US stocks traded higher after the close on Friday. The Dow Jones rose by 0.89%, the S&P 500 by 0.67%, and the NASDAQ added 0.68% to its value. The US dollar traded lower against a basket of major currencies on Friday, weighed by a surge in the euro and sterling, while upbeat US economic data failed to lift sentiment. Gold rose on Friday, closing at $1,340 an ounce. Crude Oil rose as signs of growing US production were offset by ongoing optimism that OPEC led output cuts would continue to drain the market of excess supplies.
The euro rose versus the US dollar, closing at 1.2198. On the 8-hour chart, the EUR/USD pair is trading above the resistance level at 1.21 with the RSI above 50 and is expected to rise towards 1.23. However, crossing below the resistance could take it down towards 1.2050. The pound rose versus the dollar, closing at 1.3744. On the daily chart, the GBP/USD pair is holding above the bullish trendline. Holding above the trendline may lift the pair towards 1.3950, while breaking below may change the momentum and start a reversal towards 1.34.
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