Daily Briefing- Asia Closed Mixed, Europe Trading Higher

• EUR/USD- the pair is trading near its support zone again on a 30 minute time frame. The RSI shows that the bias is towards the downside.
• USD/JPY- the pair is moving in a sideway pattern on a 30 minute time frame. The RSI shows bias could be to the downside.
• GBP/USD- the pair has failed to break its downward trend line to the upside on a 30 minute time frame. The price is in a constant tug war with its 50day and 100 day moving average which represents neither bulls or bears are in control of price.

Indicators

Indices

• Asian Markets closed mixed yesterday by recovering some of the losses. The Hang Seng index gained nearly 1.97% and was the best performing index during the Asian session.
• European stocks are trading with mild gains during the early hours of trading today. The IBEX 35 is the best performing index and it is up by almost 0.60%.
• US Indices closed with some gains yesterday. The S&P 500 was the best performer, which closed with a gain of 0.95%

• People Bank of China confirmed today that the country is ready to address the tight liquidity issue and it will protect its money market.
• The Finance Minister in New Zealand said that the reason for the Kiwi to stay too strong is because the US economy has taken too long to get back on its feet
• The Financial Times reported that Italy is facing some hefty losses on its derivative contracts which were used to restructure its economy during the euro-area crisis.

• Risk management is the life blood of trading

• Gold is trading in a major support zone of 1245-1233 on a daily time frame. A break of this zone could open the floor towards the 1150 level
• Oil- The black is entering in a resistance zone gain on a 4 hour time frame and the bias could be to the upside if it breaks this resistance zone.
• VIX- Volatility index dropped by -8.16% on Tuesday.

News Agenda For Today
09:30 GMT

GBP – BOE Gov King Speaks
14:30 GMT

USD – Crude Oil Inventories
22:45 GMT

NZD – Trade Balance

Trend

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