Daily Market Review — 20/09/2016
Market participants are getting ready for interest rate decisions by major banks
The pair soared yesterday amid expectations of the FOMC’s interest rate decision, as well as of the positive dynamics of commodity markets. The Conference Board Leading Index for Australia also added some optimism, as it came up higher than the average forecast of analysts. Meanwhile, RBA’s Meeting Minutes released this morning showed that the local economy is fulfilling expectations. Nevertheless, further dynamics of the pair may be affected by the publication of Housing Starts and Building Permits data, scheduled for 12:30 (GMT).
Resistance: 0.75655, 0.76043, 0.76347
Support: 0.75278, 0.74925, 0.74606
The pair experienced mixed trends yesterday. Since there were no important economic events that would have affected the pair, it copied the dynamics of oil prices. The “black gold” tried to recover losses amid reports that Iran is ready to freeze its output volumes. Meanwhile, investors will be cautious before the FOMC’s Interest Rate Decision, scheduled for tomorrow at 18:00 (GMT).
Resistance: 1.32425, 1.32999, 1.33592
Support: 1.31470, 1.30797, 1.30273
FedEx Corporation (FDX)
FedEx’s quarterly report will be released later today. Analysts expect an EPS of $ 2.78, with $12.30 billion in total revenue. It is worth noting that the actual results have been outperforming all of the forecasts in the last four reporting seasons. If this forecast proves to be true, FedEx’s share price may rise up to $164.00.
Resistance: 160.80, 162.30, 164.50
Support: 158.00, 156.80, 154.40
Investors are adjusting their positions ahead of an important event tomorrow: The FOMC’s Interest Rate Decision. According to the average forecasts, the Fed will keep the rates unchanged. There is 12% chance that there will be a rate hike.
Resistance: 1318.26, 1325.29, 1331.75
Support: 1309.06, 1302.27, 1298.94