Currencies
- EUR/USD: The pair has bounced from our Identified support zone on a 30 minute time frame. The support zone was given in our analysis last week. The next resistance is at 1.1269 and the support is at 1.1150.
- USD/JPY: The pair is trading above its upward trend line on a 30 minute time frame. The next support is at 118.71 and resistance at 120.45
- GBP/USD: The pair has broken its upward wedge pattern on a 30 minute time frame. The resistance is near the 1.5565 and support is at 1.5332.
Indicator
Indices
- Asian Markets closed mostly lower by erasing some of their gains fro yesterday. The Shanghai Index is the worst performing index during the session and it closed lower with a loss of 2.20%. The index is up nearly by 2.02% in the past 5 days.
- European stock futures are trading higher during the early hours of trading. The DAX index is the best performing index during the session and it is trading higher with a gain of 0.25%. The index is up by almost 0.84% in the past 5 days.
- US futures are also trading higher ahead of the UK construction PMI data. Most indices closed higher during the last session and the NASDAQ index was the best performer with a gain of 0.90%.
TOP News
- The Australian building approvals on m/m came in at 7.9% while the forecast was for -1.08%.
- The Australian cash rate came in at 2.25% while the previous reading was 2.25%.
- The Spanish unemployment change data came in at -13.5K while the previous reading was at 10.5K
Things to Remember
Stop loss is your biggest friend so make sure you use it
Market Sentiment
- Gold: The precious metal is trading above its upward trend line on a 30 minute time frame. The next support is near the 1140 and the next resistance is near the 1230.
- Crude Oil: The black gold is trading in a sideway pattern on a 30 minute time frame. The near term support is at the $46.0 mark and the resistance is at 55.10.
- VIX: Volatility index dropped nearly -2.25% on the last trading day.
News Agenda For Today
08:00 GMT
EUR – Spanish Unemployment change
09:30 GMT
GBP – Construction PMI
10:00 GMT
GBP – BOE Gov Carney Speaks
Trends
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.