Daily Briefing
Currencies
- EUR/USD: The pair is trading in a downward channel on a 4 hour time frame. The next resistance is at 1.1216 and the support is at 1.086.
- USD/JPY: The pair has formed a symmetrical triangle pattern on a 4 hour time frame. The next support is at 119.78 and resistance at 125.85.
- GBP/USD: The pair is trading in a symmetrical triangle pattern on a 4 hour time frame. The resistance is near the 1.6030 and support is at 1.5368
Indicators
Indices
- Asian Markets closed mostly higher mostly on the final trading of the week. The Nikkei Index is the best performing index during the session and it closed higher with a gain of 0.30%. The index is up nearly by 1.02% in the past 5 days.
- European futures are trading higher during the early hours of trading. The CAC40 index is the best performing index during the session and it is trading higher with a gain of 0.59%. The index is down by almost 0.54% in the past 5 days.
- US futures are trading lower ahead of the consumer statement. Most indices closed higher during the last session and the NASDAQ index was the best performer with a gain of 0.34%.
TOP News
- The German perm CPI m/m data came in at 0.2% while the forecast 0.2%.
- The Spanish Flash GDP q/q fell short of expectations with the reading of 1.0%. The forecast was for 1.1%.
Things to Remember
Use your stops and manage the risk
Market Sentiment
- Gold: The precious metal is consolidating in a side way pattern on a 30 minute time frame. The next support is near the 1050 and the next resistance is near the 1100.
- Crude Oil: The black gold is trading below its downward trend line on a 30 minute time frame. The near term support is at the $45 mark and the resistance is at 50.
- VIX: Volatility index dropped nearly 2.96% on the last trading day.
Top Economic data
13:30 BST
CAD – GDP m/m
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