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Daily market review

Daily Market Review — 06/10/2016

The markets will be dominated by tomorrow’s NFP report

Forex

USD/CHF

USDCHF october 6

The pair trended downwards yesterday as the US ADP Nonfarm Employment Change came out worse than expected. Today at 12:30 GMT, the weekly US Unemployment Claims report will be published. However, what traders are waiting for the most is tomorrow’s NFP report.

Resistance: 0.97781, 0.98013, 0.98284
Support: 0.97271, 0.92950, 0.96609 Continue reading

Daily Market Review — 05/10/2016

U.S. ADP Nonfarm Employment Change will be today’s main event

 Forex

EUR/USD

EURUSD october 5

Yesterday the pair showed traded with mixed results and ultimately closed the day at the opening level. Better than expected US statistics provided key support for the dollar while the Eurozone PPI came out worse than expected, which pushed the EUR down. However, the pair rebounded after it was reported that the ECB might cut its bond purchases by €10bn a month. The ECB’s €80bn monthly current QE program is due to end in March 2017.

Today’s Eurozone Retail Sales, scheduled for 9:00 GMT will impact the pair. Then at 12:15 GMT the US ADP Nonfarm Employment Change will be published. Additionally, traders should pay special attention to the US ISM Non-Manufacturing PMI at 14:00 GMT.

Resistance: 1.12397, 1.12577, 1.12788
Support: 1.12128, 1.11885, 1.11587 Continue reading

Daily Market Review — 29/09/2016

The Fed’s statement will drive the markets the most today

Forex

EUR/USD

EURUSD

The pair moved in both directions yesterday caused by various economic statistics. For example, US Durable Goods orders showed zero changes while leading analysts expected a decrease.

Additionally traders paid a lot of attention to Mario Draghi’s and Janet Yellen’s speeches. ECB President Draghi mentioned that bank’s measures had a positive impact. US Fed Chair Janet Yellen said that at least one rate hike this year is needed.

Today Germany’s CPI, scheduled for 12:00 GMT will impact markets followed by US GDP data at 12:30 GMT.

Meanwhile, U.S. Fed Chair Yellen will speak again at 20:00 GMT.

Resistance: 1.12397, 1.12577, 1.12788
Support: 1.12128, 1.11885, 1.11587 Continue reading

Daily Market Review — 28/09/2016

US Durable Goods Orders will be today’s main event

Forex

USD/CHF

USDCHF september 28

Key US data positively impacted the pair yesterday, with the US CB Consumer Confidence and Service PMI’s came out better than expected.

Today US Durable Goods Orders at 12:30 GMT followed by Janet Yellen’s statement at 14:00 GMT will influence the pair. At the same time, other Fed members will speak.

Resistance: 0.967289, 0.97558, 0.97837
Support: 0.96910, 0.96609, 0.96303 Continue reading

Daily Market Review — 27/09/2016

US economic statistics will rule the day

EUR/USD

EURUSD september 27

The pair grew significantly yesterday thanks to better than expected data on the Germany Ifo Business Climate index. Although data exceeded analysts’ expectations, the EUR/USD lost some ground during the second half of the day, with ECB President Mario Draghi’s causing pressure to come on the EUR.

Today, US economic statistics should impact the pair, starting with US Services PMI, scheduled for 13:45 GMT. Later on at 14:00 GMT the US CB Consumer Confidence will be published and Fed Vice Chair Stanley Fischer will speak today at 15:15 GMT.

Resistance: 1.12791, 1.12983, 1.13262
Support: 1.12240, 1.12015, 1.11694 Continue reading

Daily Market Review — 26/09/2016

Germany’s Ifo Business Climate Index will drive the markets today

 

Forex

EUR/JPY

EURJPY september 26

The pair grew on Friday due to mixed statistics on Manufacturing PMI’s in France, Germany and the Eurozone. However, the pair was limited as the Japanese currency was used as protective asset.

Today at 8:00 GMT Germany’s Ifo Business Climate index will impact the pair as well as ECB President Mario Draghi’s statement scheduled for 14:00 GMT. Later today, at 23:50 GMT Japan’s Monetary Policy Meeting Minutes will be published.

Resistance: 113.619, 114.019, 114.570
Support: 112.917, 112.500, 112.129

NZD/USD

NZDUSD september 26

The New Zealand currency fell significantly against the US dollar last Friday as traders expected further monetary easing from New Zealand’s central bank. Most experts believe that the bank will cut its rates at its upcoming November meeting.

Today’s dynamics will depend on the U.S. New Home Sales, scheduled for 14:00 GMT.

Resistance: 0.72517, 0.72696, 0.72854
Support: 0.72208, 0.72010, 0.71822

 

Stocks

S&P 500 Futures

SP500 september 26

Major US stock indices closed Friday’s trading in the red thanks to a disappointing US Manufacturing PMI that failed to meet expectations. Additionally, a fall in oil prices put further pressure on the markets.

It should be noted that today OPEC kicks off its International Energy Forum.

Resistance: 2159.46, 2162.74, 2166.79
Support: 2152.06, 2146.52, 2143.24

 

Commodities

GOLD

Gold september 26

Gold rose ever so slightly during Friday’s trading day, which was primarily because if the Fed’s decision not to raise the interest rates last Wednesday. Traders therefore decided to turn to the precious metal as a security.

It should be noted that gold should rise in the near future as consumers in China and India will look to purchase it for the traditional autumn festival.

Resistance: 1338.69, 1343.35, 1347.33
Support: 1330.94, 1325.78, 1320.81

Daily Market Review — 22/09/2016

ECB President Mario Draghi’s Speech is today’s main event

Forex

EUR/USD

20160922_EURUSD

The pair has risen significantly yesterday amid the Fed’s decision to leave the interest rates unchanged. The FOMC signaled that a further rate hike may still be on the table until the end of the year. Today’s trading dynamics will depend heavily on ECB President, Mario Draghi’s speech at 13:00 GMT. Market participants will also pay attention to the weekly US Unemployment Claims, scheduled for 12:30 GMT.

Resistance: 1.12234, 1.12472, 1.12818
Support: 1.11806, 1.11501, 1.11218

USD/CAD

20160922_USDCAD

The Canadian currency soared significantly against the US dollar yesterday, fueled by a Canadian Wholesale Sales monthly report that met expectations and a US Crude Oil Inventories that showed a severe decline. Thursday’s trading dynamics will certainly continue to be impacted by yesterday’s FOMC decision and general market sentiment.

Resistance: 1.30886, 1.31264, 1.31640
Support: 1.30530, 1.30275, 1.29950

 

Stocks

Microsoft (MSFT)

20160922_Microsoft

Microsoft decided to increase its dividends to $0.03, up to $0.39 per share and announced plans to buyout its shares for as much as $40 billion. Shares surged in value by 1.57% yesterday.

Resistance: 57.07, 57.45, 57.83
Support: 56.02, 55.56, 55.20

 

Commodities

Crude Oil Futures

20160922_CrudeOil

There were two major forces that caused a spike in oil prices yesterday. First off  US crude oil inventories declined significantly. Then the FOMC decided leave its interest rates unchanged. Meanwhile, market participants are focusing their attention on the upcoming OPEC meeting in Algeria, scheduled for September 26-28.

Resistance: 46.01, 46.46, 46.91
Support: 45.31, 44.81, 44.18

Daily Market Review — 21/09/2016

Interest rate decisions will be today’s main market drivers

 

Forex

USD/CAD

20160921_USDCAD

The pair traded in a narrow range for most of yesterday’s session, though falling slightly at the end of day as the Canadian currency strengthened due to rising oil prices. Today’s dynamics will be heavily influenced by the Fed’s Interest Rate Decision followed by the press conference, scheduled for 18:00 and 18:30 GMT respectively.

Resistance: 1.32374, 1.32707, 1.33017
Support: 1.31505, 1.31209, 1.30716

NZD/USD

20160921_NZDUSD

The pair trended mixed yesterday as traders were and still are adjusting their positions before today’s FOMC meeting. Additionally, market participants are waiting for the Reserve Bank of New Zealand’s interest rate decision at 21:00 GMT. According to most forecasts, the RBNZ will keep the rates unchanged.

Resistance: 0.73237, 0.73458, 0.73616
Support: 0.72782, 0.72543, 0.72332

 

Stocks

FTSE Futures

20160921_FTSE

Major European stock indexes rose during yesterday’s trading, as traders were influenced by today’s Japanese and US central banks announce their monetary decisions. So far the Bank of Japan has announced that its interest rate will remain the same, but indicated that it may expand its stimulus measures in the future. This supported the stock markets.

Resistance: 6842.27, 6857.97, 6875.26
Support: 6810.44, 6797.71, 6786.25

 

Commodities

GOLD

20160921_Gold

Gold traded in a narrow range yesterday, as investors were and still are cautious before today’s interest rate decisions from the leading central banks. So far, the Bank of Japan kept its interest rate the same, which has thus far supported gold prices. Today’s further dynamics will entirely depend on the FOMC interest rate decision.

Resistance: 1325.49, 1331.70, 1337.60
Support: 1315.28, 1310.09, 1306.00

Daily Market Review — 20/09/2016

The US dollar will be in the limelight today

 

Forex

USD/JPY

20160920_USDJPY

The Japanese currency continued growing yesterday, fueled by expectations that central banks in both the Japan and the United States will not change their interest rates tomorrow at 3:00 and 18:00 GMT respectively. Meanwhile, today’s trading dynamics should be influenced by the US Building Permits and Housing Starts, scheduled for 12:30 GMT.

Resistance: 102.059, 102.451, 102.744
Support: 101.517, 101.174, 100.889

EUR/USD

20160920_EURUSD

The pair traded in a narrow range yesterday. On the one hand, positive data from the Bundesbank monthly report supported the euro. On other hand, market participants were and still are cautious about opening new positions before the FOMC announce its monetary decision at 18:00 GMT tomorrow.

Most analysts expect that the central bank will leave rates unchanged, which is why the press conference that will be given by Janet Yellen, following the decision, scheduled for tomorrow at 18:30 GMT will take center stage.

Resistance: 1.12234, 1.12472, 1.12818
Support: 1.11806, 1.11501, 1.11218

 

Stocks

Dow Futures

20160920_Dow

Most major US stock indices declined slightly at the end of yesterday’s trading as investors preferred to not open large positions ahead of tomorrow’s FOMC Meeting. Today’s dynamics will be influenced by the general sentiment and the oil market.

Resistance: 18152.35, 18220.27, 18273.63
Support: 18033.50, 17947.39, 17881.89

 

Commodities

Crude Oil Futures

20160920_CrudeOil

Oil prices are falling thanks to supply recoveries in Libya and Nigeria. An increase in oil potentially could increase the already saturated global oil market. Today’s dynamics will be influenced by the API Crude Oil Inventories, scheduled for 21:30 GMT.

Resistance: 43.57, 44.21, 44.86
Support: 42.48, 41.46, 40.58

Daily Market Review – 15/09/2016

US economic statistics will be today’s main market-movers.

 

Forex

AUD/USD

AUDUSD september 15

Consumer Confidence in Australia fell to the lowest level in the past few months. Additionally, labor market data in Australia came out this morning and the results were mixed. The nation’s unemployment rate was 5.6% in August versus the 5.7% projected amount. However, there was a substantial decrease in the number of employed people. Today, US retail sales and industrial production data will be published.

Resistance: 0.74922, 0.75386, 0.75792
Support: 0.74437, 0.74151, 0.73894

NZD/USD

NZDUSD september 15

The pair trended upwards yesterday, thanks to the USD’s weakness. This comes despite a worse than expected New Zealand Q2 GDP that was published at the end of yesterday.

US labor market data and manufacturing production will impact the pair today.

Resistance: 0,72889, 0,73154, 0,73458
Support: 0,72543, 0,72332, 0,72171

 

Stocks

DAX Futures

DAX september 15

Most European stock indices including the FTSE 100 closed with mixed results yesterday due to British labor market data.

Meanwhile, most investors doubt that central banks will continue their expansionary policies. Today, the Bank of England will conduct its interest meeting, starting at 11:00 GMT, where they will announce their rates. This will undoubtedly be today’s main market mover.

Resistance: 10407,15, 10451,93, 10488,21
Support: 10334,58, 10298,05, 10255,05

 

Commodities

GOLD

Gold september 15

Gold grew significantly yesterday as the US currency fell. The US dollar came under heavy pressure due to a bevy of statements made by members of the US Federal Reserve, during which they gave mixed signals about their next move. Most analysts do not expect any increase in borrowing costs at the next Fed meeting. However, traders are waiting for more US statistics before the next US Fed meeting.

Resistance: 1325,49, 1331,70, 1337,60
Support: 1320,04, 1315,38, 1311,69