Currencies
- EUR/USD: The pair is trading below its downward trend line on a 4 hour time frame. The next resistance is at 1.1180 and the support is at 1.1080.
- USD/JPY: The pair is heading through its first resistance of 120.31 with 120.65 as the next level. Support is at 119.35
- GBP/USD: The pair has broken its downward wedge pattern on a 4 hour time frame. The resistance is near the 1.54 and support is at 1.1.5290
Indicators
Indices
- Asian Markets closed lower tracking negative sentiment from Wall-Street and Europe yesterday. Hong Kong fell by 2.6%, while Shanghai declined by 2.2%. Weak PMI data from China showed 6.5 years low in manufacturing activity.
- European futures are stabilising following a volatile open. DAX and Stoxx50 futures are up as much as 0.5% while the FTSE MIB is adding 1% this morning.
- US futures are trading in positive territory ahead of US open. Most indices closed lower during the last session due to concerns over a slowdown in global growth.
TOP News
- The French manufacturing industry moved into expansion territory in September as the Flash PMI rose above 50.0 to 50.4 for the first time since June.
- German Flash PMI dropped 0.8 points to 52.5 from 53.3, its lowest level since June
- Asian stocks and commodities slide behind disappointing Chinese PMI numbers
- Greece’s new cabinet is sworn in on Wednesday morning as Prime Minister Tspiras backs Greek bailout
Things to Remember
- Use your stops and manage the risk
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Market Sentiment
- Crude Oil: Currently trading just 20 cent below the high this week at $46.80, later today sees the weekly Crude Oil Inventory figures and we may see further buying on the back of expectations for a further reduction in inventories.
- Gold: Prices rebounded last week after dropping below 1100 to 1140, currently the price is at 1125 and we could see continuation of the rebound, testing the 1140 level in the near term. A drop below 1120 opens up the way to 1100.
Top Economic data
07:00 GMT
EUR – French Flash Manufacturing PMI
07:30 GMT
EUR –German Flash Manufacturing PMI
12:30 GMT
CAD – Core Retail Sales m/m
13:00 GMT
EUR- ECB President Draghi Speaks
14:30 GMT
USD- Crude Oil Inventories
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