Daily Market Review - 03/11/2014

US Stock Market

Wall Street finished trading in the red as investors show concern over the continuation of the bullish trend in U.S stocks and how the tension between Russia and Ukraine will affect the markets. Adding to their concerns was the Unemployment Rate, which rose to 6.7%. Technically, according to the daily chart, the S&P 500 is trading in a strong bullish momentum. Each drop should be considered a correction and an opportunity to buy the index. The Moving Average 20 supports the bullish trend.

Gold

Gold rose by 0.13%, closing at $1,340 an ounce. Technically, according to the 1-hour chart, gold is trading in a channel between the support level of 1,330 and the resistance level of 1,353. Once it breaches the resistance level, it may rise towards 1,365 areas. However, breaking below the support level should cause it to fall to around 1,310.

Crude Oil

Crude Oil fell by 1.46%, closing at $100.92 a barrel. Technically, according to the daily chart, holding above the key support level of 100.00 may cause oil to rise to 103 again. However, breaking below the support level may lead it to 92.00, which will form the next support level.

Euro (EUR)

The euro weakened slightly versus the US Dollar after the Sentix Investor Confidence report came out worse than expected at 13.9 vs. 14.3 forecast. Technically, according to the daily chart, the EUR/USD has been trying to breach the strong resistance level of 1.3910 with little success. Succeeding in this should push the pair to around 1.4000 or higher. The Momentum indicator supports the bullish trend.

Pound (GBP)

The Pound dropped versus the US Dollar after Bank of England Deputy Governor Charlie Bean said that he would like to see a drop in sterling to help UK exports. Technically, according to the 4-hour chart, as long as the GBP/USD is trading above the key support level of 1.6610 the pair’s momentum is bullish and it should continue to rise to around 1.6800. Today, the Manufacturing Production report is forecast at 0.3% vs. 0.3% previously.

The post Daily Market Review – 3/11/2014 appeared first on Citrades.