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Daily market review

DAILY MARKET REVIEW — 07/03/2017

European political news will drive the markets today

 

Forex

EUR/USD

EURUSD

The pair spent yesterday’s session engulfed in a downward trend. The USD grew against the EUR as traders are waiting for the US Fed decision. U.S. factory orders for January 2017 provided some support for USD. News from France, with Marine Le Pen advocating an exit from the EU additionally impacted the pair. However, the Sentix Investor Confidence came out better than expected, which helped EUR.

Today’s Eurozone Q4 GDP, and the US trade balance, scheduled for 10:00 and 13:30 GMT will impact the pair.

 

Resistance: 1.06068, 1.06247, 1.06391
Support: 1.05707, 1.05513, 1.05275

 

AUD/CAD

AUDCAD

The Australian dollar grew significantly yesterday. Since the start of 2017 AUD strengthened by of 4.5%. Meanwhile, weaker than expected inflation and retail sales data, put some pressure on the Australian currency. However, negative oil market dynamics helped the pair.

This morning the RBA decided to uphold its interest rate. Additionally, its accompanying statement noted that the current policy corresponds to medium-term goals for GDP, inflation and unemployment.

Today at 13:30 GMT Canada will publish its trade balance report. Additionally, traders will wait Chinese economic data.

Resistance: 1.02286, 1.02531, 1.02915
Support: 1.01655, 1.01410, 1.01100

 

Stocks

Snap Inc (SNAP)

Snap

Snap stock started trading last Thursday at $17 per share on the New York Stock Exchange. The IPO price is above Snap’s expected range of $14 to $16 per share, the company’s market capitalization is about $27.5 billion. Company’s shares tanked more than 12% in trading Monday, ending the day at $23.70.

The reason for this dynamic was the appeal of large investors to the stock exchange’s owners not to include these shares in the calculation of stock indices. According to some market participants, these securities do not give the owner the right to vote in the management of the company. These are precisely their requirements. Nevertheless, it is worth noting that the company provides a messaging service with attached video and photos. In light of the development of this sphere, the company’s shares look attractive enough for investors. Therefore, it is more expedient to look at the increase trade.

 

Resistance: 24.73, 25.38, 25.98
Support: 23.30, 22.75, 22.25

 

Commodities

Brent Oil Futures

BrentOil

Oil grew during yesterday’s trading session thanks to Iraq deciding to further limit its oil production for the second half of the year. Additionally, Libya said yesterday that its daily production fell. Furthermore, a strong US currency is holding back further growth. Nevertheless, today’s API report on crude oil stocks, scheduled for 21:30 GMT will impact the market.

Resistance: 56.30, 56.60, 57.00
Support: 55.70, 55.35, 55.00

DAILY MARKET REVIEW — 06/03/2017

Will the Fed raise the rates? Most analysts say yes.

 

Forex

AUD/USD

AUDUSD

The pair traded with mixed results due to poor statistics Chinese services’ sector statistics. The US meanwhile posted a similar report on its economy, which moved to its highest level in the past two years. At the same time the US dollar corrected itself before US Fed Janet Yellen’s statement.

However, the pair started today’s session with trading downwards thanks to worse than expected Australian inflation and labor market statistics. Tomorrow at 3:30 GMT the Reserve Bank of Australia will announce its interest rate decision.

 

Resistance: 0.75980, 0.76222, 0.76435
Support: 0.75623, 0.75423, 0.75255

 

USD/CAD

USDCAD

The pair continued its growth last Friday as the USD strengthened thanks to a slew of positive US economic statistics. Negative oil dynamics put some pressure on the Canadian currency.

Today the pair will be impacted by US industrial orders data, scheduled for 15:00 GMT.

Resistance: 1.34381, 1.34785, 1.35220
Support: 1.33366, 1.32996, 1.32500

 

Stocks

Dow Futures

Dow

Major US stock indices closed Friday’s trading slightly in the green. Investors focused on speeches from Fed officials.

Additionally, some support for stock markets had statistics on the services sector. So, last month, business activity in the US sector of the economy rose to two-year high. Today, the dynamics of trading will affect the mood of investors.

Resistance: 20970.18, 21004.96, 21038.44
Support: 20893.97, 20861.67, 20830.20

 

Commodities

GOLD

Gold

Gold grew during Friday morning. Meanwhile, in the second half of the day gold price almost played the losses incurred earlier. This trend was due to the weakening of the US currency.

In the medium term, gold should come under pressure. Today, US economic statistics will impact the markets.

Resistance: 1236.85, 1242.50, 1250.70
Support: 1229.07, 1223.00, 1216.72

DAILY MARKET REVIEW — 02/03/2017

US assets are still driving the markets

 

Forex

EUR/USD

EURUSD

The pair continued to fall yesterday as many expect the US to tighten its credit policy. Additionally, the Germany and Eurozone Manufacturing PMI’s came in slightly below expectations. The speech from the Bundesbank’s head further impacted the EUR. Jens Weidmann noted that preliminary inflation data in the Eurozone may be underestimated, which provided some support.

Today’s dynamics will depend on the Eurozone Producer Price Index, scheduled for 10:00 GMT.

Resistance: 1.05522, 1.05716, 1.05894
Support: 1.05145, 1.04935, 1.04730

 

USD/JPY

USDJPY

The Japanese currency is now the outlier of the currency market. This was caused by inflationary pressure weakness. Additionally, the Bank of Japan strictly monitors the level of government bond yields, in order to reduce demand for the yen.

On the other hand, the difference in monetary policy between the US and Japan makes it more attractive for investors to purchase US assets. This automatically increases the demand for the US dollar. Furthermore, investors are concerned about the development of the global economy, so do not use the Japanese currency as a safe asset.

Today, US labor market data and the Japanese CPI at 13:30 and at 23:30 GMT respectively will impact the pair.

Resistance: 114.400, 114.643, 114.948
Support: 113.745, 113.416, 113.141

 

Stocks

FTSE Futures

FTSE

European stocks closed yesterday’s trading with a significant increase because of positive corporate reports and Donald Trump’s statement. He announced an infrastructure reform totaling $1 trillion, which provided key support for European shares.

Yesterday, the main British FTSE 100 index set a historical record yesterday as the pound sterling weakened. Today’s dynamics will be impacted by the general mood of investors. Additionally, the European stock market, which is at a high level may embark on a correction.

Resistance: 7392.88, 7423.25, 7454.57
Support: 7360.36, 7337.40, 7316.19

 

Commodities

Brent Oil Futures

BrentOil

US reports on oil stocks showed growth. So, the US oil industry has returned almost to the record levels of production. According to US Department of Energy stocks grew to a maximum value over the past year.

An expensive US dollar also impacts the price of oil. And it is the US currency dynamics of today will affect the fluctuation of oil prices.

Resistance: 56.40, 56.64, 56.85
Support: 56.00, 55.82, 55.62

DAILY MARKET REVIEW — 01/03/2017

Will the US dollar rally keep up?

 

Forex

GBP/USD

GBPUSD

US Q4 2016 GDP came out lower than expected and put some pressure on the pair. However, the US CB Consumer Confidence was much better than expected, and the US Fed statement provided support for USD. Furthermore, Donald Trump’s Congress speech also helped. However, he did not provide any information regarding tax reform but said that he is going to cut taxes for the middle class and corporations. This marked the first Trump meeting with legislators as president.

Today, US Personal Income and Spending data, scheduled for 13:30 GMT should impact the pair.

Resistance: 1.24015, 1.24360, 1.24704
Support: 1.23458, 1.23250, 1.23035

 

USD/CAD

USDCAD

Yesterday the pair grew strongly as traders were waiting for the US Fed and Donald Trump’s statements. At the same time, oil put some pressure on the Canadian dollar.

Today features the Bank of Canada’s interest rate decision. Analysts believe that its monetary policy will remain the same, with interest rates at 0.5%.

Resistance: 1.33533, 1.33865, 1.34181
Support: 1.32843, 1.32491, 1.32096

 

Stocks

S&P500 Futures

SP500

At the end of yesterday’s session US stock indexes fell moderately after President Donald Trump’s Congress speech. On the other hand, the consumer confidence indicator recorded a significant increase, which helped the S&P.

At the moment, most analysts believe that there will soon be a correction in the US stock market. After a significant rally, which began with the election of Donald Trump, the US stock market reached record highs. In the medium term it is more expedient to look closely to trade in for a fall.

Resistance: 2370.00, 2372.58, 2376.51
Support: 2364.85, 2362.08, 2359.69

 

Commodities

GOLD

Gold

Gold, which traditionally responds to changes in the US currency yesterday increased slightly in value thanks to a negative US GDP report. However, that may not be for long as the Fed has dispelled doubts about long-term sustainability. Assuming the rates increase investors may choose to spread funds in higher-yielding assets, such as Treasury bonds.

Today’s trading dynamics will be impacted by US statistics.

Resistance: 1251.27, 1258.46, 1263.93
Support: 1240.34, 1233.21, 1228.00

DAILY MARKET REVIEW — 28/02/2017

US news will drive the markets today

 

Forex

EUR/USD

EURUSD

The US dollar fell against the Euro yesterday because of position. Additionally, weak US data put some further pressure on US dollar. However, in the afternoon the dollar recovered some loses thanks to mixed data on US orders for durable goods.

Today the US Fed’s statement will impact the markets. Additionally, traders are waiting for Donald Trump’s speech scheduled for later on today. He will speak about infrastructure and defense spending.

Resistance: 1.06174, 1.06380, 1.06668
Support: 1.05660, 1.05374, 1.04965

 

USD/CAD

USDCAD

The pair trended upwards yesterday as oil prices fell, putting some pressure on the Canadian currency.

Today’s Canada PPI, scheduled for 13:30 GMT should impact pair along with the US 2016 Q4 GDP. At 15:00 GMT the US CB Consumer Confidence will additionally be presented.

Resistance: 1.32095, 1.32476, 1.32836
Support: 1.31593, 1.31262, 1.30894

 

Stocks

Apple Inc (AAPL)

Apple

Warren Buffett, the chairman and chief executive of Berkshire Hathaway said that between January 1 and Jan 31, the company purchased 120 million shares for $17 billion. He noted that Apple CEO, Tim Cook has done a great job for the company’s growth. Apple’s share price increased by 20% this year.

During yesterday’s session, its share value rose by 0.20%, reaching $136.93 per share.

Resistance: 138.00, 139.00, 140.00
Support: 135.90, 134.85, 133.70

 

Commodities

Brent Oil Futures

BrentOil

Oil grew yesterday thanks to a falling USD. Meanwhile, further increases in prices can potentially decrease US drilling activity.

Today at 21:30 GMT features the API report on oil stocks.

Resistance: 56.41, 56.78, 57.27
Support: 55.82, 55.49, 55.14

DAILY MARKET REVIEW — 27/02/2017

Traders are waiting for Trump’s statement

 

Forex

GBP/USD

GBPUSD

The pair spent Friday caught in a downward trend as the USD strengthened thanks to a better than anticipated US Michigan consumer sentiment. Worse than expected UK mortgage approvals data additionally impacted the pair.

So far today the pair is continuing to fall thanks to the impending Brexit. Additionally, the possibility of a Scottish independence referendum put additional pressure on the pair.

Later on US durable goods orders, scheduled for 13:30 GMT should impact the pair. Additionally, investors are waiting for Donald Trump’s upcoming statement scheduled for 21:00 GMT.

Resistance: 1.24500, 1.24830, 1.25149
Support: 1.24049, 1.23829, 1.23458

 

USD/JPY

USDJPY

The pair fell slightly during Friday’s session as traders chose the safe asset Japanese yen thanks to the political situation in the EU. Poor US home sales data put additional pressure.

Today, US Federal Reserve statement should impact the pair along with Japanese Retail Sales and Industrial Production at 23:50 GMT.

Resistance: 112.544, 112.999, 113.501
Support: 111.916, 111.632, 111.302

 

Stocks

S&P500 Futures

SP500

Major US stock indexes rose last Friday as many are anticipating a string of tax reductions for corporations. Meanwhile, Friday’s growth was capped by negative data on US new home sales. Today’s dynamics will depend on the US Federal Reserve speech. Additionally, investors will pay attention to tomorrow’s speech by President Trump.

Resistance: 2370.00, 2373.58, 2376.51
Support: 2364.85, 2362.08, 2359.69

 

Commodities

GOLD

Gold

Gold continued its growth last Friday as US Secretary of the Treasury Steven Mnuchin spoke about heavy tax reforms. However, further growth may be in jeopardy improbable as the US economy is growing.

Today, US economic statistics will impact the precious metal.

Resistance: 1260.00, 1264.95, 1270.29
Support: 1251.07, 1242.83, 1236.73

DAILY MARKET REVIEW — 23/02/2017

Yesterday’s FOMC Meeting Minutes didn’t help the USD 

 

Forex

EUR/USD

EURUSD

The pair grew at the end of yesterday’s session primarily thanks to a better than expected German Ifo Business Climate index and a satisfactory Eurozone CPI. However, the euro fell thanks to the political crisis in Europe.

Yesterday’s main event was the FOMC Meeting Minutes’ publication. Future rate increases will depend on upcoming economic data along with current market dynamics.

Today’s US labor market data, scheduled for 13:30 GMT will impact the pair.

Resistance: 1.05753, 1.06000, 1.06299
Support: 1.05287, 1.04965, 1.04744

 

USD/CAD

USDCAD

The pair continued to grow as the Canadian dollar fell thanks to poor Canadian retail sales data. Additionally, falling oil prices additionally negatively impacted the pair. Today, market participants will continue to analyze the FOMC Meeting Minutes. Additionally, later today data Canadian inflation data will be published.

Resistance: 1.31650, 1.32021, 1.32378
Support: 1.310986, 1.30799, 1.30600

 

Stocks

Dow Futures

Dow

The markets closed with almost zero change yesterday, despite US Existing Home Sales coming out way better than expected.

Meanwhile, investors reacted to the FOMC Meeting Minutes. Fed members mentioned the possibility of a rate hike at the next meeting. In the Fed goes in that direction stock assets could come under pressure. Additionally, many feel the US stock market is in need of a correction so the markets could fall in the near future.

Resistance: 20767.00, 20792.00, 20812.00
Support: 20725.00, 20707.00, 20687.00

 

Commodities

Brent Oil Futures

BrentOil

Oil fell during the first half of yesterday’s session due to profit-taking after significant growth. Additionally, restrictions imposed by OPEC producers’ clouds shale production activity in the United States. Furthermore, pressure on the oil market cause a spike in the USD.

Today, the US Department of Energy’s report, scheduled for 16:00 GMT will impact the oil market.

Resistance: 56.41, 56.78, 57.27
Support: 55.87, 55.54, 55.14

DAILY MARKET REVIEW — 22/02/2017

Will FOMC Meeting Minutes help the USD? 

 

Forex

USD/JPY

USDJPY

The pair spent yesterday trading in a sideways trend. Japan’s Manufacturing PMI provided key support for JPY. On the other hand the US Services and Manufacturing PMI’s were negative and put some pressure on the pair.

Today’s FOMC Meeting Minutes at 19:00 GMT will be the main market mover. This event should provide significant support for the dollar.

Resistance: 113.781, 114.064, 114.367
Support: 113.237, 112.847, 112.615

 

EUR/GBPEURGBP

EURGBPThe euro was under immense pressure yesterday as investors were afraid of the unstable political situation in EU. Additionally, the Eurozone Services and Manufacturing PMI’s impacted the pair. Furthermore, Bank of England Governor Mark Carney’s statement provided support for the GBP yesterday.

Today at 9:00 GMT German IFO institute data will be published. Later today at 9:30 GMT UK GBP data will be presented, followed by the Eurozone CPI at 10:00 GMT.

 

Resistance: 0.84450, 0.84580, 0.84745
Support: 0.84185, 0.83989, 0.83784

 

Stocks

Tesla Inc (TSLA)

Tesla

Most quarterly reports came out positive, which pushed stock indexes to new highs. So it will be interesting to see if Tesla keeps the trend alive today when it publishes its report once the market closes.

According to leading analysts its earnings per share will be -$1.19, with total revenue − $2.24 billion. In this case the share price may rise to $290.

Resistance: 280.42, 285.16, 291.12
Support: 270.85, 266.01, 261.98

 

Commodities

GOLD

Gold

Gold prices during the first half of the day declined against the strengthening of the US dollar. US business activity data came out lower than expected.

Today, FOMC meeting minutes will impact market. Traders will be looking for the slightest hints on the pace and timing of monetary policy tightening.

Resistance: 1238.90, 1243.74, 1250.00
Support: 1230.50, 1225.00,1220.00

DAILY MARKET REVIEW — 21/02/2017

EUR Continues Its Precipitous Decline

 

Forex

EUR/JPY

EURJPY

The pair recovered some Friday’s losses yesterday thanks to various technical factors. Japan’s trade balance came out negatively, which further supported the pair. However, the euro is still under pressure as political uncertainty is not going anywhere. If Marie Le Pen wins the French election analysts believe European assets will suffer.

Today France, Germany and Eurozone will report their Manufacturing PMI’s at 8:00, 8:30 and 9:00 GMT respectively. The forecast for all three is negative.

Resistance: 120,383, 120,675, 120,999
Support: 119,998, 119,764, 119,508

 

GBP/USD

GBPUSD

The pair grew yesterday thanks to the USD’s overall sell-off. At the same time trading volumes were lower than usual as US celebrated President’s Day. Additionally, UK CBI Industrial Trends Orders came out better than expected, which provided support for pound.

Today BoE Governor Mark Carney is set to testify at 10:00 GMT before the Parliament’s Treasury Committee regarding the Bank of England’s inflation report. Additionally, later on today at 14:45 GMT the US will publish its Services PMI.

Resistance: 1,24830, 1,25149, 1,25492
Support: 1,24049, 1,23829, 1,23458

 

Stocks

HSBC Holdings PLC (HSBA)

HSBC

HSBC Holdings will publish its quarterly report today. According to leading analysts its earnings per share should rise to £0.04, with total revenue at £24.18 billion.

Resistance: 715,077, 717,108, 719,232
Support: 707,784, 705,846, 704,184

 

Commodities

Brent Oil Futures

BrentOil

Oil grew somewhat yesterday but it still continues to trade in a narrow range. Investors are looking for a balance between OPEC members reducing their production volumes and the US production volumes. According to data, the number of US drilling rigs last week increased by 6 units. It was the fifth week in a row that production volumes grew.

Today’s dynamics will depend on the USD.

Resistance: 56,42, 56,63, 56,87
Support: 55,87, 55,55, 55,10

DAILY MARKET REVIEW — 20/02/2017

Will the dollar continue to rise?

 

Forex

EUR/USD

EURUSD

Last Friday, the economic calendar was for the most part empty so the pair reacted to political events. Uncertainty about the French presidential elections and start of the Brexit put pressure on EUR. Expectations of increased borrowings costs provided key support for the USD. Additionally, Trump confirmed that he intends to reduce the corporate income tax, which makes US assets more attractive.

Today the US celebrates Presidents’ Day. So Bundesbank report and Eurozone index of consumer confidence will impact markets.

 

Resistance: 1.06337, 1.06580, 1.06788
Support: 1.05917, 1.05651, 1.05342

 

USD/CAD

USDCAD

The pair grew at the end of last week thanks to positive US economic statistics. The Fed’s statement additionally provided support for the USD. Declining oil prices put some pressure on Canadian dollar.

Today’s trading session is expected to be quieter than normal as the US celebrates President’s day. Canadian Wholesale Sales at 13:30 GMT should influence the pair.

 

Resistance: 1.31269, 1.31544, 1.31779
Support: 1.30600, 1.30350, 1.30095

 

Stocks

Wal-Mart Stores Inc (WMT)

Wal-Mart

Since Donald Trump won the US presidential election the US stock market has grown astronomically. Last all of the major stock indexes hit new highs as most quarterly reports were positive.

Tomorrow before the opening bell Wal-Mart will present its quarterly report will. According to expectations its earnings per share may rise to $1.29, with total revenue at $119.5 billion. If this occurs company shares may go up in value to $70.00-70.50 per unit.

 

Resistance: 69.77, 70.10, 70.40
Support: 68.60, 68.30, 67.95

 

Commodities

GOLD

Gold

The US dollar put pressure on gold. Additionally, expectations of a Fed rate hike stopped gold from further growing. However, Donald Trump’s economic policy could potentially help gold strengthen.

Today, investor behavior will be the main market mover.

 

Resistance: 1240.00, 1244.57, 1250.00
Support: 1230.50, 1225.00, 1220.00