Daily Market Review & Financial Analysis

Poor Housing Data Lowers Dollar

November 20, 2017

U.S. Stock Market

U.S. stocks closed lower on Friday. The Dow fell by 0.43%, the S&P 500 by 0.26% and the NASDAQ lost 0.15% from its value. On the 4-hour chart, the Dow is trading above the bullish trend line. Maintaining these conditions may take it higher towards 23,400. However, with the RSI indicator below 50, a drop towards 23,150 can be expected.

Tesla (TSLA)

Last : 315

Tesla fell, closing at $315.00. On the 8-hour chart, Tesla is trading above the resistance line at $299.00, and is expected to rise to around $325.00. However, crossing below the line could take it down towards $305.00.

Resistance 318 322 325
Support 311 305 299

U.S. Dollar

The U.S. dollar fell against a basket of major currencies on Friday, as better-than-expected housing data failed to offset renewed political uncertainty in Washington amid reports to issue fresh subpoenas for the Trump campaign.

Gold

Last : 1,292

Gold rose, closing at $1,292. On the 8-hour chart, gold is trading negatively below the resistance level at $1,302. Holding below the resistance may lead to a drop towards $1,282. However, breaching above the line could cause a reversal and a rise towards $1,302.

Resistance 1,295 1,298 1,302
Support 1,288 1,285 1,282

Crude Oil

Last : 56.78

Crude Oil rose but failed to offset a weekly loss as investors weighed rising US output amid a fall in expectations that OPEC will extend its deal to curb output. On the Daily chart, oil is trading in an ascending channel. Holding these conditions, we might see a rise towards $58.50, while crossing the lower line of the channel may start a reversal towards $53.00.

Resistance 57.50 58.00 58.50
Support 56.00 54.50 53.00

Euro (EUR)

Last : 1.1733

The euro rose versus the dollar, closing at 1.1733. On the 8-hour chart, the EUR/USD is trading below the resistance line at 1.1870. Holding below this line may lead the pair towards 1.1630, but with the RSI Indicator above 50, a rise towards 1.1870 can be expected.

Resistance 1.1770 1.1820 1.1870
Support 1.1700 1.1665 1.1630

British Pound (GBP)

Last : 1.3191

The Pound rose versus the dollar, closing at 1.3191. On the 2-hour chart, the GBP/USD is trading above a strong support line at 1.3040. Holding here may take it to around 1.3300. However, with the ADX below 20, a drop towards the support line can be expected.

Resistance 1.3220 1.3260 1.3300
Support 1.3160 1.3100 1.3040

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