DAILY MARKET REVIEW — 22/12/2016

DAILY MARKET REVIEW — 22/12/2016

 

Traders are waiting for US’ economic statistics

 

Forex

CAD/JPY

CADJPY

Yesterday, the pair recorded a slight decrease, as oil prices fell. Meanwhile, Japan’s all industries activity index came out better than expected and impacted the pair. At the same time, the last month of the year is traditionally a negative month for the Canadian dollar.

Today traders will pay attention to Canada’s consumer price index scheduled for 13:30 (GMT).

Resistance: 87.960, 88.471, 88.906
Support: 87.000, 86.488, 86.026

NZD/USD

NZDUSD

New Zealand’s currency continues its fall due to the last dairy auction happening this week. The dairy products’ exports are very important for the country’s budget.

Meanwhile, New Zealand’s GDP for Q3 2016 also impacted the pair. The quarter-over-quarter index increased by 1.1%, against an average forecast of 0.9%. Year-over-year results improved by 3.5%, against analysts’ expectations of 3.7%.

Today, the pair’s dynamics will depend on US’ economic statistics.

Resistance: 0.69303, 0.69673, 0.70083
Support: 0.68812, 0.38512, 0.68354

 

Stock Markets

DAX Futures

DAX

The major stock indexes in Europe closed yesterday’s trading mostly in the red zone. The concerns about the Italian banking system put some pressure on the pair, the same as what oil prices’ drop did. Meanwhile, Eurozone’s consumer confidence also impacted markets.

Today, the trading dynamics will depend on general mood of investors and on global stock markets’ dynamics.

Resistance: 11510.30, 11615.90, 11702.90
Support: 11428.10, 11339.90, 11284.10

 

Commodities

Brent Oil Futures

BrentOil

Oil showed some decline yesterday due to data on oil stocks. The inventories grew by 2.26 million barrels, which was significantly higher than the average forecast. Meanwhile, since the beginning of this month, oil has rose by almost 9%, which was due to its significant purchases from investors amid expectations of reducing global oversupply.

Today, oil dynamics will depend on the US currency.

Resistance: 56.18, 56.84, 57.55
Support: 54.70, 54.03, 53.00

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