Economic Events 28.09

Friday 28.09

02:30 CNY Chinese HSBC Manufacturing PMI

Forecast:                        Previous: 47.80

Flash figures are released approximately 6 business days prior to the end of the month. Final figures overwrite the flash figures upon release and are in turn overwritten as the next Flash is available. The Purchasing Managers’ Index (PMI) is a composite indicator designed to provide an overall view of activity in the manufacturing sector and acts as an leading indicator for the whole economy.When PMI is below 50.0 this indicates that the manufacturing economy is declining and a value above 50.0 indicates an expansion of the manufacturing economy. A higher than expected reading should be taken as positive/bullish for the CNY , while a lower than expected reading should be taken as negative/bearish for the CNY.

05:30 EUR French GDP (QoQ)

Forecast: 0.0%                Previous: 0.0%

Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

Tentative GBP Nationwide HPI (MoM)

Forecast: 0.2%                Previous: 1.3%

The Nationwide Housing Price Index (HPI) measures the change in the selling price of homes with mortgages backed by Nationwide. It is the U.K.’s second earliest report on housing inflation. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.

06:45 EUR French Consumer Spending (MoM)

Forecast:0.1%                 Previous: 0.1%

French Consumer Spending measures the change in the inflation-adjusted value of all goods expenditures by consumers. Consumer spending accounts for the majority of economic activity. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

07:00 CHF KOF Leading Indicators

Forecast: 1.57                 Previous: 1.57

The KOF Leading Indicators Index is designed to predict the direction of the economy over the following six months. The index is a composite reading of 12 economic indicators related to banking confidence, production, new orders, consumer confidence and housing. A higher than expected reading should be taken as positive/bullish for the CHF, while a lower than expected reading should be taken as negative/bearish for the CHF.

09:00 EUR CPI (YoY)

Forecast: 2.4%                 Previous: 2.6%

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

12:30 USD Personal Spending (MoM)

Forecast: 0.5%                 Previous: 0.4%

Personal Spending measures the change in the inflation-adjusted value of all spending by consumers. Consumer spending accounts for a majority of overall economic activity. However, this report tends to have a mild impact, as government data on retail sales is released about two weeks earlier. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

12:30 CAD GDP (MoM)

Forecast: 0.2%                 Previous: 0.2%

Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health. Canada releases fresh GDP data on a monthly basis. A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish for the CAD.

12:30 USD Core PCE Price Index (MoM)

Forecast: 0.1%                 Previous: 0.0%

The Core Personal Consumption spending (PCE) Price Index measures the changes in the price of goods and services purchased by consumers for the purpose of consumption, excluding food and energy. Prices are weighted according to total expenditure per item. It measures price change from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

13:45 USD Chicago PMI

Forecast: 52.9                 Previous: 53.0

The Chicago Purchasing Managers’ Index (PMI) determines the economic health of the manufacturing sector in Chicago region. A reading above 50 indicates expansion of the manufacturing sector; a reading below indicates contraction. The Chicago PMI can be of some help in forecasting the ISM manufacturing PMI. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

13:55 USD Michigan Consumer Sentiment

Forecast: 78.9                 Previous: 79.2

The University of Michigan Consumer Sentiment Index rates the relative level of current and future economic conditions. There are two versions of this data released two weeks apart, preliminary and revised. The preliminary data tends to have a greater impact. The reading is compiled from a survey of around 500 consumers. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

Daily Market Review 28/09/2012

U.S. shares ended into green territory on Thursday, with the S&P 500 snapping out of a five-day losing streak, after the Spanish government announced its budget plan for the next year and after investors started speculating that the Chinese government would step up to provide additional stimulus to the local economy. All major indices are on their track to post decent gains for the quarter, with Dow Jones up approximately 5% and the S&P and NASDAQ each 6% higher. The Dow Jones Industrial Average climbed 72.46 points, or 0.54%, to end the day at 13,485.97, putting an end to a four-day losing streak. General Electric and Intel were among the best performing blue-chip stocks. The broader S&P 500 added 13.83 points, or 0.96%, to finish the session at 1,447.15. The NASDAQ advanced 42.90 points, or 1.39%, to end at 3,136.60. The CBOE Volatility Index, considered by many as the best indicator of fear in the market, slipped below 15. Most key S&P sectors rose, led by technology and energy, while utilities were the biggest decliner. General Electric posted gains after the giant upgraded its 2012 industrial revenue growth forecast to 10%. Apple climbed approximately 2% after declining for three consecutive sessions. Traders of binary call options were once again the biggest winners in Google as the stock rose to a fresh new all-time high as Evercore raised its price target for the company to $860 from $750. On the economic front, the U.S. economy’s GDP rose by a modest 1.3%, which is its slowest increase since the third quarter of 2011. Durable goods orders took a severe hit, plunging by the most in three and a half years. Pending home sales also disappointed, dropping in August due to a supply shortage. On a brighter note, the weekly claims for unemployment benefits came in better-than-expected. Jobless claims dropped to their lowest level since July, while the four-week moving average for new claims rose for the first time in four weeks. Treasury prices slipped after the U.S. government auctioned $29 billion worth of 7-year notes at a relatively high yield of 1.055% and bid-to-cover ratio of 2.61.

(more…)

Daily Market Review 27/09/2012

U.S. stocks moved lower on a thin volume on Wednesday, with the S&P 500 posting its fifth consecutive session of declines, as market participants remained skeptical about the debt problems of the Eurozone. The Dow Jones Industrial Average slipped for a fourth straight day, erasing 44.04 points, or 0.33%, to finish the session at 13,413.51, pulled lower by American Express and Bank of America. At the same time, HP pared the losses it posted earlier in the session to head the gainers, bouncing off of an eight-year low. The S&P 500 dropped 8.27 points, or 0.57%, to close at 1,433.32. The NASDAQ shed 24.03 points, or 0.77%, to end at 3,093.70. The CBOE Volatility Index, considered by many as the best indicator of fear in the market, rose to 17. Among the major S&P sectors, energy and technology were among the worst performers, while utilities rose. In currencies, the euro dropped to a two-week low against its U.S. counterpart. At the same time, oil slipped below $90 for the first time since August 3, while gold dropped more than 1%. Among technological stocks, Apple slipped for a third consecutive day to close near $665 a share. Meanwhile, Google moved into the green, finishing the session at an all-time high. On the economic front, new home sales slipped in August, but still remained near two-year highs. Weekly mortgage applications rose last week as interest rates moved to record lows in a response to the Fed’s third wave of quantitative easing. Treasury prices inched slightly higher after the government auctioned $35 billion worth of five-year notes at a relatively high yield of 0.647% and a bid-to-cover of 3.06.

(more…)

Economic Events 27/09/2012

07:55 EUR German Unemployment Change

Forecast: 10K       Previous: 9K

German Unemployment Change measures the change in the number of unemployed people during the previous month. A higher than expected reading should be taken as negative/bearish for the EUR, while lower than expected reading should be taken as positive/bullish for the EUR.

07:55 EUR German Unemployment Rate

Forecast: 6.8%     Previous: 6.8%

The German unemployment rate measures the percentage of the total work force that is unemployed and actively seeking employment during the reported month.  A higher than expected reading should be taken as negative/bearish for the EUR, while a lower than expected reading should be taken as positive/bullish for the EUR.

(more…)

Daily market overview 26/09/2012

A forex trading is focused on down movements on Wednesday. Markets are going down from the opening of the Asian session. There aren’t so important economic events today that could effect on the direction of the markets. For European economy the most important event for today is auction for the German ten year bonds. Forex trades should be careful with the data for New Home Sales for August in United States. Economists predict that the economic indicator will rise to 381K from 372K for July. Another basic indicator that is scheduled for announcement today is the Crude Oil Inventories. Its shows change in the number of barrels of crude oil held in inventory by commercial firms during the past week and analyst expect that number will fall to 1.7M from 8.5M.

Asian shares declined in the last session as investors have fears that stimulus measures by Federal Reserve, Bank of Japan and European Central Bank won’t be enough to boost global economic grow. Other fears are coming from protest in Spain that underscored concerns about the country’s financing difficulties. Japan’s Nikkei 225 erased 184.84 points from its gain which is 2.03% and currently is trading below 9000 points around 8906. TOPIX 500 Index also fell more than two percent with 12.48 points loss. Toyota Motor and Honda Motor were among the companies trading ex-dividend, down by 2.67 percent and 4.17 percent. European shares fell yesterday and analyst predict that the decline will continue today around police and anti-austerity protesters clash in Spain. German DAX Index opened down today and the index is trading below 7400. French CAC 40 Index also started the session with loss and the trading is situated around down border of the range. British FTSE 100 continues to fall and Forex on that underline asset are available around 5790.

American shares closed in red yesterday for third day this week. The broad American index S&P 500 made its worst day in three months as concerns about growth of global economy. Forex on S&P finished at 1441.59 with loss of 1.05 percent. Dow Jones Industrial Average slumped 101.37, or 0.75 percent, to end at 13457.55. NASDAQ Composite dropped 43.05 points, or 1.36 percent and close the day at 3117.73. Shares of Apple made sharp drop and closed the day at 673.54 or 2.50 percent loss. Facebook also declined more than 2 percent and finished the day at 20.2800. Crude Oil broke below bottom of previous week and today is trading below $91 a barrel. Precious metals Gold and Silver are continuing to trade in range. Binary Gold is around $1760 an ounce and Binary Silver is available around 33.90.

EUR/USD

Forex on EUR/USD are continuing to fall. Today trading of the currency pair is situated below 1.2900. On four-hour chart the decline from 1.3172 looks as a corrective pattern for whole up from 1.2040. The bullish momentum is still intact and further upside rally is expected. For continuing the trend, price must break above psychological 1.3000 first and 1.3172 after that. In case of break of the last next resistance will be at 1.3270 followed 1.3370. On downside fist intraday support could be projected at 1.2852. Next support could be set at 1.2820. Only break of 1.2750 will change sentiments of traders to neutral. Only break and daily close below 1.2650 would switch outlook from bullish to bearish.

S&P 500

Broad American index broke below downside border of the range and the trading is neutral for now. Further corrective movement is expected. In medium term the trend is neutral, but general trend will continue soon. First intraday resistance could be projected at the previous support 1443. In case of break and daily close above that level next target for the price would be 1474. On downside first intraday support will be at 1420. Only break and close below 1390 support level could change scenario to bearish. Until this level holds the upside momentum will be actual.

Crude oil

Crude oil broke below the bottom 90.95 earlier this morning and next target for future decline is psychological $90 a barrel. Further decline is expected. In case of break below $90 price would trigger to $85. On upside first resistance is at 94.40. Only break and daily close above 97.40 would change scenario from negative to positive.

Disclaimer:

The information in the above analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.

Economic events reminder 26/09/2012

Tentative EUR German 10-year Bund Auction

Forecast:                     Previous: 1.420%

The figures displayed in the calendar represent the average yield on the Bund auctioned.
Governments issue treasuries to borrow money to cover the gap between the amount they receive in taxes and the amount they spend to refinance existing debt and/or to raise capital. The yield on the Bund represents the return an investor will receive by holding the treasury for its entire duration. All bidders receive the same rate at the highest accepted bid. Yield fluctuations should be monitored closely as an indicator of the government debt situation. Investors compare the average rate at auction to the rate at previous auctions of the same security.

10:00 GBP CBI Distributive Trades Survey

Forecast: 5                   Previous: -3

The Confederation of British Industry (CBI) Distributive Trades Survey (DTS) measures the health of the retail sector. The reading is compiled from a survey covering 20,000 firms responsible for 40% of employment in retailing. It includes measures of sales activity across the distributive trades. It is a leading indicator of consumer spending. The figure is the difference between the percentage of retailers reporting an increase in sales and those reporting a decrease. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.

14:00 USD New Home Sales

Forecast: 380K       Previous: 372K

New Home Sales measures the annualized number of new single-family homes that were sold during the previous month. This report tends to have more impact when it’s released ahead of Existing Home Sales because the reports are tightly correlated. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

 

A Brief Look at Binary GBPUSD – 25/09/2012

Last week the currency pair moved in a relatively tight range as it approached the highs of late April, when we briefly touched rates of 1.63 dollars per pound. On Monday, the trading volumes were somewhat low in the morning as investors were reluctant to buy at the relatively high prices we reached at the end of previous week, when the Federal Reserve said that it will engage in a third wave of quantitative easing. On the other hand, bears were also missing from the market as nobody seemed to be eager to go short on the pound. In the afternoon the volatility picked up and traders of binary range out options were the ones, who profited the most from that. The GBPUSD traded as high as 1.6274 at one point in the session, but towards its end the currency pair pared some of its gains to close at 1.6239. On Tuesday, the pound traded between 1.6217 and 1.6266 all day long, benefitting the market participants, who traded binary range in options. Even the battery of inflation data, released for the U.K. economy, was not able to push the sterling in a more sustainable trend. Most of the numbers came in around the readings analysts were projecting. The closely monitored CPI figure landed on the 2.5% analysts were expecting, while the RPI slightly disappointed, coming at 2.9%. The prices of homes also rose at a slower-than-expected rate in July, just by 2.0%. On Wednesday, the bears dominated the market almost all session long as a report showed that all members of the Bank of England’s board voted to preserve the benchmark interest rate at its current level in their previous meeting. Traders of binary put options benefited the most from the decline in the sterling as the British currency trended lower all day long, finishing around the lows – at 1.6205. On Thursday, the GBPUSD continued to decline, but, after meeting with the support at the 50-period moving average, the currency pair bounced back up and trended higher for the rest of the session. Traders, who bought binary call options, were the big winners, especially those who entered around the support level. The sterling was propelled higher by the better-than-expected retail sales and industrial order expectations. The retail sales shrank at a slower-than-anticipated rate in August, but posted their first negative reading since April. At the same time, a business survey showed that industrial orders are expected to decline by a smaller number than the one projected by analysts. The sterling rose on the news, pushing above its 25-period moving average once again. The buying momentum in the GBPUSD extended into the Friday session, when the currency pair even traded above the key 1.63 level for a brief moment. The resistance at these April highs, however, proved to be too strong for the bulls, so they gave way to the bears, which were the ones to control the market in the afternoon part of the Friday session, closing the sterling at 1.6220.

This week the pound continued to move along its 25-period and its 50-period moving averages, touching lows of 1.6177 and highs of 1.6268. Not much was happening on the economic front with the only significant piece of information released today when the BBA mortgage approvals surprised on the upside, coming at 30,500. Analysts were projecting a much more modest reading of 28,400. The GBPUSD rose after the news hit the wires, pushing above both its 25-period and its 50-period moving averages. The currency pair traded as high as 1.6268 at one point during the day, before paring some of its gains and retreating to its current rate of 1.6239.

Technically speaking support in the GBPUSD is provided by both the 25-period and the 50-period moving averages, standing around 1.6224, while resistance stands at the key 1.63 level. Oscillators are mixed with the relative strength index at 53 and the stochastic at 54. The MACD has retracted from the highs it touched in mid-September and is currently moving slightly above the key 0 level. Also, the pound seems to be entering in a triangle formation, which is seen by technicians as a trend continuation pattern.

Disclaimer:
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.

Economic events reminder 25/09/2012

06:00 EUR GfK German Consumer Climate

Forecast: 5.9         Previous: 5.9

The Gfk German Consumer Climate Index measures the level of consumer confidence in economic activity. The data is compiled from a survey of about 2,000 consumers which asks respondents to rate the relative level of past and future economic conditions. A higher than expected reading should be taken as positive/bullish for the EUR,while a lower than expected reading should be taken as negative/bearish for the EUR.

08:30 GBP BBA Mortgage Approvals

Forecast: 28.6K              Previous: 28.4K

The British Bankers’ Association (BBA) Mortgage Approvals measures the number of new mortgages approved by BBA-backed banks during the previous month. It includes more than half of the total U.K. mortgage market. It provides information about the buyers in the housing market in the U.K. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.

12:30 CAD Core Retail Sales (MoM)

Forecast: 0.3%       Previous: –0.4%

Core Retail Sales measures the change in the total value of sales at the retail level in Canada, excluding automobiles. It is an important indicator of consumer spending and is also considered a pace indicator for the Canadian economy. A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish for the CAD.

12:30 CAD Retail Sales (MoM)

Forecast: 0.3%         Previous: -0.4%

Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity. A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish for the CAD.

13:00 EUR ECB President Draghi Speaks

Mario Draghi (born 3 September 1947) is an Italian banker and economist who has been governor of the Bank of Italy and succeeded Jean Claude Trichet as President of the European Central Bank starting November 2011. As head of the ECB, which controls short term interest rates, he has more influence over the EUR value than any other person. His comments may determine a short-term positive or negative trend.

14:00 USD CB Consumer Confidence

Forecast: 63.0       Previous: 60.6

Conference Board (CB) Consumer Confidence measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. Higher readings point to higher consumer optimism. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

17:30 USD Treasury Secretary Geithner Speaks

U.S. Treasury Secretary Timothy Geithner (January 2009 – January 2013) is to speak. He speaks frequently on a broad range of subjects and his speeches are often used to signal policy shifts to the public and to foreign governments.

22:45 NZD Trade Balance

Forecast: -606M       Previous:15M

The Trade Balance measures the difference in value between imported and exported goods and services over the reported period. A positive number indicates that more goods and services were exported than imported. A higher than expected reading should be taken as positive/bullish for the NZD, while a lower than expected reading should be taken as negative/bearish for the NZD.

 

A Brief Look at Binary USDCAD – 24/09/2012

Last week the currency pair moved steadily on the upside as the prices of commodities declined. On Monday we started slow, trading in a tight range in the early hours of the session. The 0.97 level acted as a support, curbing the bears’ efforts to push the USDCAD lower, while the 25-period moving average acted as a resistance. Investors, trading range in Forex profited from this movement in close boundaries, but their strategy lost its validity when the bulls finally took control of the market and sent the Loonie lower against its U.S. counterpart. The move to the upside was largely due to a decline in the prices of commodities, but also in part due to the worse-than-expected foreign securities purchases number. Analysts were projecting the value of domestic stocks, bonds and money-market assets purchased by foreigners to have risen to 11.30B, but instead they increased to just 6.67B. The currency pair finished its Monday session around the highs after encountering with some resistance at its 50-period moving average. It was a good level for traders of Forex to put as the rally was clearly running out of steam. Tuesday was a very choppy day with most of the trading occurring around the 50-period moving average. Neither the bulls, nor the bears were able to take a firm grasp of the market and as a result traders of range in Forex were once again the big winners. A good rate to enter in the option was the 50-period moving average, which stood at 0.9739. On Wednesday the sell-off in the higher-yielding currencies, including the Canadian dollar, continued as commodities took another hit after the crude oil inventories rose sharply by 8.5M barrels. The USDCAD steadily moved to the upside, but its advance remained somewhat limited as some investors chose to put their money in the Loonie, running from the yen. This move came in a response to Bank of Japan’s decision to extend its bond-buying program by 10 trillion yens. Thursday was a pretty good day for traders of binary call options on the USDCAD. The currency pair shot up, pushing above its 100-period moving average for a brief moment. Towards the end of the session, however, the rally ran out of the steam and the bulls scattered, giving way to the bears, which dominated the market for the rest of the day. The decline was in part due to the strong resistance at the 100-period moving average and in part due to some profit taking occurring ahead of the release of the closely monitored CPI figures on the following day. On Friday, the core CPI figures came in line with expectations, but the CPI numbers disappointed, rising by a modest 0.2%. At the same time the wholesale sales on a month over month basis dropped by 0.6%, which was their lowest reading since January. Analysts were projecting a much more modest dip of 0.1%. To make the matters worse, the reading for July was revised downwards – from -0.1% to -0.3%. After the news hit the wires investors shed their holdings in the Loonie, but even with this selling the USDCAD was unable to reach the highs it touched on Thursday, finishing at 0.9760.

This week the sell-off in the Canadian dollar continues as metal prices are extending their previous week’s declines. The USDCAD is currently trading at 0.9807 after touching highs of 0.9815 earlier in the session. Traders, who want to profit from the movements in the currency pair should monitor closely the results from the reports that are scheduled to be released later in the week as they might have a significant impact over the direction of the USDCAD. First we have the retail sales and the core retail sales, published on Tuesday, and later we have the GDP numbers, announced on Friday.

Technically speaking, support in the currency pair is provided by the 100-period moving average around 0.9779, while resistance stands at the highs we touched in early September around 0.99. Oscillators are all trending higher with the relative strength index at 67 and the stochastic approaching overbought territory, currently standing at 74. The MACD is moving above the key 0 level, issuing mixed signals, which might indicate that the USDCAD is looking for a direction.

Disclaimer:
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.

Daily market overview 24/09/2012

Week starts without big movements on the markets like most of Mondays when investors are seeking for direction of the assets. Economic events that are expected today also are not much and the day should be quiet. Forex traders expect news for German Ifo Business Climate for Germany. This is composite index based on surveyed manufactures, builders, wholesalers and retailers and economist forecast value around that from the previous month 102.6. At 19:00 GMT is scheduled for announce speech of the Bank of Canada‘s Governor Mark Carney. He will speak in Ottawa about “Asia’s Rise and the opportunities for Canada” which is the title of the discussion. Forex traders should be careful about volatility during BOC’s Governor speech.

Asian shares declined in last session from near a four-month high. Japan’s Nikkei Stock Average is down by 0.4 percent while TOPIX 500 Index erased 0.5 percent of his positions. South Korea’s KOSPI also declined but lost just 0.1 percent. Investors sold the Asian stocks on concerns renewed discord among European leaders will make step back in resolution for European debt crisis. European markets also called lower on Monday around concerns of the bailout fund progress. FTSE 100 is down by 45 points or 0.03 percent at 5808, French CAC 40 also is going lower today with loss of 26 points and Forex on CAC are available at 3530.72. German Index DAX called down also by 35 points at 7417. IBEX 35 Spanish Index closed in Friday at the highest levels since April this year. In the last session of the previous week IBEX 35 moved higher with 2.60 percent or 208.60 points and closed the day at 8230.70. Forex on IBEX 35 could continue to climb today and Binary traders could buy “call” options in today’s session.

American stocks lost their gains from the week on Friday and closed in the end of the last week in red. On Friday investors shrugged off earlier optimism over rumors that Spain might request a bailout. Dow Jones Industrial dropped to 13579.47 with 17 points in loss or 0.13%. Forex on S&P 500 also decline and closed the last session for the previous week flat at 1460.15 with only 0.1 point in loss. Shares on Apple closed the week above $700 with 0.2 percent gain in the last session. The technological company finished week at $700.095. NASDAQ Composite index also closed in green with 4 points win at 3179. Commodities called down from the opening of the markets this week. Forex on GOLD are moving down around 1760. Forex on precious metal silver are below $34 an ounce. Currently Binary Silver is trading around 33.94. Crude oil also is going on downside direction today and the black gold is trading below $92 a barrel.

 

EUR/USD

Forex on EUR/USD are trading down from the opening of the markets today. Currently the European currency is trying to reverse the downside movement but still is trading below 1.3000. Bullish trend from 1.2040 is still in actions and further upside movements are expected. On upside fist resistance remains around 1.3050 followed by highest level from previous Monday at 1.3172. In case of break of the last level the way for further rise should be clear and next resistance could be projected at 1.3370. On downside first intraday support could be set at 1.2917. In case of break of that support level next stop for the price should be at 1.2820. Only break of 1.2750 will change sentiments of trader to neutral. Only break and daily close below 1.2650 would switch outlook from bullish to bearish.

 S&P 500

Binary S&P 500 continues to trade in the range from the previous week. Price of the broad American index is closed between 1443 and 1474. For continuing the bullish trend index should break above up border of the range. In case of break above this level index will gain new positions very fast. First target is seen at psychological level 1500. For now ranging trading is continuing before new attack of the topped high. On downside first support could be projected around 1420 and only break and daily close below that level would change sentiments to neutral. Crucial for the upside momentum is 1390 support level.

Crude oil

Forex on Crude oil are trading down today. The decline from the previous week expects to continue. First intraday support is at the bottom from previous Thursday at 90.93. In case of break of that support next support level could be projected at psychological level $90. On upside first resistance is at 94.40. Only break and daily close above 97.40 would change scenario from negative to positive.