Daily Briefing
Currencies
- EUR/USD: The pair has maintained the Reverse Head and Shoulder pattern on a 240 minute time frame, with the long term projection still at 1.29. The pair remains to the Upside, with the next resistance at 1.2845 and 1.2905 in extension. Below the 1.277 level, we see the next support at 1.2725.
- USD/JPY: After trading up to short term resistance level of 107.50 last night, the Pair is looking very bearish this morning as it trades down towards some major supports levels of 106.05 and 105.55.
- GBP/USD: On a 30 minute time frame, the pair remains bullish and is breaking above its previous top of 1.6075. That being said, it is fast approaching the next resistance level of 1.623, but if it breaks this in a meaningful way it could indicate a change in tide for Cable. There is no GBP news today, which puts extra emphasis on these levels in today’s trading.
Indices
- Asian Markets are losing ground this morning, despite reassuring data out of China. China’s 3rd quarter GDP showed that the world second biggest economy grew by 7.3%, exceeding analyst expectations for 7.2% growth. TheNikkei 225 index is plummeting by nearly 2%, deleting some of Monday’s 4% gains.
- European index futures are trading lower during the early hours of trading. CAC 40 are losing 0.3% and DAX 30 is down over 0.6% as negative sentiment is seen in most regional markets.
- US Indices futures closed higher yesterday, led by the technology sector. S&P 500 and DJ 30 are trading lower this morning and losing over 0.5% so far in the European session.
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TOP News
- China growth was 7.3% on the third quarter of 2014, above estimation of 7.2%.
- Apple Inc (NASDAQ:AAPL) reported quarterly earnings last night, topping analysts’ projections. The technology giant revenue was boosted by strong iPhone sales, as the company recorded 42.1 Billion in sales, a rise of 12% from previous year.
Things to Remember
- If you have a plan, stick to it. Place Limits / Take Profits where you intend to exit the Market.
Market Sentiment
- Gold: After rebounding from the critical Support level of 1185, the Precious metal broke its downward trend line on an 8 hour time frame and the RSI supports a bullish trend. The next resistance is at 1255 & 2363, with support at 1231.5.
- Crude Oil: The black gold is trading below the 50day and 100 day moving average on a 4 hour time frame and the MACD signal is showing bullish outlook. In the short term, Crude tested the 80.80 (December Contract) level briefly yesterday, but quickly rebounded showing resilience, possibly spurred by Profit taking on short positions. But if Crude can break the 80.00 level and push through, it could signal deeper multi-year lows.
- VIX: The Volatility index dropped another 15.55% on Monday, bringing the “Market Fear Gauge” back to more stable levels suggesting Market participants foresee short term stability.
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.
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