Daily Market Review - 08/07/2014

U.S. Stock Market (Dow Jones)

Wall Street traded mixed yesterday with the NASDAQ adding 0.05% to its value, the Dow Jones 0.08%, and the S&P 500 finishing unchanged. Technically, according to the weekly chart, as long as the Dow remains below the bullish trend line with the momentum indicator below 0, a fall to around 16,300 can be expected.

Microsoft (MSFT)

Microsoft shares fell by 0.79%, closing at $42.74, as the company continues to lag behind in the smartphone war. Technically, according to the 4-hour chart, the price is holding around the lower band of the Bollinger Band indicator. Crossing below this may lead the share towards $39.50, while breaching above $43.00 may result in a return to a more positive momentum.

Gold

Gold rose by 1.73%, closing at $1,307 an ounce. Technically, according to the 8-hour chart, as long as gold is trading above the Moving Average 20 with the RSI indicator above 50, expect a rise to around $1,320. Holding above the bearish trend line could also signal a gain in momentum.

Crude Oil

Crude Oil fell by 0.52%, closing at $96.88 a barrel, led by a soft Crude Oil Inventories report. Technically, according to the daily chart, as long as oil is holding below the resistance of $97.50 with the MACD indicator below 0, expect a fall to around $96.00. However, breaching the resistance may spark a correction to around $98.00.

Euro (EUR)

The euro traded almost unchanged versus the U.S. Dollar after a disappointing German Factory Orders result. Technically, according to the 1-hour chart, The EUR/USD is trading above the Moving Average 20. Maintaining this condition with the MACD indicator above 0 may take the pair to 1.3400. Today, the Interest Rate Decision is expected unchanged at 0.15.

Pound (GBP)

The Pound fell slightly versus the U.S. Dollar, following soft Manufacturing and Industrial Production reports. Technically, according to the daily chart, the pair has crossed below the bullish trend line and is expected to fall to 1.6800. The Stochastic indicator is holding below 50, which also supports the negative momentum. Today, the Official Bank Rate is expected unchanged at 0.50%, and the Asset Purchase Facility also unchanged at 375B.

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