This article is originally referred from iForex Analysis.
Apple CEO Tim Cook told investors that he feels great about the iPhone and that the launch of the iPhone 7 in September should be a smashing success. Chinese iPhone sales were better than expected according to Apple, which was incorporated into the financial results released by the company on Tuesday which saw a beat on both the top and the bottom line. Apple is part of both the Nasdaq[i] and the Dow and could be the catalyst that drives the broader markets higher.
The EUR/USD[i] consolidated after attempting to push above resistance near the 10-day moving average at 1.1020. Support is seen near the June lows at 1.0906. Momentum is flat with the MACD (moving average convergence divergence) index printing near the zero index level while the RSI is printing near 39 which is near the lower end of the neutral range.
Crude oil prices tumbled on Wednesday following a report from the Department of Energy that showed a build as opposed to the expected draw in both crude oil and gasoline. Prices hit a fresh 3-month low and are poised to test the April lows at 35.25. Momentum remains negative as the MACD (moving average convergence divergence) index prints in the red with a downward sloping trajectory which points to lower prices. The RSI broke through support reflecting accelerating negative momentum.
US Tech 100
The Nasdaq 100 moved higher on Wednesday driven by gains seen in Apple shares. The technology index hit a fresh 2016 high and is poised to test the December highs near 4,750. Momentum is positive as the MACD (moving average convergence divergence) index prints in the black with an upward sloping trajectory which points to higher prices.
Apple shares gapped higher by more than 6% on Wednesday in the wake of its better than expected financial results reported after the bell on Tuesday. The stock price recaptured the 200-day moving average for the first time since April. Resistance is now seen near the April highs at 111.50. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a buy signal.
Original Source: iForex Analysis