Daily Market Review - 08/27/2014

U.S. Stock Market (S&P 500)

S&P

Wall Street finished the trading day in the green as the S&P 500 continues to trade above 2,000, an all-time high. This suggests a further uptrend can be expected in the next few days. The S&P 500 gained by 0.11%, the NASDAQ by 0.49%, and the Dow Jones added 0.17% to its value. Technically, according to the 1-hour chart, the momentum is set to remain bullish as long as the S&P 500 maintains the support level of 1,992.

Amazon (AMZN)

amazon

Amazon shares rose by 2.34% to close at $341.83 after the company made one of its biggest ever acquisitions – buying video game services from Twitch Interactive Inc. Technically, according to the 4-weekly chart, the share has breached the resistance level of $338. The trend is strongly bullish and nearing the $360 resistance level. If it breaches this level, it could continue towards $378.

Gold

gold

Gold gained by 0.49%, closing at $1,285 an ounce. Technically, according to the 1-hour chart, gold has completed its expected “W” pattern. Remaining below the resistance of $1,290 could lead gold back to the support level of $1,272. It is also staying below the Moving Average 20, which supports the bearish momentum.

Crude Oil

oil

Crude Oil rose by 0.55% to close at $93.55 a barrel. Technically, on the 1-hour chart, oil is trading in an ascending triangle with the resistance level at $94.40. We expect oil to retest this level today, and breaching it could take oil to $96.00. Today, the Crude Oil Inventories are expected at 1.10M vs. -4.50M previously.

Euro (EUR)

eurusd

The euro fell slightly against the dollar. Technically, the EUR/USD has fallen by more than 200 pips in the last two weeks and the momentum remains strongly bearish. The pair is expected to test the support level of 1.3070. It will likely remain around this level until the European Central Bank conference next week.

Pound (GBP)

gbpusd

The Pound declined versus the dollar. Technically, on the 1-hour chart, the support level is at 1.6530. Should the GBP/USD breach the resistance level of 1.6550, it might jump to 1.6595. However, crossing below the support level might lead to a further fall to around 1.6470.

The post Daily Market Review – 8/27/2014 appeared first on Citrades.

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