DAILY MARKET REVIEW — 17/01/2017
The World Economic Forum 2017 in Davos is the main market mover
The pair trended negatively yesterday thanks to a correction after last week’s growth. Meanwhile, the pair grew significantly this morning, as the 2017 World Economic Forum in Davos started.
Australia’s new motor vehicle sales grew, providing key support for the Australian dollar. Further dynamics of the pair will depend on statements from FOMC Members.
Resistance: 0.75542, 0.75809, 0.76097
Support: 0.75025, 0.74620, 0.74268
The pair showed some growth yesterday, as Canadian dollar fell. But oil prices demonstrates an upward trend this morning and provided support for the Canadian currency.
Meanwhile, tomorrow data on US inflation and industrial production for December 2016 will be published. Also, Bank of Canada’s decision on interest rate is scheduled for tomorrow.
Resistance: 1.31104, 1.31880, 1.32665
Support: 1.30280, 1.29590, 1.28555
The major stock indexes in Europe closed yesterday’s trading in the red zone, as traders were waiting for British Prime Minister Theresa May statement about Brexit. In addition, the new US president’s inauguration scheduled for January 20 is highly anticipated.
Today, trade’s dynamics will depend on British inflation data.
Resistance: 7268.20, 7292.20, 7315.10
Support: 7206.10, 7175.60, 7145.00
Gold showed grew somewhat during yesterday’s trading. The increased demand for gold started after Donald Trump’s statements about China and NATO. Analysts warn about the possibility of a new trade war between China and the United States.
Today, investors will pay attention to the economic forum in Davos.
Resistance: 1220.00, 1230.44, 1240.00
Support: 1205.00, 1197.69, 1190.00