Daily Briefing
Currencies
- EUR/USD: The pair is consolidating near the support zone on a 60 minute frame. The next support is at 1.3580 and the next resistance is at 1.3742.
- USD/JPY: The pair has broken its downward trend line on a 60 minute time. The next support is at 100.80 and resistance at 103.05
- GBP/USD: The pair is trading below the downward trend line on a 60 minute time frame. The resistance is near the 1.6920 and the support is at 1.6680.
Indicators
Indices
- Asian Markets closed mostly higher by building their gains on top of yesterday. The Hang Seng index was the best-performing index during the session and it closed higher with a gain of 0.78%. The index is down nearly by 0.82% in the past 5 days.
- European stock markets are trading lower during the early hours of trading. The FTSE 100 index 100 is the worst performing index during the session and it is trading lower with a loss of 0.16%. The index is up by almost 0.78% in the past 5 days.
- US Indices futures are trading lower ahead of the factory orders data. Most indices closed higher yesterday and the Dow index was the best performer with a gain of 0.16%.
TOP News
- The Chinese non manufacturing PMI data came in at 55.5 while the previous reading was at 54.8.
- The Chinese HSBC Final manufacturing PMI was lower than the previous month. The final reading was at 49.4 while the previous reading was 49.7
- The Australian Retail sales data fell short of expectations with the reading of 0.2% while the forecast was for 0.3%.
- The Unemployment rate has ticked higher in Italy once again and the unemployment rate among young has soared.
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Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal is consolidating near the support of 1240 however the bias still remains to the downside. The next support is near the 1180 level and the resistance is at 1264
- Crude Oil: The black gold is trading in a downward wedge on a intraday time frame. The next support is near the $101 level and the resistance is at 103.30.
- Volatility S&P 500: Volatility index gained nearly 1.58% yesterday.
News Agenda For Today
08:30 GMT
GBP – Construction PMI
09:00 GMT
EUR – CPI Flash Estimate y/y
Trend
The AUD and GBP are trending up against the USD, while the SEK and DKK are trading lower against the USD on an intra-day basis.
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