Daily Market Review - 08/08/2014

US Stock Market (S&P 500)

U.S indices traded lower yesterday, affected by the escalating conflict in Ukraine. The Dow Jones fell by 0.46%, the S&P 500 by 0.56%, and the NASDAQ lost 0.46% from its value. Technically, according to the daily chart, the S&P 500 has crossed below the bullish trend line while holding below the Moving Average 10. Maintaining this condition may lead the index to around 1,880.

Apple (AAPL)

Apple shares traded lower, closing at $94.48, after the company attracted interest in the release of the iPhone 6. Technically, according to the 30-minute chart, as long as the share is trading below the resistance of $96, and with the MACD below 0, a return to around $96.50 is expected. Crossing above the resistance may lead the share back to a positive momentum.

Gold

Gold rose by 0.40%, closing at $1,313 an ounce. Technically, according to the daily chart, gold is testing the upper band of the Bollinger Bands indicator at $1,320. Failure to breach this band may lead gold to trade in a range between $1,320 and $1,280, while breaching the upper band could take it higher towards $1,340.

Crude Oil

Crude Oil rose by 0.69%, closing at $97.59 a barrel. Technically, according to the 1-hour chart, oil is struggling to breach the bearish trend line and is expected to fall to around $96.50. Breaking the line may take the price to $98.50.

Euro (EUR)

The euro traded lower versus the U.S Dollar on soft German Industrial Production and an unchnaged Interest Rate Decision. Technically, according to the daily chart, as long as the EUR/USD is trading below the resistance of 1.3500 with the RSI below 50, a fall to around 1.3300 can be expected. Today, the German Trade Balance is expected at 19.8B vs. 18.8B previously.

Pound (GBP)

The Pound traded almost unchanged versus the U.S Dollar. The Official Bank Rate remained the same at 0.50% and the Asset Purchase Facility also published unchanged at 375B. Technically, according to the daily chart, the pair has failed to breach the bullish trend line. Maintaining this condition with the MACD indicator below 0 could take the pair to around 1.6750.

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