Daily Market Review & Financial Analysis

Possible U.S. Rate Cut on Minds of Traders

June 14, 2019

U.S. Stock Market

Review:

U.S. stocks traded higher on Thursday after two days of declines, as energy shares rebounded amid concerns of an Oil supply disruption following attacks on two tankers in the Gulf of Oman. The Dow Jones rose by 0.39%, the S&P 500 was up 0.43%, and the NASDAQ added 0.57% to its value. Technically, according to the 1-hour chart, the Dow is trading below the resistance of 26,200, which makes a fall to around 26,000 likely. However, breaching above the line may lead to a rise towards 26,300.

Facebook (FB)

Last : 177.5

Review:

Facebook shares rose, closing at $177.50. On the 1-hour chart, the stock is trading below a bearish trend line and a drop to around $167.00 could be on the cards. Crossing above the line, on the other hand, should push the price up towards $188.00.

Resistance 180.0 184.0 188.0
Support 175.0 171.0 167.0

U.S. Dollar (USD)

Review:

The U.S. dollar was slightly higher yesterday with traders increasingly of the opinion that the Federal Reserve will cut interest rates in the coming months. Today, The U.S. Core Retail Sales number is expected at 0.5% vs 0.1% previously and the Retail Sales figure is expected at 0.7% vs -0.2% previously.

Gold

Last : 1,342

Review:

Gold rose, a day after data showing tame U.S. consumer prices in May strengthened the case for monetary easing. On the 1-hour chart, the yellow metal is holding below the resistance of $1,345. This should push the price down towards $1,333, although crossing above the line could take it back up to around $1,351.

Resistance 1,345 1,348 1,351
Support 12,339 1,336 1,333

Crude Oil

Last : 52.21

Review:

Crude Oil rose, closing at $52.21. According to the 4-hour chart, black gold is trading below the 20-Day Moving Average supported by the RSI indicator below 50, which may push the price down to around $50.90. Breaching above the line, however, may lift it towards $53.50.

Resistance 52.50 53.00 53.50
Support 51.90 51.40 50.90

Euro (EUR)

Last : 1.1277

Review:

The euro traded lower versus the dollar, closing at 1.1277. On the 1-hour chart, the EUR/USD is trading above the bullish trend line supported by a positive ADX indicator. As long as it stays above the trend line, we might see a rise towards 1.1410 but crossing below the line may force the price down in the direction of 1.1150.

Resistance 1.1310 1.1460 1.1410
Support 1.1250 1.1200 1.1150

British Pound (GBP)

Last : 1.2675

Review:

The pound traded lower versus the dollar, closing at 1.2675. On the 8-hour chart, the GBP/USD is holding below the SMA line. Breaching above it may lift the pair to around 1.2840, while failure to do so could push it down towards 1.2510.

Resistance 1.2720 1.2780 1.2840
Support 1.2630 1.2570 1.2510

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