Daily Briefing
Currencies
- EUR/USD: The pair has formed a symmetrical triangle pattern on a 30 minute time frame. The next resistance is at 1.108 and the support is at 1.0520.
- USD/JPY: The pair is consolidating on a 30 minute time frame. The next support is at 118.50 and resistance at 121.18.
- GBP/USD: The pair is trading above its upward trend line on a 30 minute time frame. The resistance is near the 1.5079 and support is at 1.4879.
Indicator
Indices
- Asian Markets started the week lower by erasing their gains from previous week. The Hang Seng index was the best performing index during the session and it closed lower with a loss of 2.02%. The index is up nearly by 10.36% in the past 5 days.
- European indices markets are trading higher during the early hours of trading. The DAX index is the best performing index during the session and it is trading higher with a gain of 1.02%. The index is up by almost 3.05% in the past 5 days.
- US futures are also trading higher ahead of the busy week with important economic data. Most indices closed lower during the last session and the DOW index was the worst performer with a loss of 1.55%.
TOP News
- The Chinese HSBC (LONDON:HSBA) flash manufacturing PMI data came in at 49.2 while the forecast was for 49.5.
- The French Flash manufacturing PMI data came below the expectations of 49.4. The final print was at 48.4.
- The German Flash manufacturing PMI data missed the forecast of 53.1 while the reading came in at 51.9.
Things to Remember
Stop loss is your biggest friend so make sure you use it
Market Sentiment
- Gold: The precious metal is moving in a sideway pattern on a 30 minute time frame. The next support is near the 1180 and the next resistance is near the 1240.
- Crude Oil: The black gold is trading firmly above its upward trend line on a 30 minute time frame. The near term support is at the $53.04 mark and the resistance is at 58.02.
- VIX: Volatility index dropped nearly -4.08% on the last trading day.
News Agenda For Today
07:00 GMT
EUR – French Flash Manufacturing PMI
07:30 GMT
EUR – German Flash Manufacturing PMI
08:30 GMT
GBP – Retail Sales m/m
08:30 GMT
GBP – Retail Sales m/m
12:30 GMT
USD – Unemployment Claims
14:30 GMT
USD – Natural Gas Storage
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