DAILY MARKET REVIEW — 20/02/2017

DAILY MARKET REVIEW — 20/02/2017

 

Trading volumes will be considerably lower than usual

 

AUD/USD

The pair dropped significantly last Friday due to the USD’s general strengthening. Meanwhile, U.S’ ECRI weekly index came out better than expected.

US’ celebrates Presidents’ Day so trading volumes are low. Meanwhile, the market participants will prepare for tomorrow’s publication of Reserve Bank of Australia’s meeting minutes.

Resistance: 0.76950, 0.77279, 0.77600
Support: 0.76341, 0.76104, 0.75841

GBP/USD

On Friday, the GBP fell against the USD due to negative data on UK’s retail sales for January 2017. Data were much lower than the analysts’ expectations.

Today, there won’t be any important economic statistics so the session will depend on traders’ behavior.

Resistance: 1.25070, 1.25477, 1.25795
Support: 1.24108, 1.23839, 1.23498

 

Stocks

S&P500 Futures

The US stock indices declined slightly during first half of Friday’s trading. This was due to a partial profit-taking after a significant rally. Let us remind that after Trump’s election, the US stock market started to go up. Positive quarterly reports also provided support.

Today, trade’s dynamics will mainly affect the technical signals as the US markets are closed due to a public holiday.

Resistance: 2356.00, 2361.90, 2368.80
Support: 2346.20, 2339.10, 2331.00

 

Commodities

Brent Oil Futures

Quotations of “black gold” showed almost zero changes last Friday.

Today, oil prices are likely to be under pressure against the US increases oil production. The number of active rigs in the US grew by 4 units last week, according to Baker Hughes data.

Resistance: 56.40, 56.80, 57.25
Support: 55.85, 55.40, 54.95

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