Currencies
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EUR/USD: The pair is trading above its upward trend line on a 4 hour time frame. The next support is near the 1.1143 level and the resistance is at 1.1493.
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USD/JPY: The pair has pierced the Bollinger band toward the downside on a 4 hour time frame. The near term support is at 107.60 and the resistance is at 111.69.
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GBP/USD: The pair has formed a symmetrical triangle pattern on a 4 hour time frame. The next resistance is at 1.4388 and the support is 1.3820.
Indicators
EUR/USD: The pair is trading above its upward trend line on a 4 hour time frame. The next support is near the 1.1143 level and the resistance is at 1.1493.
USD/JPY: The pair has pierced the Bollinger band toward the downside on a 4 hour time frame. The near term support is at 107.60 and the resistance is at 111.69.
GBP/USD: The pair has formed a symmetrical triangle pattern on a 4 hour time frame. The next resistance is at 1.4388 and the support is 1.3820.
Indices
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Asian markets closed mostly higher by erasing some of their losses from yesterday. The Nikkei index was the best performer during the session and it closed higher with a gain of 0.46%.
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European futures are trading higher during the early hours of trading. The CAC40 index is trading higher with a gain of 0.43%.
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The US markets are trading higher ahead of Yellen’s Speech. The NASDAQ index was the best performer on the last trading day with a gain of 1.59%.
Top News
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The Franch trade balance data came in at -5.2B, while the forecast was for -3.8B.
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The UK’s Halifax HPI m/m data came in at 2.6%, while the forecast was for 0.8%.
Market Sentiment
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Crude Oil: The black gold is trading above its 50 day moving average (50 MA reading 37.65) on a 4 hour time frame. The next support is near the 35.89 and the resistance is 41.91.
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Gold: The precious metal is trading below its downward trend line on a 4 hour time frame. The next resistance is at 1260 and the support is at 1185.
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The VIX index dropped 8.63% during the last session.
By Naeem Aslam