Currencies
- EUR/USD: This pair is trading in a downward channel on 4 hour time frame. The next support is near the 1.0528 level and the resistance is 1.0899.
- USD/JPY: The pair has broken the ascending triangle pattern towards the downside on a 4 hour time frame. The near term support is at 122.20 and the resistance is at 12.52.
- GBP/USD: The pair is trading above its 50 day moving average on a 4 hour time frame.The next resistance is near 1.5530 and the support is 1.4952.
Indicators
Indices
- Asian markets closed higher by erasing some of their losses from yesterday. The Hang Seng index is the best performer during the session and it is trading higher with a gain of 1.40%. The index is up 0.66% nearly 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 1.41%. The index is up by nearly 1.89% over the past five sessions.
- The US futures are trading higher ahead of the unemployment claims data. The NASDAQ Index was the best performer yesterday with a gain of 1.78%.
Top News
- The bank of Japan kept their monetary policy unchanged.
- The Japanese all industries activity m/m reading came in at -0.2% while the forecast was for 0.2%.
- The UK’s retails sales data fell short of expectations with the reading of -0.6% while the forecast was for -0.4%.
Market Sentiment
- Crude Oil: The black gold is trading below its 50 day and 100 day moving average on a 4 hour time frame. The next support is near the 40.18 and the resistance is 43.23.
- Gold: The precious metal fell from our Identified Resistance zone (yesterday we motioned this in our technical section) on a 4 hour time frame. The next resistance is at 1100 and the support is at 1064.
- The VIX index added 3.74% during the last session.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or
remove ads
.
Top Economic data
09:30 GMT
GBP – Retail Sales m/m
13:30 GMT
USD – Unemployment Claims
15:00 GMT
USD – Philly Fed Manufacturing Index
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