Daily Market Review & Financial Analysis

Strong Data Drives Dollar Higher

March 22, 2019

U.S. Stock Market

Wall Street finished in the green with tech stocks leading the gains. The Dow Jones rose 0.84%, the S&P 500 grew 1.09%, and the NASDAQ added 1.42% to its value. Technically, according to the 4-hour chart, the NASDAQ is holding above the 30-day Moving Average line supported by the RSI above 50. This may lead the index towards 7,600, while breaking below the lie may drop it to around 7,000.

Apple (AAPL)

Last : 195.06

Apple shares rose 3.68%, closing at $195.09. On the daily chart, the stock is trading near the upper Bollinger band. As long as it stays there, we might see a rise towards $220.00, while falling towards the mid-band may change the bullish momentum and cause a drop towards the lower band at around $160.00.

Resistance 200.00 210.00 220.00
Support 190.00 180.00 170.00

U.S. Dollar (USD)

The U.S. dollar traded high against the other major currencies after good economic data in the States. The Philly Fed Manufacturing Index and the Unemployment Claims came out better than expected at 13.7 and 221k respectively. Today, the Flash Manufacturing PMI and the Flash Services PMI are expected at 53.5 and 55.7 respectively.

Gold

Last : 1,309

Gold fell 0.49%, closing at $1,309 an ounce. According to the 1-hour chart, the metal is trading above the bullish trend line, which may lift the price towards $1,320, although crossing below the line may push it down to around $1,280.

Resistance 1,315 1,320 1,325
Support 1,300 1,295 1,290

Crude Oil

Last : 59.9

Crude Oil rose 0.12%, closing at $59.90 a barrel. On the 8-hour chart, the commodity has breached the resistance at $57.85, helped by an RSI above 50. These conditions may lead to a rise towards $63.00 but dipping below the line may change the momentum and start a reversal towards $55.00.

Resistance 61.0 63.0 65.0
Support 58.5 57.0 55.0

Euro (EUR)

Last : 1.1376

The euro fell 0.34% versus the dollar, closing at 1.1375. On the daily chart, the EUR/USD is bearish, trading in a descending triangle. Breaching the upper side may lift the pair towards 1.1500, while falling below the lower side may force it down towards 1.1200. Today, the French Flash Services PMI and the German Flash Manufacturing PMI are expected at 50.6 and 48.0 respectively.

Resistance 1.1420 1.1460 1.1500
Support 1.1320 1.1280 1.1250

British Pound (GBP)

Last : 1.3129

The pound fell 0.55% against the dollar, closing at 1.3125. On the 1-hour chart, the GBP/USD has touched the 20-day Moving Average line and is holding above the support of 1.3000. Should the pair succeed in breaching the average line, a rise towards 1.3200 can be expected. However, failure to do so may push it back in the direction of the support line.

Resistance 1.3170 1.3200 1.3230
Support 1.3080 1.3040 1.3000

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