UFXMarkets | Apr 03, 2013 07:31AM ET
US Stock Market – Major US stock indices closed the trading day in the green due to sharp increases in European markets and positive macroeconomic data from the US. The S&P closed at an all-time high, adding 0.61% to its value and closing at 1,567; the Dow Jones rose by 0.60%, the NASDAQ by 0.91%, and Goldman Sachs by 0.91%; Facebook, however, fell by -2.01%. Technically, the S&P is trading in an ascending channel and is expected to continue its bullish momentum towards 1,585. The Dow Jones is expected to move towards 14,650, and the NASDAQ is expected to attempt to break the resistance level of 2,835 in order to reach 2,850.
US Dollar (USD)
The US Dollar closed the trading day mixed against other major currencies. Total Vehicle Sales came out as expected at 15.3M, Factory Orders m/m came out worse than expected at 3.0% vs. 3.1%, and the IBD/TIPP Economic Optimism came out as expected at 46.2. Investors are eagerly awaiting today’s ADP Non-Farm Employment Change, which is expected to come out at 203K vs. 198K previously. The ISM Non-Manufacturing PMI is expected at 55.9 vs. 56.0. FOMC Member Bullard will speak today.
Last: 1565
Resistance 1575 1585 1600
Support 1555 1525 1500
Resistance 97.40 98.10 98.60
Support 96.10 95.50 94.90
Euro (EUR) –The euro fell against other major currencies as the Italian Manufacturing PMI came out worse than expected, at 44.5 vs. 45.4. Technically, the EUR/USD has strong support at 1.2750. Should the currency pair break down this support, it might continue towards the 1.2600 support level; should, however, the currency pair maintain this support level, it might rise towards the 1.3000 resistance level. Today’s CPI Flash Estimate y/y is expected to come out at 1.6% vs. 1.8% previously.
Last: 1.2798
Resistance 1.2875 1.2910 1.3000
Support 1.2750 1.2690 1.2660
Last: 1.5084
Resistance 1.5100 1.5150 1.5200
Support 1.5050 1.5000 1.4950
Resistance 1.0500 1.0550 1.0600
Support 1.0420 1.0400 1.0350
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