Daily Market Review - 07/22/2014

US Stock Market

Wall Street finished yesterday’s trading in the red amid fears the crises in Gaza and Ukraine may begin to threaten global economic recovery. The NASDAQ fell by 0.17%, the Dow Jones by 0.28%, and the S&P lost 0.23% from its value. Technically, according to the 4-hour chart, the NASDAQ is holding below the resistance of 3,933. Depending on whether it succeeds in breaching the resistance or not, we may see a rise to around 3,980 or a fall towards 3,880 areas.

Gold

Gold rose, closing at $1,312 an ounce on demand from investors seeking safe harbor from geopolitical tensions. Technically, according to the 4-hour chart, gold is trading below the resistance of $1,318. As long as it maintains this condition with MACD indicator below 0, a fall towards $1,300 is expected. However, breaching the resistance may lead it towards $1330 areas.

Crude Oil

Crude Oil rose, closing at $102.72 a barrel. Technically, according to the daily chart, oil is trading below the resistance of 104.50. Maintaining this positive momentum with RSI indicator above 50 may see oil reaching 106.00 areas. However, crossing below the support level of 101.50 see the return to the bearish trend and a corresponding fall to around $100.00.

Euro (EUR)

The euro fell versus the U.S. Dollar, closing at 1.3525. Technically, according to the 4-hour chart, the EUR/USD is trading above the support of 1.3510. As long as the pair maintains this condition, a rise towards 1.3570 can be expected. However, breaking the support may drop it towards 1.3480 areas.

Pound (GBP)

The Pound fell against the U.S. Dollar to close at 1.7069. Technically, according to the 4-hour chart, the GBP/USD is trading in a channel and is expected to rise to around 1.7150. However, crossing below the support level of 1.7060 may take the pair towards 1.7000. Today, the Public Sector Net Borrowing is expected at 10.3B vs. 11.5B and CBI Industrial Order Expectations at 9 vs. 11 previously.

Canadian Dollar (CAD)

The Canadian Dollar finished unchanged versus the U.S. Dollar. Technically, according to the weekly chart, the pair is bullish and last week’s candle confirmed the trend, with the pair rising by around 100 pips. The USD/CAD is expected to retain this momentum and rise towards 1.0900. However, falling below the bullish trend line may see a return to around 1.0650.

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