Daily Market Review - 09/18/2014

U.S. Stock Market (Dow Jones)

Wall Street finished higher yesterday with the NASDAQ rising by 0.21%, the S&P 500 by 0.13%, and the Dow Jones adding 0.15% to its value. Technically, as long as the Dow Jones is holding above the bullish trend line with the RSI above 50, it is expected to rise to around 17,100. However, crossing below this line may lead to a correction to around 17,000.

Microsoft (MSFT)

Microsoft shares fell by 0.51%, closing at $46.37, as analysts believe that changes in the composition of the Board may lead to a debt increase. Technically, according to the daily chart, the share is trading in an ascending channel with a positive momentum. As long as the share price keeps this condition, a rise to around $48.00 can be expected. However, breaching the lower line of the channel may start a retracement towards $42.00.

Gold

Gold fell by 1.23%, closing at $1222 an ounce. Technically, according to the daily chart, gold is trading close to the lower band of the Bollinger Bands indicator with the MACD indicator below 0. Crossing below the lower band may drop the price to around $1200. However, nearing the upper band may start a trend reversal and a rise towards $1300.

Crude Oil

Crude Oil dropped by 0.73%. closing at $93.94 a barrel. Technically, according to the daily chart, oil is holding below the bearish trend line with the RSI indicator just under 50. Maintaining this may lead gold towards $90.00. However, crossing above the line may take it up to around $96.00.

Euro (EUR)

The euro fell versus the U.S Dollar despite a positive CPI report, influenced by the strengthening of the dollar. Technically, according to the daily chart, the pair is holding below the Moving Average 20. Breaching this indicator may lead the EUR/USD back to 1.3000, while remaining below should send the pair towards 1.2800.

Pound (GBP)

The Pound rose slightly versus the U.S. Dollar as the jobless rate fell to 6.2% vs. 6.3% forecast, and after a positive vote over raising the Interest Rate. Technically, according to the daily chart, the GBP/USD is trading in a positive momentum and has crossed above the Moving Average 10 indicator. The pair is struggling to break the resistance of 1.6300. If it succeeds, it may rise it to around 1.6400, while remaining below it take it back to around 1.6100.

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