Daily Market Review - 07/29/2014

US Stock Market (NASDAQ)

US stock markets finished trading in the green with the NASDAQ adding 0.05% to its value, the Dow Jones rising by 0.13%, and the S&P 500 by 0.03%. Technically, according to the daily chart, the NASDAQ has maintained the bullish trend line and is holding above the 3,900 support level. The RSI indicator is at 63, which also supports the bullish trend. Breaking below the support level could lead the index towards its next support at 3,820, while holding above it could push it back to 4000.

Gold

Gold fell by two dollars an ounce to close at $1,303. Technically, according to the 1-hour chart, gold has kept trading above the support line and above the Moving Averages 50 and 100. As long as gold is trading above $1,296 the bullish momentum is expected to continue.

Crude Oil (Oil)

Crude Oil fell to close around $101.60 after worse than expected economic data in the United States. According to the 4-hour chart, oil is holding above the 50% Fibonacci Retracement and may rise towards $102. Breaching this level could lead oil towards $103. Crossing below the retracement level could take it back to $100.70.

Euro (EUR)

The euro closed almost unchanged after a calm trading day in global markets. Technically, according to the 4-hour chart, the EUR/USD is trading in a bearish channel with support at 1.3360 and resistance at 1.3450. Breaching resistance may lead the pair towards 1.3520 while crossing below support might take it back towards 1.3320.

British Pound (GBP)

The Pound closed almost unchanged versus its major counterparts. Technically, according to the 8-hour chart, the GBP/USD is trading in a bearish channel with the support at 1.6900 and the resistance at 1.7300. The MACD indicator is signaling a bullish momentum towards the next resistance at 1.7100. However, crossing below the support at 1.6900 could lead the pair towards 1.6800. Today, the Net Lending to Individuals is expected at 2.6B vs. 2.7B previously.

Japanese Yen (JPY)

The Japanese Yen fell versus the US Dollar as Wall Street closed positive and investors left the safe haven on the Yen in search of riskier assets. Technically, according to the daily chart, the USD/JPY has created a Descending Triangle pattern with support at 101.20 and resistance at 102.00. Breaking below the support could lead the pair towards 100.75, while holding above it may take it back to 102.75. Today the Prelim Industrial Production m/m is expected at -1.0% vs. 0.7% previously.

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