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Daily market review

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.

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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

DAILY MARKET REVIEW — 31/01/2017

Trump’s policy decisions will continue to impact the markets

 

Forex

EUR/JPY

EURJPY

The EUR fell to start the week. Despite positive Eurozone Consumer Sentiment Index data, the euro and the pair fell after comments from an ECB representative. No changes to the QE program will come until September. Additionally, the pair fell as traders are turning to the yen as a safe asset after Trump’s recent immigration policy decisions.

So far today the Bank of Japan kept its monetary policy unchanged, which further supported the Japanese currency. However, Eurozone CPI spiked to nearly a four-year high, moving closer towards the European Central Bank’s (ECB) 2% target. This boosted the pair.

Resistance: 121.687, 122.000, 122.301
Support: 121.206, 121.000, 120.759

NZD/USD

NZDUSD

The pair fell during the first half of yesterday’s trading session as the USD strengthened. Additionally, negative commodity dynamics put further pressure on the pair. However, US personal income and spending data came out mixed.

Today’s US CB Consumer Confidence and New Zealand labor market data, scheduled for 15:00 and 21:45 GMT is sure to impact the pair.

Resistance: 0.73075, 0.73300, 0.73582
Support: 0.72645, 0.72363, 0.72088

 

Stocks

Exxon Mobil Corporation (XOM)

Exxon Mobil

The world’s largest oil company, Exxon Mobil will publish its quarterly report before today’s session starts. Leading analysts believe that its earnings per share (EPS) should rise to $0.70, with total revenue hitting $70.24 billion. Should the actual value match or exceed the forecast its share price may rise to $86.00-$87.00.

Resistance: 85.15, 85.72, 86.30
Support: 84.15, 83.65, 83.22

 

Commodities

Brent Oil Futures

BrentOil

Oil fell yesterday by 1% as US oil production increased. The number of active US drilling rigs increased by 15 last week.

Today, API data on oil stocks will impact the markets.

Resistance: 55.70, 56.04, 56.40
Support: 54.95, 54.63, 54.34

DAILY MARKET REVIEW — 30/01/2017

Donald Trump’s immigration ban has the potential to impact the markets 

 

Forex

EUR/USD

EURUSD

The US dollar came under pressure as US Q4 GDP grew only 1.9% as opposed to 2.2%, the amount that most analysts anticipated.

This week, the pair started with a sharp drop of USD thanks to profit taking. Additionally, analysts believe that with Trump’s new ban on those from certain Islamic countries, the US dollar will drop. Today’s German Preliminary CPI, scheduled for 13:00 GMT should impact the pair. Additionally, at 13:30 GMT U.S. personal income and spending data will be published.

Resistance: 1.07398, 1.07699, 1.08049
Support: 1.07024, 1.06694, 1.06456

CAD/JPY

CADJPY

The pair fell on Friday as oil prices declined. It should be noted that the Canadian dollar and oil are linked. Additionally Trump’s new border and immigrations policy are causing investors to turn to the JPY.

Today’s Japan Industrial Production report, scheduled for 23:50 GMT should impact the pair. Additionally, tomorrow at 3:00 GMT the Bank of Japan will announce its interest rate decision.

Resistance: 87.590, 87.974, 88.286
Support: 87.028, 86.545, 86.115

 

Stocks

Apple Inc (AAPL)

Apple

Earning season continues in the United States as Apple will publish its quarterly report tomorrow after the markets close. Analysts believe that its (EPS) earnings per share may rise to $3.22, with its total revenue at $76.54 billion.

Resistance: 122.33, 123.68, 125.16
Support: 121.00, 120.32, 119.60

 

Commodities

GOLD

Gold

Gold hit a two-week low last Friday thanks to weak US Q4 GDP data. This week gold has so far risen as traders are turning to it as safe asset.

Today US Personal Spending and Income and other US statistics will impact the precious commodity.

 

Resistance: 1195.90, 1200.00, 1203.41
Support: 119.00, 1185.32, 1180.65

DAILY MARKET REVIEW — 26/01/2017

Theresa May’s meeting with Donald Trump tomorrow will impact the markets today

 

Forex

GBP/USD

GBPUSD

Despite the approaching Brexit, the UK economy is displaying enviable stability. For example the UK CBI industrial trends orders grew considerably.

British Prime Minister and the US President are scheduled to meet tomorrow. The main topics will be the future of trade relations, joint views on relations with Russia, as well as NATO. According to some sources Theresa May wants to jointly develop plans for future cooperation, based on the leadership of the two countries.

Today, UK Q4 GDP came out better than expected. Currently the pair is listed at 1.2618 (-0.13%).

Resistance: 1.26922, 1.27280, 1.27743
Support: 1.25886, 1.24941, 1.24181

USD/JPY

USDJPY

Yesterday, a much better than expected Japanese Trade Balance report helped the JPY yesterday. Throughout the day the pair in particular traded negatively thanks to comments from the Trump administration pertaining to ensuring the competitiveness of American goods on the broader market

Today’s dynamics should be impacted by the weekly US Unemployment Claims report, scheduled for 13:30 GMT. Additionally, at 15:00 GMT will be the US New Home Sales report. However, the most important report will come at 23:30 GMT, with the publication of the Japanese CPI.

Resistance: 113.995, 114.402, 114.876
Support: 113.000, 112.556, 112.017

 

Stocks

Alphabet Inc (GOOGL)

Google

Alphabet (Google) will publish its quarterly report after the session closes. According to leading analysts its earnings per share should hit $9.64, with total revenue at $25.12 billion. If the results exceed expectations traders can count on a short-term spike in the stock’s value. However, there are those who believe that shares are overbought and will be subjected to pressure. Profit-taking may be in the cards, which may lead to a drop in share prices.

Resistance: 838.00, 841.91, 844.51
Support: 928.46, 925.55, 822.98

 

Commodities

Brent Oil Futures

BrentOil

Oil traded with mixed dynamics yesterday thanks to a weakening dollar. Yesterday, US oil inventories increased, growing by 2.84 million barrels. Today’s, trading dynamics will affect the change in the US currency.

Resistance: 55.90, 56.40, 57.00
Support: 55.00, 54.50, 53.80

DAILY MARKET REVIEW — 25/01/2017

Earnings season continues as eBay makes its report.

 

Forex

EUR/USD

EURUSD

The pair started to fall at yesterday’s session. This was mainly due to technical factors. Meanwhile, data on Eurozone’s and Germany’s services PMI came out positive and provided support for EUR. This can lead to the growth of the region’s GDP.

Nevertheless, positive US economic data put some pressure on the pair. U.S. Manufacturing PMI grew to new highs. Meanwhile, the majority of market participants are concerned about the uncertainty of prospects Trump economic policy. Further steps of the presidential administration are still unclear.

Today data from German Ifo Institute will impact the pair.

Resistance: 1.07524, 1.07751, 1.08040
Support: 1.06933, 1.06696, 1.06520

NZD/USD

NZDUSD

The US currency has been under pressure since the beginning of the week as investors are of course concerned about the new US president’s policy. In addition, representatives of the state administration noted that “too expensive dollar” will be negative in the short term. This put a lot of pressure on the US currency. Meanwhile, positive US economic statistics provided strong support for USD.

Today’s dynamics will depend on New Zealand CPI data, scheduled for 21:45 GMT.

Resistance: 0.72521, 0.72765, 0.73101
Support: 0.72086, 0.71772, 0.71455

 

Stocks

eBay Inc (EBAY)

eBay

eBay will publish its quarterly report today after session closes.

According to leading analysts, its earnings per share will be $0.54, and total revenue − $2.4 billion. These figures are slightly higher than the previous values.

If the actual data exceeds the forecast its share price may rise to $30.50-$30.60.

Resistance: 30.10, 30.31, 30.49
Support: 29.75, 29.55, 29.35

 

Commodities

GOLD

Gold

Gold trended downwards yesterday as the USD strengthened. Traders are obviously concerned and are waiting for Trump’s first steps. From a technical perspective, gold is situated at a high level, which is of course unattractive for investment purchases.

Nevertheless gold often acts as a protective asset, which is why traders may buy it in order to hedge against US inflation.

Resistance: 1208.70, 1213.50, 1218.88
Support: 1201.04, 1195.84, 1191.03

DAILY MARKET REVIEW — 24/01/2017

Alibaba presents Q4 earnings; market volatility expected 

 

Forex

GBP/USD

GBPUSD

The pound grew against the US dollar yesterday, continuing its trend after Trump’s inauguration speech. Positive UK economic data provided additional support for the pair. Yesterday the US president signed a decree on US withdrawal from the Trans-Pacific Partnership trade. That additionally put pressure on the US dollar. It was Trump’s first official enactment as a US president.

Traders will wait for the UK Supreme Court’s decision on the Brexit. The Court is due to rule on whether Parliament or ministers have the power to begin the Brexit process.

Resistance: 1.25448, 1.25930, 1.26353
Support: 1.24181, 1.23467, 1.22712

AUD/USD

AUDUSD

Yesterday the pair traded with mixed results as the market continues to analyze Trump’s inauguration speech. Although the US president did not give clear cut comments on the tax and budget policy the dollar did strengthened thanks to comments about the “too expensive dollar.”

Today’s dynamics will depend on the US Manufacturing PMI, scheduled for 14:45 GMT and the US Existing Home Sales at 15:00 GMT.

Resistance: 0.75831, 0.76094, 0.76282
Support: 0.75512, 0.75218, 0.74935

 

Stocks

Alibaba Group Holdings Ltd (BABA)

BABA

The largest online retailer company Alibaba will publish its quarterly report before the start of today’s session. According to expectations, its earnings per share (EPS) should hit $1.13, with total revenue at $33.16 billion. As a rule of thumb, Q4 is more often than not the most profitable quarter for these types of companies due to the December holidays.

Resistance: 98.60, 99.70, 100.60
Support: 96.70, 95.52, 94.49

 

Commodities

Brent Oil Futures

BrentOil

Oil showed little change yesterday. According to Baker Hughes service company, the number of active rigs in the US increased by 29 units last week. Meanwhile, according to the results of the Compliance Committee meeting arrangements the largest oil-producing countries, have agreed to reduce their production volumes to 1.5 million barrels per day.

Today, data on US oil stocks will be published by the API at 20:30 GMT.

Resistance: 55.90, 56.40, 57.00
Support: 55.00, 54.50, 53.80

DAILY MARKET REVIEW — 23/01/2017

How Trump’s protectionism will impact the world economy

 

Forex

USD/JPY

USDJPY jan 23

The pair rose during the first half of Friday’s session as the world waited for Donald Trump’s inauguration. Since Trump came onto the scene, he promised a complete US withdrawal from some trade agreements, such as the Trans-Pacific Partnership (TPP), a free trade agreement between 12 Pacific-rim countries such as Japan, Australia and Mexico.

On Sunday he said he intended to renegotiate the North American Free Trade Agreement (NAFTA) with Mexico and Canada. Furthermore, Trump promised the US will achieve energy independence from OPEC affiliated countries. Against this background, the US dollar lost some footing.

This morning Japan’s leading index was published, which was slightly higher than expected. Additionally, more traders are using the Japanese yen as a safe asset as political and economic uncertainty seems to be growing.

The pair’s current dynamics will depend on political factors.

Resistance: 113.762, 114.283, 114.876
Support: 113.000, 112.413, 111.653

 

EUR/GBP

EURGBP jan 23

The pair traded in a fairly narrow range last Friday thanks to dovish comments from ECB President Mario Draghi.

Germany’s PPI provided some support for the pair and the same time December’s UK Retail Sales data recorded an unexpected drop.

Today’s trading dynamics will depend on the Eurozone Consumer Confidence, scheduled for 15:00 GMT. Additionally, later on today at 23:30 GMT ECB President Mario Draghi will speak.

Resistance: 0.86726, 0.87070, 0.87393
Support: 0.86116, 0.85850, 0.85596

 

Stocks

McDonald’s Corporation (MCD)

McDonalds jan 23

McDonald’s will publish its quarterly report today before the session starts. The company has grown for the past six consecutive quarters.

This time around analysts expect that its earnings per share (EPS) will be $1.41, with total revenue at $5.98 billion. If the actual values exceed the forecast, its share price may rise to $120.00.

Resistance: 119.10, 120.10, 1 21.33
Support: 117.00, 116.06, 115.29

 

Commodities

GOLD

Gold jan 23

Gold grew during Friday’s trading as investors preferred the precious metal as safe asset. This was caused by Donald Trump’s speech as he indicated that there is a need to review all trade agreements between the United States and other countries. Protectionist policies of the new US president could have a negative impact on the world economy as a whole.

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

Resistance: 1218.88, 1225.00, 1230.00
Support: 1210.00, 1204.60, 1197.62