CurrenciesEUR/USD: The pair is trading above its upward trend line on a 4 hour time frame. The next support is near the 1.0801 level and the resistance is at 1.1493.
USD/JPY: The pair is trading has broken its downward channel towards the downside on a 4 hour time frame. The near term support is at 110.11 and the resistance is at 115.83.
GBP/USD: The pair is trading below its 50 (price 1.4239) and 100 day (price 1.4279) moving averages on a 4 hour time frame. The next resistance is at 1.4575 and the support is 1.4052.
EUR/USD: The pair is trading above its upward trend line on a 4 hour time frame. The next support is near the 1.0801 level and the resistance is at 1.1493.
USD/JPY: The pair is trading has broken its downward channel towards the downside on a 4 hour time frame. The near term support is at 110.11 and the resistance is at 115.83.
GBP/USD: The pair is trading below its 50 (price 1.4239) and 100 day (price 1.4279) moving averages on a 4 hour time frame. The next resistance is at 1.4575 and the support is 1.4052.
Indicators
Indices
Asian markets closed mostly lower by adding to their losses on top of yesterday. The Hang Seng index was the worst performer during the session and it closed lower with a loss of 1.67%. .
European futures are trading lower during the early hours of trading. The CAC40 index is trading lower with a loss of 1.77%.
The US markets are trading lower ahead of the non manufacturing PMI factory order data. The NASDAQ index was the worst performer on the last trading day with a loss of 0.46%.
Top News
The German services PMI data came in at 55.1, while the forecast was for 55.5%.
The French Services PMI data came in at 49.9, while the previous reading was at 51.2.
Market Sentiment
Crude Oil: The black gold is trading below its 100 day moving average (100 MA reading 38.84) on a 4 hour time frame. The next support is near the 33.79 and the resistance is 41.91.
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 1179.
The VIX index dropped by 9.32% during the last session.
by Naeem Aslam