Daily Market Review - 04/21/2014

US Stock Market (Dow Jones)

US indices finished Thursday’s trading mixed with the NASDAQ adding 0.04% to its value, the Dow Jones falling by 0.10%, and the S&P rising by 0.14%. Technically, the Dow Jones has failed to breach the resistance level of 16,380; should the index maintain this level could take it back to 16,250. This week sees the release of quarterly earnings reports by some of the major companies, which could have a big impact on Wall Street and even start a bearish trend.

Apple

Apple is one of the companies that is expected to publish its quarterly earnings report this week. Should it turn out worse than expected, Apple’s share price may cross below the 510 support level and wind up at 490 – its second support level. However, a better than expected report could have the opposite effect, and send the share price above the current resistance level of 550 and even to 570.

Gold

Gold fell by ten dollars last Thursday as US indices rose. Technically, according to the daily chart, gold fell below the $1,300 level after it failed to breach the $1,304 resistance level. As long as gold remains below $1,300, it is expected to fall to around $1,280. However, breaching resistance may lead gold to test $1,308 as the next resistance.

Oil

Oil rose last week and closed around $104.55 a barrel. This week oil opened lower and is now trading around $104.30. According to 30-minute chart, the commodity is trading between the resistance of $104.70 and the support of $103.50. Breaching above the resistance may lead oil towards $105.00, while crossing below the support may take it back to $101.50.

Euro (EUR)

The euro traded unchanged versus its major counterparts with the banks closed for Good Friday. Technically, according to the daily chart, the pair is trading in a positive momentum towards 1.3900. The Moving Average 20 supports the bullish trend. Failing to breach the resistance level may lead the pair back to the support level of 1.3750. No economic data is expected today.

Pound (GBP)

The Pound rose against the US Dollar over better than expected economic data last week. The GBP/USD is trading in a bullish momentum. Maintaining the support level at 1.6775 should help it to hold on to the positive trend. However, crossing below the support may lead the pair back towards 1.6700. No economic data is expected today.

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