TODAY’S IMPORTANT INDICATORS
Currencies and the Gold markets were mixed yesterday following a rally in US Dollar the day before as no further clues for directional activity were provided. Oil rose amid EIA’s weekly report on stocks. US markets deliver the Philly Index and US Unemployment Claims today.
MARKET MOVERS
EURUSD – Euro dips into Fibonacci support, drops beyond $1.18 intraday yet rejects level. Euro-Dollar saw only marginal losses yesterday despite the bearish momentum generated following some poor European CPI data as the 78.6% Fibonacci retracement at $1.1768 rejected bears. In addition, the Euro went under pressure due to 250 billion Euro debt forgiveness plan news from Italy’s nationalist Lega-M5S.
EURUSD 4-HOUR CHART
GBPUSD – Pound bearish but range-bound, today and tomorrow critical as levels become exhausted. The British Pound closed yet another session of indecision in the Wednesday session, albeit having reached a low of $1.3454 intraday, the lowest level of the 10-day ranging market. With no major news today and tomorrow, the Cable is likely to be a victim of technically supported moves.
GBPUSD 4-HOUR CHART
USD/JPY – Dollar-Yen provides directional clues after 110 rejection, price closes mixed but bullish. Dollar-Yen fell during Wednesday’s session to the 110 level as no news were affecting the markets. Despite somewhat poor US data, the pair managed to recover all daily losses following a rejection at the 110. Candle formation quite bullish.
USDJPY 1-HOUR CHART
USOIL – Oil price higher as EIA reports Crude Oil inventory draw, eyes recent top. Oil traders pushed prices higher once again, gaining confidence on EIA’s report of a Crude Oil draw of million barrels. With the top of the ranging market at $71.80 attempting to hold, traders could start taking profits before breaching the said level as the end of the week nears.
CRUDE OIL 1-HOUR CHART
XAUUSD – Gold mixed as safe-haven demand remains subdued while risk levels stay cool. Gold reached an intraday low at $1286 in the Wednesday session where price was rejected after hitting the golden ratio. A break below could take price near $1265, yet this may be not the case in the short term as participants expect another session on indecision.
XAUUSD DAILY CHART
US Indexes – DJ soared 0.25% higher, S&P 500 surged up by 0.41%
European Indexes – Both DE 30 and UK 100 closed nearly unchanged with some negative bias.
Asian Indexes - ASX 200 closed 0.18% lower, Nikkei 225 gained a massive 0.53%, Hang Seng trades 0.41% lower.
US Equities – Apple rose by 0.93%, Facebook declined by 0.61%.
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