Daily Market Review & Financial Analysis

U.S. indices closed higher on Thursday, after gains for Technology, Consumer Goods and Basic Materials stocks. The Dow Jones rose by 0.97%, the S&P 500 by 0.85% and the NASDAQ added 1.00% to its value. According to the 8-hour chart, the Dow is trading above the 20-day Moving Average and under these conditions, we might see a rise towards 26,850. Crossing below the SMA line, on the other hand, could cause the index to drop towards 26,400.

The dollar fell to nearly a four-month low against its rivals on Thursday, as investors bet on an ongoing rebound in emerging-market currencies amid improved sentiment in developing economies.

Gold traded higher, closing at $1,207 an ounce. On the 1-hour chart, it is trading below the resistance line at $1,208, and if these conditions are maintained, the precious metal could drop as low as $1,204. Crossing above the line, however, could start a positive trend and see the price rise towards $1,210.

Crude Oil settled lower Thursday after President Donald Trump demanded that OPEC find a way to slash prices. According to the 2-hour chart, Oil is trading below the resistance line at $71.30. If current conditions continue, a drop to around $69.00 can be expected, while a change in trader sentiment could lead the price up towards the resistance line.

The euro traded higher against the U.S. dollar, closing at 1.1779. The 2-hour chart shows the EUR/USD trading above the SMA line and with the RSI indicator above 50, we might see it rising towards 1.1900. However, breaking below the Average line could cause a reversal and a drop towards 1.1650.

The pound rose against the U.S. dollar, closing at 1.3272. On the 4-hour chart, the pair is trading in an ascending channel pattern. Breaking below the lower side of this channel could drive the GBP/USD down towards 1.3150, while staying within it could push the price up to around 1.3400.

The Canadian dollar traded lower on Thursday, closing at 1.2901. According to the 1-hour chart, The USD/CAD is holding under the bearish trend line with the RSI indicator below 50, which could send the price tumbling towards areas around 1.2750. However, crossing above the line could spark a rise towards 1.3050. Today, The CPI m/m is expected at -0.1% vs 0.5% previously and the Core Retail Sales m/m is expected at 0.6% vs -0.1% previously.