Trump's Press Conference Will Take Center Stage11/01/2017 - 13:56
Trump is schedule to give his first news conference on Wednesday and the elephant in the room is whether anyone in the Trump campaign was in contact with Russia during the election process. Trump has alienated the intelligence community which is a group that he wants to befriend. He ego is so big that he fails to understand their power and the need he has for this group to help spin foreign affairs in the way that is favorable to the United States. Trump is tweeting that his issues with intelligence are politically motivated, which will only go so far. Questions today will be telling, and could be the impetus for a political volatility to step into the market.
The EUR/USD[i] moved lower on Wednesday edging through short term support near the 10-day moving average and is poised to test target support near the January lows at 1.0340. Resistance is seen near the 50-day moving average at 1.0623. Momentum is neutral as the RSI (relative strength index) is printing a reading of 47, which is in the middle of the neutral range and reflects consolidation.
Crude oil prices[i] recovered some of the earlier week losses, rebounding back above the 51 handle after dropping to a 1-month lows at 50.72. Resistance on crude oil is seen near the 10-day moving average at 52.87, while support is seen near the 50-day moving average at 49.54. Momentum is negative as the MACD (moving average convergence divergence) index recently generated a crossover sell signal and is printing in the red with a downward sloping trajectory which points to lower prices.
US Tech 100
The Nasdaq 100[i] hit a fresh all-time high, climbing 0.2% on Tuesday and futured are pointing to a higher open on Wednesday. Bio-techs took the mantle on Tuesday lifting the technology laden index to record highs. Support is seen near former resistance at 4,990. Momentum has turned positive as the MACD (moving average convergence divergence) index recently generated a buy signal. The index is printing in the black with an upward sloping trajectory which points to higher prices.
Alphabet consolidated its gains earlier in the week after breaking out above a downward sloping trend line which is now seen as support near 800. Resistance is seen near the October highs at 815. Momentum has turned positive as the MACD (moving average convergence divergence) index recently generated a buy signal. The index is printing in the black with an upward sloping trajectory which points to higher prices.
The materials contained on this document are and not made by iFOREX but by an independent third party and should not in any way be construed, either explicitly or implicitly, directly or indirectly, as investment advice, recommendation or suggestion of an investment strategy with respect to a financial instrument, in any manner whatsoever. Any indication of past performance or simulated past performance included in this document is not a reliable indicator of future results.
For the full disclaimer Click here.