Daily Briefing
Currencies
- EUR/USD: The pair fell from its resistance zone (1.1381-1.1341) on a 30 minute time frame. The next resistance is at 1.1341 and the support is at 1.1115.
- USD/JPY: The pair is bouncing from support zone of (122.45-122.75) on a 30 minute time frame. The next support is at 120.84 and resistance at 126.
- GBP/USD: The pair fell from its resistance zone of 1.5505-1.5465 on a 30 minute time frame. The resistance is near the 1.5695 and support is at 1.5131.
Indicators
Indices
- Asian Markets closed mostly lower by erasing their gains from yesterday. The Nikkei index is the worst performing index during the session and it closed lower with a loss of 1.17%. The index is down nearly by 2.30% in the past 5 days.
- European markets are trading lower during the early hours of trading. The DAX index is the worst performing index during the session and it is trading lower with a loss of 0.27%. The index is down by almost 3.55% in the past 5 days.
- US futures are trading lower ahead of the JOLTS data. Most indices closed lower during the last session and the DOW index was the worst performer with a loss of 1.50%.
TOP News
- The Australian NAB Business confidence came well ahead of previous reading of 3. The print came in at 7.
- The Australian Home loans data surpassed the forecast of -1.8%. The final print was at 1.0%
- The Chinese CPI data came in at a much worse level with the reading of 1.2%. The forecast was for 1.3%
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Things to Remember
Use your stops and manage the risk
Market Sentiment
- Gold: The precious metal is in a process of completing its projection of reverse head and shoulder pattern on a 30minute time frame. The next support is near the 1160 and the next resistance is near the 1190.
- Crude Oil: The black gold is trading above its upward trend line on a 30 minute. The near term support is at the $59.83 mark and the resistance is at 63.
- VIX: Volatility index dropped nearly -5.60% on the last trading day.
Top Economic data
08:30 GMT
GBP – Manufacturing Prod
14:30 GMT
USD – Crude Oil
Trends
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