Daily Market Review 6 of Fabruary
OVERVIEW

Dow Jones (13979.30, +0.71%) was up after a dip on Monday. It is hard to say which way it will continue to develop. There is a resistance level at 14200 and support at 13750. We need to see the break out of aforementioned boundaries in order to determine further trend. Still the chances of Dow trading in that range are quite high as well in the near term. Asia-Pacific region was mostly in green: ASX (4944.10, +0.85%), Hang Seng (23256, +0.47%), and Nikkei (11386.27, +3.07%). Nikkei’s support withheld at 11000 and the rate bounced back up.  If it is above 11000, a rise to 12000 is likely. Commodities are mixed, Oil in particular. Metals are ranged. Oil (96.67, +0.03%) grew slightly following the recovery at US markets. It seems to be a bit mixed and can trade in the narrow range between 95.50 and 98.50 for a while. Gold (1672) and Silver (31.78) are stuck in their corresponding ranges (1625-1700 and 31.00-32.30) for a few days already. The perspectives of precious metals at the moment are not clear.

CURRENCIES

EUR/USD

The Euro (1.3583) has risen back getting away from its 1.3476 support. It looks strong to appreciate and test its 1.3815-30 resistance region. If it holds, the Euro will apparently reverse its trend to go down.



GBP/USD

The Pound (1.5661) couldn’t breach 1.5800 yesterday and the failure triggered a fall. At 1.5600 there is a crucial resistance. If the Pound doesn’t manage to stay above it then the pair will most probably go further down to 1.5500 and even lower.