UFX Daily Forex Currency Trading News 14-June-2016

Oil Continues to Weigh
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Wall Street fell slightly with oil prices remaining under $50. The Dow Jones fell by 0.74%, the S&P 500 by 0.81%, and the NASDAQ lost 0.94% from its value.

Microsoft shares rose by 2.60%, closing at $50.14 after the LinkedIn purchase announcement. Technically, according to the daily chart, the share is holding above the support line at $49.00. Maintaining above this line could cause a rise to around $56.00. However, breaking below the support may lead the share towards $45.00.

The U.S. Dollar traded lower against most major currencies as traders await the Federal Reserve’s monthly policy meeting on Wednesday. Today the US Retail Sales report is expected at 0.4% vs 1.3% previously and the Core Retail Sales at 0.4% vs 0.8% previously.

Gold rose, closing at $1,284 an ounce. Crude Oil fell, closing at $48.51 a barrel.

The euro rose versus the dollar ahead of the Fed’s highly-anticipated interest rate decision. Technically, according to the 1-hour chart,the pair is trading above the 20-day Moving Average with the RSI indicator above 50. Maintaining these conditions could lead the EUR/USD towards 1.1400, while breaking below the 20-day line may take the pair to around 1.1100.

The Pound rose slightly versus the dollar, closing at 1.4276. Technically, according to the 8-hour chart, the pair has broken below the bearish trend line. Holding below this line may lead the GBP/USD towards 1.3850 while recrossing the line could take the pair to around 1.4750.