Daily Briefing
Currencies
- EUR/USD: The pair is trading above its upward trend line on a 30 minute time frame. The next support is at 1.22 and the next resistance is at 1.2530.
- USD/JPY: The pair is trading above its upward trend line on a 30 minute time frame. The next support is at 117 and resistance at 120.0
- GBP/USD: The pair is trading above its upward trend line on a 30 minute time frame. The resistance is near the 1.5816 and the support is at 1.5623
Indices
- Asian Markets closed mixed on the final trading of the week. The Hang Seng index was the worst performing index during the session and it closed lower with a loss of 0.59%. The index is down nearly by 2.45% in the past 5 days.
- European stock markets are trading lower during the early hours of trading. The FTSE MIB index is the worst performing index during the session and it is trading lower with a loss of 1.28%. The index is down by almost 4.95% in the past 5 days.
- US Indices futures are trading lower ahead consumer sentiment data. Most indices closed higher yesterday and the Nasdaq index was the best performer with a gain of 0.51%.
TOP News
- The Chinese industrial production data fell short of expectations with the final reading of 7.2% and while the forecast was 7.6%.
- The German WPI m/m came in at -0.7% which was not better than the previous reading of -0.6%.
Things to Remember
Manage your stops and dot let your winners turn into losers.
Market Sentiment
- Gold: The precious metal has formed an ascending triangle pattern on a 30 minute time frame. The support of 1203 for the uptrend to continue. The next resistance is near the 1240.
- Crude Oil: The black gold has broken its major support of $60 on a 30 minute time frame yesterday. The near term support is at the $55 mark and the resistance is at 65.
- VIX: Volatility index junpped nearly 8.37% yesterday.
News Agenda For Today
13:30 GMT
USD – PPI m/m
14:55 GMT
USD – Prelim UoM Consumer Sentiment
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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