Morning Call. Market Overview for 08.08.2016
08.08.2016
The Big Picture:
The pre-election rally on US Indices continues. Since June of this year, US Markets have been trending positive. Friday´s better than expected US Data continuing this trend. The Nasdaq 100 is trading 20 points shy of its all-time high of 4816.50 from the 31st of March 2000. The Dax is profiting from the US markets positive trend. In spite of negative data from Allianz the DAX was able to move higher. The next important resistance in the DAX is at 10 500 . Should this line get taken, we see further potential to the upside. The USD $ gained against the Euro on the positive US data. In the big picture it is trading in a sideways trend between 1,0822 and 1,1429. The USD against the Yen formed a tripple bottom. The biggest support coming in at 100,31. Gold has, in the short term, formed a double top. Oil is trading a short term technical reaction.
The S&P is up 0.19%
DAX
The DAX has returned to its upward trend.Main resistance is seen at 10,500. A breach of this level will see more potential to the upside.
The Euro is trading sideways in a large trend. Support is at 1,0822, resistance at 1,1429.
The USD has turned positive against the Yen. Biggest support will be found at 100,31.
Gold is trending upwards. The next major resistance is at 1375.
Oil is trading a technical bounce. The midterm downward trend is intact.
Pre-Market direction of US Futures (07.00 CET)
The S&P is up 0.19%
The DAX has returned to its upward trend.Main resistance is seen at 10,500. A breach of this level will see more potential to the upside.
Euro / USD
The Euro is trading sideways in a large trend. Support is at 1,0822, resistance at 1,1429.
JPY / USD
The USD has turned positive against the Yen. Biggest support will be found at 100,31.
Gold
Gold is trending upwards. The next major resistance is at 1375.
WTI Oil
Oil is trading a technical bounce. The midterm downward trend is intact.
Overnight
Prices profited due to strong US payrolls on Friday.
Asian markets are following positive US markets. The Nikkei 225 is trading up 2.1%. The weak Yen against the USD underpinning the up move. Toyota, gaining 3.1%. The USD is trading slightly weaker against the Euro this morning, Gold and Oil, slightly positive.
Today´s numbers (CET)
08:00: German Industrial Production.
Company news :
USA: Quarterly results from Allergen, amongst others
RoboForex Analytical Department
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.