Daily Market Review & Financial Analysis

Dollar Down Despite Positive Data

September 22, 2017

U.S. Stock Market

U.S. stocks were lower after the close on Thursday, as losses in the Consumer Goods, Telecoms and Technology sectors led shares lower. The Dow fell by 0.24%, the S&P 500 by 0.30%, and the NASDAQ lost 0.52% from its value. On the 1-hour chart, the S&P 500 is trading above the support line at 2,498. Maintaining above the line may take the Index towards 2,505 while breaking below the line could lead it to around 2,493.

Google (GOOGL)

Last : 932.6

Google traded higher on Thursday closing at $932. On the 1-hour chart, Google is trading below the resistance line at $937. Holding below this line may take the share down to around $925. However, with an RSI above 50, it is expected to breach above the line and rise towards $945.

Resistance 937.0 941.0 945.0
Support 930.0 927.0 925.0

U.S. Dollar (USD)

The dollar fell against a basket of major currencies as the post-Fed rally faded, despite a duo of economic reports showing manufacturing and labor market activity topped expectations.

Gold

Last : 1,292

Gold prices fell sharply on Thursday as traders continued to unwind their bullish bets on the precious metal in the wake of the Federal Reserve’s policy statement, which sparked expectations of a year-end rate hike. On the 2-hour chart, Gold is trading below the 20-day moving average with the RSI below 50. Holding below this level may lead gold towards $1,287. However, breaching above the SMA line may cause a retracement and a rise towards $1,300 areas.

Resistance 1,294 1,297 1,300
Support 1,290 1,287 1,285

Crude Oil

Last : 50.61

Crude Oil traded lower, closing at $50.61 a barrel. On the 4-hour chart, Oil is trading above the bullish trend line. Maintaining these conditions may lead it towards $51.50. However, with the ADX indicator below 20 it is expected to drop to around $49.50.

Resistance 50.80 51.00 51.50
Support 50.40 50.00 49.50

Euro (EUR)

Last : 1.1945

The Euro traded higher versus the dollar, closing at 1.1945. On the 8-hour chart, the EUR/USD is trading above a bullish trend line. As long as the pair is trading above this level a rise towards 1.2050 can be expected, while breaking below the trend line may take it to 1.1890 areas.

Resistance 1.1960 1.2000 1.2050
Support 1.1930 1.1915 1.1890

British Pound (GBP)

Last : 1.3577

The Pound traded higher versus the dollar, closing at 1.3577. On the 1-hour chart, the cable is trading below its resistance line at 1.3600. Holding below this line may take the pair to around 1.3500, while breaching above could lead the GBP/USD to around 1.3680.

Resistance 1.3590 1.3630 1.3680
Support 1.1350 1.3525 1.3500

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