13:46:06 GMT
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DAILY MARKET REVIEW — 08/12/2016

Oil rules the markets today

 

Forex

CAD/JPY

CADJPY dec 12

The pair trended upwards Friday thanks to positive oil market dynamics. This Saturday non-OPEC countries agreed to cut oil production by 558 thousand barrels per day, which caused prices to rise. Today’s dynamics will ultimately depend on the situation in the oil market.

Resistance: 88,770, 89,196, 89,675
Support: 87,587, 87,129, 86,702

AUD/USD

AUDUSD dec 12

The pair grew last Friday thanks to positive data on the Chinese economy as inflation matched forecasts. It should be noted that Chinese economic data tends to heavily influence the Australian dollar. However, in the second half of the day the pair started to fall as the US dollar strengthened.

Today traders will wait for data on Chinese Retail Sales and Industrial Production scheduled for December 13 2:00 GMT.

Resistance: 0,74681, 0,74892, 0,75071
Support: 0,74326, 0,74137, 0,73946

 

Stocks

Dow Futures

Dow dec 12

US stocks grew last Friday thanks to positive US statistics. Oil additionally grew. Meanwhile, traders will gear up for the Fed’s meeting scheduled for December 13-14.

Resistance: 19844,82, 19872,69, 49906,86
Support: 19762,55, 19726,72, 19694,87

 

Commodities

Brent Oil Futures

BrentOil dec 12

Oil rose during Friday’s session as traders were waiting for the long awaited meeting. So, on December 10 non-OPEC producers agreed to decline oil output volumes by another 558,000 barrels.

However, further growth was stopped as data from Baker Hughes stated that the number of US drilling rigs grew by 21 units.

Resistance: 57,70, 58,40, 59,10
Support: 56,20, 55,35, 54,43