Daily Market Review - 03/27/2014

US Stock Market

Wall Street finished Wednesday’s trading in the red after US President Barack Obama’s statement on tightening sanctions against Russia dragged down shares. The S&P 500 declined by 0.70%, the NASDAQ dropped by 1.29%, and the Dow Jones fell by 0.60%. Technically, according to the daily chart, the NASDAQ has crossed below the support level of 3,633 and is trading in a bearish momentum towards 3,410, the next support level. The Moving Average indicator supports the bearish trend.

Facebook

Facebook’s share price dropped by 6.94% after the company’s announcement that it was purchasing Oculus. Technically, according to the 4-hour chart, Facebook is trading in a bearish trend. If the share succeeds in crossing below the support level of 63.20, it may continue to fall towards the next support level at 52.00.

Gold

Gold fell by 0.24%, closing at $1,307 an ounce. Technically, according to the 4-hour chart, gold has broken below the support level of 1,307 and is trading towards the next support level at 1,300. Crossing below 1,300 may lead gold to around 1,270. Both the Moving Average and MACD indicators support the bearish trend.

Crude Oil

Crude Oil rose by 0.90%, closing at $100.17 a barrel after the Crude Oil Inventories report came out at 6.6M vs. 2.9M forecast. Technically, according to the 1-hour chart, crude oil is trading in a channel between the support level of 99.00 and the resistance level of 100.30. Failing to either breach resistance or cross below support will keep oil in this channel, and breaching resistance could also lead oil back to around 102.

Euro (EUR)

The euro weakened versus the US Dollar after the Italian Retail Sales report came out worse than expected at 0.0% vs. 0.4% forecast. Technically, according to the 4-hour chart, the EUR/USD is trading with an ascending support level in a bullish trend and may keep rising towards 1.3950 again. However, breaking below 1.3730 areas may cause the pair to fall to around 1.3600. Today, at 9.00 GMT, the Private Loans report is due for release with a forecast of -2.1% vs. -2.2% previously.

Pound (GBP)

The Pound strengthened versus the US Dollar after Martin Weale, a member of the Bank of England’s Monetary Policy Committee, said that the interest rate should start to rise as the economy recovers. Technically, according to the 4-hour chart, the GBP/USD is trading close to the resistance level of 1.6600, which is also the 38.20 Fibonacci Retracement level. Breaching the resistance level may cause the pair to keep rising towards 1.6750 areas once again. Today, at 9:30 GMT, the Retail Sales report is due for release with a forecast of 0.5% vs. -1.5% previously.

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