The dollar remained supported after New York Federal Reserve President William Dudley said Wednesday that the timing of a rate hike depends on economic data and added that a rate hike in June could still be possible, if the labor market recovery remained strong.
Wednesday's minutes of the Fed's March meeting showed that several officials believe the economic outlook is likely to warrant an interest rate hike in June.
Never the less the euro gained some strength because Greece managed to repay its 450 million euro loan to the International Monetary Fund on Thursday.
Today investors will focus on Manufacturing and Industrial Production data from the Eurozone and on FOMC Member Speech and Export and Import Price Index from U.S., for market guidance.
Although Greece fulfilled its obligation to repay an euro 450 million loan to the International Monetary Fund on Thursday, the euro continued its descent against the dollar, as IMF head Christine Lagarde sidestepped questions on whether she believes Athens will default on its next series of payments.
In fact Greece will still have to pay the next loan to the international financial organization on May 11, as part of its first bailout program for Greece in 2010.
So Athens is continuing talks with its troika of creditors, the IMF, the European Central Bank and the European Commission in an effort to receive a stimulus package that could help the beleaguered European nation stave off bankruptcy.
But on Friday the euro was steady against the U.S. dollar, hovering close to a three-week low as demand for the greenback remained supported by hopes for a U.S. rate hike by the middle of the year.
Today investors will focus on Manufacturing and Industrial Production data from the Eurozone and on FOMC Member Speech and Export and Import Price Index from U.S.
Pivot
1.073
Support
1.061
1.0575
1.052
Resistance
1.073
1.0795
1.083
Scenario 1: Short positions below 1.073 with targets @ 1.061 & 1.0575 in extension.
Scenario 2: Above 1.073 look for further upside with 1.0795 & 1.083 as targets.
Comment: The pair stands below its new resistance and remains capped by a declining trend line.
Gold prices retreated on Thursday, extending a three-day losing streak following a significant rally earlier this week.
Yesterday, U.S. Department of Labour said initial claims for state unemployment benefits increased by 14,000 last week to a seasonally-adjusted amount of 281,000 for the week ending April 4.
Gold prices rose in Asia on Friday with the market recovering from an overnight drop on physical demand prospects after consumer prices index from China rose 1.4% year-on-year in March, more than an expected 1.3% gain.
Today investor will focus on FOMC Member Speech and Export and Import Price Index from U.S.
Pivot
1207.6
Support
1190.6
1178.3
1168.3
Resistance
1207.6
1212.4
1215.8
Scenario 1: Short positions below 1207.6 with targets @ 1190.6 & 1178.3 in extension.
Scenario 2: Above 1207.6 look for further upside with 1212.4 & 1215.8 as targets.
Comment: As long as 1207.6 is resistance, likely decline to 1190.6.
OIL/USD
Oil prices pared some of their losses on Thursday from one of the sharpest daily declines on the year, following a record build-up last week as supply concerns continue to weigh on energy prices.
The prices surged as Iran oil minister Bijan Zanganeh told Reuters during his visit to China that Opec will "coordinate itself," to adapt to his nation's return to oil markets as a safeguard for preventing prices from crashing. Iran reportedly has 30 million barrels of oil ready for export after the Persian Gulf nation reached the framework of a nuclear deal with Western powers last week.
Crude oil prices eased in Asia on Friday as investors looked ahead to U.S rig count data to cap the week.
Pivot
52.3
Support
49.8
48.2
47.1
Resistance
52.3
54.1
55.7
Scenario 1: Short positions below 52.3 with targets @ 49.8 & 48.2 in extension.
Scenario 2: Above 52.3 look for further upside with 54.1 & 55.7 as targets.
Comment: As long as 52.3 is resistance, likely decline to 49.8.
DOW/USD
U.S. stocks closed higher on Thursday, with energy shares leading the advance as crude oil rebounded off a sharp decline, while investors bet that companies would top lowered expectations this earnings season.
The day's gains were broad, with eight of the S&P 500's ten industry sectors up on the day, and also The Dow Jones industrial average rose 56.22 points, or 0.31%.
Now many investors are looking ahead to the first-quarter earnings season for market guidance.
Pivot
17585
Support
17585
17040
16330
Resistance
18290
18900
19200
Scenario 1: Long positions above 17585 with targets @ 18290 & 18900 in extension.
Scenario 2: Below 17585 look for further downside with 17040 & 16330 as targets.
Comment: The RSI has just broken above a declining trend line.
AMZN
Yesterday Amazon announced that is suing four websites to stop fake reviews on its site; infact their attempt was to gain unfair competitive advantages by creating false, misleading and inauthentic customer reviews for products on Amazon.com (NASDAQ:AMZN).
The suit says the operators of the sites offer Amazon sellers the ability to purchase fake 4 and 5 stars customer reviews of their products.
Never the less yesterday Amazon also had won approval from U.S. federal regulators to test a delivery drone outdoors, less than a month after it received the first green light from the Federal Aviation Administration.
Amazon must keep flights at an altitude of no more than 120 meters and no faster than 160 km per hour, according to the FAA.
Yesterday the share gained 0.61% and is following a strong uptrend.
Pivot
341
Support
341
317
280
Resistance
395
415
434
Scenario 1: Long positions above 341 with targets @ 395 & 415 in extension.
Scenario 2: Below 341 look for further downside with 317 & 280 as targets.
Comment: The RSI is above its neutrality area at 50%.