Currencies- EUR/USD: The pair is under selling pressure and has broken its symmetrical triangle pattern on a 60 minute time frame. The next support is at 1.3473 and the next resistance is at 1.3742.
- USD/JPY: The pair is trading in an upward channel on a 60 minute time frame. The next support is at 100.96 and resistance at 102.84
- GBP/USD: The pair has broken its descending triangle pattern on a 60 minute time frame. The resistance is near 1.6920 and the support is at 1.6680.
Indicators
Indices
- Asian Markets closed mostly higher after more gains on top of yesterday. The Hang Seng Index was the best performing index during the session and it closed higher with a gain of 0.86%. The index is up nearly by 1.02% in the past 5 days.
- European stock markets are trading higher during the early hours of trading. The FTSE MIB 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 3.41% in the past 5 days.
- US index futures are trading higher ahead of JOLTS jobs opening data. Most indices closed higher yesterday and the NASDAQ was the best performer with a gain of 0.34%.
TOP News
- The Australian NBA business confidence data matched the previous reading of 7.
- The Chinese CPI y/y data was much stronger as compared to the forecast of 2.5%. The final number was at 2.5% while the previous reading was at 1.8%.
- The UK’S manufacturing production m/m came in line with the forecast of 0.4%
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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: Black gold is trading above the 50day and 100 day moving average on a 30 minute time frame. The next resistance is at 106 and the support is at 103.50
- VIX: The Volatility Index gained nearly 3.91% yesterday.
News Agenda For Today
No News
Trend
The CHF and DKK are trending up against the USD, while the EUR and 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