Daily Briefing
Currencies
- EUR/USD: The pair has formed a complex reverse head and shoulder pattern on a 240 minute time frame with the projection of 1.29. The next support is at 1.2496 and the next resistance is at 1.2929.
- USD/JPY: The pair is forming a right hand shoulder (a head and shoulder pattern) on a 240 minute time frame. The next support is at 104.17 and resistance at 110.28
- GBP/USD: The pair is trading in a downward wedge pattern on a 240 minute time frame. The support is near the 1.5847 and the support is at 1.6326.
Indices
- Asian Markets closed sharply higher on the first trading day of the week. The Nikkei index was the best performing index during the session and it closed higher with a gain of 3.98%. The index is down nearly by 0.82% in the past 5 days.
- European stock futures 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 with a gain of 0.15%. The index is up by almost 0.29% in the past 5 days.
- US Indices futures are trading higher ahead of the FOMC member Powell. Most indices closed higher on Friday and the S&P 500 index was the best performer with a gain of 1.30%.
TOP News
- The German PPI m/m economic data fell short of expectations with the final reading of 0.0%. The forecast was for 0.1% while the previous reading was at -0.1%.
- The UK’s right HPI m/m move economic data printed the number of 2.6% which was much stronger as compared to the previous reading of 0.9%.
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Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal has broken its downward trend line on a 8 hour time frame. The next support is near the 1200 level and the resistance is at 1240.
- Crude Oil: The black gold is trading below the 50day and 100 day moving average on a 4 hour time frame and the MACD signal is showing bullish outlook. The next resistance is at 96 and the support is at 75.
- VIX: Volatility index dropped nearly -12.4% on Friday.
News Agenda For Today
12:30 GMT
CAD – Wholesale Sales m/m
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.