s session thanks to US economic statistics. Although December’s US Retail Sales came out better than expected the US Michigan Consumer Expectations declined for the first time during the last quarter.

So far the pair started the week with a sharp fall as British pound fell significantly, which was caused by Theresa May’s upcoming statement about the Brexit. Additionally, Bank of England’s Governor, Mark Carney is scheduled to speak at 18:30 GMT. A number of analysts believe traders should short the pound.

Resistance: 1.20700, 1.21060, 1.21350
Support: 1.20143, 1.19900, 1.19660

AUD/JPY

AUDJPY jan 17

The pair fell during Friday’s trading as China published a number of economic statistics. It should be noted that China and Australia are major trading partners.

This morning Japan published its Preliminary Machine Tool Orders was published and the results matched expectations, causing the pair to further decline. Further dynamics will depend entirely on the risk appetite of investors.

Resistance: 85.280, 85.470, 85.631
Support: 85.015, 84.871, 84.730

 

Stocks

Morgan Stanley (MS)

Morgan Stanley jan 17

Quarterly reporting season continues in the US, with Morgan Stanley set to present its quarterly report tomorrow before the market opens.

Most analysts believe its earnings per share will rise to $0.65, with total revenue hitting $8.28 billion. Both of its previous quarterly reports came out better than expected. Volatility is expected leading up to tomorrow’s report.

Resistance: 43.90, 44.10, 44.28
Support: 43.54, 43.33, 43.14

 

Commodities

GOLD

Gold jan 17

Gold rose during the first half of Friday’s trading but positive US economic statistics pushed the precious metal down.

So far gold started the week on a good note as traders are preparing for Theresa May’s upcoming statement about the Brexit.

Resistance: 1208.68, 1214.98, 1221.61
Support: 1202.31, 1195.94, 1190.30

DAILY MARKET REVIEW — 12/01/2017

ECB’s Monetary Policy meeting will be today’s most impactful event

 

Forex

EUR/JPY

EURJPY jan 12

The pair fell yesterday thanks to positive Japanese economic statistics. Japan leading and coincident indexes for November 2016 came out much better than expected. Donald Trump’s press conference additionally impacted the pair as traders started to acquire the yen as a safe asset.

Today’s Eurozone Industrial Production and the ECB’s Monetary Policy reports, scheduled for 10:00 and 12:30 GMT respectively will impact the pair.

Resistance: 121.714, 122.100, 122.506
Support: 121.233, 120.824, 120.471

AUD/USD

AUDUSD jan 12

The Australian currency grew against the US dollar yesterday as positions were adjusted before Donald Trump’s press conference. Market participants expected the president elect to shed light on future fiscal policies but it didn’t happen.

Today’s US labor market report at 13:30 GMT and speeches from US Federal Reserve representatives will impact the pair’s dynamics.

Resistance: 0.74982, 0.75246, 0.75534
Support: 0.74294, 0.739659, 0.73546

 

Stocks

Bank of America Corporation (BAC)

Bank Of America jan 12

The Bank of America will publish its quarterly report tomorrow before the market opens. According to forecasts, its earnings per share should hit $0.38, with total revenue reaching $20.83 billion.

Resistance: 23.11, 23.22, 23.35
Support: 22.90, 22.79, 22.70

 

Commodities

Brent Oil Futures

BrentOil jan 12

Oil grew by $2 during yesterday’s session as the US dollar weakened. News pertaining to Saudi Arabia reducing its oil supply was the main catalyst. However, US Department of Energy data provided additional support. Today’s dynamics will depend on the US dollar.

Resistance: 55.66, 56.28, 56.99
Support: 54.73, 54.24, 53.66

DAILY MARKET REVIEW — 11/01/2017

Donald Trump’s press conference will be today’s main event

 

Forex

EUR/USD

EURUSD jan 11

The US dollar recovered all loses at the end of yesterday’s session as the dollar strengthened. However, French Industrial Production came out at 2.2% as opposed to a forecast of 0.6%, which provided key support for the euro.

Today, traders should pay attention to Donald Trump’s press conference scheduled for 16:00 GMT.

Resistance: 1.05752, 1.06144, 1.06507
Support: 1.05103, 1.04470, 1.04093

USD/JPY

USDJPY jan 11

The pair traded with mixed dynamics yesterday. Japan’s Consumer Confidence Index for December 2016 came out much better than expected and subsequently helped JPY.

At the same time, Japan Coincident Indicator and Japan’s Leading Index were published today. Both were slightly above the average experts’ forecasts. Further dynamics will depend mostly on Donald Trump’s speech, scheduled for 16:00 GMT.

Resistance: 116.420, 117.041, 117.525
Support: 115.567, 115.071, 114.562

 

Stocks

DAX Futures

DAX jan 11

Major stock indices finished strong thanks to solid UK and French economic statistics. UK retail sales grew by 1% in December 2016 and France’s Industrial Production came out better than expected.

Today, traders should pay close attention to the UK Industrial Production, scheduled for 9:30 GMT.

Resistance: 11593.88, 11615.84, 11629.51
Support: 11554.53, 11535.06, 11518.49

 

Commodities

GOLD

Gold jan 11

Gold closed at a six-week high as short positions closed. Additionally, physical demand for the precious metal is growing as the Chinese New Year approaches. Donald Trump’s press conference at 16:00 GMT should provide significant impact.

Resistance: 1194.71, 1202.93, 1214.98
Support: 1186.09, 1179.45, 1173.75

DAILY MARKET REVIEW — 10/01/2017

Chinese economic statistics were today’s market mover

 

Forex

AUD/USD

AUDUSD

Data on the US labor market came out mixed last Friday which impacted the pair. However, data on Australian building permits provided support for pair.

Meanwhile, China’s Consumer Price Index came out better than expected this morning, which had a positive impact on the Australian currency.

Today’s US JOLTs job openings, scheduled for 15:00 GMT will impact the pair the most.

Resistance: 0.73864, 0.74134, 0.74319
Support: 0.73397, 0.73138, 0.72875

GBP/USD

GBPUSD

The British pound declined sharply against the US dollar yesterday as British Prime Minister Theresa May stated that the UK will for sure leave the EU.

Today the pair will depend on US currency dynamics. Traders are additionally awaiting the UK Industrial Production, scheduled for tomorrow.

 

Resistance: 1.21809, 1.22197, 1.22633
Support: 1.21254, 1.20955, 1.20700

 

Stocks

NASDAQ Futures

NASDAQ

Major US stock markets closed with mixed results yesterday, with the NASDAQ updating its historical record. U.S. Fed labor market conditions index put additional pressure on the stock markets.

Today’s trading dynamics will depend on investor sentiment and risk appetite.

Resistance: 5029.15, 5042.00, 5055.00
Support: 5006.84, 4994.40, 4978.23

 

Commodities

Brent Oil Futures

BrentOil

Oil fell to one-month lows yesterday as Iran and Iraq increased supplies. Additionally, the number of US drilling rigs increased by four units.

Analysts believe that the first signs of oil output reduction will be seen only in the second half of February.

Resistance: 55.41, 56.00, 56.43
Support: 54.45, 53.80, 53.28

DAILY MARKET REVIEW — 22/12/2016

US economic statistics will move the markets the most

 

Forex

EUR/USD

EURUSD dec 22

Yesterday the pair continued to grow as trading as lower trading volumes decreased. Additionally, Eurozone Consumer Confidence came out better than expected. However, US Existing Home Sales impressed and stopped the dollar from further falling.

Today, US Durable Goods Orders and US GDP data, both scheduled for 13:30 GMT will impact the pair. Later on at 15:00 GMT will feature the US personal income and spending report.

Resistance: 1.04852, 1.05270, 1.05885
Support: 1.04093, 1.03658, 1.03182

AUD/USD

AUDUSD dec 22

The Australian currency continued to fall against the US dollar as the commodity markets continued to drop. Additionally, interest rates are pushing the pair down. Today, traders should pay attention to all of the US economic statistics.

Resistance: 0.72664, 0.73123, 0.73403
Support: 0.72115, 0.71857, 0.71612

 

Stocks

S&P 500 Futures

SP500 dec 22

Major US stock indices decreased during yesterday’s session thanks to profit taking after rallying significantly over the past six weeks. Oil additionally put some pressure on the index. However, US existing home sales helped some stocks.

Today investors should focus on all of the US economic statistics.

Resistance: 2260.46, 2263.42, 2266.22
Support: 2254.19, 2251.93, 2249.42

 

Commodities

GOLD

Gold dec 22

Gold strengthened slightly yesterday as the US dollar depreciated against other major currencies. However, better than expected US economic growth capped its growth.

Today’s trading dynamics will depend entirely on US economic statistics.

Resistance: 1136.24, 1139.74, 1144.53
Support: 1125.82, 1122.81, 1118.64

DAILY MARKET REVIEW — 21/12/2016

US assets will move the markets today.

 

Forex

NZD/USD

NZDUSD dec 21

To start the day the pair declined as the US dollar strengthened. However, the NZD was able to regain some of its lost positions partially due to profit taking along with a decrease in trading volumes before the Christmas holidays. However, New Zealand trade data for November provided some support for the currency.

Today, U.S. Existing Home Sales, scheduled for 15:00 GMT and New Zealand GDP data at 21:45 GMT will impact the pair.

Resistance: 0.69500, 0.69894, 0.70410
Support: 0.68874, 0.68526, 0.68210

GBP/USD

GBPUSD dec 21

The British pound is still under pressure thanks to the Brexit. Scotland may have their own referendum. Obviously is bad for the pound and British assets as a whole. However, a better than expected UK CBI provided some support for the pound.

Traders are waiting for tomorrow’s US economic statistics.

Resistance: 1.24061, 1.24522, 1.25004
Support: 1.23481, 1.23125, 1.22745

 

Stocks

Apple Inc (AAPL)

Apple dec 21

Apple is in talks with India’s government about developing products locally. Local manufacturing would potentially enable Apple to open stores in India.

Share prices increased by approximately 0.27% during yesterday’s session.

Resistance: 117.26, 118.54, 119.73
Support: 115.63, 114.57, 113.77

 

Commodities

Brent Oil Futures

BrentOil dec 21

Oil increased by about 1% yesterday, reaching weekly highs. The API published its report on US oil reserves yesterday. Stocks decreased by 4.1 million barrels, as opposed to only 2.5 million barrels.

Today, the US Department of Energy will publish its report at 15:30 GMT.

Resistance: 55.82, 56.43, 57.00
Support: 55.00, 54.35, 53.80

DAILY MARKET REVIEW — 20/12/2016

Bank of Japan’s interest rate decision was today’s main highlight.

 

Forex

GBP/JPY

GBPJPY dec 20

The pair fell somewhat during yesterday’s trading after news broke that Scotland will hold a referendum on exiting the U.K. unless it can stay in the European Union single market. However, later in the evening the pair regained some of its lost positions.

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DAILY MARKET REVIEW — 19/12/2016

Germany’s Ifo Business Climate index will today’s main market mover.

 

Forex

EUR/USD

EURUSD dec 19

The pair grew last Friday as the US currency corrected itself. Data on the Eurozone economy additionally provided some support for the pair. Thus, the CPI matched the forecast, while November US Building Permits data disappointed investors and pushed the US dollar down.

Today, traders should pay attention to the German Ifo Business Climate index scheduled for 9:00 GMT. Then today at 11:00 GMT the Bundesbank will publish its monthly report.

Resistance: 1.04852, 1.05270, 1.05885
Support: 1.04093, 1.03658, 1.03182

USD/JPY

USDJPY dec 19

The Japanese currency strengthened against the US dollar during Friday’s session as US real estate sector data came out worse than expected.

Today, the US Flash Services PMI, scheduled for 14:45 GMT will impact the pair. However, tomorrow’s Bank of Japan meeting at 3:00 GMT will be followed by its all-important press conference at 6:30 GMT.

Resistance: 117.653, 118.418, 119.089
Support: 116.406, 115.9884, 115.471

 

Stocks

FedEx Corporation (FDX)

FedEx dec 19

FedEx will publish its quarterly report tomorrow. According to leading analysts, its earnings per share (EPS) should reach $2.89, with total revenue growing to $12.43 billion. If FedEx surpasses expectations it will be six times in a row.

Resistance: 197.40, 199.68, 201.41
Support: 195.46,193.69, 191.62

 

Commodities

Brent Oil Futures

BrentOil dec 19

Oil grew on Friday as leading oil manufacturers are getting ready to reduce their oil output come January 1.

At the same time, the number of US drilling rigs increased by 12 units last week.

Resistance: 55.82, 56.43, 57.00
Support: 54.90, 54.35, 53.80