Daily Briefing
Currencies
- EUR/USD: The pair is trading below its downward trend line on a 30 minute time frame. The next resistance is at 1.1449 and the support is at 1.128.
- USD/JPY: The pair has formed a side way wedge pattern on a 30 minute time frame. The next support is at 118.71 and resistance at 119.87
- GBP/USD: The pair is trading above its upward trend line on a 30 minute time frame. The resistance is near the 1.5565 and support is at 1.5332.
Indices
- Asian Markets closed mostly higher by adding to their gains which were recorded yesterday. The Shanghai index is the best performing index during the session and it closed higher with a gain of 0.76%. The index is up nearly by 2.02% in the past 5 days.
- European stock futures are trading higher during the early hours of trading. The FTSE 100 index is the best performing index during the session and it is trading higher with gain of 0.06%. The index is up by almost 0.84% in the past 5 days.
- US futures are also trading higher ahead of the Yellen speech. Most indices closed lower during the last session and the Dow index was the best performer with a gain of 0.13%.
TOP News
- The German GDP data came in at 0.7% while the forecast was for 0.7%
- The Swiss unemployment level came in at 4.23M beating the forecast of 4.22M and the previous reading was at 4.23M
- The euro zone current account balance data fell shot of expectation with the reading of 17.8B while the forecast was for 23.3B.
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Things to Remember
Follow the trend and follow the leaders.
Market Sentiment
- Gold: The precious metal has broken the 1200 level on a 30 hour time frame. The next support is near the 1140 and the next resistance is near the 1230.
- Crude Oil: The black gold is trading below its downward trend line on a 30 minute time frame. The near term support is at the $46.0 mark and the resistance is at 55.10.
- VIX: Volatility index gained nearly 1.82% on the last trading day.
News Agenda For Today
15:00 GMT
USD 0 CB Consumer confidence
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