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Daily market review

Daily Market Review – 27/04/2017

Will the ECB do with the interest rates? 





The pair was in a downwards trend yesterday thanks to Trump’s tax reform. As was expected, the Trump administration plans to lower the corporate tax from 35% to 15%, with the maximum personal income tax rate at 35%. Meanwhile, most market participants are cautious on the eve of the announcement of the results of the ECB meeting.

Today at 11:45 GMT the European Central Bank will announce its decision on its interest rate and at 12:30 GMT the central bank head Mario Draghi will hold a press conference. According to the average forecasts of analysts, the parameters of monetary policy will not be changed. Nevertheless, there is a possibility of a more severe tone of comments by the ECB President. Meanwhile, most investors are inclined to think that before the second round of presidential elections in France, the bank’s management will not risk changing the parameters.

Resistance: 1,09094, 1,09505, 1,09804
Support: 1,08550, 1,08209, 1,07852



The pair continues to rise for the second week in a row. This is due to the drop in oil quotations. Additionally, Trump is going to introduce an import duty on Canadian timber and milk, as well as to stop membership in the North American Free Trade Zone (NAFTA), which put pressure on the currency of Canada. The further dynamics of the pair may be influenced by the publication of data on the US labor market and orders for durable goods, which will be released at 12:30 GMT.

Resistance: 1,35782, 1,36268, 1,36727
Support: 1,35248, 1,34913, 1,34569


Stock Market

Alphabet Inc C (GOOG)


Today, after the close of the regular session, Alphabet, which owns Google’s search engine, will release its quarterly financial results. According to expectations, its earnings per share should be $7.40, with total revenue hitting $24.136 billion. Despite a positive outlook, its share value may fall in the medium term. This indicates a fairly high current value of shares, which implies an imminent correction.

Resistance: 872,75, 876,65, 879,55
Support: 864,75, 859,95, 855,25





As a result of yesterday’s trading, gold quotations rose slightly. This was caused by a partial fixation of profits after a significant fall. The reason for this was the details of Trump’s plan to reform the US tax system. Meanwhile, investors are cautious on the eve of the meetings of central banks. Today were announced the results of a two-day meeting of the Bank of Japan. Additionally, the ECB will announce its decision later. At the same time, the drop in gold is limited due to the geopolitical situation around Syria and North Korea.

Resistance: 1270,00, 1278,31, 1285,00
Support: 1260,00, 1256,00, 1250,00

Daily Market Review – 26/04/2017

Will Trump’s upcoming speech support the dollar? 





The pair traded yesterday in an uptrend thanks to an increased yield in US bonds, which caused an uptick in demand for the USD. Additionally, a drop-off in geopolitical risks have greatly reduced the need for defensive assets, such as the yen.

Yesterday’s impact on trading came from better than expected US residential real estate market data. At the same time the consumer confidence indicator grew less than what analysts forecasted although it remains at a high level.

Today the US President will present a tax reform plan in congress. Most experts do not expect a ready-made bill today, however, many believe the president will touch on certain points about reforming the tax system.

Resistance: 111,500, 112,000, 112,400
Support: 110,840, 110,350, 109,700



The Australian currency has been under pressure since the beginning of this week thanks to a fall in copper and iron ore, which are Australia’s main export commodities. Furthermore, commodity linked currencies fell after the Trump administration announced that it plans to introduce import duties on imported raw materials.

This morning Australian consumer price index data was published and the results were not so impressive. Apparently consumer goods for Q1 grew less than what was anticipated. This put considerable pressure on the Australian dollar. Today Trump’s speech and the commodity markets will impact the pair’s dynamics.

Resistance: 0,75325, 0,75560, 0,75730
Support: 0,75049, 0,74918, 0,74795


Stock Market

Boeing Co (BA)


Strong quarterly reports along with expectations of a corporate tax slashes propped up the US stock markets. Today perhaps we can expect more of the same. Before the start of today’s session, Boeing will release its quarterly earnings report. Most experts expect a $1.94 EPS with $21.265 billion in total revenue. Due to new orders for aircrafts at the end of the past and the beginning of this year from India and Saudi Arabia, today’s results may be higher than what analysts had originally anticipated.

Resistance: 182,95, 184,03, 185,09
Support: 179,81, 178,95, 177,33



Brent Oil Futures


Yesterday oil fell thanks to a production volume increase in the US. Additionally, investors doubt that the efforts of the OPEC can lead to a serious reduction in world reserves. Meanwhile, in the afternoon the dynamics changed due to a partial fixation of profits after a six-day fall. Nevertheless, some influence came from US Petroleum Institute data, which stated that reserves increased by 0.8 million barrels, while experts expected their decrease by 1.3 million barrels. Today, investors will be focused on the report on reserves from the US Department of Energy, which will be released at 14:30 GMT.

Resistance: 52,40, 53,00, 53,45
Support: 51,30, 51,00, 50,60

Daily Market Review – 25/04/2017

How will Coca-Cola fare in their earnings report today?





The pair reached four-month highs during yesterday’s trading session as a drop in oil prices caused the Canadian dollar to fall against its American rival. Despite a relatively soft statement from a US Federal Reserve representative, the US dollar continued to strengthen. At the same time, strong pressure on the Canadian dollar came from a report by the Trump administration that it’s going to impose a tax of 20% on the import of timber from Canada. Meanwhile, today’s dynamics of the pair may be influenced by the publication of data on sales of new buildings and the confidence indicator of US consumers, which will be released at 14:00 (GMT).

Resistance: 1,35663, 1,35952, 1,36165
Support: 1,35248, 1,34990, 1,34792



After the announcement of the results of the first round of the presidential elections in France, the pair reached the level of 1.09000, which is the maximum for the last five months. This was due to the reduction of political tension in connection with the possible victory of Marin Le Pen, which advocates the country’s withdrawal from the EU. According to preliminary estimates, in the second round, centrist Emmanuel Macron will win, who favors European integration. This somewhat calmed the investors, provoking them to close short positions on the pair. Together with this, ECB meeting on monetary policy will take place on Thursday. These two events will become the main drivers for the pair this week. Nevertheless, investors will closely monitor the conflict between the US and North Korea.

Resistance: 1,09094, 1,09344, 1,09551
Support: 1,08288, 1,08094, 1,07852


Stock Market

Coca-Cola Company (KO)


Today before the US session opens, Coca-Cola will present its quarterly report. Analysts expect its earnings per share at $0.44, and total revenue will rise to $8.85 billion. In addition to financial results, investors will pay attention to a number of reforms and innovations in connection with the change of management of the company, which is scheduled for May 1. As a result of yesterday’s trading, the company’s shares added 0.5%.

Resistance: 43,25, 43,40, 43,55
Support: 43,00, 42,90, 42,80





Gold declined by 1% yesterday, caused by a decrease in political tension in Europe. Meanwhile, a weak dollar is additionally limiting the fall of gold. Additionally, the North Korean conflict forces investors to utilize gold as a defensive asset. Thus, on commodity exchanges the number of positions for the purchase of gold reached a five-month maximum. Today, the dynamics of trading may be influenced by the publication of US statistics. Meanwhile, the main attention will be paid to the tax reform, which Trump promised to present tomorrow.

Resistance: 1278,31, 1285,00, 1292,00
Support: 1270,00, 1265,00, 1260,00

Daily Market Review – 24/04/2017

Euro responds positively to French election results





The beginning of the week was marked by a sharp strengthening of the euro after the announcement of the results of the first round of the presidential elections in France. So, according to the information received, centrist Emmanuel Macron and the radical Marin Le Pen went to the 2nd round. The majority of candidates who did not pass to the second round, are supporting Macron. This situation is positive for the euro, as Macron stands for a united Europe. Against this background, the pair opened trades with a large price gap in favor of the euro. Further dynamics may be influenced by the publication of data from the German IFO Institute at 08:00 (GMT). In addition, at 10:00 (GMT) will be published monthly report of the Bundesbank.

Resistance: 120,523, 121,226, 121,843
Support: 118,983, 117,819, 116,740



Last Friday the pair traded in a sideways range with some downwards pressure. Meanwhile, the dynamics were influenced by the data on manufacturing activity in the US, which were below expectations of analysts. Nevertheless, the sale of housing in the secondary market in the US rose. In addition, on Sunday, a telephone conversation took place between the leaders of the United States and China who agreed to jointly put pressure on North Korea. This also reduced geopolitical risks in East Asia. Against this background, the Japanese currency fell across a wide spectrum of the market. The further dynamics of the pair may be effected by the speeches of the Fed members, scheduled for the second half of the day.

Resistance: 110,474, 110,847, 111,144
Support: 109,731, 109,232, 108,769


Stock Market

Alcoa Corp (AA)


Today, aluminum giant Alcoa will release its quarterly report after the closure of the regular US session. According to analysts’ expectations, the profit per share should be $0.53, and the total revenue will rise to the level of $2.01 billion. It should be noted that for the previous quarter the company demonstrated modest results, which were caused by a fall in prices on commodity sites. Meanwhile, this year prices have recovered somewhat, which may affect the company’s quarterly results.

Resistance: 32,20, 32,72, 33,15
Support: 31,30, 30,75, 30,25



Brent Oil Futures


Oil fell on Friday fell by 2%, which was due to an increase in production in the US. In addition, investors closely follow the participants in the deal to cut production for further extension of this agreement. Meanwhile, according to the service company Baker Hughes, the number of operating drilling rigs in the US increased again by 5 units. Furthermore, additional pressure came from the strengthening of the US currency. Today’s dynamics of trading will be influenced by fluctuations in the US currency, as well as information on the balance of supply and demand in the world oil market.

Resistance: 52,60, 53,00, 53,45
Support: 51,55, 51,00, 50,60

Daily Market Review – 20/04/2017

Largest investment banks changed their forecasts for the US dollar





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



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)


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





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?





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



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)


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



Brent Oil Futures


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




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


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




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?





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



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



Brent Oil Futures


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





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



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)


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.



Brent Oil Futures


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





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



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)


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



Brent Oil Futures


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