Currencies
- EUR/USD: The pair is trading below its downward trend line on a 4 hour time frame. The next support is near the 1.1083 level and the resistance is 1.1487.
- USD/JPY: The pair has broken its downward trend line on a 4 hour time frame. The near term support is at 109.60 and the resistance is at 115.83.
- GBP/USD: The pair has pierced the Bollinger band on a 4 hour time frame. The next resistance is near 1.4726 and the support is 1.4147.
Indicators
Indices
- Asian markets closed mostly lower by erasing some of their gains from yesterday. The Nikkei index was the worst performer during the session and it closed lower with a loss of 1.36%. The index is down by 9.53% during the past 5 sessions.
- European futures are trading higher during the early hours of trading. The FTSE index is trading higher with a gain of 0.11%. The index is down by nearly 3.58% over the past five sessions.
- The US markets are trading higher ahead of the FOMC minutes. The S&P index was the best performer on the last trading day with a gain of 1.65%.
Top News5
- Opec and some other non OPEC members decided no to increase their output and keep this at at January record level.
- Apple (O:AAPL) prepares its Apple pay to launch in China
Market Sentiment
- Crude Oil: The black gold is trading in a downward channel on a 4 hour time frame. The next support is near the 26.02 and the resistance is 31.62.
- Gold: The precious metal is trading below its downward trend line on a 4 hour time frame. The next resistance is at 1216 and the support is at 1180.
- The VIX index dropped by 5.08% during the last session.
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Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam