17.01.2014 - Traders have taken a wait

Yesterday, the stock markets of Europe and America were consolidatin After a strong growth on the previous day, traders decided to wait for new stimulus for further growth . The course of trading was slightly affected by data from the Eurozone and the United States. Thus, the consumer price index in the euro area in December was 0.8%, which coincided with the forecast of analysts. At the same time. the growth of core CPI was expected at 0.9%, but reached only 0.7%. In the U.S., the consumer inflation increased only by 0.1%. The number of unemployment claims appeared 2 thousand better that the forecast and totaled 326 thousand.

The quotes of EUR/USD continue to consolidate near the lower boundary of the local uptrend. At the same time, bulls have not broken 1.3630 yet. In case of continued growth, the price will reach 1.3710. Support lies at 1.3550.
The course of trading today will be influenced by statistics on the housing market in the U.S. (13:30 GMT), the volume of industrial production in December (14:15 GMT) and the index of consumer confidence in the U.S. (14:55 GMT).
U.S. stock indexes continue to stay near their historic highs. In the case of fixing of the broad index S&P 500 above 1844, we expect a further growth. Support is at 1820.

Red Line and Green Line

The British pound continues to consolidate above 1.6320, which at the same time is the lower border of the triangle. We expect a strong movement after the exit from the triangle. In case of exiting downward – the price may reach 1.6140, at the exit upwards the price will move towards local maximum level of 1.66. Today the price movement will be affected by the statistics on retail sales in the UK that will be published at 07:45 GMT.

The price of USD/JPY retreated downwards after reaching inclined resistance level. Price is consolidating near the level 104.40. Further progress will depend on the block macrostatistics, which will be released in the U.S. today. Support is at 103.90, resistance is at 104.70 and 105.40.

After the collapse on the previous day, the price of the Australian dollar is above the psychological level of 0.88. We recall that a sharp decline of the price of the national currency of Australia yesterday was caused by negative data on the labor market. Thus, the number of jobs has decreased by 22.6 thousand, expected growth was 10 thousand. In case of an upward correction, the price may rise to 0.8840.

The activity of oil traders dropped significantly. After a strong growth on amid falling oil reserves in the U.S., the price of Light Sweet is at a mark of $ 94 per barrel. With continued growth, the price can rise to 95.60. Support is at 92.00. The Organization of Petroleum Exporting Countries (OPEC) kept its forecast for global oil demand in 2014 at 90.91 million barrels per day, which is 1.2% higher than in 2013. Oil prices continue to be under the pressure of expectations on supply growth from the Middle East and the growth of production in the United States.

Stable growth of the U.S. economy does not contribute to the growth of demand for gold. Investors prefer to invest in riskier assets. The price of the yellow metal continues to move along the bottom line of the local uptrend. The targets in case of further growth will be at 1255 and 1265. Support is at 1220.

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