Daily Briefing
Currencies
- EUR/USD: The pair is trading below its downward trend line 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 broken its upward wedge pattern on a 4 hour time frame. The next support is at 115.82 and resistance at 124.19
- GBP/USD: The pair is under massive selling pressure on a 4 hour time frame. The resistance is near the 1.5534 and support is at 1.5029
Indicators
- 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 0.49%. The index is down nearly by 5.72% in the past 5 days.
- European futures are trading lower during the early hours of trading. The DAX index is the worst performing index during the session and it is trading lower with a loss of 0.38%. The index is down by almost 3.06% in the past 5 days.
- US futures are closed today for the labor day holiday. Most indices closed lower during the last session and the DOW index was the worst performer with a worst of 1.65%.
TOP News
- China cuts economic growth for the year 2014 to 7.3% from previous reading of 7.4%
- The Australian ANZ job advertisement data came in it 1.0% while the previous reading was at -0.5%.
- The Japanese leading indicator data printed the reading of 104.9 matching the forecast.
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Things to Remember
Use your stops and manage the risk
Market Sentiment
- Gold: The precious metal trading below the 50 and 100 day moving average 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 has bounced sharply back up 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
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