Oil prices rallied 8% on Friday following the sharpest weekly drop in U.S. Oil rig count in nearly 30 years, while the Dollar index ended January with its longest run of gains since the U.S. currency was floated in 1971. The Dollar advanced for seventh straight month. Fourth-quarter U.S. GDP growth slowed to 2.6% pace and U.S. stocks ended Friday down 1%; posting weekly and monthly losses. Friday, Russia surprised markets by cutting interest rates and Greece's finance minister said the government would not cooperate with Troika bankrolling the country and would not seek an extension to the bailout program. In the U.S. the consumer sector is the focus this week with the highlight being the jobs report for January posting on Friday. In 2015 the ECB no longer meets on a monthly meeting schedule, they will follow the FOMC approach.
The Euro ended Friday lower after concerns for some investors when Greece's finance minister said the government would not cooperate with the EU and IMF mission bankrolling the country and would not seek an extension to the bailout program.
EURUSD closed at $1.13008, down 0.28%, in our platform, Friday.
During the day the Dollar traded mixed after weaker-than-expected headline U.S. fourth-quarter GDP data, which included the fastest pace of consumer spending since 2006.
Today, expect the market to move with France and Germany's PMI manufacturing index, U.S. personal income and layouts and U.S. ISM manufacturing index and to pay extra attention to the U.S. PMI manufacturing index and U.S. construction spending.
Pivot
1.1311
Support
1.1295
1.1284
1.1268
Resistance
1.1322
1.1339
1.1350
Scenario 1: Short positions below 1.1311 with targets 1.1295 & 1.1284 in extension.
Scenario 2: Above 1.1311 look for further upside with 1.1322 & 1.1339 as targets.
Comment: The RSI is below its neutrality area of 50%.
The Australian Dollar slumped to a six-year trough of $0.7720 last week and analysts suspect Australia's central bank will be next to jump on the dovish vogue. The Reserve Bank of Australia board meets on Tuesday and many suspect if it will loose its monetary policy.
AUDUSD finished at $0.77843, almost unchanged in our platform, Friday.
Today, expect the market to move with the U.S. personal income and layouts and U.S. ISM manufacturing index and early in the morning with the RBA announcement and to pay extra attention to the U.S. PMI manufacturing index and U.S. construction spending.
Pivot
0.7761
Support
0.7725
0.7692
0.7656
Resistance
0.7791
0.7826
0.7858
Scenario 1: Short positions below 0.7761 with targets 0.7725 & 0.7692 in extension.
Scenario 2: Above 0.7761 look for further upside with 0.7791 & 0.7826 as targets.
Comment: The RSI is below its neutrality area of 50%.
Gold rebounded from a two-day loss on Friday as a sharp slowing in U.S. fourth-quarter economic growth supported the precious metal's safe-haven value, helping it post its best monthly gain in three years in January.
Spot Gold closed at $1,284, up 1.82% or $22.95 in our platform, Friday.
A powerful rally in Oil prices late on Friday added to Gold's gains as some investors concerned about potential inflation bought into the yellow metal. Gold was also supported from worries about European instability after Greece's announcement even as the Dollar remained strong.
Today, expect the market to move with the U.S. personal income and layouts and U.S. ISM manufacturing index and to pay extra attention to the U.S. PMI manufacturing index and U.S. construction spending.
Pivot
1,275
Support
1,264
1,246
1,236
Resistance
1,293
1,303
1,321
Scenario 1: Short positions below 1,275 with targets 1,264 & 1,246 in extension.
Scenario 2: Above 1,275 look for further upside with 1,293 & 1,303 as targets.
Comment: The RSI is above its neutrality area of 50%.
OIL/USD
WTI Crude Oil prices roared back from six-year lows on Friday, rocketing more than 8% in the biggest one-day gain since 2012 as a record weekly decline in U.S. Oil drilling fuelled a frenzy of short-covering.
WTI futures closed at $47.62, up 6.72% or $3 in our platform, Friday.
In a rally that may spur speculation that a seven-month price collapse has ended, Baker Hughes announced that the decline in Oil drilling rigs was the most since it began keeping records in 1987. With drillers having idled about 24% of their Oil drilling rigs since the summer, some traders may be betting that an anticipated slowdown in U.S. Oil production is nearer than expected. In the U.S., Oil workers have begun the biggest strike since 1980.
Today, expect the market to pay extra attention to the U.S. personal income and layouts, U.S. ISM manufacturing index and U.S. PMI manufacturing index.
Pivot
47
Support
45.6
42.9
41.5
Resistance
49.7
51
53.6
Scenario 1: Short positions below 47 with targets 45.6 & 42.9 in extension.
Scenario 2: Above 47 look for further upside with 49.7 & 51 as targets.
Comment: The RSI is below its neutrality area of 50%.
DOW/USD
U.S. stocks ended a turbulent Friday trading session with big losses, as selling on Wall Street accelerated in the final hour. The blue-chip index declined 2.9% over the past week and lost 3.7% over the month.
The Dow Future closed at 17,109, down 1.69% in our platform, Friday.
Investors struggled with downbeat GDP data that resulted in a flight to quality like Gold, and less-than-stellar earnings that overshadowed a bounce in Crude-Oil futures.
Today, expect the market to move with the U.S. personal income and layouts and U.S. ISM manufacturing index and to pay extra attention to the U.S. PMI manufacturing index and U.S. construction spending. 
Pivot
17,217
Support
17,217
17,026
16,923
Resistance
17,330
17,520
17,619
Scenario 1: Long positions above 17,217 with targets 17,330 & 17,520 in extension.
Scenario 2: Below 17,217 look for further downside with 17,026 & 16,923 as targets.
Comment: The RSI is below its neutrality area of 50%.