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Morning Call. Market Overview for 23.08.2016

23.08.2016

The Big Picture:

The Dax on Monday was able to retrace some of its losses, Closing down -0.47%. Support was given by Wall Street´s stable performance. In February the Chineses pharmaceutical company Chemchina offered to take over Syngenta of Switzerland. Syngenta is the largest producer of pesticides world wide. This offer has political connotations, as 25% of Syngenta´s turnover is produced in the USA, whilst also being a large partner of US agriculture in general. It is of note, that Syngenta also run the world´s largest center for genetical plant modification in the USA. A decision which is of strategic value to the USA. The Committee for Foreign Investment has now given the go ahead for this takeover. Syngenta share rose 12%. The Chinese will in future be looking out for more opportunities on the market. We are at the beginning of a development which will be an integral part of Financial Markets for years to come.
 

Pre-Market direction of US Futures (07.00 CET)

The S&P is trading up 0.05%% 
 

DAX

The DAX is in an upward trend. Next resistance is seen at 10860, support at the breakout level of 10500. We expect a continuation of the upwards trend, should 10500 hold.



 

Euro / USD

The Euro is trading sideways in a large trend. Support is at 1,0822, resistance at 1,1429. Short term the pair ist trading near the upper resistance.
 


 

JPY / USD

The USD is in the process of forming a quadruple bottom.. Biggest support, on a closing basis, will be found at 100.31, which has been successfully defended.


 
 

Gold

Mid term, Gold is trending upwards, short term we are seeing a sideways move. The next major resistance is at 1375, support at 1300. Gold is showing some short term weakness.
 



WTI Oil

Oil is trending upwards, running into hey resistance. We expect a slow down of the current up move .
 




Overnight:

The S&P 500 traded down 0.06% on Monday. Compared to the high volatility on European Markets, the US has been quiet in the last days. Only movements being noted in special situations, moving markets. As such, Pharmaceutical Stocks profited from Pfizer´s takeover of Medivation. In Asia, Oil Stocks lost ground, after gaining heavily, following the dropping Oil price after its large gains. The USD is slightly weaker against the Euro and Yen. WTI Oil is down -1.5% whilst Gold is slightly weaker.
 

Today´s numbers (CET)

09:00 Germany: German Markit /BME PMI
15:45 USA:  Markit USA PMI
16:00 USA: New Home Sales 
 

Company news :

USA: Quarterly Earnings: No important data expected.


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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.