Currencies
- EUR/USD: This pair has broken its downward trend line on a 4 hour time frame. The next support is near the 1.0657 level and the resistance is 1.1085.
- USD/JPY: The pair has bounced from its support zone on a 4 hour time frame. The near term support is at 119.55 and the resistance is at 122.82
- GBP/USD: The pair is trading in a downward channel on a 4 hour time frame.The next resistance is near 1.5332 and the support is 1.4888.
Indicators
Indices
- Asian markets closed lower on the first trading day of the week. The Nikkei index is the worst performer during the session and it closed lower with a loss of 1.81%. The index is up by 0.71% during the past 5 sessions.
- European markets are trading higher during the early hours of trading. The FTSE 100 index is trading higher with a gain of 0.26%. The index is down by nearly 3.79% over the past five sessions.
- The US futures are trading lower ahead of the Draghi’s speech. The NASDAQ index was the worst performer on the last trading day with a loss of 2.22%.
Top News
- The Japanese revised industrial production m/m came in at 1.4% matching the forecast.
- The Japanese tertiary industry activity came in at 0.9% while the forecast was for 0.5%.
- Astra Zeneca confirmed that it has been in talks with Acerta Pharma
Market Sentiment
- Crude Oil: The black gold trading below its downward trend line on a 4 hour time frame. The next support is near the 31.13 and the resistance is 39.50.
- Gold: The precious metal is trading below its 50 and 100 day moving averages on a 4 hour time frame. The next resistance is at 1079 and the support is at 1057.
- The VIX index surged 11.42% during the last session.
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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