Daily Market Review & Financial Analysis

Dollar Still Down in the Doldrums

June 24, 2019

U.S. Stock Market

U.S. stocks closed lower on Friday, as if traders were exhausted by all the drama the week threw at them, although the S&P 500 hit a new intraday high for the second day in a row. The Dow Jones fell 0.13%, the S&P 500 dropped 0.13%, and the NASDAQ lost 24%. Technically, according to the 1-hour chart, the S&P is holding above a bullish trend line, which may drive the price towards 2,990. However, breaking below the line could cause it to fall to around 2,900.

Walt Disney (DIS)

Last : 140.26

Walt Disney stock fell, closing at $140.26. On the 1-hour chart, the share is trading above a bullish trend line. Under these conditions, the price could go up to around $143.00. Dropping below the line, however, could send it tumbling towards $137.50.

Resistance 141.00 142.00 143.00
Support 139.50 138.50 137.50

U.S. Dollar (USD)

The U.S. dollar remained near three-month lows on Friday as rising tensions between Iran and the U.S. and weaker-than-expected PMI data kept the greenback down.

Gold

Last : 1,399

Gold rose on Friday in a continuation of the Federal Reserve-driven rally that has lifted prices by 4% this week. According to the 1-hour chart, the yellow metal is trading above the 20-day Moving Average, supported by a positive momentum indicator. This should push the price up to around $1,408 but breaking below the SMA could start a negative trend towards $1,300.

Resistance 1,402 1,405 1,408
Support 1,396 1,393 1,390

Crude Oil

Last : 57.63

Crude Oil rose, closing at $57.63. On the 4-hour chart, the commodity is trading below the bearish trend line, which may cause a decline to around $56.00. Breaching above the line, on the other hand, could take the price up towards $59.00.

Resistance 58.00 58.50 59.00
Support 57.00 56.50 56.00

Euro (EUR)

Last : 1.1369

The euro traded higher versus the dollar, closing at 1.1369. On the 8-hour chart, the EUR/USD is trading below the resistance of 1.1400 and is now widely expected to drop back to around 1.1200. However, breaching above the line could take the pair up towards 1.1500.

Resistance 1.1400 1.1450 1.1500
Support 1.1300 1.1250 1.1200

British Pound (GBP)

Last : 1.2744

The pound traded higher versus the dollar, closing at 1.2744. On the 1-hour chart, the GBP/USD is holding below the resistance of 1.2770. A drop back to lower areas around 1.2600 could be on the cards, although crossing above the line may lift the pair towards 1.2900.

Resistance 1.2770 1.2830 1.2890
Support 1.2700 1.2650 1.2600

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