Oil drop depresses market
Wall Street finished in the red with a drop in oil prices. The Dow Jones fell by 0.67%, the S&P 500 by 0.92%, and the NASDAQ lost 1.29% from its value. Technically, according to the 4-hour chart, the S&P 500 is trading above the support line at 2,088. Holding here may lead the index towards 2,120, while breaking below could take it to around 2,050. Citi Group shares fell by 2.47%, closing at $43.88.
The U.S. Dollar traded higher against most major currencies after data showed that U.S. consumer sentiment deteriorated less than expected this month, adding to optimism over the strength of the economy.
Gold rose, closing at $1,274 an ounce. Crude Oil fell, closing at $48.93 a barrel.
The euro fell versus the dollar as Central Bank Chair Mario Draghi voiced concern about the state of the euro-zone economy. Technically, according to the daily chart, the pair is trading in an ascending triangle. Breaking below the lower side of the triangle could lead the EUR/USD towards 1.1000, while breaching the upper side may take the pair to around 1.1700.
The Pound dropped on Friday versus the dollar, amid fears of a potential British exit from the European Union. Technically, according to the 1-hour chart, the pair is trading close to the lower band of the Bollinger Bands indicator. Maintaining here could lead the GBP/USD towards 1.4100, while climbing towards the upper band may take the pair to around 1.4500.