Daily Market Review & Financial Analysis

Prospects of U.S. Rate Cut Rising

June 13, 2019

U.S. Stock Market

Review:

U.S. indices traded lower on Wednesday, with bank stocks declining as prospects of a U.S. interest rate cut rose and energy shares tumbled along with Oil prices. The Dow Jones fell by 0.17%, the S&P 500 dropped 0.21%, and the NASDAQ lost 0.38% of its value. Technically, according to the 1-hour chart, the S&P is trading above a bullish trend line. This could push it higher towards 2,950, while falling below the line may start a strong reversal in the direction of 2,740.

Apple (AAPL)

Last : 194.19

Review:

Apple shares rose, closing at $194.19. On the 1-hour chart, the stock is positive, trading above the bullish trend line. As long as it stays there, we might see a rise towards $200.00 but crossing below the line may force it down in the direction of $188.00.

Resistance 196.00 198.00 200.00
Support 192.00 190.00 188.00

U.S. Dollar (USD)

Review:

The U.S. dollar pared back earlier gains after tame inflation data supported the case for the Federal Reserve to cut interest rates.

Gold

Last : 1,333

Review:

Gold rose during Wednesday’s trading on the back of data showing that U.S. consumer prices barely rose in May, increasing pressure on the Federal Reserve to cut interest rates. On the 2-hour chart, the yellow metal is trading above the 20-day Moving Average with the RSI indicator above 50. This should push the price up to around $1,342 but breaking below the SMA could start a negative trend towards $1,326.

Resistance 1,336 1,339 1,342
Support 1,330 1,328 1,326

Crude Oil

Last : 51.11

Review:

Crude Oil fell, closing at $51.11. On the 4-hour chart, black gold is trading above the support at $50.50. This may push the price up towards $52.50, although dipping below the line could push it down to around $49.50.

Resistance 51.50 52.00 52.50
Support 50.50 50.00 49.50

Euro (EUR)

Last : 1.1293

Review:

The euro traded lower versus the dollar, closing at 1.1293. On the 8-hour chart, the EUR/USD is trading above the Moving Average with a positive ADX indicator. This may lead to a rise towards 1.1450. Dropping below the line, however, could set off a decline towards 1.1150.

Resistance 1.1340 1.1400 1.1460
Support 1.1250 1.1200 1.1150

British Pound (GBP)

Last : 1.2691

Review:

The pound traded lower versus the dollar, closing at 1.2691. On the 2-hour chart, the GBP/USD is trading above a bullish trend line. This should push the pair up to around 1.2800. However, breaking below the line could start a negative trend towards 1.2550.

Resistance 1.2730 1.2780 1.2830
Support 1.2650 1.2600 1.2550

Disclaimer: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading advice. UFX provides Trading Central chart analysis to support clients in their trades, which should be independently evaluated. Past performance is not a reliable indicator of future results. UFX cannot be held liable for any information provided by Trading Central. UFX makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of UFX, a third party or otherwise.