Daily Briefing
Currencies
- EUR/USD: The pair is trading below its downward trend on a 30 minute time frame. The next resistance is at 1.15 and the support is at 1.11.
- USD/JPY: The pair has formed a symmetrical triangle pattern on a 30 minute time frame. The next support is at 115.70 and resistance at 117.60.
- GBP/USD: The pair has formed a doublet bottom on a 30 minute time frame. The resistance is near the 1.52and support is at 1.48.
Indices
- Asian Markets closed mostly higher on the final trading day of the week. The Hang Seng index is the best performing index during the session and it closed higher with a gain of 1.33%. The index is down nearly by 5.16% in the past 5 days.
- European stock futures are trading higher during the early hours of trading. The CAC40 index is the best performing index during the session and it is trading higher with a gain of 1.47%. The index is up by almost 6.39% in the past 5 days.
- US Indices futures are trading higher ahead of the flash manufacturing data. Most indices closed higher during the last session and the NASDAQ index was the best performer with a gain of 1.77%.
TOP News
- ECB announced massive QE package yesterday during which they will be purchasing the 60 billion euro of bonds each month.
- The French PMI data released today has shown the reading of 49.5.
- The German Flash manufacturing PMI data came in at 52.7 while the forecast was for 52.6
Things to Remember
Manage your stops not the expectations.
Market Sentiment
- Gold: The precious metal is consolidating near the 1300 level on a 30 minute time frame. The price is trading above its upward trend line. The next support is near the 1272 and the next resistance is near the 1330.
- Crude Oil: The black gold is consolidating in a side way 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 -11.% on the last trading day.
News Agenda For Today 1
08:00 GMT
EUR – French Flash Manufacturing PM
08:30 GMT
EUR – German Flash Manufacturing PMI
09:30 GMT
GBP – Retail Sales m/m
13:30 GMT
CAD – Core CPI m/m
13:30 GMT
CAD – Core Retail Sales m/m
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