Currencies
- EUR/USD: This pair has formed a downward wedge pattern on a 4 hour time frame. The next support is near the 1.0706 level and the resistance is 1.1082.
- USD/JPY: The pair has eased off from OUR Identified resistance level (121.87-121.51) is trading above its upward trend line on a 4 hour time frame. The near term support is at 118.35 and the resistance is at 123.06.
- GBP/USD: The pair is trading below its 100 day moving average on a 4 hour time frame. The next resistance is near 1.447 and the support is 1.40.
Indicators
Indices
- Asian markets closed mostly higher on the first trading day of the week. The Nikkei index was still the best performer during the session and it closed higher with a gain of 1.98%. The index is down by 9.53% during the past 5 sessions.
- European futures are trading lower during the early hours of trading. The FTSE MIB index is trading higher with a gain of 0.59%. The index is down by nearly 3.58% over the past five sessions.
- The US futures are trading lower ahead of the manufacturing PMI data. The DOW index was the best performer on the last trading day with a gain of 2.47%.
Top News
- The Chinese manufacturing PMI data came in at 49.4 while the previous reading was at 49.6.
- The Spanish manufacturing PMI data came in at 55.4% while the previous reading was at 53.
- The German retail sales m/m came in at -0.2% while the previous was for 0.4%.
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Market Sentiment
- Crude Oil: The black gold is firmly trading above its upward trend line on a 60 minute time frame. The next support is near the 30 and the resistance is 37.
- Gold: The precious metal is trading above its upward trend line on a 4 hour time frame. The next resistance is at 1140 and the support is at 1100.
- The VIX index dropped by 2.99% during the last session.
Top Economic data
9:30 GMT
GBP – Manufacturing PMI
15:00 GMT
USD – ISM Manufacturing PMI
16:00 GMT
EUR – ECB President Draghi
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