Daily Analysis December 8, 2014

US Stock Market – The US indices finished trading in the green. The S&P 500 went up by 0.17%, the NASDAQ went up by 0.24% and the Dow Jones went up by 0.33%. Analysis shows that there might be an overall drop, given that the S&P 500 stays below the resistance of 2,077.

US Dollar – The US Dollar was traded higher against its major counterparts due to the unexpectedly favorable US jobs data. The Non-Farm Employment Change report came out better whereas the Unemployment rate report was aligned with the forecast.

EUR/USD – The Euro lost ground to the US dollar following the good economic reports from the US. Analysis shows that the pair is lower than the bearish trend line with an RSI below 50. There might be a jump towards 1.2140, given that these conditions hold.

GBP/USD – The Pound also fell versus the US Dollar. Analysis shows that the pair is trading higher than the support of 1.5560.

Crude Oil – The price of oil kept going down compared to the minimum closing and is currently around 65.00 per barrel. There are speculations that oil producers in the US might have confrontation with OPEC for market shares.