Daily Market Review - 06/06/2014

US Stock Market (Dow Jones)

Wall Street finished yesterday’s trading in the green. The NASDAQ rose by 0.89%, the Dow Jones by 0.59%, and the S&P 500 added 0.65% to its value. Technically, according to the 8-hour chart, the Dow Jones is trading in a bullish momentum, supported by the RSI and the 20-day Moving Average indicators. As long as the index maintains this condition, a rise to around 17,000 can be expected, while a trend reversal may take it back towards 16,500 areas.

Gold

Gold rose by 0.76%, closing at $1,253 an ounce as the U.S. indices finished in the green. Technically, according to the 4-hour chart, gold is trading towards the resistance of $1,257. Breaching the resistance may take gold to $1,270, while failing to do so may push it down to around $1,240.

Crude Oil

Crude Oil fell by 0.18%, closing at $102.45 a barrel. Technically, according to the daily chart, oil is trading in a bearish momentum, supported by the 20-day Moving Average indicator. As long as oil holds this momentum, a fall to around $99.00 can be expected. However, breaching the upper side of the channel may take it towards $105.00 areas.

Euro (EUR)

The euro rose versus the U.S. Dollar, closing at 1.3661, as the European Central Bank Reduced the Bid Rate in Europe to 0.15%. Technically, according to the daily chart, the EUR/USD is trading below the resistance of 1.3670. As long as the pair maintains this resistance, a fall towards 1.3500 is likely, while breaching it may lead the pair to test 1.3770 as the new resistance level. Today, the German Trade Balance report is expected at 15.1B vs. 14.8B previously.

Pound (GBP)

The Pound rose against the U.S. Dollar, closing at 1.6815, as the Halifax HPI came out better than expected. The Interest Rate remains unchanged at 0.50%, and the Asset Purchase Facility report at 375B. Technically, according to the 4-hour chart, the GBP/USD is trading in a positive momentum, supported by the RSI indicator, and has breached the resistance of 1.6780. Maintaining this condition may lead the pair towards 1.6900 areas, while crossing below the resistance might take it back to around 1.6700. Today, the Consumer Inflation Expectations and the Trade Balance reports are due for released.

Natural Gas

Natural Gas rose by 1.56%, closing at $4.713, as the Natural Gas Storage report came out at 119B. Technically, according to the 4-hour chart, gas is trading in a bullish channel. Breaching the upper side may lead gas towards $4.800 areas, while crossing bellow the lower side may push it down towards $4.500.

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