Currencies
- EUR/USD: The pair has formed a wedge pattern on a 60 minute time frame. The next resistance is at 1.146 and the support is at 1.1024.
- USD/JPY: The pair is trading in a symmetrical triangle pattern on a 60 minute time frame. The next resistance is at 124.13 and the support is at 115.92.
- GBP/USD: The pair is trading above its 50 and 100 day moving average on a 60 minute time frame. The resistance is near the 1.5530 and the next support is at 1.5107
Indicators
Indices
- Asian Markets closed higher by adding gains on top of yesterday. The Nikkei index was the best performing index with a gain of 0.75% and over the last 5 days it is up by 0.70%.
- European markets are trading lower during the early hours of trading. The DAX index is the worst performing index during the session and it is trading lower by 0.83%. The index is up nearly 2.24% nearly during the past five days.
- US futures are trading lower ahead of the consumer credit data. The DOW index was the best performer during the last session and it closed higher by 0.08%.
TOP News
- The UK manufacturing production data came in at 0.5% while the forecast was for -2.4B.
- The Bank of Japan kept the level of quantitative easing unchanged.
- The UK industrial production data came in at 1.0% while the forecast was for 0.3%.
Things to Remember
- Use your stops and manage the risk
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Market Sentiment
- Crude Oil: The black gold has broken out of its consolidating side way pattern towards the upside on a 4 hour time frame. The next support is at 45.74 and the resistance is at 55.
- Gold: The precious metal is trading below its 50 and 100 day moving average on a 4 hour time frame. The next support is at 1100 and the resistance is at 1130.
- The VIX index dropped nearly 0.72% during the last session.
Top Economic data
08:30 GMT
GBP – Manufacturing Production m/m
12:30 GMT
CAD – Building Permits m/m
02:30 GMT
USD – Crude Oil Inventories
Trends
The below chart shows AUD,NZD, and EUR are trading higher against the USD.
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