Daily Briefing
Currencies
- EUR/USD: The pair has bounced from its support zone which we predicted in our analysis on 29-05-2014. The next support is at 1.3473 and the next resistance is at 1.3742.
- USD/JPY: The pair has broken its downward trend line on a 60 minute time. The next support is at 100.96 and resistance at 102.84
- GBP/USD: The pair has broken its downward trend line on a 60 minute time frame. The resistance is near the 1.6920 and the support is at 1.6680.
Indicators
Indices
- Asian Markets closed mostly higher on the first trading day of the week. The Hang Seng Index was the best performing index during the session and it closed higher with a gain of 0.72%. The index is down nearly by 0.82% in the past 5 days.
- European stock markets are trading higher during the early hours of trading. The FTSE 100 Index is the best performing index during the session and it is trading higher with a gain of 0.27%. The index is up by almost 0.29% in the past 5 days.
- US Indices futures are trading higher after another record close on Friday. Most indices closed higher on Friday and the Dow was the best performer with a gain of 0.52%.
TOP News
- Japanese consumer confidence came in at 39.3 while the forecast was at 37.7. The final reading was above the previous number of 37.
- The euozone Sentix investor confidence fell massively and the number came in at 8.5. The forecast was at 13.5.
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Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal is consolidating near the support of 1240 however the bias still remains to the downside. The next support is near the 1180 level and the resistance is at 1264
- Crude Oil: The black gold has broken its reverse head and shoulder pattern on a 30 minute time frame. The next support is near the $101 level and the resistance is at 104.
- VIX: The Volatility Index dropped nearly 8.13% yesterday.
News Agenda For Today
No News
Trend
The CHF and DKK are trending up against the USD, while the EURand CAD are trading lower against the USD on an intra-day basis.
Disclosure: 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