Daily Market Review — 09/02/2016
The pair started yesterday’s trading day with growth. This was due to data on Australia ANZ Job Advertisements, which were slightly better than the average forecast. However, during the day the pair started to fall. This was due to concerns about the global economic slowdown. In addition, in the commodities markets yesterday also observed a negative dynamics. Today it was presented the National Australia Bank Business Confidence, which was worse than analysts’ average forecast, and lower than in the previous period. Today, the pair’s dynamics may be affected by the publication of data on U.S. JOLTs Job Openings, which will be presented at 15:00 (GMT). Meanwhile, market participants are waiting for the US Federal Reserve Chairman Janet Yellen’s statements, her speeches are scheduled for Wednesday and Thursday of this week.
Resistance: 0.7064, 0.7126, 0.7186
Support: 0.7000, 0.6954, 0.6916
During yesterday’s trading day, the pair was in a downtrend. This trend was due to increased demand for the Japanese currency as a safe asset. The new week began with the fall in world stock markets and oil prices. Because of concerns over a slowdown in the global economy, investors have traditionally resorted to the use of defense assets. So, yesterday, there was an increased demand for Japanese government bonds, which are denominated in yen, thereby causing an increased demand for the Japanese currency. Today morning, the pair has continued its decline against the backdrop of the continuing fall in the stock markets. Further dynamics of pair will depend on the situation in the stock markets, and on data on Germany Industrial Production (07:00 (GMT)).
Resistance: 129.54, 130.16, 130.88
Support: 128.27, 127.57, 127.05
The main stock indexes in Europe fell to the lowest level in the last year, during yesterday’s trading. This trend was due to concerns about the sustainability of the world’s global economic growth. The pressure on the European stock markets also provided the falling of oil price. Also, Eurozone Sentix Investor Confidence, which was slightly worse than the average forecast, influenced the markets. Today, the dynamics of trade can be affected by the publication of data on industrial production in Germany in the 07:00 (GMT). It should be noted that the investors will pay attention to the US Federal Reserve Chairman Janet Yellen’s statements, her speeches are scheduled for Wednesday and Thursday of this week.
Resistance: 9255.95, 9421.68, 9577.84
Support: 8819.86, 8695.26, 8554.04
Quotes of the precious metal rose more than 2% yesterday because investors used gold as a safe asset. This trend was caused by the fall in global stock markets amid concerns about global economic growth. Since the beginning of this year, gold rose by more than 12%, which was due to the demand for it as a more reliable asset than others. Meanwhile, the recent weak data from China and the US economy led investors to revise their estimates of the terms of rate hikes by the US Federal Reserve. In the medium terms, a slower pace of tightening of monetary policy by the US Federal Reserve will support gold prices.
Resistance: 1200.74, 1214.73, 1231.91
Support: 1182.34, 1160.30, 1145.37