CurrenciesThe pair is trading in an upward channel on a 4 hour time frame. The next support is near the 1.1183 level and the resistance is at 1.1495.
USD/JPY: The pair has broken is trading below its downward trend line on a 4 hour time frame. The near term support is at 106 and the resistance is at 110.74.
GBP/USD: The pair is trading below its 50 (1.4203) and 100 (1.4230) day moving average on a 4 hour time frame. The next resistance is at 1.4467 and the support is 1.3896.
The pair is trading in an upward channel on a 4 hour time frame. The next support is near the 1.1183 level and the resistance is at 1.1495.
USD/JPY: The pair has broken is trading below its downward trend line on a 4 hour time frame. The near term support is at 106 and the resistance is at 110.74.
GBP/USD: The pair is trading below its 50 (1.4203) and 100 (1.4230) day moving average on a 4 hour time frame. The next resistance is at 1.4467 and the support is 1.3896.
Indicators
Indices
Asian markets closed mostly higher by erasing some of their losses from yesterday. The Nikkei index was the best performer during the session and it closed higher with a gain of 1.13%.
European futures are trading higher during the early hours of trading. The DAX index is trading higher with a gain of 0.63%.
The US markets are trading higher ahead of the Import prices m/m data. The S&P500 index was the worst performer on the last trading day with a loss of 0.27%.
Top News
The Australian NAB Business confidence data came in at 6.0 while the previous reading was at 3.
The German Final CPI m/m data came in at 0.8% matching the forecast.
Market Sentiment
Crude Oil: The black gold is trading above the 100 day (38.81) on a 4 hour time frame. The next support is near the 36.06 and the resistance is 42.91.
Gold: The precious metal has broken its 50 day moving average (1231.06) towards the upside on a 4 hour time frame. The next resistance is at 1270 and the support is at 1179.
The VIX index popped by 5.86% during the last session.
by Naeem Aslam