Daily Market Review - 09/19/2014

U.S. Stock Market

U.S. indices traded in the green yesterday. The Dow Jones rose by 0.64%, the S&P 500 by 0.49%, and the NASDAQ added 0.68% to its value. Technically, according to the 4-hour chart, as long as the S&P 500 is holding below the resistance of $2,009, it is expected to fall to $2000, while breaching this may take the index up to $2,015.

Gold

Gold rose by 0.48%, closing at $1,225 an ounce. Technically, according to the weekly chart, gold is holding above the support of $1,200. This may lead the precious metal to around $1,300, while crossing below may take it towards $1,150.

Crude Oil

Crude Oil fell by 0.90%, closing at $93.08 a barrel. Technically, according to the weekly chart, oil is trading in a symmetrical triangle. Breaking the lower side of the triangle may take oil towards $90, while failing to do so may start a retracement to around $100.

Euro (EUR)

The euro rose versus the U.S Dollar after reaching its lowest level on Wednesday. Technically, according to the 8-hour chart, the pair is trading above the support line of 1.2855 in a negative momentum. Maintaining this level may lead the pair towards 1.3000. Breaking below the line may cause the EUR/USD to test the next support at 1.2800. today, the German PPI is expected unchanged at -0.1%

Pound (GBP)

The Pound strengthened versus the U.S. Dollar as traders bet that Scotland will vote No to independence. Technically, according to the 1-hour chart, the pair is struggling to breach the resistance of 1.6500 with the RSI indicator above 50. If it is successful, this could take the pair to 1.6600, while holding below 1.6500 may see a return to the bearish trend.

Japanese Yen (JBP)

The Yen fell to a 6-year low against the dollar. Technically, the USD/JPY is in a strongly bullish trend supported by the MACD indicator. As long as the pair is trading above the 10 Moving Average indicator it is expected to remain bullish. Breaking below the indicator could take the pair back to 105.00.

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