Currencies
- EUR/USD: The pair is trading in a descending triangle pattern on a 4 hour time frame. The next resistance is at 1.146 and the support is at 1.1024.
- USD/JPY: The pair is trading in a wedge pattern on a 4 hour time frame. The next resistance is at 124.13 and the support is at 115.92.
- GBP/USD: The pair is trading below its downward trend line on a 4 hour time frame. The resistance is near the 1.5232 and the next support is at 1.508
Indicators
Indices
- Asian Markets closed higher by erasing their losses from yesterday. The Nikkei index was the best performing index is 2.70% and over the last 5 days it is down by 6.30%.
- European markets are trading higher during the early hours of trading. The DAX index is the best performing index during the session and it is trading higher by 1.74%. The index is down nearly 5.35% nearly during the past five days.
- US futures are trading higher ahead of the ADP data. The DOW index was the best performer during the last session and it closed higher by 0.29%.
TOP News
- The German unemployment data fell short of expectation with the reading of 2K while the forecast was for -5K.
- The Italian unemployment data came ahead of expectations with the reading of 11.9% while the forecast was 12%
Things to Remember
- Use your stops and manage the risk
Market Sentiment
- Crude Oil: The black gold has formed a symmetrical triangle pattern on a 4 hour time frame. The next support is at 43.50 and the resistance is at 49.
- Gold: The precious metal is trading near its its 50 day moving average on a 4 hour time frame. The next support is at 1120 and the resistance is at 1160.
- The VIX index dropped nearly 2.90% during the last session.
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Top Economic data
08:30 GMT
GBP – Current Account
12:15 GMT
USD – ADP Non-Farm Employment Change
12:30 GMT
CAD – GDP m/m
14:30 GMT
USD – Crude Oil Inventories
Trends
The below chart shows NZD, JPY and AUD are trading higher against the USD.
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