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Daily market review

DAILY MARKET REVIEW — 22/03/2017

Stock market fell thanks to Trump’s policies. Will it happen again today?

 

Forex

EUR/USD

EURUSD

The pair grew stronger yesterday thanks to political news emanating from France. Polls showed that most French citizens will vote for Emmanuel Macron after Marie Le Pen lost ground after a less than stellar debate. However, Fed official, Loretta J. Mester’s statement did prop up the USD.

Interestingly enough, a lack of congressional support for Donald Trump may keep the dollar under pressure. Today’s US Existing Home Sales data, scheduled for 14:00 GMT should impact the pair.

Resistance: 1.08285, 1.08500, 1.08724
Support: 1.07807, 1.07455, 1.07113

 

NZD/USD

NZDUSD

The pair traded in a narrow range during yesterday’s session. Despite a better than expected New Zealand GDT Price Index, the pair ultimately fell.

Tonight the Reserve Bank of New Zealand meeting, scheduled for 20:00 GMT should impact the pair. Analysts believe the bank will leave the rates unchanged at the 1.75% level.

Resistance: 0.70800, 0.71153, 0.71443
Support: 0.70162, 0.69808, 0.69483

 

Stocks

S&P500 Futures

SP500

Most US stock indexes fell by an average of 1.5 percentage points yesterday thanks to difficulties with new Trump’s reforms. During the election campaign, Trump promised global infrastructure reforms and tax cuts for corporations. Meanwhile, the reaction of stock exchanges is additionally because of a long overdue correction. Today negative dynamics may continue.

Resistance: 2342.86, 2347.54, 2353.30
Support: 2332.13, 2328.34, 2324.14

 

Commodities

GOLD

Gold

Gold rose yesterday as investors ran towards the precious metal in order to avoid risk. North Korea’s statement concerning its nuclear policy put additional pressure on riskier assets.

Today’s dynamics will depend entirely on the world’s political situation. Furthermore, today’s US economic statistics will provide an impact.

Resistance: 1250.61, 1257.10, 1263.70
Support: 1235.60, 1227.92, 1220.33

DAILY MARKET REVIEW — 21/03/2017

Will the Brexit slow down the UK economy?

 

Forex

GBP/USD

GBPUSD

The British currency fell against most of the major currencies including the US dollar after British Prime Minister Theresa May said the UK is ready to start withdrawal processes on March 29. The Brexit has the potential to reduce investment in the country’s economy. Additionally, yesterday’s statement from a Fed official put further pressure on the pair.

Today starting at 9:30 GMT will feature UK inflation data, followed by a speech from Bank of England Governor Mark Carney at 10:00 GMT.

Resistance: 1.24359, 1.24708, 1.25090
Support: 1.23090, 1.22525, 1.22087

 

AUD/USD

AUDUSD

The pair traded in a narrow range yesterday despite the statement from a US Fed official.

Today thus far the pair fell thank to the Reserve Bank of Australia Meeting Minutes’ publication. The high cost of the Australian dollar, which has the potential hurt the country’s economic recovery.

Resistance: 0.77387, 0.77706, 0.77955
Support: 0.76630, 0.76372, 0.76060

 

Stocks

FedEx Corporation (FDX)

FedEx

FedEx will publish its financial report after today’s session closes. According to leading analysts its earnings per share will reach $2.62 with total revenue at $12.8 billion. Its share price rose significantly after Donald Trump won the presidential election thanks to his promises to reduce corporate taxes.

Resistance: 193.80, 194.43, 195.28
Support: 192.40, 191.45, 190.76

 

Commodities

Brent Oil Futures

BrentOil

Oil came under significant pressure during yesterday’s trading session thanks to a noted increase in the number of drilling rigs in the United States.

Today, API oil reserve data, scheduled for 20:30 GMT will impact the market.

Resistance: 52.65, 53.00, 53.40
Support: 51.50, 51.20, 50.90

DAILY MARKET REVIEW — 20/03/2017

Trump’s Speech is sure to move the markets

 

Forex

EUR/USD

EURUSD

The US dollar grew against the euro during Friday’s session for a few reasons. First off, the US Industrial Production and Michigan consumer expectations came out better than expected. Second, investors paid a lot of attention to the G20 economic summit where the US rejected the free trade statement.

Today German Bundesbank will publish its monthly report at 11:00 GMT. Later on today at 16:45 GMT, Bundesbank President Weidmann will speak, followed by the US Fed Evans, scheduled for 17:10.

However today most impactful event will be US President Donald Trump’s speech at 23:30 GMT.

Resistance: 1.07821, 1.08093, 1.08285
Support: 1.07374, 1.07113, 1.06731

 

 

GBP/JPY

GBPJPY

The British currency fell slightly against the yen last Friday as traders were worried about the start of the Brexit procedure. The pair did find support as the Bank of England decided to keep the rates unchanged.

Today, Andy Haldane, Chief Economist and the Executive Director of Monetary Analysis and Statistics at the Bank of England will speak. Additionally, UK inflation data will be published tomorrow.

 

Resistance: 140.040, 140.318, 140.609
Support: 139.150, 138.830, 138.491

 

Stocks

Nike (NKE)

Nike

Nike will publish its quarterly report tomorrow after session close. According to leading analysts its earnings per share will be $0.53, while total revenue should hit $8.47 billion.

Some analysts believe a high US dollar rate may ultimately become a problem for the world’s largest sports apparel company as its revenue may be impacted. In the short term its share value should gradually increase.

Resistance: 57.96, 58.40, 58.84
Support: 57.30, 57.00, 56.67

 

Commodities

GOLD

Gold

Friday’s trading volume was low. However gold has risen slightly over the past few weeks as the dollar weakened. Last week the Fed raise rates, but signaled that a further increase will be gradual. Additionally, traders paid a lot of attention to the G20 summit.

Today US economic statistics will impact market along with US president Donald Trump’s speech at 23:30 (GMT).

Resistance: 1236.72, 1243.78, 1250.61
Support: 1227.92, 1220.33, 1211.36

DAILY MARKET REVIEW — 16/03/2017

Fed announced the decision, time for the BOE to do the same

 

Forex

GBP/USD

GBPUSD

British currency started yesterday’s session with growth.

The reason for this dynamic was profit taking and correction of positions before the announcement of Fed’s decision. Nevertheless, negative data on British labor market put some pressure on pound.

Meanwhile, Fed’s meeting disappointed traders. Despite the rates’ hike, the US currency was under pressure. This was due to very soft accompanying statement and rhetoric of Janet Yellen. In her speech, she said that the Fed is planning two more increases this year. Most investors expected a more stringent statement, pointing to the confidence in the state economy.

Along with this, the Bank of England decision on monetary policy will be published today. The decision will be announced today at 12:00 (GMT).

Resistance: 1.23085, 1.23456, 1.23818
Support: 1.22525, 1.22264, 1.21960

 

 

AUD/USD

AUDUSD

 

Yesterday’s speculative growth of the Australian dollar against the US counterpart was due solely to the closing of positions on the purchase of US currency. Meanwhile, data on the economy of Australia disappointed traders.

So, this morning Australia MI inflation expectations was published. Data came out lower than expected. And data on the Australian labor market showed unemployment’s growth.

Meanwhile, in the quarterly report of the Australian central bank, it is indicated the expediency of maintaining rates unchanged. Thus, in the medium term, the Australian currency may be under pressure.

Today, US labor market data will impact the market. U.S. Housing Starts also will be published today.

Resistance: 0.77183, 0.77405, 0.77706
Support: 0.76603, 0.76372, 0.76060

 

Stocks

FTSE Futures

FTSE

The main European stock exchanges closed yesterday’s session in green zone helped by oil price growth and central banks’ decision on monetary policy.

Meanwhile, today traders are waiting for Dutch election result. According to preliminary estimates, the ultra-right party loses. Therefore, the probability of a referendum on the country’s membership in the EU is almost zero. This also helped European stock exchanges. The further dynamics may be impacted by Bank of England meeting’s results.

Resistance: 7431.30, 7449.80, 7466.60
Support: 7386.30, 7369.90, 7352.80

 

Commodities

Brent Oil Futures

BrentOil

Oil jumped during yesterday’s session by $ 1.5, retreating from the three-month lows. Such dynamics was caused by the publication of a report US oil stocks. So, according to the data released yesterday, oil reserves fell by 0.23 million barrels against expectations of growth by 3.7 million. In addition, according to the report from the International Energy Agency, the world’s oil reserves, subject to the terms of the production limitation transaction, will gradually decline. Furthermore, oil was additionally supported by a drop off in the US dollar.

Today oil will depend on US dollar.

Resistance: 53.00, 53.83, 54.80
Support: 51.40, 50.90, 50.35

DAILY MARKET REVIEW — 15/03/2017

What will the Fed decide today?

 

Forex

USD/JPY

USDJPY

Political news impacted the pair yesterday as most traders bought the Japanese currency primarily as a defensive asset thanks to the official start of the Brexit. However, the pair broke its fall, with expectations of the US tightening its monetary policy. Later on today at 18:00 GMT will feature the FOMC Statement, followed by a press conference with Janet Yellen. The last time the rates were increased was December 2016, roughly three months ago. Before the FOMC Statement US retail sales and inflation data will be published at 12:30 GMT.

Resistance: 114.977, 115.197, 115.500
Support: 114.311, 114.030, 113.745

 

NZD/USD

NZDUSD

The pair recovered some of its losses yesterday, but today the pair’s dynamics will ultimately depend on the Fed’s decisions. New Zealand Q4 GDP 2016 data, scheduled for 21:45 GMT will additionally impact the pair.

Resistance: 0.69500, 0.69779, 0.70000
Support: 0.68937, 0.68732, 0.68526

 

Stocks

Dow Futures

Dow

After reaching historical highs last month, the main US stock indexes including the Dow fell slightly, primarily because of today’s FOMC Meeting and other central bank meetings. The outcomes have the potential to determine the short-term direction of these indexes.

Resistance: 20903.99, 20935.64, 20963.77
Support: 20858.57, 20830.20, 20802.83

 

Commodities

GOLD

Gold

The precious metal rose slightly yesterday, with it being used as a protective asset in response to the European political situation. With today’s elections in the Netherlands, gold may continue to rise.

Resistance: 1209.00, 1214.75, 1222.70
Support: 1195.00, 1188.38, 1180.00

DAILY MARKET REVIEW — 14/03/2017

Plenty of market action today as the Fed meeting kicks off

 

Forex

EUR/USD

EURUSD

The pair fell yesterday thanks to profit-taking after a two-day growth period. With the economic calendar being empty for the most part of yesterday, technical signals were what moved the pair the most. Mario Draghi’s speech failed to leave any sort of impact on the pair. However, elections in the Netherlands have impacted investors.

Today starts the two-day US Fed meeting. Eurozone Industrial Production scheduled for 10:00 GMT will additionally impact the pair. Later today the German ZEW Institute will publish its report.

Resistance: 1.06786, 1.07138, 1.07433
Support: 1.06253, 1.05960, 1.05690

 

GBP/USD

GBPUSD

The British currency strengthened slightly against the US dollar yesterday as the dollar fell across a number of markets. Yesterday the British parliament approved the start of the Brexit procedure, which is almost sure to renew pressure on the pound. Nevertheless, market participants will look to incoming UK and US economic statistics for more perspective.

Resistance: 1.21900, 1.22138, 1.22417
Support: 1.21239, 1.21050, 1.20837

 

 

Stocks

LUKOIL (LKOH)

Lukoil

LUKOIL, the largest private Russian oil company will publish its report today. According to forecasts from leading analysts dividend payments will not be reduced. At the moment, the entire Russian market is close to a minimum, which was caused by a correction after significant growth. It should be noted that Russian assets are attractive for investors in the medium term.

Resistance: 3107.80, 3129.70, 3157.50
Support: 3036.70, 3007.20, 2983.00

 

Commodities

Brent Oil Futures

BrentOil

Oil is near a four-month minimum in overall value thanks to unprecedented US drilling activity growth leading to a massive global surplus. Additionally, efforts by OPEC countries to reduce the excess oil supply are being stymied by an uptick in US production.

The weekly API report at 20:30 GMT will provide the most impact.

Resistance: 52.25, 53.00, 53.83
Support: 50.90, 50.35, 49.80

DAILY MARKET REVIEW — 13/03/2017

The NFP report is still leaving its mark on the markets

 

Forex

EUR/JPY

EURJPY

The pair grew moderately as the euro strengthened thanks to a rumor that the ECB will raise the rates, but it was later debunked.

Today the Bundesbank will publish its monthly report at 11:00 GMT, followed by a speech from ECB President Mario Draghi at 13:30 GMT.

Resistance: 112.956, 123.306, 123.690
Support: 122.469, 122.176, 121.883

 

AUD/USD

AUDUSD

The NFP was published last Friday and the report was positive causing the pair to fall.

Today’s dynamics will depend on the US CB Employment Trends index, scheduled for 14:00 GMT.

Resistance: 0.76084, 0.76328, 0.76622
Support: 0.75623, 0.75423, 0.75255

 

Stocks

Dow Futures

Dow

Almost all major US stock indices grew moderately thanks to better than expected US labor market data. Many analysts are convinced that based on recent data the Fed will soon raise the rates.

Today’s trading dynamics will depend entirely on the mood of investors.

Resistance: 20912.99, 20935.64, 20963.77
Support: 20861.67, 20830.20, 208020.83

 

Commodities

GOLD

Gold

Gold grew a little last Friday as the dollar weakened somewhat. Most market participants preferred to close their positions on the purchase of the US dollar, which led to its rollback.

Meanwhile, traders are waiting for the upcoming Fed meeting, scheduled for March 14-15.

Resistance: 1214.75, 1222.70, 1229.90
Support: 1206.22, 1200.00, 1195.00

DAILY MARKET REVIEW — 09/03/2017

The Market is Getting Ready for Friday’s NFP Report

 

Forex

EUR/USD

EURUSD

The pair fell yesterday as the US dollar strengthened, despite the fact both the Eurozone and German Industrial Production indexes came out higher than analysts expected. The dollar rose primarily because of a better than expected US ADP Non-Farm Employment Change.

Today at 12:45 GMT, the ECB will announce its interest rate decision. Analysts believe that the rates will remain the same. At 13:30 GMT ECB head Mario Draghi will speak.

Resistance: 1.05614, 1.05786, 1.05967
Support: 1.05222, 1.05010, 1.04777

 

USD/JPY

USDJPY

The pair grew significantly during yesterday’s session as traders were waiting for the Fed meeting. Positive US economic data provided strong support for the pair.

Today US jobless claims data, scheduled for 13:30 GMT will impact the market. However, traders should be cautious on the eve of NFP.

Resistance: 114.765, 114.948, 115.160
Support: 114.030, 113.745, 113.416

 

Stocks

DAX Futures

DAX

Major stock indexes in Europe closed yesterday’s session trending positively. German Industrial Production provided strong support for the pair.

Meanwhile, traders are waiting for today’s ECB meeting, which should determine the market’s direction.

Resistance: 11985.11, 12010.05, 12029.87
Support: 11932.04, 11909.66, 11887.29

 

Commodities

Brent Oil Futures

BrentOil

Yesterday’s day was disastrous for oil as it fell by 5%. Oil stocks in the US have grown excessively. According to yesterday’s data, stocks rose by 8.2 million barrels as opposed to only rising by 1.66 million barrels. Today’s dynamics will depend on correction after the fall.

Resistance: 54.55, 55.00, 55.48
Support: 53.32, 52.93, 52.60

DAILY MARKET REVIEW — 08/03/2017

US Dollar Continues to Grow

 

Forex

AUD/USD

AUDUSD

Yesterday the RBA kept rates unchanged, which at first helped the pair. However, the upcoming Fed meeting put some pressure on the pair. Today’s China Trade Balance report came out worse than expected, temporarily negatively impacting the pair.

US ADP Nonfarm Employment Change, scheduled for 13:15 GMT will impact the market. Nevertheless, this week’s most important event is Friday’s NFP report.

Resistance: 0,76116, 0,76328, 0,76622
Support: 0,75623, 0,75423, 0,75255

 

EUR/GBP

EURGBP

The euro grew against British pound yesterday thanks to weaker than expected UK housing market data. Yesterday’s upward dynamics was due to weak data UK housing market. Additionally, Eurozone GDP data matched forecasts. However, the euro is still under constant pressure thanks to EU political uncertainty.

Today’s UK budget data will impact the pair. Nevertheless, market participants will be cautious about opening new positions before tomorrow’s ECB meeting.

Resistance: 0,86772, 0,87064, 0,87449
Support: 0,86380, 0,86024, 0,85596

 

 

Stocks

Dow Futures

Dow

Most US stock indexes came under pressure yesterday thanks to President Trump’s statement regarding lowering the price of medicine, which put significant pressure on US pharmaceutical related stocks. Additionally, traders paid a lot of attention to the US Trade Balance.

Resistance: 20912,99, 20935,64, 20963,77
Support: 20861,67, 20830,20, 20802,83

 

Commodities

GOLD

Gold

Gold fell during yesterday’s session to a three-week as many are anticipating that the USD will continue to strengthen. Meanwhile, traders are waiting for Friday’s NFP report.

Today’s US ADP Nonfarm Employment Change, scheduled for 13:15 GMT will impact gold.

Resistance: 1222,70, 1229,90, 1236,85
Support: 1211,54, 1206,22, 1200,00

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