Daily Market Review: Disappointing Economic Data In US

US Stock Market
Wall Street closed the trading day in the red after the release of worse than expected macro economic data in U.S and on the ongoing disappointing corporate earnings reports. The S&P 500 fell by 0.67%, the NASDAQ by 1.20%, and the Dow Jones by 0.56%. Apple shares continued to fall after yesterday by additional 2.67%, trading below $400 per share. Technically, according to the daily chart, the NASDAQ has support at 2,700; should this support level be crossed, the index might move down towards the next support level at 2,640 to fill the gap. The Dow Jones, according to the 8-hours chart has consolidated a resistance level at 14,480; should this resistance level sustain, the index might move down towards the next support level, at 14,330.

US Dollar (USD)
The US Dollar traded mixed against the major currencies after the Philadelphia Fed Manufacturing Index came out 1.3 worse than expected 2.7 and the Unemployment Claims remained almost unchanged at 352k vs. 349k expected. The dollar might weaken in the near term in response to possible U.S. monetary stimulus due to release of the disappointing macro data. Today, the G20 and IMF Meetings are expected to continue and high volatility might be seen in the markets.

Gold
Gold posted third day of recovery after crashing by 9% four days ago, closing at $1,390 an ounce as demand rose among the consumers and investors. Technically, Gold’s trend might reverse to bullish if it breaches above the psychological resistance level of 1,400$. However, should the Gold break the support level of 1,350$ it can fall back to the weekly support level of 1,320$.
Last: 1,396

Resistance 140214221450
Support 135013251270


Crude Oil
Crude Oil recovered from the four month low due to oversold conditions in the commodity and gained by 2.4%, closing at $88.40 a barrel. Technically, Crude Oil has risen above the key support level of $87.70 and it could climb towards $90.00 levels. “W” Patten over the 8-hours chart also supports the positive momentum in the black gold.
Last: 88.05

Resistance 89.0090.5091.40
Support 86.8086.0085.20


Euro (EUR)
The Euro has slightly gained versus the US Dollar in response to the U.S. report which showed on contraction in manufacturing growth. The Spanish 10-y Bond Auction was set at 4.61% vs. 4.48% previously, showing that Spain sold more debt than expected. Technically, the EUR/USD will remain bullish as long as it’s trading above the psychological support area of 1.3000. Should the pair break the 1.2970 support level, a negative momentum will start and it might push the EUR/USD back to 1.2870 levels. Today, the Current Account is expected at 14.9B vs. 14.8B previously. The German Buba President Weidmann is expected to speak.
Last: 1.3063

Resistance 1.31401.31901.3220
Support 1.30101.29701.2920


British Pound (GBP)
The Pound gained versus the US Dollar after the Retail Sales data came out unchanged at -0.7% as expected however the negative news from U.S. zones has weakened the greenback and investors turned to the Sterling on speculations regarding additional stimulus from the FED. Technically, key support is set at 1.5220 levels and the GBP/USD was unable to break this level, what confirms the continuation of the positive trend and the pair will probably retrace towards 1.5330 areas once again. No economic data is expected to be released in U.K today.
Last: 1.5286

Resistance1.53801.54101.5470
Support 1.52701.52201.5170


Canadian Dollar (CAD)
The US Dollar gained against the Canadian Dollar and was trading on one month high, hitting the 1.0292 levels but during the U.S. session the pair lost gains and closed the day almost unchanged. Technically, according to the daily and weekly charts, the key resistance level is located at 1.0320; should the currency pair cross this level, it will hit new highs. However, According to the RSI Indicator the USD/CAD is overbought, and a retracement towards 1.0180 is expected. Today, the Core CPI is expected to be released at 0.2% vs. 0.8% previously and the Wholesale Sales are expected at 0.4% vs. 0.3% previously.
Last: 1.0245

Resistance 1.02801.03201.0370
Support 1.0200.01501.0090