Crude Oil, Gold and Apple Make Gains
UFXMarkets | Mar 19, 2013 05:07AM ET
Wall Street closed the trading day in the red in response to investors’ anxiety about the Cyprus bailout and levy. The Dow Jones fell by 0.43%, the NASDAQ by 0.35% and the S&P 500 by 0.55%. In addition, Apple rose by 2.78%, closing at $456.50. Technically, according to the 8-hour chart using "Fibonacci Retracement," the S&P has completed the technical adjustment and is expected to retest the resistance level of 1,555 once again. The NASDAQ trend will remain strongly bullish as long as the index trades above the support level of 2,770.
USD Dollar (USD)
The US Dollar traded mixed against most major currencies after the markets, responding to the controversial Cyprus bailout and the threat of an economic crisis in Europe, opened the week with a huge gap. Today, Building Permits are expected to come out at 0.93M vs. 0.90M, Housing Starts at 0.92M vs. 0.89M previously.
Gold
Gold gained by 0.92%, closing at $1,605 an ounce. Technically, according to the 4- hour chart, the precious metal is expected to retest the resistance level of $1,619 once again; should Gold cross above this level, it could move towards the $1,634 resistance level.
Last: 1605
Resistance 1610 1619 1634
Support 1601 1595 1576
Crude Oil
Crude Oil rose by 1.81%, closing at $94.20 a barrel. Technically, we can see a "Symmetrical Triangle" pattern in the daily chat, and Oil is expected to keep the positive momentum. Should the commodity cross above the resistance level of $94.40, it could move towards the $95.20 area.
Last: 94.10
Resistance 94.40 95.00 95.90
Suppor t93.90 93.05 92.20
Euro (EUR)
The euro strengthened versus the US Dollar after the European Union asked Cyprus to charge taxes on bank deposits in order to create a broader bailout package. Technically, according the four-hour chart using "Fibonacci Retracement," the EUR/USD has reached the second level and is expected to keep the negative momentum and retest the support level of 1.2885 once again. Today, the German ZEW Economic Sentiment is expected to come out at 47.90 vs. 48.20 previously.
Last: 1.2953
Resistance 1.2975 1.3020 1.3080
Support 1.2920 1.2885 1.2840
British Pound (GBP)
The Pound finished the trading day unchanged versus the US Dollar, and it is possible that the crisis in Cyprus might create a situation in which investors turn to UK assets as a haven. Technically, we can notice a "Descending Triangle" pattern in the one-hour chart; should the GBP break the support level of 1.5070, it could move towards 1.4920 areas once again. Today, the CPI is expected to come out at 2.80% vs. 2.70 previously, the PPI Input at 1.70% vs. 1.30% previously.
Last: 1.5100
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Resistance 1.5140 1.5175 1.5220
Support 1.5075 1.5000 1.4910
Canadian Dollar (CAD)
The Canadian Dollar declined versus the US Dollar after the news from Cyprus boosted demand for the greenback. Technically, according to the one-hour chart, strong resistance is located at 1.0250; should the CAD cross above this level, it could hit the next resistance at 1.0275. Today, Manufacturing Sales are expected to come out at 0.70% vs. -3.10% previously.
Last: 1.0215
Resistance 1.0225 1.0250 1.0280
Support 1.0185 1.0110 1.0050
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