Currencies
- EUR/USD: The pair has broken out of its wedge pattern towards the upside 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 consolidating in a side way 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 near the upward trend line 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 lower by adding to their losses from yesterday. The Nikkei index was the worst performing index with a loss of 1.10% and over the last 5 days it is up by 0.70%.
- European markets are trading lower during the early hours of trading. The CAC40 index is the worst performing index during the session and it is trading lower by 1.64%. The index is up nearly 2.24% nearly during the past five days.
- US futures are trading lower ahead of the small business index data. The NASDAQ index was the worst performer during the last session and it closed lower by 0.18%.
TOP News
The Australian NAB business confidence data came in at 5 while the previous reading was 1.
The Chinese trade balance came much better than expectations with the reading of 60.3B while the forecast was for 46.9B.
The UK CPI y/y number was weaker than expected and this pulled the sterling lower. The number came in at -0.1% while the forecast was 0.0%
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Things to Remember
Use your stops and manage the risk
Market Sentiment
- Crude Oil: The black gold has lost its steam and is correcting its price action on a 4 hour time frame. The next support is at 45.74 and the resistance is at 50.50.
- Gold: The precious metal is trading above 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 -5.33% during the last session.
Top Economic data
09:30 BST
GBP CPI y/y
10:00 BST
EUR – German ZEW economic sentiment
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