USD At 1-Month High
iFOREX | Feb 27, 2015 04:17AM ET
The U.S dollar index reached a 1-month high yesterday after a batch of economic indicators from the U.S. which gave a mixed picture about the status of the U.S economy, while the euro, which was already under pressure weakened by more than 1.5%. Investors still remain cautious amid doubts over the agreement to extend Greece's bailout as both the International Monetary Fund and the European Central Bank warned that the country's reform plans are not detailed enough.
EUR/USD
The euro dropped against the U.S dollar yesterday, after a string of economic reports from the U.S, which showed an improvement in durable goods orders while inflation data and unemployment claims were worse than expected. In addition, markets showed little reaction to an improvement in German unemployment and consumer climate with the euro reaching levels below 1.12 against the dollar.
For Friday, investors will be focusing on inflation (CPI) data from Germany while growth data on GDP, the Chicago PMI index and the UOM Consumer sentiment index is due to come out from the U.S front later in the day.
Pivot
1.1275
Support
1.115
1.1095
1.105
Resistance
1.1275
1.13
1.133
Scenario 1: Short positions below 1.1275 with targets @ 1.115 & 1.1095 in extension..
Scenario 2: Above 1.1275 look for further upside with 1.13 & 1.133 as targets.
Comment: The pair stands below its resistance and remains under pressure.
XAU/USD
Gold remained in positive territory in Thursday afternoon trading but price gains received strong pressure and were capped by the dollar hitting a one-month high against the euro. Data out of the US boosted the dollar, pressuring gold back towards support building around $1,210.
For today investors will be focusing on growth data from the U.S which is due later in the day, as well as on the Chicago PMI index and the UOM Consumer sentiment from the U.S.
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Pivot
1220
Support
1201
1190.5
1185
Resistance
1220
1223
1229.6
Scenario 1: Short positions below 1220 with targets @ 1201 & 1190.5 in extension.
Scenario 2: Above 1220 look for further upside with 1223 & 1229.6 as targets.
Comment: As long as 1220 is resistance, expect a choppy trade with bearish momentum.
OIL/USD
Crude oil prices fell on Thursday giving back all of February's gains as the price approaches a 52-week low. The drop in came one day after the Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 8.4 million barrels last week. Strength in the dollar also added pressire on the price of the fuel. For today investors will be focusing on GDP data from the U.S as well as on the Chicago PMI index for indications on the status of U.S growth and business barometer.
Pivot
50.2
Support
47.65
46.25
45.05
Resistance
50.2
51.5
52.75
Scenario 1: Short positions below 50.2 with targets @ 47.65 & 46.25 in extension.
Scenario 2: Above 50.2 look for further upside with 51.5 & 52.75 as targets.
Comment: As long as 50.2 is resistance, likely decline to 47.65.
DOW/USD
Energy stocks posted a drop yesterday amid weak oil prices, however the Dow Jones Industrial Average and the S&P 500 Composite index, both remained on track for their best monthly performance in more than three years in the end of February. Losses in the energy and healthcare sectors put downward pressure on the Dow Jones Industrial Average causing it to close in negative territory yesterday
For today investors will be focusing on growth data from the U.S which is due later in the day, as well as on the Chicago PMI index and the UOM Consumer sentiment from the U.S.
Pivot
17040
Support
17040
16330
15860
Resistance
18425
18900
19200
Scenario 1: Long positions above 17040 with targets @ 18425 & 18900 in extension.
Scenario 2: Below 17040 look for further downside with 16330 & 15860 as targets.
Comment: The RSI advocates for further advance.
APPLE
Apple Inc (NASDAQ:AAPL.O). reversed early losses on Thursday in midday trading, after it extended an invitation to the media to attend an event on March 9th. It has been widely speculated that Apple could announce the release date of its new iWatch smartwatch at the event. Apple closed the day up by more than 1% yesterday.
Pivot
133.5
Support
125.5
123
120.5
Resistance
133.5
137
140
Scenario 1: Short positions below 133.5 with targets @ 125.5 & 123 in extension.
Scenario 2: Above 133.5 look for further upside with 137 & 140 as targets.
Comment: The RSI is bearish and calls for further decline.
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