Crude Oil Falls by 2.38%

Wall Street closed the trading day in the red after worse than expected economic data was released in the US, sparking fears that Friday’s NFP will also disappoint. The Dow Jones fell by 0.76%, the NASDAQ by 1.11%, and the S&P 500 by 1.05%. AIG fell by 3.22%, closing at $37.85. Technically, according to the 1-hour chart, the Dow Jones trend will remain bullish as long as the index maintains its support level of 14,450. The NASDAQ trend will remain strongly bullish as long as it trades above the support level of 2,770.

USD Dollar (USD)
The US Dollar declined against most of the major currencies after the ADP Non-Farm Employment Change came out worse than expected, at 158K vs. 203K, and the ISM Non-Manufacturing PMI came out worse than expected, at 54.40 vs. 55.90. Today’s Unemployment Claims are expected to be released at 352K vs. 357K previously. Federal Reserve Chairman Bernanke will speak today.

Gold
Gold fell by 1.20%, closing at $1,558 an ounce in response to slowing growth in the US. Technically, according to the daily chart, strong support is located at $1,550; should Gold break below this level, it could move towards the $1,525 support level. An RSI reading below 50 supports the bearish trend as well.
Last: 1547

Resistance 1560 1577 1600
Support 1525 1500 1477


Crude Oil
Crude Oil fell by 2.38%, closing at $94.50 a barrel after Crude Oil Inventories came out at 2.70M vs. 1.80M. Technically, we can see a "Symmetrical Triangle" pattern in the daily chat, and the commodity is expected to keep the negative momentum. Should Oil break below the support level of $94.00, it could move towards $93.20.
Last: 94.40

Resistance 94.7095.30 95.90
Support 94.00 93.40 92.40


Euro (EUR)
The euro rose versus the US Dollar amid investors’ optimism that today’s ECB Press Conference will give the European currency momentum vs. the US Dollar. The CPI Flash Estimate came out better than expected at 1.70% vs. 1.60%. Technically, according to the 8-hour chart using "Fibonacci Retracement," the trend will remain bearish as long as the currency pair holds below the resistance level of 1.2870; the pair is expected to retest the support level of 1.2780 once again. Today’s Interest Rate Decision is expected to remain unchanged at 0.75%. The ECB Press Conference will be held later today.ater.
Last: 1.2840

Resistance 1.2880 1.2940 1.3000
Support 1.2780 1.2750 1.2690


British Pound (GBP)
The Pound finished the trading day with small gains amid speculation that the Bank of England will avoid extending stimulus measures that tend to weaken the currency. In addition, the Construction PMI was released worse than expected, at 47.20% vs. 47.70%. Technically, according to the 4-hour chart using "Fibonacci Retracement," the trend will remain bullish as long as the pair maintains its support level of 1.5080. Today’s Services PMI is expected to come out at 51.40 vs. 51.80 previously, the Asset Purchase Facility at an unchanged 375B, and the Interest Rate Decision at an unchanged 0.50%.
Last: 1.5125

Resistance 1.5150 1.5175 1.5220
Support 1.5070 1.5000 1.4910


Australian Dollar (AUD)
The Australian Dollar rose versus the US Dollar after Retail Sales came out at 1.30% vs. the expected 0.3%, and after Building Approvals came out at 3.10% vs. the expected 2.4%. Technically, according to the 8-hour chart, we can see a "Double Top" pattern, and the pair is expected to retest the support level of 1.0380. Should the currency pair break below this level, it could move towards 1.0340.
Last: 1.0475

Resistance 1.0495 1.0545 1.0600
Support 1.0450 1.0380 1.0340