Daily Briefing
Currencies
- EUR/USD: The pair has formed an ascending triangle pattern on a 30 minute time frame. The next resistance is at 1.15 and the support is at 1.10.
- USD/JPY: The pair is moving in a side way pattern on a 30 minute time frame. The next support is at 115.73 and resistance at 118.83.
- GBP/USD: The pair is trading below its downward trend line on a 30 minute time frame. The resistance is near the 1.5272 and support is at 1.4942.
Indices
- Asian Markets closed mostly lower on the final trading day of the week. The Shanghai Composite is the worst performing index during the session and it closed lower with a loss of 1.60%. The index is down nearly by 3.99% in the past 5 days.
- European stock futures are trading higher during the early hours of trading. The IBEX index is the best performing index during the session and it is trading higher with a gain of 0.07%. The index is up by almost 0.28% in the past 5 days.
- US Indices futures are trading higher ahead of the GDP data. Most indices closed higher during the last session and the NASDAQ index was the best performer with a gain of 0.94%.
TOP News
- Amazon.com (NASDAQ:AMZN) reported further decline in their profit for the fourth quarter and hence the stock is under pressure today.
- Greece has backed European sanctions yesterday against Russia by ending the dilemma if the country was going to become a friend with Russia.
- Apple's (NASDAQ:AAPL) new watch is coming in April, which could be as famous as the iPhone.
Things to Remember
Stops are there to protect you, so make sure to use them.
Market Sentiment
- Gold: The precious metal is trading below its downward trend line on a 30 minute time frame. The next support is near the 1222 and the next resistance is near the 1300.
- Crude Oil: The black gold has formed a reverse head and shoulder pattern on a 30 minute time frame. The near term support is at the $43.0 mark and the resistance is at 50.
- VIX: Volatility index dropped nearly 8.22% on the last trading day.
News Agenda For Today
10:00 GMT
EUR – CPI Flash Estimate y/y
13:30 GMT
USD – Advance GDP q/
CAD – GDP q/q
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
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