Daily Market Review — 27/07/2015
US Dollar Is Under Pressure
With the opening of the new trading week, the US dollar weakened against the European single currency. Market participants continued to take profits after a five-day rally of the US currency. It should be added that the dollar is pressured by weak new home sales data released on Friday. Today, we pay attention to the data from the IFO in Germany, which will be published at 08:00 (GMT).
Resistance: 1.1017, 1.1035, 1.1084
Support: 1.0968, 1.0922, 1.0867
The pair has been under pressure for the fifth session in a row. The closure of the long positions after it has risen is primary cause for that. It is also worth noting that market participants will not open large positions before the meeting of the FOMC, which begins tomorrow. The results of the decision will be announced on Wednesday, July 29 at 18:00 (GMT). Today, the focus will be on data on durable goods orders in the US, release scheduled at for 12:30 (GMT).
Resistance: 124.10, 124.48, 125.35
Support: 123.41, 122.91, 122.39
The latest quarterly report stated that the profit for the second quarter of the fiscal year amounted to $0.69 per share versus an average forecast of $0.63. For the same quarter last year the company made a profit of $0.62 per share. Revenue for the period amounted to $33.01 billion. As a reminder, AT&T is the largest US telecommunications company.
Resistance: 35.07, 35.24, 35.83
Support: 34.28, 33.85, 33.36
With the opening of the new trading week gold price did not show any clear and direct movements. Last week the price twice updated five-year low at $1077.00 per ounce. Precious metal reacts to any change in the US dollar and, therefore, market participants will wait for the US Federal Reserve decision on the basic interest rate.
Resistance: 1101.47, 1109.80, 1118.74
Support: 1094.20, 1087.08, 1077.23