Daily Market Review - 08/14/2014

U.S. Stock Market (Dow Jones)

U.S. indices finished in the green after surging biotech shares helped investors shrug off disappointing retail sales data. The NASDAQ rose by 1.02%, the S&P 500 by 0.67%, and the Dow Jones added 0.55% to its value. Technically, according to the daily chart, the Dow is trading above the Moving Average 10, having breached the resistance level of 16,515. As long as the index holds this position, a rise to 16,800 can be expected, while crossing below the support line see a drop to 16,400.

Apple (AAPL)

Apple rose by 1.32%, closing at $97.24 a share, after the company revealed it expects to unveil major new devices ahead of the Christmas shopping season. Technically, according to the 8-hour chart, the share has again breached the resistance of $96.40. As long as the share maintains the bullish momentum, a rise to around $100.00 is expected. Crossing below the support may drop the share back towards $95.00.

Gold

Gold rose, closing at $1,311 an ounce, following the release of soft U.S. data. Technically, according to the daily chart, gold is trading in a channel between 1,282 and 1,312. As long as it maintains this pattern, a fall to around $1,290 can be expected. However, should it succeed in breaching the upper level of the channel we may see a further rise to around 1,325.

Crude Oil

Crude Oil rose by 0.04%, closing at $97.41 a barrel. Technically, according to the weekly chart, as long as oil is trading above the bullish trend line, it is expected to rise towards 99.00 areas, while breaking below the line might cause a drop towards $95.00. Crude Oil Inventories came out at 1.4M vs. -0.8M forecast.

Euro (EUR)

The euro rose slightly versus the U.S. Dollar to close at 1.3366 after the release of soft European data. Technically, according to the 4-hour chart, the pair is trading in a bearish channel, and with the MACD indicator below 0, is expected to keep falling towards 1.3300. Breaching the top line of the channel may lead the EUR/USD towards 1.3450 again.

Pound (GBP)

The Pound fell versus the U.S. Dollar as the U.K wage report came out at -0.2% vs. 0.4% previously. Technically, according to the 4-hour chart, the GBP/USD is trading in a bearish momentum. As long as the pair stays below the lower Bollinger Band, it is expected to drop towards 1.6640. However, the RSI indicator is forming an “over-sold” area below 30, which may lead to a correction towards 1.6800. No economic data is expected today.

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