Brexit Shock Still Weighs
Wall Street tumbled again on Monday after Britain’s shock vote to leave the European Union. The Dow Jones fell by 1.50%, the S&P 500 by 1.81%, and the NASDAQ lost 2.41% from its value. JPMorgan shares fell by 3.34%, closing at .65.
The U.S. Dollar traded higher against most major currencies as the U.K. decision still weighed heavily on the market. Today the US Final GDP is expected at 1.0% vs 0.8% previously and CB Consumer Confidence at 93.2 vs 92.6.
Gold rose, closing at ,322 an ounce. According to the 1-hour chart, gold is trading in a triangle flag pattern. Breaking below the lower side of the pattern may take gold towards ,300 while breaching the upper could lead it to around ,350.
Crude Oil fell, closing at .58 a barrel. Technically, according to the 8-hour chart, as long as oil is trading above the support line at .00, it is expected to rise towards .50. However, breaking below the support could take it to .50.
The euro fell versus the dollar, closing at 1.1022. Technically, according to the 8-hour chart, the pair is trading close to the lower band of the Bollinger band indicator. Holding here could lead the EUR/USD towards 0.0800, while climbing towards the upper band may take the pair 1.1400.
The Pound fell sharply versus the dollar, closing at 1.3230. Technically, according to the 1-hour chart, the pair is trading below the 20-day Moving Average with the RSI indicator below 50. Maintaining these conditions could take the GBP/USD towards 1.2900, while crossing above the line may lead it to around 1.4000.