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The dollar remained weak against most major currencies on Wednesday, after data showed that U.S. durable goods orders fell unexpectedly in February, fuelling fresh uncertainty over the strength of the economy. The U.S. Commerce Department said that total durable goods orders, which include transportation items, declined 1.4% last month, compared to expectations for a gain of 0.4%. Chicago Federal Reserve Bank president Charles Evans mentioned that the Fed is reasonably confident that inflation was moving back near 2%, and he saw no reason to hurry and raise interest rates. Evans urged the Fed to delay an interest rate hike until the middle of next year. Elsewhere, Greece failed in its attempt to receive a short-term cash payment from its euro zone creditors providing another blow to the nation, which is becoming increasingly desperate to avoid bankruptcy.
The euro continued its recent rise against the U.S. dollar, moving above 1.10 as weak data on U.S. durable goods strengthened the case for delaying a potential interest rate hike. The dollar came under pressure after the Commerce Department reported that orders for long lasting manufactured goods fell 1.4% last month, compared to expectations for a gain of 0.4%.The euro remained supported after data earlier on Wednesday showing German business confidence improved this month. For today, the euro area is to release data on private lending and money supply while the main focus will be the U.S jobless claims report.
Pivot
1.0885
Support
1.0885
1.0815
1.075
Resistance
1.104
1.109
1.115
Scenario 1: Long positions above 1.0885 with targets @ 1.104 & 1.109 in extension.
Scenario 2: Below 1.0885 look for further downside with 1.0815 & 1.075 as targets.
Comment: The pair stands above its support and remains on the upside.
Gold prices remain supported on Thursday, from expectations that the Federal Reserve will act later rather than sooner on a widely expected hike in interest rates this year. Wednesday, the metal reached a three-week high, as weak data on U.S. durable goods weakened the dollar and supported the case for delaying a potential interest rate hike. For today, gold traders will be focusing on jobless claims data for further indications on the strength of the U.S economy.
Pivot
1185
Support
1185
1178.5
1169
Resistance
1210
1218
1224
Scenario 1: Long positions above 1185 with targets @ 1210 & 1218 in extension.
Scenario 2: Below 1185 look for further downside with 1178.5 & 1169 as targets.
Comment: The RSI is mixed to bullish.
OIL/USD
Crude oil rebounded on Thursday with events in Yemen providing fresh support to prices, as reports were published that Saudi Arabia is moving heavy military equipment, including artillery to its border with Yemen. The buildup came in response to the seizure of the al-Anad base, a Yemen airbase. Oil traders are sensitive to risky geopolitical news involving Saudi Arabia, which has 16% of the world's oil reserves. Events in Yemen offset the relatively soft inventory data released on Wednesday that showed an increase in inventories for the week ending March 20.
Pivot
48.2
Support
48.2
47.3
46
Resistance
52.2
53.5
54.8
Scenario 1: Long positions above 48.2 with targets @ 52.2 & 53.5 in extension.
Scenario 2: Below 48.2 look for further downside with 47.3 & 46 as targets.
Comment: The RSI is well directed.
NDQ/USD
U.S. stocks dropped on Wednesday after durable goods orders missed estimates and a drop in technology and biotechs sent the Nasdaq to its biggest fall in almost a year while the S&P 500 broke below key support levels. Semiconductors and biotech stocks weighed heavily on the Nasdaq, suffering their third straight session of declines. For today, traders will be focusing on jobless claims data for further indications on the strength of the U.S economy as stock indices trade near record highs, and strong data is needed to justify prices.
Pivot
4289
Support
4289
4078
3872
Resistance
4483
4600
4816
Scenario 1: Long positions above 4289 with targets @ 4483 & 4600 in extension.
Scenario 2: Below 4289 look for further downside with 4078 & 3872 as targets.
Comment: The RSI is supported by a bullish trend line.
APPLE
The interest to short Apple Inc (NASDAQ:AAPL). recently dropped by 9.6% to 65.7 million shares, indicating that traders who benefit from falling share prices have stepped away from the company as its stock continues to be on an overall uptrend. The decision is supported by the movement of Apple's shares since the beginning of the year that is up by almost 15%. For Thursday the stock is trading in negative territory following an overall slump in the technology sector after yesterday's drop in durable goods orders
Pivot
125
Support
125
122
120.5
Resistance
129.6
131.4
133.6
Scenario 1: Long positions above 125 with targets @ 129.6 & 131.4 in extension.
Scenario 2: Below 125 look for further downside with 122 & 120.5 as targets.
Comment: The RSI lacks downward momentum.
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