Daily Market Review: 18th November 2014

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Binary Options Daily Market Review 18th November

Today's Hot AssetToday’s Hot Asset for you to Trade On: GBP/USD.

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GBP/USD

US Dollar (USD)  Vs British Pound Sterling (GBP)

Following the disappointing Japanese GDP data, the dollar showed signs of strength dropping the GBP/USD on Monday. The price then started to range between 1.5615 and 1.5660. In spite the release of the U.S Industrial Production data which revealed that output in October decreased by 0.1%, the reading was anticipated to increase by 0.2%. Volatility persisted to be low.

More trading opportunities are expected today. The U.K. CPI data will be released today at 9.30AM (GMT). The report is expected to show an increase of 1.2%. The U.S. PPI data will be available later on at 1.30PM (GMT). The data is broadly expected to bring a negative change on finished goods and service prices. The change may pull the pair above its resistance at 1.5670. The trend is slightly bearish.  Support is found at 1.5590 and resistance at 1.5670.

Trend:  Sideways

 

EUR/USD

US Dollar Vs Euro

The pair achieved a high point of 1.2575 yesterday, but has fallen around 130 pips and is now trading around 1.2440. Initial reaction to the negative Japanese GDP data gave the dollar a back wind. Later in the day, Mario Draghi, the European Central Bank president testified before Economic and Monetary Affairs Committee. Draghi clarified that European growth momentum is slowing, this along with low inflation rates of around 0.4% is prompting analysts’ belief that coming forecasts will be revised downwards. The Euro did not go down significantly despite Draghi’s dovish remarks, as the market had already priced in these facts.

The pair climbed back up to 1.2470 during today’s Asian session. The market is now in wait as the German ZEW Economic Sentiment report is set to be released at 10.00AM (GMT). The pair is expected to drop towards its support at 1.2400, If the figure is lower than 0.

The movement is sideways. Support is found at 1.2400 and resistance is at 1.2575.

Trend:  Sideways

 

Gold

Daily Gold Market Report

Gold was traded yesterday above its support level at $1,180/ounce. A further climb to $1,200/ounce is expected, as the price holds its level above $1,180/ounce. Along these stats, fundamental U.S. data is on the rise and this is pushing the price down. The best strategy for now would be to wait until the price leaves this narrow trading channel. The movement is sideways. Support is found at 1,180 and resistance at 1,200.

Trend:  Sideways

 

Crude Oil WTI

Daily Crude Oil Market Report

WTI Crude Oil continues to trade on a very slim channel between $74.70 and $75.70/barrel. Low volatility is resulting on speculation caused over next week’s OPEC meeting. Many reports showing lower demand and rising supply are pushing the price to a 4 year low. Analysts believe that OPEC will maintain the current rate of output; however, the price is not dropping lower as traders are not taking any unnecessary risks. The price of Crude oil may drop another $10-$20 before it moves up again, according to Reuters.

The trend is sideways. Support is found at 73.25 and resistance at 76.50

Trend:  Sideways

 

 

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Disclaimer: The information in Market analysis should serve for informative purposes only. Binary Options Wire shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of forex pairs, commodities, stocks or indices.

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, also known among professionals under her nickname “Moneymaker”, is an experienced stock broker and Forex trader. Promoting and guiding new traders to the binary options market is Nancy''s way of saying "thank you" to the industry that helped her realise her dreams.

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