Market Update – 23-09-2016
AvaTrade | Sep 23, 2016 03:12AM ET
EUR/USD – during the day we saw a clear break of the resistance around the 1.12 level, but we were unable to sustain these gains and close just under this resistance level. As the USD strengthened on the backdrop of some good employment related data yesterday, even though housing data was weak. We have important manufacturing data out of the Eurozone today which we will be looking at.
GBP/USD – also here a reversal has been taking place as the USD was able to regain some of its losses and strengthened as the day went by. Today we will likely test the 1.30 level again.
USD/CAD – extended its drop as oil continued to rise but as happens across the board, we can see the USD strengthening. We have important data out of Canada today, so we can expect some further moves.
h3 Indices/h3DAX 30 – has been moving up and is now trading in close proximity of the long-term downwards trend line which has acted as a resistance level for quite a few times.
Gold – is trading currently slightly above the resistance/support around the 1332 level, which is unlikely to hold if we see the USD strengthen further.
Oil – rose further but is currently trading around the resistance as there has been some profit taking after the sharp rise in the last 3 days (well over $2) ahead of the informal OPEC meeting. Even though we have heard quite a lot that an agreement could be reached, there remains more than a fair amount of skepticism on not only the chances of that happening but also the usefulness and impact of such a move at the current production levels.
Yahoo (NASDAQ:YHOO) – has reported that at least 500 million of its user accounts have been hacked and personal information stolen. This once again highlights the possible dangers of having information online and the need for companies dealing with personal information to up their internet security to safeguard those details.
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