Weekly Market Review 21 of January
OVERVIEW

Dow Jones (13649.70, +0.39%) has risen towards its 13700 resistance which is now an essential level to watch. It is important to see whether it breaks or holds. A huge impact might be caused by Earning or the Debt ceiling, but this will be relevant in a few weeks only. Meanwhile the market is shut due to Martin Luther’s Birthday. Asia is mixed: Australia (4802.50, +0.16%), Hang Seng (23613, +0.05%), Nikkei (10831.60, -0.75%). The commodities’ market is mixed as well. Oil (95.26, -0.31%) has fallen a bit, but nevertheless continues to look strong for a further rise towards 103.00 in the coming days. Gold (1689.70, +0.16%) remains in its 1700-1625 range. If it breaks above 1700, it will be able to test 1800. Silver (31.99, +0.20%) looks quite strong and has potential for further appreciation towards the area of 33.50-34.00 in the coming days.

CURRENCIES

The market continues to remain mixed. The Euro and the Australian Dollar are trading ranged. The trend is slightly bearish at least in the short run. As for the other currencies like the Yen, the Swiss, and the Pound, they look weak. That’s the general picture of the currencies’ market. Let’s take a closer look.

EUR/USD


The Euro (1.3323) continues to experience Resistance at 1.3400 and is trading in the range between 1.3250 and 1.3400. If it remains below 1.3400, a dip to 1.3200-3100 is possible. Otherwise there can be a rise to  1.3500-600 and even higher.



GBP/USD

The Pound (1.5869) has broken outside of its range at 1.6000-6300 on the downside last week. If the rate keeps fluctuating below 1.6000, the pair will most likely depreciate further down.