Daily Market Review for May 5th, 2014

Today’s main Financial Events (All times GMT):

Here is a look at today’s top traded currencies and commodities. Please keep a close eye on the market today, as important financial data is scheduled to be released mainly in United States and Australia. Prices are expected to fluctuate during trading hours. Please find below our recommendations for today:

Key Levels: High at 0.9291/Low at 0.9252

Key Support Levels at: 0.9239/0.9216/0.9193

Key Resistance Levels at: 0.9320/0.9343/0.9367


AUD/USD tries to reverse its pattern following disappointing Australian data


Traders will be looking forward to important financial data release figure scheduled for the AUD/USD during Monday’s trading session. Traders are also advised to focus on technical analysis throughout today’s session. The pair was able to lose its positive momentum during today’s very early Asian trading session. The pair had dropped from a high level of 0.9287 down to a level of 0.9255. titantrade trading analysts show that the pair has been consolidating after dropping all the way to the above mentioned price level. The pair is scheduled to start developing an upward trend momentum shift during today’s earlier trading session. The reason the pair dropped so low was due to unexpected decline in Australian building permits combined with lower than forecasted Chinese PMI data.
As things stand right now, the AUD/USD seems to be heading upwards towards its first resistance level currently targeted at a level of 0.9320.

The pair will be able to make a positive shift when the level of 1.2200 will be breached, what will cause the pair to start a steady uptrend. From a technical perspective, it seems that until the end of the day expiry, the pair will be able to climb back up. The factors effecting this will most probably be increased risk off sentiments (geopolitical factors) coupled with weak US Manufacturing ISM data. Our top analysts from titantrade estimate that a more than likely uptrend is expected.



Key Levels: High at 102.27/Low at 101.86

Key Support Levels at: 101.71/101.45/101.20

Key Resistance Levels at: 102.61/102.86/103.12


USD/JPY scheduled to start recovering on the brink of geopolitical risk factors


The USD/JPY is more than likely scheduled to start experiencing a positive trend shift during today’s earlier Asian trading session. USD/JPY traders are expected to keep a close eye on important financial data release figures scheduled for today’s session coming from United States. The pair started today’s early Asian trading session at a level of above 102.20. Since then, the pair had declined down to a level of 101.87 and struggled to climb further up. Although the pair had gained mainly negative momentum since today’s daily high, it looks as if it will be able to start climbing back up. During European market hours, the JPY buying pressure may increase due to new geopolitical factors, what might help the pair to strengthen a bit.


Our signals suggest that until the end of the day, the pair is estimated to recover and reverse its negative downward momentum. Our titantrade trading experts believe that current market conditions are more than likely favorable of an up trend until the end of the day.



Key Levels: High at 99.8800/Low at 99.7300

Key Support Levels at: 99.7967/99.7533/99.6967

Key Resistance Levels at: 99.8967/99.9533/99.9967


Oil prices look to cross the $100.00 level; uptrend is expected to continue


Oil prices are scheduled to climb today from around the $99.80 level and cross the $100.00 price level. The positive uptrend momentum will be directly effected from the concerning situation between Russia and Ukraine. Oil is currently being traded at a level of $99.83. The precious commodity has been on a steady positive momentum since Friday following last week’s surprising NFP results. Oil had already reached a high level of 100.12, but weakened a bit since then. titantrade trading analysts indicate that Oil, depends on market movements, can continue to climb all the way until its third resistance level currently targeted at 99.9967 price level by the end of today’s trading session.


Oil is scheduled to be effected from catalysts during today’s session. The War in Ukraine might have some sort of a positive effect on the precious commodity. The only hurdle in the progression of Oil is disappointing Chinese manufacturing data, which reduces implied demand. From a technical perspective, our analysts estimate that current market conditions favor a possible uptrend in Oil until the end of the day.