Forex Pivot Points & Technical Analysis 21.05.2015

Daily technical analysis for major currency pairs, main support and resistance levels and intra-day trading strategies based on same day Pivot Points.

Forex Pivot Points:

Pivot points are very useful tools for FX professional traders that use the previous bars' highs, lows and closings to project potential support and resistance levels for future bars.

EURUSD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 1.1105$ with targets at 1.1150$ next 1.1195$ in extension.

Alternatively, Short positions below the daily pivot point 1.1105$ with targets at 1.1060$ next 1.1015$ in extension.

EURUSD - Daily Chart Support and Resistance levels

Resistance: 1.1270, 1.1390, 1.1470, 1.1500, 1.1535

Support: 1.1065, 1.1055, 1.0850, 1.0715

GBPUSD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 1.5550$ with targets at 1.5660$ next 1.5780$ in extension.

Alternatively, Bearish Scenario: Short positions below the daily pivot point 1.5550$ with targets at 1.5435$ next 1.5325$ in extension.

GBPUSD - Daily Chart Support and Resistance levels

Resistance: 1.56530, 1.5825, 1.5945, 1.5995

Support: 1.5445, 1.5350, 1.5195, 1.5080, 1.5055

USDCHF - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 0.9365 with targets at 0.9400 next 0.9440 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.9365 with targets at 0.9330 next 0.9295 in extension.

USDCHF - Daily Chart Support and Resistance levels

Resistance: 0.9415, 0.9475, 0.9720

Support:  0.9270 ,0.9150, 0.9070, 0.9000, 0.8835

USDJPY - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 121.10 with targets at 121.55 next 121.95 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 121.10 with targets at 120.75 next 120.25 in extension.

USDJPY - Daily Chart Support and Resistance levels

Resistance: 121.00, 121.70, 122.05

Support: 120.60, 120.10, 119.40, 118.85, 118.50, 118.25

USDCAD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 1.2210 with targets at 1.2255 next 1.2305 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1.2210 with targets at 1.2160 next 1.2115 in extension.

USDCAD - Daily Chart Support and Resistance levels

Resistance: 1.2305, 1.2350, 1.2440

Support: 1.2205, 1.2160, 1.1950, 1.1900, 1.1870

AUDUSD - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 0.7890 with targets at 0.7920 next 0.7965 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.7890 with targets at 0.7850 next 0.7815 in extension.

AUDUSD - Daily Chart Support and Resistance levels

Resistance: 0.8030, 0.8165, 0.8215, 0.8255, 0.8295

Support: 0.7860, 0.7800, 0.7680, 0.7650

NZDUSD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 0.7320 with targets at 0.7355 next 0.7410 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.7320 with targets at 0.7265 next 0.7225 in extension.

NZDUSD - Daily Chart Support and Resistance levels

Resistance:  0.7390, 0.7420, 0.7480, 0.7565, 0.7610

Support: 0.7315, 0.7275, 0.7185

Daily Market Review 20.05.2015

STOCKS

In late trading on Tuesday, the shares of Yahoo Inc. (YHOO, -7.62%) declined by almost 8 percent. This came as a result of concerns regarding the company’s intentions for a tax free spinoff of their Alibaba Group Holding Ltd. (BABA, +1.26%) shares as well as the regulatory challenges which the company might now need to face. According to a report by Bloomberg News on Tuesday, an official of the Internal Revenue Service recently said that they are currently considering amendments to their rules regarding spinoffs. This information was revealed at a D.C. Bar Association event by Isaac Zimbalist who is a senior technician reviewer at the IRS’s Office of Associate Chief Counsel. Zimbalist said that while a rule change was under consideration, no further decisions have been made regarding the types of changes that will be made. Meanwhile, Yahoo has not commented regarding these recent comments by the IRS. For now, this matter seems unclear and should Yahoo spinoff their Alibaba shares, there is currently no clarity regarding what regulations will be applied. Yahoo is currently trading at $40.98 a share.

INDICES

On Tuesday, U.S. stocks ended the trading session lower while the Dow industrials managed to close at a new record high. As a result of declining oil prices, pressure was put on energy stocks with the sector selling off sharply. Adding to this, economic data released yesterday showed a sharp increase in housing starts in April. As a result, investors were prompted to question what impact this will have on the Federal Reserve and the timing of interest rate hikes. At the close of trading, the Dow Jones Industrial Average (DJIA) rose 0.1%, or 13.51 points, to 18,312.39. This marked the blue chip index’s second consecutive record close. The best performer of the session on the DJIA was McDonald`s Corporation (NYSE:MCD), which rose 2.71% or 2.66 points to trade at 100.68 at the close. Also, the poorest performer of the session was Wal-Mart Stores Inc. (NYSE:WMT), which fell 4.37% or 3.49 points to trade at 76.43. Meanwhile, the Nasdaq Composite index (COMP) declined 0.2%, or 8.41 points, to 5,070.03 while the S&P 500 index (SPX) also declined 0.1%, or 1.38 points, at 2,127.82. This decline marked a break in the index’s 3-day record-scoring streak.

CURRENCIES

In currency trading on Tuesday, the U.S. dollar (USD) gained. This came in response to data which showed that housing starts and building permits in the U.S. in April beat expectations. According to the Commerce Department in the U.S., there was a 10.1 percent increase in the number of building permits issued in April, from 1.038 million in March, to 1.143 million units in April. Their report also showed that in April, housing starts increased by 20.2 percent to reach 1.135 million units. This was up from March's total of 944,000 units while also beating expectations. In trading, the EUR/USD traded at 1.1141, down 1.53% while the GBP/USD was also down 0.95% and trading at 1.5505. Against the New Zealand dollar and the Japanese yen, the USD traded higher with NZD/USD down 0.52% to 0.7353 and with USD/JPY up 0.52% and trading at 120.61. Also, the U.S. dollar index was at 95.46, up 1.31% which also marked the highest level since the 5th of May.

COMMODITIES

In Asia, in early morning trading on Wednesday, crude oil prices gained. This came in response to a solid decline in U.S. stockpiles which was reported yesterday by the American Petroleum Institute. According to their data, crude oil supplies declined last week by 5.2 million barrels. Meanwhile, the stocks of gasoline also declined by 1.2 million barrels while data on distillates was not available. Today, investors will turn their attention to the more closely watched numbers reported by the EIA (Energy Information Administration). WTI crude oil for delivery in July traded at $58.37 a barrel, up 0.65 percent, on the NYMEX. Meanwhile on Tuesday, Brent crude oil for delivery in July traded at $64.13 a barrel, down 3.23% or $2.14, on the Intercontinental Exchange (ICE).

Daily Market Analysis 19.05.2015

On Monday, stocks were mixed globally as Greece continues to weigh on investor sentiment. Traders are also looking to the upcoming Federal Open Market Committee minutes due on Wednesday.

Commodities

At the London afternoon fixing, gold increased $3.00 to $1223.50, and copper futures decreased 0.7% to $2.90. In oil, Dated Brent spot crude dipped $0.40 to reach $66.41. WTI spot crude inched up $0.03 to reach $59.72.

Currencies

The Dollar Index advanced 1.0% as the USD rose against the EUR, JPY, GBP, CHF, CAD and AUD.

United States Equities

Stocks in the US market gained on Friday. US home builder sentiment was down in May although most builders believe current market conditions are favorable according to the National Association of Home Builders. The Dow Jones industrials added 0.1%, the S&P increased 0.3% while the Nasdaq jumped 0.6%.

Apple rallied after activist investor Carl Icahn increased his price target on the stock by 11%. Endo International slumped after agreeing to buy Par Pharmaceutical Holdings from private equity firm TPG for approximately $8 billion in cash and stock. Eleven Biotherapeutics was down after announcing that its late stage dry eye disease treatment did not meet two primary targets.

European Equities

Over in Europe, equities markets tumbled due to late session sell-off in European bonds. Discouraging US economic data also drove the markets further down.

The London FTSE rose 0.1%, the French CAC added 0.4% and the Spanish Ibex rose 0.2%. The German DAX finished 1.3% higher while the Swiss SMI gained 1.0%. The Italian MIB was down 1.2%.

In terms of individual stocks, Volkswagen, Daimler, BMW, Renault and Peugeot all edged up. Fresenius, Fresenius Medical Care, Bayer and Merck all advanced. Crédit Agricole, Société Générale and BNP Paribas all lost. Lloyds Banking Group declined on a broker downgrade. Babcock International gained after reporting increased profit for the year. Royal Mail was up following a broker upgrade.

Asia Pacific Equities

Equities markets in the Asia Pacific region were mixed due to lackluster US data and a downturn in the Chinese real estate market. In China, the Shanghai Composite slipped 0.6% while the Hong Kong Hang Seng lost 0.8%.

In Japan, the Nikkei added 0.8%. Dai-ichi Life Insurance climbed. Mitsubishi UFJ Financial , Mizuho Financial and Sumitomo Mitsui Financial Group all gained. Honda increased following the launch of its latest Honda Shuttle model. Softback, which holds a 32.59% stake in Chinese e-commerce company Alibaba Group Holding gained. French luxury goods company Kering SA, parent company of Yves Saint Laurent and other luxury brands, filed a lawsuit against Alibaba Group for enabling the sales of counterfeit models of its products.

In Australia, the S&P/ASX lost 1.3% while the All Ordinaries finished 1.2% lower.

Macro Themes and Looking Ahead

The UK will be releasing April consumer and producer price indices. The Eurozone will report final harmonized index of consumer prices for April and March merchandise trade balance. Germany will be posting May ZEW survey.

Daily Market Review 18.05.2015

STOCKS

Every trader wants to find that diamond in the rough – that one stock that is going to perform well and boost one’s trading capital. According to Dan Wantrobski, a technical analyst at Janney Montgomery Scott, he has uncovered a variety of stocks which are currently showing positive chart patterns which could result in a bullish breakout as early as this summer. First on Wantrobski’s list is McDonald’s Corp. (MCD, +0.34%). While this fast food giant has failed to impress over the last year, the stock has slowly been building a bullish base on the long term weekly charts. McDonald’s is a component of the Dow Jones Industrial Average (DJIA) and while the company’s stock has declined 4.5 percent over the last 12 months, the DJIA has advanced 11% over the same period. As a result, 18 analysts surveyed by FactSet have rated McDonald’s stocks as sell or hold. Despite this and according to Wantrobski, McDonald’s stocks are expected to move back above $100 each. This is based on the strength of the large capitalization sector compared to the S&P 500 index (SPX). According to Wantrobski, McDonald’s shares should rise about 7% above their current level to trade at around $104 to $105 a share. So do you think Wantrobski has found that diamond in the rough or is McDonald’s likely to sizzle away?

INDICES

Despite a volatile trading session on Friday, U.S. stocks ended the week higher while the main indices booked weekly gains. As a result of weaker than expected economic data released on Friday, investors are uncertain regarding the timing of interest rate hikes by the Federal Reserve. Before the market opened on Friday, data showed that industrial production declined by 0.3% in April. This marked the 5th straight decline in output. Also, the Empire State manufacturing index moved into positive territory yet missed analyst expectations. At the close of trading, the Dow Jones Industrial Average (DJIA), which had gained 0.5% over the week, closed 0.1%, or 20.32 points, to 18,272.56. Also on the upside was the S&P 500 index (SPX) which rose 0.1%, or 1.63 points, to 2,122.73 which marked a new record high. For the week, the benchmark index gained 0.3 percent. Meanwhile, the Nasdaq Composite index (COMP) ended the trading session on Friday 2.5 points lower. The tech heavy index did however gain 0.9 percent over the week.

CURRENCIES

The U.S. dollar (USD) failed to impress on Friday as a result of poor economic data out of the country which prompted concerns regarding the strength of the economy. According to the Federal Reserve, industrial production in the U.S. declined last month by 0.3%. This missed expectations for an increase of 0.1%. Also, the manufacturing production in the country was flat which also missed expectations for a 0.2% increase. Also on Friday, the University of Michigan reported that their consumer sentiment index declined to 88.6 in May. This was down from 95.9 in April and also marked a 7-month low. The EUR/USD traded at 1.1427, up 0.20% while the GBP/USD traded at 1.5795, up 0.13%. Meanwhile, the greenback traded higher against the Japanese yen and the Canadian dollar with USD/JPY trading at 119.34, up 0.12% while the USD/CAD also advanced 0.19% to trade at 1.2009. The U.S. dollar index held steady at 93.39.

COMMODITIES

In Asia, in early morning trading on Monday, crude oil prices gained. This comes as investors now turn their attention to industry data in order to get a better indication of the supply and demand of the commodity over last week. WTI crude oil for delivery in July traded at $60.63 a barrel, up 0.14%, on the NYMEX. Meanwhile on Friday last week, crude oil prices declined yet ended the week higher as a result of a weaker U.S. dollar (USD). Also on Friday, Brent crude oil for delivery in July traded at $66.97 a barrel, up 0.2%, on the ICE Futures exchange. On the week, the benchmark contract rose 0.98 percent.

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Daily Market Review 15.05.2015

STOCKS

There is no doubting the fact that Apple Inc. (AAPL, +2.29%) is currently the king of Wall Street. While some investors believe that the tech giant has reached its peak, the fact is Apple is a $725 billion company which also has $230 billion in projected sales. According to Openfolio which is a network that enables traders to share their portfolios, 27 percent of investors own Apple shares and it is also the most popular stock among the 30,000 investors on Openfolio. Added to this, Apple shares make up over 21% on average of these investors portfolio assets. According to Insider Monkey, Apple is also the most popular stock among hedge funds as well as among the “smart money”. Also, these investors have enjoyed gains of over 50 percent in the past year. If you are still not convinced, then you can ask the likes of Carl Icahn and David Einhorn who have invested heavily in Apple. Let’s put it into perspective – according to FactSet, the 1st quarter of 2015 had a blended earnings growth rate for the S&P 500 index (SPX) of only 0.1 percent compared with Apple’s earnings of 33 percent for the same period. Also, the tech giant boasts an impressive operating cash flow of approximately $60 billion and also has $194 billion in cash and investments. So if you are not investing in Apple, maybe it is time for you to get in on the trading action. Apple is currently trading at $128.95 a share.

INDICES

Thursday saw U.S. stocks gaining while the S&P 500 index hit a new record high. This came after a week of losses while investors are now uncertain regarding the timing of interest rate hikes by the Federal Reserve as a result of mixed economic reports out of the U.S. this week. At the close of trading, the S&P 500 index (SPX) advanced 1.1%, or 22.62 points, to close at 2,121.10. This marked the highest close for the benchmark index since the 24th of April while the index is also on track for a weekly gain of 0.2 percent. All 10 of the index’s components finished higher with the top performers in tech and consumer staples. Meanwhile, the Nasdaq Composite index (COMP) also gained 1.4%, or 69.10 points, at 5,050.80 and is set to make a weekly gain of almost 1 percent. Following the trend was the Dow Jones Industrial Average (DJIA) which rose 1.1%, or 191.75 points, to 18,252.24. This blue chip index is currently only 0.2% off its all-time closing high of 18,288.63 which it set on the 12th of March while it is also on pace for a gain of 0.3% for the week.

CURRENCIES.

The U.S. dollar (USD) declined to a 4-month low on Thursday. This came in response to data which showed that jobless claims in the U.S. declined last week yet this had little impact on boosting investor optimism regarding the strength of the economy in the country. According to the report by the Department of Labor, 264,000 people filed for initial jobless benefits in the week ending on the 9th of May. This was a decline of 1,000 compared to the previous week's total of 265,000. The numbers beat analysts’ expectations for an increase to 275,000, up 10,000. The EUR/USD traded at 1.1401, up 0.42% while the GBP/USD traded at 1.5777, up 0.20%. Also, the greenback traded mixed against the Swiss franc and the Canadian dollar with USD/CHF down 0.31% and trading at 0.9138 while USD/CAD held steady at 1.1952. The U.S. dollar index was at 93.49, down 0.26%.

COMMODITIES

In Asia, in early morning trading on Friday, crude oil prices declined. This came in response to geopolitical tensions in the Middle East while the global supply profile remains bearish. WTI crude for delivery in June traded at $59.67 a barrel, down 0.34%, on the NYMEX. On Wednesday, the International Energy Agency reported that the oil supply globally stood at 95.7 million barrels per day. This came as a result of a slowdown in shale production in the U.S. which failed to offset the increased output from OPEC. Meanwhile, on Thursday, Brent crude for delivery in June traded at $66.66 a barrel, down 0.91% or 0.61, on the Intercontinental Exchange (ICE).

Forex Pivot Points & Technical Analysis 14.05.2015

Daily technical analysis for major currency pairs, main support and resistance levels and intra-day trading strategies based on same day Pivot Points.

Forex Pivot Points:

Pivot points are very useful tools for FX professional traders that use the previous bars' highs, lows and closings to project potential support and resistance levels for future bars.

EURUSD - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 1.1310$ with targets at 1.1420$ next 1.1490$ in extension.

Alternatively, Short positions below the daily pivot point 1.1310$ with targets at 1.1240$ next 1.1130$ in extension.

EURUSD - Daily Chart Support and Resistance levels

 Resistance: 1.1395, 1.1445, 1.1500, 1.1535

Support: 1.1130, 1.1065, 1.1055, 1.0850, 1.0660, 1.0520, 1.0500

GBPUSD - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 1.5710$ with targets at 1.5795$ next 1.5855$ in extension.

Alternatively, Bearish Scenario: Short positions below the daily pivot point 1.5710$ with targets at 1.5650$ next 1.5565$ in extension.

GBPUSD - Daily Chart Support and Resistance levels

 Resistance: 1.5785, 1.5825, 1.5945, 1.5995

Support: 1.5550, 1.5490, 1.5350, 1.5195, 1.5080, 1.5055

USDCHF - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 0.9205 with targets at 0.9260 next 0.9350 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.9205 with targets at 0.9120 next 0.9065 in extension.

USDCHF - Daily Chart Support and Resistance levels

 Resistance: 0.9360, 0.9415, 0.9475, 0.9720, 0.9755

Support:  0.9100, 0.9070, 0.9000, 0.8835

USDJPY - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 119.35 with targets at 119.80 next 120.40 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 119.35 with targets at 118.75 next 118.35 in extension.

USDJPY - Daily Chart Support and Resistance levels

 Resistance: 119.45, 120.25, 120.50, 120.85, 122.05

Support: 118.50, 118.25, 118.00, 117.05

USDCAD - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 1.1960 with targets at 1.2020 next 1.2085 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1.1960 with targets at 1.1895 next 1.1835 in extension.

USDCAD - Daily Chart Support and Resistance levels

 Resistance: 1.2000, 1.2205, 1.2305, 1.2350, 1.2440

Support: 1.1900, 1.1870, 1.1795

AUDUSD - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 0.8065 with targets at 0.8170 next 0.8235 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.8065 with targets at 0.8005 next 0.7895 in extension.

AUDUSD - Daily Chart Support and Resistance levels

 Resistance: 0.8030, 0.8090, 0.8160, 0.8215, 0.8255, 0.8295

Support: 0.7860, 0.7800, 0.7680, 0.7650, 0.7530

NZDUSD - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 0.7480 with targets at 0.7605 next 0.7680 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.7480 with targets at 0.7405 next 0.7285 in extension.

NZDUSD - Daily Chart Support and Resistance levels

 Resistance:  0.7430, 0.7480, 0.7535, 0.7610, 0.7740

Support: 0.7315, 0.7275, 0.7185

Daily Market Review 13.05.2015

STOCKS

According to The Wall Street Journal, the $49 billion bid made by AT&T Inc. (T.N) for DirecTV (DTV.O) is not likely to be blocked by authorities in the U.S. According to those familiar with the matter, the regulators at both the FCC (Federal Communications Commission) and the Justice Department are currently working on a final decision in order to clear the deal yet certain conditions may be attached in order for the deal to go through. AT&T has not yet met with the necessary officials in order to review these conditions yet negotiations are expected to proceed within the next few days. According to the Journal, one of the conditions which AT&T will need to address is how the company will deal with video streaming. In May last year, AT&T, which is the 2nd largest wireless provider in the U.S., offered to purchase DirecTV which is the largest satellite TV provider in the country. The goal is to create the biggest pay TV company in the U.S. This deal shows that AT&T is looking to find new avenues of growth which goes beyond the competitive and growing cellular business. On Tuesday, the shares of DirecTV traded at $90.83 a share, up 1.6% while the shares of AT&T traded at $33.71, up 0.7 percent.

INDICES

On Tuesday, stocks in the U.S. declined for the 2nd straight session. These losses however were modest as the indices recovered from a bout of selling which was linked to Treasury yield fluctuations. This selling followed a sharp decline in European bonds since as yields rise, the prices of bonds fall. According to some analysts, as a result of expectations of a rise in inflation in the euro zone, bond prices were driven down with yields higher. On Tuesday, the 10 year bund in Germany increased by almost 0.7 percent. This was up from Monday’s level of 0.62%. At the close of trading, the Nasdaq Composite index (COMP) dropped 0.4%, or 17.38 points, to 4,976.19. Also on the downside was the S&P 500 index (SPX) which declined 0.3%, or 6.21 points, at 2,099.12. As a result of an increase in oil prices, energy stocks advanced while 8 out of the 10 main sectors on the index finished lower. Meanwhile, the Dow Jones Industrial Average (DJIA) which dropped as much 141 points during the session, ended the day down 0.2%, or 36.94 points, at 18,068.23.

CURRENCIES

On Tuesday, in forex trading, the U.S. dollar (USD) traded lower. This came in response to a renewed selloff in European stock markets as well as government bonds. On a day where no economic data was released out of the U.S., the euro traded higher with EUR/USD trading at 1.1240, up 0.77 percent. This increase came as a result of a selloff in the global bond market which pushed the greenback down. On Tuesday, the 10 year bund yields increased in Germany and as a result, the cap with their US counterparts was narrowed. The German bund yields act as benchmarks for the financial markets in Europe and higher yields translate into a higher euro against the USD. Meanwhile, the USD/JPY traded at 120.03 while the GBP/USD traded at 1.5647, up 0.38 percent. Also, the AUD/NZD traded at 0.7965, up 0.94% while the USD/CHF traded at 0.9264, down 0.83%. The U.S. dollar index was at 94.48, down 0.66%.

COMMODITIES

In Asia, in early morning trading on Wednesday, crude oil prices gained. This came after data released yesterday showed a sharp decline in U.S. crude supplies last week. In their weekly report, the American Petroleum Institute stated that the crude supplies last week dropped by 2 million barrels. Meanwhile, the gasoline inventories last week also declined by 1.6 million barrels. Today, investors are waiting for the stockpile data for last week which will be released by the Department of Energy. WTI crude for delivery in June traded at $61.46 a barrel, up 1.07% on the NYMEX. Also, on Tuesday, Brent crude oil for delivery in June traded at $66.86 a barrel, up 3.00%, or $1.95, on the Intercontinental Exchange (ICE).

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Daily Market Analysis 12.05.2015

On Monday, global equities markets were mixed. Results were influenced by the positive US employment report and the People’s Bank of China's move to lower its one year benchmark rate by 25 basis points to 5.10%.

Commodities

At the London afternoon fixing, gold rose $3.25 to $1189.25, and copper futures were down 0.5% to reach $2.91. In oil, Dated Brent spot crude dropped $0.61 to reach $64.78. WTI spot crude inched down $0.22 to reach $59.17.

Currencies

The Dollar Index decreased 0.2% as the USD increased relative to the EUR, JPY, CHF, CAD and AUD. However, it retreated against the GBP.

United States Equities

Stocks in the US market moved lower as energy stocks were affected by retreating oil prices. Caution against Greece's economic future also sapped investor appetite for risk. The Dow Jones industrials depreciated 0.5%, the S&P decreased 0.4% and the Nasdaq edged down 0.1%.

QEP Resources, Murphy Oil and National Oilwell Varco all decreased. Noble Energy will be buying Rosetta Resources for approximately $2.1 billion in stock. The agreement will provide Noble Energy with two Texas shale formations which will boost earnings. Dean Foods and Actavis finished higher in response to better than expected quarterly results.

European Equities

Over in Europe, equities markets were mixed in response to lingering uncertainty surrounding Greece's financial status. On Monday, Greece paid approximately €750 million to the International Monetary Fund (IMF). Notwithstanding the payment, Greece's economic status remains shaky until it can secure funding from creditors. The Bank of England left its key record low interest rate at 0.5% and the size of the quantitative easing unchanged at £375 billion. The London FTSE and Spanish Ibex both advanced 0.2%. The German DAX edged down 0.3% while the Swiss SMI added 0.3%. The French CAC lost 1.2% and the Italian MIB remained virtually unchanged.

In terms of individual stocks, Volkswagen, Daimler and BMW edged down. Deutsche Lufthansa, Deutsche Bank and Commerzbank climbed. Airbus retreated after an A400M military transport aircraft crashed near the Seville airport in Spain shortly after takeoff. Royal Mail advanced. Anglo American, BHP Billiton and Glencore gained in response to further Chinese stimulus measures.

Asia Pacific Equities

Equities markets in the Asia Pacific region were mixed. China cut interest rates for a third time within 6 months in order to boost lending to businesses and boost a weakening economy. The last interest rate slash occurred in November, the first time in over two years. In China, the Shanghai Composite advanced 1.56%, while in Hong Kong the Hang Seng index dropped 1.12%.

In Japan, the Nikkei added 0.02%. Toshiba Corp dropped 5.4% after the company withdrew its earning guidance due to accounting problems revealed by internal investigations. Taiyo Yuden lost 9.6% after March profits came in below expectations. Suzuki Motor rose 5% after the company announced that it expects record profits for the current financial year.

In Australia, the S&P/ASX and All Ordinaries added 0.9% and 0.8% respectively.

Macro Themes and Looking Ahead

Australia will be posting March home loans. The US will report March industrial production. In the US, March JOLTS and April NFIB small business optimism index will be released along with the April Treasury budget.

Daily Market Review 11.05.2015

STOCKS

Due to an economic slowdown, China is increasing their monetary-easing measures in order to improve heavy debt burdens on the government as well as companies. On Sunday, the People's Bank of China (PBOC) said that effective from Monday, they would reduce the benchmark lending and deposit rates by a percentage point. This marks the bank’s 3rd rate cut in the last 6 months. As a result of this recent move, there is a clear indication that Chinese officials are concerned regarding the severe debt in the country as a result of credit expansion over the last few years which has happened too rapidly. It is evident that China has been struggling to improve the economy in the world’s 2nd largest economy. Added to this, The Wall Street Journal had also reported that the PBOC is considering introducing a credit-easing tool which will enable local governments to restructure the hefty debts. Meanwhile, it has been noticed that from 1:20 p.m. to 2:20 p.m., Chinese stocks decline and this decline is clearly evident if we review the movement of the Shanghai Composite Index over the past 30 days. On Friday, the index declined 359 points during that hour which marked the 19th decline in 30 sessions. According to Hao Hong, a strategist at Bocom International Holdings Co. in Hong Kong, the time is significant since most large Chinese companies and institutions usually place sell orders at that time in order to accommodate for the 109% increase in Shanghai shares over the past year. In this way, portfolios are gradually being re-balanced.

INDICES

As a result of positive nonfarm payroll data on Friday, U.S. stocks rallied. On the day, the Dow industrials posted its largest 1-day point gain in more than three months. With the positive NFP data which showed that the country added 223,000 jobs in April, investors have a positive sentiment that growth in employment in the country is healthy which points to a solid economy. Added to this, the unemployment rate declined to 5.4 percent in April. At the close of trading, the Dow Jones Industrial Average (DJIA) advanced 1.5%, or 267.05 points, to 18,191.11. For the week, the blue chip index finished 0.9% higher. Meanwhile, the S&P 500 index (SPX) was also on the upside rising 1.4%, or 28.09 points, to 2,116.09. The index gained 0.4 percent over the week with all 10 sectors higher on Friday. Also on the upside was the Nasdaq Composite index (COMP) which rose 1.2%, or 58 points, to 5,003.55. The tech heavy index closed the week roughly where it started.

CURRENCIES

On Friday, in currency trading, the U.S. dollar (USD) traded higher. This came after closely watched data showed that slightly fewer jobs were created in the U.S. last month while the unemployment rate declined. According to the report by the Department of Labor, 223,000 jobs were added in April. This missed expectations for an increase of 224,000. Meanwhile, the unemployment rate in the U.S. declined from 5.5% in March to 5.4% in April. The GBP/USD traded higher at 1.5394, up 0.97% while the EUR/USD traded at 1.1207, down 0.52 percent. Also, the USD/CHF traded at 0.9269, up 0.55% while the yen traded steady with the USD/JPY at 119.81. Also, the U.S. dollar index was at 94.92, up 0.20 percent.

COMMODITIES

On Monday, in early morning Asian trading, crude oil prices declined. This came in response to the recent move by the People’s Bank of China to cut rates by a quarter percentage point from 5.35% to 5.10% in order to spur growth. WTI crude oil for June delivery traded at $59.27 a barrel, down 0.20%, on the NYMEX. On Friday last week, WTI oil futures gained in response to data which showed that the number of oil rigs in the U.S. declined by 11 to 668. This marks the 22nd straight week of declines. Meanwhile, also on Friday, Brent crude oil for delivery in June traded at $65.39 a barrel, down 0.23%, or 15 cents, on the ICE Futures Exchange in London.

Forex Pivot Points & Technical Analysis 08.05.2015

Daily technical analysis for major currency pairs, main support and resistance levels and intra-day trading strategies based on same day Pivot Points.

Forex Pivot Points:

Pivot points are very useful tools for FX professional traders that use the previous bars' highs, lows and closings to project potential support and resistance levels for future bars.

EURUSD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 1.1290$ with targets at 1.1350$ next 1.1450$ in extension.

Alternatively, Short positions below the daily pivot point 1.1290$ with targets at 1.1185$ next 1.1125$ in extension.

EURUSD - Daily Chart Support and Resistance levels

Resistance: 1.1445, 1.1500, 1.1535

Support: 1.1175, 1.1055, 1.0850, 1.0660, 1.0520, 1.0500

GBPUSD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 1.5335$ with targets at 1.5505$ next 1.5620$ in extension.

Alternatively, Bearish Scenario: Short positions below the daily pivot point 1.5335$ with targets at 1.5220$ next 1.5050$ in extension.

GBPUSD - Daily Chart Support and Resistance levels

Resistance: 1.5525, 1.5550, 1.5620, 1.5785

Support: 1.5350, 1.5195, 1.5080, 1.5055, 1.4855

USDCHF - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 0.9170 with targets at 0.9275 next 0.9330 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.9170 with targets at 0.9115 next 0.9015 in extension.

USDCHF - Daily Chart Support and Resistance levels

Resistance: 0.9275, 0.9415, 0.9475, 0.9720, 0.9755

Support:  0.9070, 0.9000, 0.8835

USDJPY - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 119.55 with targets at 120.05 next 120.35 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 119.55 with targets at 119.25 next 118.75 in extension.

USDJPY - Daily Chart Support and Resistance levels

Resistance: 120.10, 120.50, 120.85, 122.05, 122.50

Support: 118.50, 118.25, 118.00, 117.05, 116.85

USDCAD - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 1.2180 with targets at 1.2335 next 1.2315 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1.2180 with targets at 1.2200 next 1.2050 in extension.

USDCAD - Daily Chart Support and Resistance levels

Resistance: 1.2165, 1.2205, 1.2305, 1.2350, 1.2440

Support: 1.2000, 1.1945, 1.1900, 1.1870, 1.1795

AUDUSD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 0.7930 with targets at 0.7975 next 0.8045 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.7930 with targets at 0.7860 next 0.7815 in extension.

AUDUSD - Daily Chart Support and Resistance levels

Resistance: 0.8030, 0.8090, 0.8160, 0.8215, 0.8255, 0.8295

Support: 0.7860, 0.7800, 0.7680, 0.7650, 0.7530

NZDUSD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 0.7465 with targets at 0.7505 next 0.7565 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.7465 with targets at 0.7400 next 0.7360 in extension.

NZDUSD - Daily Chart Support and Resistance levels

Resistance:  0.7480, 0.7535, 0.7610, 0.7740, 0.7795

Support: 0.7420, 0.7390, 0.7310

Daily Market Review 07.05.2015

STOCKS

Before the market opens on Thursday, Priceline Group Inc. (PCLN, +0.07%) is scheduled to report first quarter earnings results. Investors are optimistic that the online travel booking company will beat expectations since they have done so for the last twenty quarters. Added to this, investors expect Priceline to provide an adjusted profit outlook for the 2nd-quarter which will be below the current projections. The reason for this expectation is that Priceline has done this for the past 6 quarters. According to analysts surveyed by FactSet, Priceline is expected to post earnings per share of $7.71 which is down from the EPS of $7.81 posted a year ago. This is also above the price range of $7.20 and $7.75 which was provided by Priceline in February. Meanwhile, Estimize expects the EPS to be at $8.11. Also, the company is expected to report revenue of $1.8 billion. This is up 9.6 percent from revenue of $1.64 billion reported a year ago. Estimize forecasts revenue at $1.84 billion. On Wednesday, Priceline shares traded at $1264.15, up 0.1%. Since the end of the last quarter, shares are up 8.6% and 11 percent year to date. Interestingly, the Priceline share price is 7.8 percent below is closing high which it reached on the 5th of March last year at $1370.43 per share.

INDICES

In U.S. trading on Wednesday, stocks declined. This came after Janet Yellen, the Chairwoman of the Federal Reserve, stated that stock values were “quite high” which prompted investor fear. As a result, the main indices declined in late trading and the Nasdaq Composite index (COMP) lost 0.4%, or 19.68 points, to 4,919.64. Also on the downside was the Dow Jones Industrial Average (DJIA) which briefly turned negative after declining more than 170 points in early trading. The blue chip index closed the session 0.5%, or 86.22 points, lower at 17,841.98. Meanwhile, the S&P 500 index (SPX) also failed to advance and the benchmark index declined 0.5%, or 9.30 points, at 2,080.16. Despite this decline, the index is still positive for the year, up 0.5% year-to-date. Losses were led by technology, utilities and telecoms stocks. Adding to the negative sentiment in the market was a lower-than-forecast ADP employment report which showed that 169,000 private-sector jobs were created in the U.S. in April. This is down from the 175,000 jobs that were created in March.

CURRENCIES

On Wednesday, in currency trading, the U.S. dollar (USD) traded lower declining to a 3-month low. This came in response to poor economic data out of the U.S. which prompted negative sentiment regarding the strength of economic recovery in the country. In their report, ADP stated that employment in the non-farm private sector employment rose by 169,000 in April compared with 175,000 in March. This missed expectations for a gain of 200,000. In a separate report, data showed that productivity in the non-farm business sector labor dropped by 1.9% in the first quarter of 2015. This missed expectations for a decline of only 1.8%. The EUR/USD traded at 1.1354, up 1.51%. This increase came after Greece made a small interest payment to the IMF (International Monetary Fund). Also, the USD/JPY traded at 119.38, down 0.36% while the GBP/USD traded at 1.5273, up 0.61%. The U.S. dollar index was at 93.99, down 1.34%, marking the lowest level since the 19th of February.

COMMODITIES

On Thursday, in early morning Asian trading, crude oil prices fell. This came as investors took profits on overnight gains as a result of a market that is still oversupplied. Last week, crude stockpiles in the U.S. dropped by 3.9 million barrels which beat expectations for a build of 1.5 million barrels. This decline marked the 1st time this year that crude inventories in the U.S. declined which helped to alleviate concerns regarding the Cushing Oil Hub stockpiles in Oklahoma reaching full storage capacity by the start of the summer. WTI crude oil for delivery in June traded at $60.49 a barrel, down 0.72 percent on the NYMEX. Meanwhile, on Wednesday, Brent for June delivery settled at $67.73 a barrel, up $0.21, on the Intercontinental Exchange (ICE).

Forex Pivot Points & Technical Analysis 06.05.2015

Daily technical analysis for major currency pairs, main support and resistance levels and intra-day trading strategies based on same day Pivot Points.

Forex Pivot Points:

Pivot points are very useful tools for FX professional traders that use the previous bars' highs, lows and closings to project potential support and resistance levels for future bars.

EURUSD - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 1.1155$ with targets at 1.1245$ next 1.1315$ in extension.

Alternatively, Short positions below the daily pivot point 1.1155$ with targets at 1.1090$ next 1.1000$ in extension.

EURUSD - Daily Chart Support and Resistance levels

 Resistance: 1.1290, 1.1315, 1.1445, 1.1500

Support: 1.1055, 1.0850, 1.0660, 1.0520, 1.0500, 1.0460

GBPUSD - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 1.5160$ with targets at 1.5230$ next 1.5290$ in extension.

Alternatively, Bearish Scenario: Short positions below the daily pivot point 1.5160$ with targets at 1.5095$ next 1.5030$ in extension.

GBPUSD - Daily Chart Support and Resistance levels

 Resistance: 1.5320, 1.5480, 1.5550

Support: 1.5080, 1.5055, 1.4855, 1.4740, 1.4570

USDCHF - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 0.9310 with targets at 0.9380 next 0.9485 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.9310 with targets at 0.9205 next 0.9135 in extension.

USDCHF - Daily Chart Support and Resistance levels

 Resistance: 0.9475, 0.9720, 0.9755, 0.9865, 1.0130

Support:  0.9275, 0.9165

USDJPY - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 120.05 with targets at 120.40 next 120.85 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 120.05 with targets at 119.60 next 119.25 in extension.

USDJPY - Daily Chart Support and Resistance levels

 Resistance: 120.40, 120.85, 122.05, 122.50

Support: 118.50, 118.25, 118.00, 117.05, 116.85

USDCAD - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 1.2070 with targets at 1.2135 next 1.2195 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1.2070 with targets at 1.2010 next 1.1940 in extension.

AUDUSD - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 0.7910 with targets at 0.7975 next 0.8025 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.7910 with targets at 0.7860 next 0.7790 in extension.

AUDUSD - Daily Chart Support and Resistance levels

 Resistance:0.7940, 0.8090, 0.8160, 0.8215, 0.8255, 0.8295

Support: 0.7800, 0.7680, 0.7650, 0.7530

NZDUSD - Day Trading Strategies

 Bullish scenario: Long positions above the daily pivot point 0.7520 with targets at 0.7555 next 0.7615 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.7520 with targets at 0.7455 next 0.7420 in extension.

NZDUSD - Daily Chart Support and Resistance levels

 Resistance:  0.7610, 0.7740, 0.7795, 0.7850, 0.7890

Support: 0.7480, 0.7420, 0.7390