Daily Briefing
Currencies
- EUR/USD: The pair is trading below the 50 day moving average on a 4 hour time frame. The next resistance is at 1.1565 and the support is at 1.1006.
- USD/JPY: The pair has formed a symmetrical triangle pattern on a 4 hour time frame. The next support is at 115.82 and resistance at 124.19
- GBP/USD: The pair has broken its downward trend line on a 4 hour time frame. The resistance is near the 1.5534 and support is at 1.5029
Indicators
Indices
- Asian Markets closed higher by erasing some their losses from yesterday. The Nikkei index is the best performing index during the session and it is closed higher with a gain of 5.51%. The index is down nearly by 5.72% in the past 5 days.
- European futures are trading higher during the early hours of trading. The CAC40 index is the best performing index during the session and it is trading up with a gain of 0.28%. The index is down by almost 3.06% in the past 5 days.
- US futures are trading lower ahead of the JOLTS data. Most indices closed higher during the last session and the NASDAQ index was the best performer with a gain of 2.73%.
TOP News
- China cuts economic growth for the year 2014 to 7.3% from previous reading of 7.4%
- The Australian home loans data came in it 0.3% while the previous reading was at 0.8%.
- The Australian Westpac consumer sentiment data printed the reading of -5.6% while the forecast was for 7.8%.
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Things to Remember
Use your stops and manage the risk
Market Sentiment
- Gold: The precious metal is consolidating in a sideway pattern on a 4 hour time frame. The next support is near the 1116 and the next resistance is near the 1140.
- Crude Oil: The black gold is trading above its upward line on a 4 hour time frame. The near term support is at the $42 mark and the resistance is at 47.
- VIX: Volatility index popped nearly 15.23% on the last trading day.
Top Economic data
08:30 GMT
GBP Manufacturing Production m/m
12:30 GMT
CAD Building Permits m/m/ BOC Rate Statement/Overnight Rate
21:00 GMT
NZD Official Cash Rate/ RBNZ Rate Statement/ RBNZ Press Conference
Trends
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