Daily Market Review — 16/07/2015

Daily Market Review — 16/07/2015

Greek Parliament Passes Austerity Measures. It’s the EU’s Turn Now

Forex

EUR/USD

1607eurusd

The Greek parliament passed bills as required by the international lenders. At the moment, negotiations between representatives of the Greek government and the IMF about debt restructuring are in place. Even though the Greek issue is resolved, the EUR/USD continues to fall. This is primarily due to yesterday’s statement by Fed Chair Janet Yellen that the beginning of the cycle of rate hikes will happen this year. This triggered the strengthening of the US dollar against all assets.

Key support level is located in the area at 1.0910-1.0900; its passage will open the way to the eighth figure.

Resistance: 1.1035; 1.1215; 1.1275–1.1280; 1.1410; 1.1435–1.1450; 1,1500.

Support: 1.0910–1.0900; 1.0885; 1.0815–1.0800.

USD/RUB

1607usdrub

Yesterday, there was a moderate increase of the US dollar against the Russian ruble amid Janet Yellen’s speech. Today the moderate upward movement is likely to continue, with the target at 57.00.

Resistance: 57.00; 57.50; 60.00.

Support: 56.00; 55.00; 53.50; 52.75–52.50; 52.00; 50.00.

Stock Market

S&P500 (Futures SP500 E-mini)

1607SP500

After yesterday’s speech by Janet Yellen US broad market index dipped slightly, but quickly regained growth. It was caused, first of all, by excellent corporate reports for the second quarter, and the situation with Greek debt. Today, the focus of the market will be on the next speech of the US Federal Reserve Janet Yellen at 14:00 (GMT).

Resistance: 2112; 2122; 2133–2133.5.

Support: 2095; 2090; 2073; 2053–2052; 2034–2033; 2000.

Commodities

Gold

1607Gold

Gold continues to decline in the absence of demand. The general strengthening of the US dollar and the resolution of the Greek problem will only accelerate gold’s further decline. Today the market will probably test a support line at 1143; the passage below will open the way down to 1131.

Resistance: 1155–1156; 1175; 1188.00; 1200.00; 1205.70; 1232.00; 1240.00.

Support: 1.4320–1.4260; 1131.50.