Daily Market Review - 06/19/2014

US Stock Market (NASDAQ)

Wall Street finished Wednesday’s trading in the green with the Federal Reserve confident that growth is back and repeating that interest rates will remain low for some “considerable time”. The NASDAQ rose by 0.59%, the S&P 500 by 0.77%, and the Dow Jones added 0.58% to its value. Technically, according to the 4-hour chart, the NASDAQ is trading in a channel between 3,760 and 3,804. Since failing to breach the resistance level, a fall is expected to the lower level of the channel. However, breaching above the resistance may lead the index to a new high at 3,810.

Amazon (AMZN)

Amazon shares rose by 2.69% closing at $334.38 after the company entered the smartphone market with a handset called Fire Phone. Technically, according to the 4-hour chart, the share is trading below the resistance of 338.40. Breaching above the resistance may lead the share back to around $350.00.

Gold

Gold rose by 0.52%, closing at $1277 an ounce, after the Federal Reserve cut its bond-buying program by $10 billion, but reaffirmed its plans to keep interest rates at current rock-bottom levels. Technically, according to the daily chart, gold is below the resistance of $1,279, and is expected to maintain the bullish momentum and rise towards $1,290. However, failure to breach the resistance may lead gold to around 1,265.

Crude Oil

Crude Oil fell by 0.04%, closing at $105.36 a barrel, with Crude oil Inventories unchanged at -0.6M. Technically, according to the daily chart, oil is trading above the support of 104.60, and is expected to retain the bearish momentum.

Euro (EUR)

The euro rose versus the U.S. Dollar, as investors avoided the greenback ahead of the Federal Reserve’s statement on monetary policy. Technically, according to the 4-hour chart, the EUR/USD has breached the resistance at 1.3575 and with the RSI indicator above 50, is expected to keep rising towards 1.3620.

British Pound (GBP)

The Pound rose against the U.S. Dollar. The MPC Asset Purchase Facility Votes published unchanged at 0-0-9, as did the MPC Official Bank Rate Votes. Technically, according to the 4-hour chart, the pair is trading below the strong resistance at 1.6990, and is expected to fall to 1.6950. However, breaching this line may take the pair to 1.7040. Today, Retail Sales m/m is expected at -0.5% vs. 1.3% previously.

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