Daily Market Review – 04/06/2015
In anticipation of Friday’s labor market report
During the Asian session the EUR / USD pairing held in a narrow band reception. Breakthrough level at the 12th figure has enabled Euro growth and at the moment the main resistance is located at the 1.1300 area. We will most likely see further movement in a narrow corridor until the Non-farm Payrolls release tomorrow 12-30GMT.
Resistance: 1,1300–1,1320; 1,1450–1,1470; 1,1500.
Support: 1,1240; 1,1000; 1,0915—1,0900; 1,0885; 1,0815—1,0800.
At the opening of trading the Russian ruble continued its sharp fall against the US dollar. The significant weakening of the ruble is primarily due to geopolitical factors: the military operations in the Donbass region of Ukraine and the EU’s extension of sanctions against Russia for another six months. The strategic goal remains the same at 60.00.
Resistance: 54,20; 55,00; 60,00.
Support: 52,00; 50,00.
S&P500 (Futures SP500 E-mini)
In Asia, the S&P 500 dropped $5 as result of short-term profit-taking players. The trade balance report came out better than expected, but did not help specify a clear direction for trading and the S&P will likely trade mixed in the range 2107-2120 (violet channel on the chart).
Resistance: 2120-2122, 2133 – 2133,5.
Support: 2107; 2100; 2094; 2090; 2080.
Yesterday’s downward movement in gold was due to the positive course of affairs in the Greek issue, which appears likely to be settled in time. The European session also continued the drop in prices for the precious metal. Passage of support in 1180-1179 gives potential for further declines, but a correction to the violet resistance line appears more likely.
Resistance: 1186,00; 1187,00; 1193,39; 1196,00; 1200,00.
Support: 1179,40; 1178,70; 1170,00.