Currencies
- EUR/USD: The pair is trading below its 50 and 100 day moving average on a 4 hour time frame. The next resistance is at 1.1009 and the support is at 1.0859.
- USD/JPY: The pair is trading above its upward trend line on a 4 hour time frame. The next resistance is at 123.31 and the support is at 118.58.
- GBP/USD: The pair is trading above its upward trend line on a 4 hour time frame. The resistance is near the 1.5505 and the next support is at 1.52.
Indicators
Indices
- Asian Markets closed higher by erasing some of their losses from yesterday. The Hang Seng index was the best performing index with a gain of 3.12% and over the last 5 days it is down by 0.74%.
- European futures are trading higher during the early hours of trading. The FTSE100 index is the best performing index during the session and it is trading higher by 0.40%. The index is up nearly 3.60% nearly during the past five days.
- US futures are trading lower ahead of the total vehicle sales data. The Dow index was the best performer during the last session and it closed higher by 0.50%.
TOP News
- The Japanese monetary balance data came in at 32.5% while the previous reading was at 35.5%.
- The Australian retail sales data not only matched the previous reading but it also matched the forecast of 0.4%.
Things to Remember
Do not let your emotions dictate your stops.
Market Sentiment
- Crude Oil: The black gold is trading above its 50 and 100 day moving averages on a 4 hour time frame. The next support is at 42.59 and the resistance is at 50
- Gold: The precious metal is trading below its downward trend line on a 4 hour time frame. The next support is at 1100 and the resistance is at 1138.
- The VIX index popped nearly 2.76% during the last session.
Top Economic data
09:00 GMT
EUR – ECB president speaks
10:30 GMT
GBP – Services PMI
14:15 GMT
USD – ADP Non-Farm Employment Change
14:30 GMT
USD- Trade Balance
16:00 GMT
USD- Fed Chair Yellen Testifies | ISM Non-Manufacturing PMI
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