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Daily Market Review — 18/02/2016

Daily Market Review — 18/02/2016

Forex

AUD/JPY

AUDJPY

During yesterday’s trading day, the pair showed growth against the background of recovery in commodity markets. This was due to a sharp rise in prices of oil after Iran supported OPEC’s initiative to freeze the crude production. Nevertheless, Iran’s oil minister didn’t express consent that country will support the decision. Against this backdrop, investors stopped buying the Japanese currency as a safe asset. Today statistics on the labor market in Australia influenced the market. Thus, the unemployment rate in January rose to a level of 6% versus the average forecast of experts at the level of 5.8%. Meanwhile, there was important report on China consumer price index, and Chine is the largest trading partner of Australia. According to the data, the consumer price index in January rose by 1.8% in annual terms. Further dynamics of pair will depend entirely on the situation on the commodity markets.

Resistance: 81.83, 83.44, 85.02
Support: 79.97, 79.07, 77.60

EUR/USD

EURUSD

At yesterday’s session euro fell somewhat against the US dollar, aided by positive US statistics. In addition, demand for the euro as a funding currency subsided somewhat against the background of the recovery of oil prices. US industrial production and producer prices rose in January. Meanwhile, the construction sector in the euro area showed a slight decline. The current dynamics of pair will depend on the publication of the ECB’s report on the monetary policy meeting at 12:30 (GMT). Also, some influence may provide data on the US labor market at 13:30 (GMT). At the same time the U.S. Philadelphia Fed manufacturing index will be released.

Resistance: 1.1178, 1.1247, 1.1337
Support: 1.1104, 1.1043, 1.0969

 

Stock Market

S&P500 Futures

SP500

Major US stock indexes rose significantly yesterday due to energy companies’ shares showed growth after a sharp jump in oil prices. In addition, industrial production in the United States in January rose after a sharp decline in December 2016. Meanwhile, the publication of FOMC Meeting Minutes had some influence. Although the market’s reaction wasn’t furious, the American regulator once again drew attention to the increased risks to the national economy and the prospects for a rate hike. Today, the dynamics of trade may depend on the publication of US labor market data and the Philadelphia Fed manufacturing index o 13:30 (GMT).

Resistance: 1932.13, 1946.26, 1964.02
Support: 1909.38, 1890.21, 1865.01

 

Commodities

Light Sweet Crude Oil Futures

CrudeOil

Yesterday quotes of “black gold” back above the level of $30 per barrel. Such dynamics was caused by reports that Iran’s oil minister of OPEC is ready to support any initiative on the world market to stabilize prices. For example the proposal to freeze production at the January’s level. However, still it is not clear whether Iran will agree to such a proposal. Against this background, it was closed speculative short positions, which allowed oil quotation bounce up. Some support to the oil market also provided API Weekly crude oil stock, according to which oil reserves have fallen by one million barrels. Meanwhile, today The Energy Information Administration will publish crude oil inventories at 16:00 (GMT).

Resistance: 31.65, 32.38, 33.54
Support: 30.45, 29.35, 27.70