The dollar remained weak yesterday in a low volatility session, after indications by Federal Reserve president that the Fed is in no hurry to raise interest rates in the next few FOMC meetings. However, rise in the euro was limited by concerns regarding Greece as IMF and ECB both consider the plan as not very detailed. For today U.S will announce the number of Americans filing new claims for unemployment, an indicator which fell more than expected last week, the latest sign of improvement in the labor market. Economists will also look to the monthly durable goods orders an indicator for growth as well as inflation CPI data from the U.S
The euro closed in positive territory against the dollar in a rather quiet trade on Wednesday as investors lowered expectations on the timing of a U.S. rate hike, something that puts downward pressure on the dollar. On the other hand, concerns over the conditions attached to Greece's bailout extension also kept investors cautious as Both the International Monetary Fund and the European Central Bank said Athens will need to do more to secure the release of further bailout funds. The pair EUR/USD closed higher yesterday, with investors looking forward to today's unemployment data from Germany as well as jobless claims, durable goods orders and CPI data from the U.S.
Pivot
1.132
Support
1.1320
1.1275
1.1225
Resistance
1.1390
1.1430
1.1450
Scenario 1: Long positions above 1.132 with targets @ 1.139 & 1.143 in extension.Scenario 2: Below 1.132 look for further downside with 1.1275 & 1.1225 as targets.Comment: The RSI is well directed.
Gold prices remained relatively unchanged yesterday, after the Federal Reserve president Janet Yellen finished her second day of semi-annual testimonies before Congress. In relation to a potential interest-rate hike, Yellen stated that the Fed could wait several additional meetings before raising rates. A delay in raising interest-rates is often regarded as supportive for the precious metal which is seen moving in positive territory on Thursday. For today investors are looking ahead to the economic calendar, which includes weekly jobless claims, CPI data for inflation as well as Durable Goods Orders from the U.S.
Pivot
1198
Support
1198
1190.5
1185
Resistance
1215.4
1223
1229.6
Scenario 1: Long positions above 1198 with targets @ 1215.4 & 1223 in extension.Scenario 2: Below 1198 look for further downside with 1190.5 & 1185 as targets.Comment: The RSI is mixed with a bullish bias.
OIL/USD
Crude oil prices fell in Asia on Wednesday with investors noting the continued battle for market share led by Saudi Arabia.Prices were around $48.95 a barrel just before the release of inventory data. The U.S. Energy Information Administration (EIA) said in its weekly report that U.S. crude oil inventories rose by 8.4 million barrels last week.But overnight the prices moved higher as Saudi Arabia's oil minister calmed markets with reassuring comments on global oil demand and U.S. data indicated that oil supply in the nation reached its highest level ever.For today, investors will be focusing on durable goods orders as a growth indicator for the U.S
Pivot
48.4
Support
48.4
47.65
46.25
Resistance
51.5
52.75
54
Scenario 1: Long positions above 48.4 with targets @ 51.5 & 52.75 in extension.Scenario 2: Below 48.4 look for further downside with 47.65 & 46.25 as targets.Comment: The RSI is mixed to bullish.
DOW/USD
Although the Nasdaq and the S&P closed lower Wednesday, Dow Jones finished the trading session at a record high after U.S. Federal Reserve Chair Janet Yellen continued to warn that a hike in interest rates may not come until later this year. Following Yellen's testimony Wednesday, the Dow Jones Industrial Average and S&P 500 Index broke all-time intraday highs. Economists are looking ahead to Thursday's economic calendar, which includes weekly jobless claims, CPI data for inflation as well as Durable Goods Orders from the U.S.
Pivot
18025
Support
18025
17940
17855
Resistance
18230
18310
18410
Scenario 1: Long positions above 18025 with targets @ 18230 & 18310 in extension.Scenario 2: Below 18025 look for further downside with 17940 & 17850 as targets.Comment: The RSI is above its neutrality area at 50%.
Google posted a strong rebound yesterday after a two-day drop and continues to rise on Thursday after the technology unveiled on Wednesday by Google, a set of tools designed for businesses and employees who want to get work done on Android-powered smartphones. The expansion will pit Google Inc (NASDAQ:GOOGL.O). against Apple Inc (NASDAQ:AAPL), Microsoft Corp (NASDAQ:MSFT.O). and BlackBerry Ltd (NASDAQ:BBRY), which have been focusing on the corporate market for years.Google and Apple have become so dominant that 96 percent of the smartphones sold last year run on the companies' software
Pivot
548.5
Support
536
531
527
Resistance
548.5
553
558
Scenario 1: Short positions below 548.5 with targets 536 & 531 in extension.
Scenario 2: Above 548.5 look for further upside with 553 & 558 as targets.
Comment: As long as 548.5 is resistance, look for choppy price action with a bearish bias.