Daily Market Review & Financial Analysis

Trump’s Trade Talk Spooks Stocks, Boosts Dollar

February 11, 2019

U.S. Stock Market

Review:

Wall Street ended last week mixed, with gains in the Consumer Goods and Telecoms sectors alongside losses for Oil & Gas and Financials stocks. The Dow Jones fell 0.25%, the S&P 500 rose by 0.07%, and the NASDAQ added 0.14% to its value. Technically, according to the daily chart, the Dow is holding below the bearish trend line and may now fall towards 22,500. However, breaching above the line could take it up to around 26,000.

U.S. Dollar (USD)

Review:

The dollar traded higher against its rivals Friday, having risen for seven sessions in a row, as discouraging comments on trade from President Donald Trump spooked the stock market. No US financial data is expected to be published today.

Gold

Last : 1,313

Review:

Gold rose, closing at $1,314 an ounce. According to the 1-hour chart, the metal is trading below the resistance line at $1,316, which should lead gold down towards $1,300, although breaching above the line may take it higher to around $1,325.

Resistance 1,316 1,320 1,325
Support 1,310 1,305 1,300

Crude Oil

Last : 52.37

Review:

Crude Oil rose, closing at $52.72 a barrel. On the 4-hour chart, the key commodity is trading above the support line at $52.00, performance which may drive the price up towards $55.00. However, breaking below the line could force it down to around $50.00.

Resistance 53.00 54.00 55.00
Support 52.00 51.00 50.00

Euro (EUR)

Last : 1.1326

Review:

The euro fell due to the stronger dollar, closing at 1.1322. On the 1-hour chart, the EUR/USD is trading below the bearish trend line, with the RSI indicator below the 50 level. These conditions could lead the pair towards 1.1200. However, crossing above the trend line may lead it towards 1.1450.

Resistance 1.1350 1.1400 1.1450
Support 1.1300 1.1250 1.1200

British Pound (GBP)

Last : 1.2936

Review:

The pound fell against the U.S. dollar, closing at 1.2935. On the 1-hour chart, the GBP/USD is trading in a descending triangle pattern. Breaking below the lower side may push the pair down towards 1.2800 but breaching above upper side could take it to around 1.3050.

Resistance 1.2950 1.3000 1.3050
Support 1.2925 1.2875 1.2825

Canadian Dollar (CAD)

Last : 1.3288

Review:

The Canadian dollar rose against the U.S. dollar on the back of stronger-than-expected housing and labour market data. On the daily chart, as long as the USD/CAD is trading above the bullish trend line, it may rise towards 1.3600, while breaking below the line could take it as low as 1.3000.

Resistance 1.3000 1.3400 1.3500
Support 1.3200 1.3100 1.3000

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