Daily Market Review - 07/28/2014

US Stock Market

US stock markets finished trading in the red with the NASDAQ losing 0.45% from its value, the Dow Jones falling by 0.72%, and the S&P 500 by 0.48%. The drop came after the Visa and Amazon earnings reports failed to meet expectations last Friday. Technically, according to the 4-hour chart, the Dow Jones has maintained the bullish trend line and is holding above the 16,825 support level. Breaking below this level could lead the index towards its next support at 16,750, while holding above it could push the index back towards 16,950.

DAX 30

On the 4-hour chart, the German DAX 30 index has created a Descending Triangle pattern with support at 9,600 and resistance at 9,750. Breaking below the support could lead the index towards 9,500, while holding above it may take it back towards 9,750.

Gold

Gold rose to $1,306 an ounce during the trading session as investors looked for a safe haven. Technically, according to the 4-hour chart, crossing below $1,302 may lead gold towards $1,290. Breaching $1,312 might see a return to $1,320.

Crude Oil

Crude Oil fell to $101.70 as Wall Street ended trading in the red. According to the 1-hour chart, crossing below $101.50 could lead oil towards $101.00, while holding above the support level could push it back towards $102.50.

Euro (EUR)

The euro fell against most major counterparts after the German Ifo Business Climate came out worse than expected. Technically, according to the weekly chart, the EUR/USD has created a Head and Shoulders pattern with the support at 1.3340. The pair is expected to break below the support and head towards 1.3100. However, holding above 1.3340 could push the pair back towards 1.3500. No major economic data is expected today.

British Pound (GBP)

The Pound fell versus most of the other major currencies after the Retail Sales report came out worse than expected. Technically, according to the daily chart, the GBP/USD is trading in a bearish channel with the support at 1.6900 and the resistance at 1.7300. Maintaining the support will keep the positive momentum, while crossing below the support could lead the pair towards 1.6800. No major economic data is expected today.

Canadian Dollar (CAD)

The Canadian Dollar fell versus the US Dollar as the Retail Sales fell from 0.8% to 0.1%. According to the weekly chart, the USD/CAD has touched the 38.20% Fibonacci Retracement at 1.0610 and rebounded to 1.0810. Looking at the Moving Averages 50 and 100, the momentum is set to remain bearish as long as they remain below the weekly Candle. Crossing below the support could take the pair down to 1.0500.

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