Daily Market Review – 18/07/2016
Bank of America earnings report will be today’s main event
The pair traded with mixed results during Friday’s session, with trending upwards during the first half of the day as demand for the JPY worsened. However, the failed Turkey coup attempt caused the pair to fall.
Meanwhile the situation in Turkey is somewhat stable, which enabled the pair to start the week with a sharp rise as investors decided not to go with the safe haven pick. Later on today the US Department of Treasury will release its TIC Long-Term Purchases report, which should impact the pair’s dynamics.
Resistance: 105.86, 106.60, 107.27
Support: 104.97, 104.00, 103.30
The pair trended downwards on Friday thanks to positive statistics regarding the US economy. Retail Sales, Industrial Production and the CPI beat all expectations.
This week the pair started with a sharp decline due to New Zealand’s CPI. Although the index grew, it failed to match expectations set by leading analysts. Further dynamics will depend on the risk appetite of investors.
Resistance: 0.7136, 0.7173, 0.7213
Support: 0.7065, 0.7017, 0.6980
Bank of America (BAC)
Today the Bank of America will publish its quarterly report, with experts predicting an EPS of $0.33 along with revenue totaling $21.02 billion. These values are slightly lower than for the same period 2015. If figures exceed the forecast, shares may rise to the tune of $14.20-50.
Resistance: 13.78, 14.02, 14.20
Support: 13.54, 13.35, 13.16
Brent Oil Futures
Oil rose last Friday thanks to positive statistics from China. Restoring China’s economy may lead to an increase in demand for oil. Additionally, oil supply disruptions are increasing in Africa due to terrorist attacks. Nevertheless, the global oil surplus is ultimately holding back further price increases.
Resistance: 48.05, 48.56, 49.15
Support: 47.28, 46.72, 46.08