Daily Briefing
Currencies
- EUR/USD: The pair is trading near support zone of 1.096-1.094 on a 30 minute time frame. The next resistance is at 1.1288 and the support is at 1.0885.
- USD/JPY: The pair is trading below its 50 and 100 day moving average on a 30 minute time frame. The next support is at 121.67 and resistance at 124.73.
- GBP/USD: The pair is trading below its downward trend line on a 30 minute time frame. The resistance is near the 1.6030 and support is at 1.5448
Indicators
Indices
- Asian Markets closed mostly lower by building up losses on top of yesterday. The Shanghai index is the worst performing index during the session and it closed lower with a loss of 1.30%. The index is down nearly by 2.30% in the past 5 days.
- European futures are trading lower during the early hours of trading. The FTSE 100 index is the worst performing index during the session and it is trading lower with a loss of 0.26%. The index is down by almost 3.55% in the past 5 days.
- US futures are trading lower ahead of the trade balance data. Most indices closed lower during the last session and the NASDAQ index was the worst performer with a loss of 0.34%.
TOP News
- The Australian cash rate remain unchanged at 2%.
- The German industrial production m/m came in at 0.0% and the forecast was for 0.1%.
Things to Remember
Use your stops and manage the risk
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Market Sentiment
- Gold: The precious metal is trading below its downward trend line on a 30 minute time frame. The next support is near the 1150 and the next resistance is near the 1174.
- Crude Oil: The black gold is trading below its downward trend line on a 30 minute. The near term support is at the $50 mark and the resistance is at 57.
- VIX: Volatility index increased nearly 1.31% on the last trading day.
Top Economic data
08:30 GMT
GBP – Manufacturing Production m/m
12:30 GMT
USD – Trade Balance
CAD – Trade Balance
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