Daily Briefing
Currencies
- EUR/USD: The pair is trading above its upward trend line on a 30 minute time frame. The next resistance is at 1.130 and the support is at 1.1042.
- USD/JPY: The pair is trading above its upward trend line on a 30 minute time frame. The next support is at 123.42 and resistance at 126.
- GBP/USD: The pair is trading in a downward channel on a 30 minute time frame. The resistance is near the 1.5505 and support is at 1.5087.
Indicators
Indices
- Asian Markets closed mostly lower by erasing some of their gains from yesterday. The Hang Seng index is the worst performing index during the session and it closed lower with a loss of 0.20%. The index is down nearly by 10.36% in the past 5 days.
- European markets are trading lower during the early hours of trading. The CAC index is the best performing index during the session and it is trading lower with a loss of 1.04%. The index is up by almost 3.05% in the past 5 days.
- US futures are trading lower ahead of the unemployment claims data. Most indices closed higher during the last session and the NASDAQ index was the best performer with a gain of 0.26%.
TOP News
- The French unemployment has fallen for the first time in a very long time. The data came in at 10.3% for the first quarter.
- The Australian retail sales came in at 0.0% while the forecast was for 0.4%
- The UK Halifax HPI fell short of expectations with the reading of -0.1%. The forecast was for 0.2%
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 30minute time frame. The next support is near the 1170 and the next resistance is near the 1200.
- Crude Oil: The black gold is consolidating in a side way pattern on a 30 minute. The near term support is at the $56.48 mark and the resistance is at 62.
- VIX: Volatility index dropped nearly 4.07% on the last trading day.
Top Economic data
12:00 GMT
GBP – Official Bank Rate
GBP – MPC Rate Statement
13:30 GMT
USD – Unemployment Claims
15:00 GMT
USD – Ivey PMI
15:00 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