Daily Market Review - 05/12/2014

U.S. Stock Market (Dow Jones)

Wall Street finished the trading day in the green on Thursday, affected by the revenue reports published by several big companies. The NASDAQ rose by 0.18%, the Dow Jones by 0.20% and the S&P added 0.19% to its value. Technically, according to the daily chart, the Dow Jones is trading below the resistance level at 16,575. Should the index breach above the resistance, it may rise to around 16,700, while maintaining this resistance could end the bullish momentum and send the index back to the support at 15,900.

Gold

Gold fell by $2 on Friday, closing at $1,288 an ounce, as U.S. indices finished the trading day in the positive. Technically, according to the 1-hour chart, Gold is trading above the support level at $1,285. As long as it maintains this support, a rise to around $1300 is expected. However, crossing below the support may lead Gold to around $1275.

Crude Oil

Crude Oil fell slightly last Friday, closing at $100 a barrel. Technically, according to the 4-hour chart, Oil is trading in a bullish momentum supported by the Bollinger Band indicator. Should Oil cross below the support level at $99.50 it may drop to around $98.00. However, if Oil maintains the momentum, it may retrace to around $105.

Euro (EUR)

The Euro fell by 0.62% versus the U.S. Dollar on Friday, closing at 1.3757. Technically, according to the 1-hour chart, the pair is trading in a bearish momentum. The 20-day Moving Average indicator shows resistance at 1.3775, which also supports the trend. Failing to breach this resistance level may lead the pair towards 1.3700.

British Pound (GBP)

The Pound fell against the U.S. Dollar despite the Manufacturing Production report coming out better than expected. Technically, GBP/USD is trading in a bearish momentum, supported by the RSI indicator, and has crossed below the support level at 1.6855. Should the pair hold this condition; it may drop towards 1.6800 areas.

Canadian Dollar (CAD)

The Canadian Dollar fell against the U.S Dollar on Friday, closing at 1.0898 as the Employment Change report came out worse than expected. Technically, according to the 4-hour chart, the resistance level is located at 1.0913. Should the pair succeed to breach the resistance, it may rise back to the next level at 1.1000, while failing to do so may lead it to drop towards the support level at 1.0812.

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