Daily Market Review - 05/06/2014

US Stock Market (S&P 500)

Wall Street closed yesterday’s trading session in the green. The S&P 500 rose by 0.19%, the Dow Jones by 0.11%, and the NASDAQ added 0.49% to its value. Technically, according to the 4-hour chart, the S&P 500 is trading in a range between the resistance level of 1,882 and the support level of 1,866. Currently, the index is rising towards the resistance. Should it succeed in breaching it, the price could rise to around 1,885.

Gold

Gold rose by 0.81%, closing at $1,311 an ounce. Technically, according to the 8-hour chart, gold is moving in a bullish momentum after the price failed to break below the support of $1,280. Should gold succeed in breaching the resistance of $1,315, the price could continue rising to $1,328. The Moving Average indicator also supports the positive momentum.

Crude Oil

Crude Oil fell by 0.35% to close at $99.42 a barrel. Technically, according to the daily chart, and using the RSI indicator, Crude Oil is struggling near the support level of $98.90. As long as the price maintains this support, it could climb to $101 areas again. If it fails, we could see a drop back to $97 levels.

Euro (EUR)

The euro remained unchanged against the US Dollar. Technically, according to the daily chart, the EUR/USD is heading towards the resistance level at 1.3900. Notice the bullish line and the positive momentum, supported by both the MACD and RSI indicators. Today, the Spanish Unemployment Change report is predicted at -49.1K vs. -16.6K previously, and the Retail Sales report at -0.2% vs. 0.4%.

British Pound (GBP)

The Pound fell slightly against the US Dollar. Technically, according to the 4-hour chart, the GBP/USD is moving in an ascending channel with the support level at 1.6830. The pair is expected to reach the resistance level at 1.6900 soon, with the Momentum indicator supporting the bullish momentum.

Australian Dollar (AUD)

The Australian Dollar rose against the US Dollar, encouraged by an unexpected increase in the ANZ- Job Advertisements report. Technically, the AUD/USD has turned bullish after failing to break below the strong support level at 0.9250. Currently, the pair is heading towards the resistance level at 0.9300, and may continue rising to around 0.9360.

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