Market Recap
On Friday, US markets made a recovery in the final minutes of trading. The S&P 500 saw its sixth day of gains. This move comes even though Chinese trader data disappointed. The DJIA rose 42.76 points to close at 13207.95 while the S&P500 edged higher by 3.07 points to close at 1405.87. The NASDAQ rose 2.22 points to finish at 3020.86. In Europe the major indices were down from the FTSE closing down 4.40 to the CAC40 losing 21 points. Asian Markets were also down with the Nikkei dropping 87 points to close at 8891.44. China continues to weaken. Exports were up 1% which seriously disappointed estimates. This is leading investors to wonder if the Chinese central bank will enact more policy easing measures. Calendar
MONDAY:
TUESDAY: NFIB small biz optimism index, PPI, retail sales, business inventories,
WEDNESDAY: Weekly mortgage apps, CPI, Empire state mfg survey, Treasury int'l capital, industrial production housing market index, oil inventories, Fed's Kocherlakota speaks, credit card default rates reported
THURSDAY: Housing starts, jobless claims, Philadelphia Fed survey, e-commerce retail sales, Fed's Kocherlakota speaks
FRIDAY: Consumer sentiment, leading indicators
FOREX
AUD/USD: this market edged up to 1.0612 but lost momentum. The barrier at 1.0600 is proving strong. Price has stayed in range now for 6 days. We see strong support at the 55 MA. The outlook remains the same now. We see strong resistance at 1.06120 and as mentioned before at 1.6000. A break of the support at 1.0436 could indicate a top in place. Looking further down we see support also at 1.0176. A move above 1.6012 can test towards 1.1079. We see other resistance levels at 1.0613m 1.0636 and 1.0690 and support levels at 1.0530, 1.0435 and 1.0495.
Commodities
Gold: the yellow metal moved up higher last week to 1629.70. The move above the resistance at 1628.6 is positive. We could see an early test of 1642.40 this week. A move above this level could test towards the key level at 1700.00. Alternatively should the yellow metal move below 1606.60 we could test 1602.00 next. Further support levels are at 1630, 1618.00, 1602.00 and 1584.00.
Please feel free to ask any questions or leave comments. As always we will answer as fast as possible. Have a good trading day.
DISCLOSURE & DISCLAIMER: THE ABOVE IS FOR INFORMATIONAL PURPOSES ONLY AND NOT TO BE CONSTRUED AS SPECIFIC TRADING ADVICE. RESPONSIBILITY FOR TRADE DECISIONS IS SOLELY WITH THE READER.
Ava Capital Markets Ltd (“AVAFX”) is regulated by the Central Bank of Ireland
On Friday, US markets made a recovery in the final minutes of trading. The S&P 500 saw its sixth day of gains. This move comes even though Chinese trader data disappointed. The DJIA rose 42.76 points to close at 13207.95 while the S&P500 edged higher by 3.07 points to close at 1405.87. The NASDAQ rose 2.22 points to finish at 3020.86. In Europe the major indices were down from the FTSE closing down 4.40 to the CAC40 losing 21 points. Asian Markets were also down with the Nikkei dropping 87 points to close at 8891.44. China continues to weaken. Exports were up 1% which seriously disappointed estimates. This is leading investors to wonder if the Chinese central bank will enact more policy easing measures. Calendar
MONDAY:
TUESDAY: NFIB small biz optimism index, PPI, retail sales, business inventories,
WEDNESDAY: Weekly mortgage apps, CPI, Empire state mfg survey, Treasury int'l capital, industrial production housing market index, oil inventories, Fed's Kocherlakota speaks, credit card default rates reported
THURSDAY: Housing starts, jobless claims, Philadelphia Fed survey, e-commerce retail sales, Fed's Kocherlakota speaks
FRIDAY: Consumer sentiment, leading indicators
FOREX
AUD/USD: this market edged up to 1.0612 but lost momentum. The barrier at 1.0600 is proving strong. Price has stayed in range now for 6 days. We see strong support at the 55 MA. The outlook remains the same now. We see strong resistance at 1.06120 and as mentioned before at 1.6000. A break of the support at 1.0436 could indicate a top in place. Looking further down we see support also at 1.0176. A move above 1.6012 can test towards 1.1079. We see other resistance levels at 1.0613m 1.0636 and 1.0690 and support levels at 1.0530, 1.0435 and 1.0495.
Commodities
Gold: the yellow metal moved up higher last week to 1629.70. The move above the resistance at 1628.6 is positive. We could see an early test of 1642.40 this week. A move above this level could test towards the key level at 1700.00. Alternatively should the yellow metal move below 1606.60 we could test 1602.00 next. Further support levels are at 1630, 1618.00, 1602.00 and 1584.00.
Please feel free to ask any questions or leave comments. As always we will answer as fast as possible. Have a good trading day.
DISCLOSURE & DISCLAIMER: THE ABOVE IS FOR INFORMATIONAL PURPOSES ONLY AND NOT TO BE CONSTRUED AS SPECIFIC TRADING ADVICE. RESPONSIBILITY FOR TRADE DECISIONS IS SOLELY WITH THE READER.
Ava Capital Markets Ltd (“AVAFX”) is regulated by the Central Bank of Ireland
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