Daily Market Review - 06/30/2014

US Stock Market

US stock markets finished trading in the green with the NASDAQ adding 0.46% to its value, the Dow Jones climbing by 0.03%, and the S&P by 0.19%. The bullish momentum came after a few day’s drop in global markets, until better than expected macro-economic data in the United States started the positive trend. Technically, according to the 8-hour chart, the Dow Jones has maintained the 16,700 support level and trading above it may lead the index towards 16,850, while crossing below the support could take it back towards 16,600.

Gold

Gold closed almost unchanged around $1,316 an ounce. Technically, according to the 1-hour chart, crossing above $1,325 may lead gold towards $1,333. Breaching this level could push it higher toward $1,345, while maintaining resistance could take it back towards $1,310.

Crude Oil

Oil fell and closed around $105.50 after it failed to cross above the $106.00 resistance level. According to the 8-hour chart, crossing below $105 could lead oil towards $104.50, while holding above the support level could push it back towards $106.00.

Euro (EUR)

The euro rose against the other major currencies after encouraging macro data last Friday. Technically, the EUR/USD is trading in a bullish momentum and maintaining the support level at 1.3610 could keep the trend positive. Crossing below the support could take it back towards 1.3560. Today, the CPI Flash Estimate y/y is expected.

British Pound (GBP)

The Pound Rose versus its major counterparts after the Revised Business Investment came out better than expected. Technically, the GBP/USD is trading near a 5-year high and moving in a range of 100 pips between 1.6950 and 1.7050. Crossing above the resistance level could continue the bullish momentum to 1.7150, while crossing below the support could take it back towards 1.6700. Today, the Net Lending to Individuals m/m and the Mortgage Approvals are expected.

Australian Dollar (AUD)

The Australian Dollar closed almost unchanged versus the US dollar. The pair is holding above its trend line according to the daily chart, with the support at 0.9350 and the resistance at 0.9460. Crossing below support could take it back to 0.9250. Today, the AIG Manufacturing Index is expected.

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