Daily Analysis November 28, 2014

US Stock Market – The US indices finished trading in the green, with the Dow Jones rising by 0.22%, the S&P 500 rising by 0.04% and the Dow Jones going up by 0.12%. Analysis shows that if the S&P 500 stays lower that the resistance of 2,073 and with a Momentum Indicator going for 0, there might be a drop to about 2,055.

US Dollar – The US Dollar was traded higher against its major counterparts following investors focus on currencies of oil-rich countries.

EUR/USD – The Euro lost ground to the US Dollar regardless of the favorable German economic performance reports. The German Unemployment Change was -14K, the GfK German Consumer Climate was 8.7 and the German Prelim CPI landed on mark at 0.0%.

GBP/USD – The Pound also lost ground to the US Dollar. Analysis shows that the pair is below the Moving Average of 10. If these conditions hold, there might be a fall close to 10.5650.

Crude Oil – The price of oil went down significantly yesterday and is going at a rate of 68.20, following the decision by OPEC not to cut down on oil production, regardless off the dropping value.