Daily Briefing speech
Currencies
- EUR/USD: The pair is trading below its downward trend line on a 30 minute time frame. The next resistance is at 1.1191 and the support is at 1.0852.
- USD/JPY: The pair fell from its resistance zone (120.45-120.33) on a 30 minute time frame. The next support is at 118.71 and resistance at 120.45
- GBP/USD: The pair is trading in a support zone (1.5230-1.5206) on a 30 minute time frame. The resistance is near the 1.5565 and support is at 1.5204.
Indicator
Indices
- Asian Markets closed sharply higher on the final trading day of the week. The Nikkei is the best performing index during the session and it closed higher with a gain of 1.17%. The index is up nearly by 2.02% in the past 5 days.
- European stock futures are trading higher during the early hours of trading. The FTSE 100 index is the best performing index during the session and it is trading higher with a gain of 0.08%. The index is up by almost 0.84% in the past 5 days.
- US futures are also trading higher ahead of the US NFP jobs data. Most indices closed higher during the last session and the NASDAQ index was the best performer with a gain of 0.32%.
TOP News
- The German industrial production m/m data came in at 0.6% while the previous reading was at 1.0%
- The French trade balance also came in at -3.7B while the forecast was for -3.0B.
- The Swiss CPI m/m data fell short of expectations with the number of -0.3% while the previous reading was at -0.4%
Things to Remember
Stop loss is your biggest friend so make sure you use it
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 1140 and the next resistance is near the 1230.
- Crude Oil: The black gold is trading above its upward trend line on a 30 minute time frame. The near term support is at the $46.0 mark and the resistance is at 55.10.
- CBOE Volatility Index: Volatility index dropped nearly -1.34% on the last trading day.
News Agenda For Today
08:00 GMT CHF – Foreign Currency Reserves
13:30 GMT CAD – Building Permits m/m
13:30 GMT CAD – Trade Balance
13:30 GMT USD – Non-Farm Employment Change
13:30 GMT USD – Unemployment Rate
Trends
The SEK and DKK are trading higher against the USD and the EUR and NZD are trading lower against the USD.
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