Daily Market Review - 06/16/2014

U.S. Stock Market

Wall Street finished last Friday’s trading in the green. The NASDAQ rose by 0.30%, the Dow Jones by 0.25% and the S&P added 0.31% to its value. Technically, according to the 8-hour chart, the Dow Jones has failed to cross below the support of 16,690. As long as the index maintains this condition, a rise towards 17,000 areas can be expected. However, breaking below the support may start a trend reversal and a drop to around 16,500.

Gold

Gold rose slightly, closing at $1,274 an ounce, as U.S. indices finished trading in the green. Technically, according to the 1-hour chart, gold has breached the upper side of the bullish channel and may rise towards $1,290. However, reversing the trend and crossing the lower side of the channel may cause a drop to around $1,270.

Crude Oil

Crude Oil rose by 0.37%, closing at $106.17 a barrel, as investors show concern over the escalating violence in Iraq and disruptions to the oil supply. Technically, according to the daily chart, oil has breached the resistance of $105.00. As long as it holds above this, it may rise towards $108.00. However, crossing below $105.00 may push it back towards $100.00 areas.

Euro (EUR)

The euro fell versus the U.S. Dollar, as the conflict in Iraq reinforces demand for the dollar. Technically, according to the daily chart, the EUR/USD is trading in a bearish channel supported by the RSI indicator. As long as the pair maintains this condition, a fall towards 1.3450 is expected. However, breaching the upper side of the channel may lead to a retracement towards 1.3600 areas. Today, the CPI report is expected unchanged at 0.5%.

Pound (GBP)

The Pound rose against the U.S. Dollar. Technically, according to the 8-hour chart, the GBP/USD is struggling to breach the resistance of 1.6990. Depending on whether it succeeds or not, we may either see a rise to around 1.7500, or a fall towards 1.6900 areas.

The post Daily Market Review – 6/16/2014 appeared first on Citrades.