Daily Briefing- Europe And Asia Trading Lower

• EUR/USD- the pair has broken an upward channel on a 30 minute time frame. The RSI shows that the bias could be to the upside.
• USD/JPY- the pair is moving in an upward channel on a 30 minute time frame. However, the RSI is near over sold territory which could maintain the upward move.
• GBP/USD- the pair has broken its upward line on a 30 minute time frame. However, the price is trading above the 50 day and 100 day moving averages which confirm the upward trend is still in play.

• Asian Markets closed mixed lower by wiping off some of their gains made yesterday. The Nikkei index dropped nearly -1.14% and was the best performing index during the Asian session.
• European stocks are also trading down during the early hours of trading today. The DAX is the worst performing index and it is down by almost -0.59%.
• US Indices closed mix yesterday for the first time during this week. The S&P was the worst performer yesterday and closed with a loss of -0.38%

• Germany is not prepared to sanction another debt cut for Greece, the German vice chancellor confirmed in his statement today.
• The economic data released in South Korea showed that the country’s GDP increased by 1.1% during the second quarter.
• Law makers said that the UK government should start paying serious attention to introduce a transaction tax on high frequency trading which is discouraging short term traders.

• Do not let your emotions to take over your trading decision, as such will lead you in a disaster situation.

• Gold fell from its resistance zone of 1340-1350 level. However, the price action seems strong and the bias could be to the upside.
• Oil- The black gold fell from its resistance level on a 30 minute time frame. The bias could still be to the downside.
• VIX- Volatility index increased by 4.11%.

08:00AM GMT
EUR- German Ifo Business Climat

08:30AM GMT
GBP- Prelim GDP q/q

12:30AM GMT
USD- Core Durable Goods Orders m/m

12:30AM GMT
USD- Unemployment Claims

14:30PM GMT
USD- Natural Gas Storage

Trend
The NZD, GBP and EUR are reversing their trend to the upside against the dollar while the JPYSEK and CHF are reversing their trend to the downside against the dollar.

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