The EUR/USD traded sideways during yesterday despite the European Central bank’s interest rate decision and press conference. As nothing new was introduced the pair moved down slightly but has continued to trade between its support and resistance. Today, the pair tested the 1.3400 level as French Industrial Production came out better than expected. However, traders should still be careful with any long term buying positions. The American economy has been releasing strong data recently which has made the dollar very strong and the trend may continue.
Traders should pay attention to the Nonfarm Productivity data which is scheduled at 12.30 GMT. The movement is sideways. Support is found at 1.3300 and resistance at 1.3445.
AUD/USD
The AUD/USD traded with bearish sentiment since Thursday and broke thought its support at 0.9240. The Australian dollar did not gain from the geopolitical tension in Iraq meaning that the pair is even lower. Today volatility will probably be low. However we should keep an eye on the U.S. Nonfarm Productivity data.
The trend is sideways. Support is found at 0.9200 and resistance at 0.9350.
Crude Oil WTI
The price of WTI Crude Oil was significantly affected by Barack Obamas decision to airstrike targets in northern Iraq. The price almost went up to $98.00/barrel but has now slightly rebounded downwards. Traders should pay attention to geopolitical tension which may pull the price even higher.
The sentiment is slightly bearish. Support is found at 96.50 and resistance at 98.70.
August 8, 2014 – Daily Market News
Today’s Hot Asset: Gold
EUR/USD
The EUR/USD traded sideways during yesterday despite the European Central bank’s interest rate decision and press conference. As nothing new was introduced the pair moved down slightly but has continued to trade between its support and resistance. Today, the pair tested the 1.3400 level as French Industrial Production came out better than expected. However, traders should still be careful with any long term buying positions. The American economy has been releasing strong data recently which has made the dollar very strong and the trend may continue.
Traders should pay attention to the Nonfarm Productivity data which is scheduled at 12.30 GMT. The movement is sideways. Support is found at 1.3300 and resistance at 1.3445.
AUD/USD
The AUD/USD traded with bearish sentiment since Thursday and broke thought its support at 0.9240. The Australian dollar did not gain from the geopolitical tension in Iraq meaning that the pair is even lower. Today volatility will probably be low. However we should keep an eye on the U.S. Nonfarm Productivity data.
The trend is sideways. Support is found at 0.9200 and resistance at 0.9350.
Crude Oil WTI
The price of WTI Crude Oil was significantly affected by Barack Obamas decision to airstrike targets in northern Iraq. The price almost went up to $98.00/barrel but has now slightly rebounded downwards. Traders should pay attention to geopolitical tension which may pull the price even higher.
The sentiment is slightly bearish. Support is found at 96.50 and resistance at 98.70.
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