Daily Market Review for Wednesday, April 16th 2014
Here is a look at today’s top traded currencies and commodities. Please keep a close eye on the market today, as important financial data is scheduled to be released mainly in Japan, United Kingdom, United States and Canada.Prices are expected to fluctuate during trading hours. Please find below our recommendations for today:
Key Support Levels at: 101.71/101.45/101.20
Key Resistance Levels at: 102.22/102.48/102.73
USD/JPY is targeting new high territories; Continues to move upwards despite growing Ukraine tensions
USD/JPY traders will be looking forward to the release of very important financial data coming out during Wednesday’s trading session, mainly from Japan and United States.
Our top financial analysts also advise traders to focus on technical analysis throughout today’s session. The pair will more than likely be able to continue with the strong recovery signs it began showing during yesterday’s late trading session. The USD/JPY had dropped all the way to a level of 101.529 but was able to reverse its trading pattern and started recovering until it passed the 102.25 psychological resistance level. It has been showing continuous upward momentum signs.
According to the titantrade trading academy, the USD/JPY is scheduled to continue and show an upside trend as long as the market price stays above 102.22. From a technical perspective, it seems as if the pair will be able to breach the level of 102.48 until the end of the day. Japanese officials comments also triggered the Nikkei index, rising by 2.26% from yesterday’s close. Our titantrade trading analysts estimate that a more than likely uptrend is expected until the end of the day.
Key Support Levels at: 0.8598/0.8577/0.8555
Key Resistance Levels at: 0.8670/0.8692/0.8713
NZD/USD is falling down, showing strong downward trend pattern
The NZD/USD looks as if it will be faced with a downward trend during Wednesday’s trading session after climbing yesterday all the way to a level of 0.8664. The pair has been showing signs of a steady upward momentum trend starting from Monday’s earlier session. However, according to the titantrade trading chart, the pair is currently being traded at a level of around 0.8591.NZD/USD traders will be keeping a close eye on financial data release figures coming out during today’s trading session mainly from the United States.
The forecasted downward shift momentum for the pair comes as a result of the increased buying pressure on the USD/JPY that should be able to trigger the return to the low 0.8200-0.8300 support levels. The pair’s technical indicators are showing a strong possibility of breaching the first support level currently targeted at 0.8598. titantrade trading analysts estimate that current market conditions more than likely favor a downtrend until the end of the day.
Key Support Levels at: 103.750/103.690/103.630
Key Resistance Levels at: 103.870/103.930/103.990
Oil keeps itself above the $103.75 level following yesterday’s strong recovery
Oil is again trading in the territory of the so called “Green zone”. Oil is currently trading at around the 103.920 price level. The commodity has been showing strong recovery signs during yesterday’s mid trading session when it climbed all the way from 103.12 and ended up reaching a high level of 104.06. Oil is scheduled to continue with its upward momentum shift as today’s session progresses. Oil closed relatively high on Tuesday at a level above $103.75. Oil prices have been mostly consistent since then and later in today’s Asian session Oil is looking to go further up.
titantrade trading experts believe that Oil is on it’s way of breaching it’s third resistance level currently targeted at 103.990. Traders will be looking forward to the release of important financial date release scheduled later for today from the United States.
titantrade trading analysts estimate that current market conditions favor a possible uptrend in Oil until the end of the day.