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Daily Market Review 5th of March 2013
Oil (90.43, +0.34%) has taken support near 90. It may rebound a bit to 92-93 levels. After a short correction most likely sales’ pressure will resume and Oil will continue to go down. Gold (1577, +0.29%) is bearish. A bounce towards 1585-1600 is not excluded. After short covering it can decline towards 1545. Silver (28.65, +0.54%) is higher today. But the major trend is still bearish. Further depreciation on the downside towards 26.5 is possible. On the upside Resistance is around 29. Dow Jones (14127.82, +0.27%) ended a bit higher. It remains near its resistance at 14150. In order to ensure strong bullish trend there is a need for a break out of the aforementioned boundary. Asia-Pacific region is in green: ASX (5099.70, +1.42%), Hang Seng (22569.32, +0.14%), and Nikkei (11739.12, +0.75%). Nikkei is trading higher. The Support is near 11500. We expect to see a rise towards 12000 in the coming sessions.
CURRENCIES in focus
The Euro (1.3027) managed to get above 1.30. There is an important Resistance at 1.3050. Today the EU Retail Sales data will be essential and should be watched closely. There was a lengthy fall of the figure in recent months. So an improvement there would be supportive.
The Yen (93.35) was quiet yesterday. We expect sideways consolidation between 92 and 94 during next coming days. There is a slight bullish bias. We need to give it a time and see where Yen will break from the current range.
The Pound bounced (1.5121), probably on short-covering before the BOE Meeting on Thursday. There is a probability for more QE in the UK as the economic data has been bad. There is a Resistance at 1.5150. The rise above this level will be a bullish signal for the Pound.
12:00am GBP BRC Retail Sales Monitor y/y
12:30am AUD Retail Sales m/m
AUD Current Account
1:30am JPY Average Cash Earnings y/y
3:30am AUD Cash Rate
AUD RBA Rate Statement
8:15am EUR Spanish Services PMI
8:45am EUR Italian Services PMI
9:00am EUR Final Services PMI
All Day EUR ECOFIN Meetings
9:30am GBP Services PMI
10:00am EUR Retail Sales m/m
3:00pm USD ISM Non-Manufacturing PMI
Further market overview and analysis can be found in our comprehensive Weekly Market Review page.
The TraderWorld Analyst Team
Please also see our Market Review Archive for previous reports