Currencies
- EUR/USD: This pair is trading in a downward channel on a 4 hour time frame. The next support is near the 1.0518 level and the resistance is 1.0899.
- USD/JPY: The pair is trading in a downward channel pattern on a 4 hour time frame. The near term support is at 121.35 and the resistance is at 124.63.
- GBP/USD: The pair has broken its descending triangle pattern on a 4 hour time frame.The next resistance is near 1.5530 and the support is 1.4952.
Indicators
Indices
- Asian markets closed lower on the first trading day of the week. The Nikkei index is the worst performer during the session and it closed lower with a loss of 0.69%. The index is down 5.01% during the past 5 sessions.
- European Futures are trading higher during the early hours of trading. The DAX index is trading higher with a gain of 0.69%. The index is up by nearly 1.00% over the past five sessions.
- The US futures are trading lower ahead of the Chicago PMI data. The NASDAQ index was the best performer yesterday with a gain of 0.23%.
Top News
- The Japanese retail sales data y/y came in at 1.8% while the forecast is for 0.9%.
- The German retail sales m/m fell short of expectations with the reading of -0.4% while the forecast was for 0.3%.
- The Italian prelim CPI m/m was below the expectations and the data came in at -0.4%.
Market Sentiment
- Crude Oil: The black gold is trading in an upward wedge pattern on a 4 hour time frame. The next support is near the 40.40 and the resistance is 44.74.
- Gold: The precious metal has formed descending triangle pattern on a 4 hour time frame. The next resistance is at 1078 and the support is at 1054.
- The VIX index dropped 0.46% during the last session.
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