Daily Briefing
Currencies
- EUR/USD: The pair has broken its downward trend line aggressively on a 30 minute time frame. The next resistance is at 1.094 and the support is at 1.071.
- USD/JPY: The pair is trading below its downward trend line on a 30 minute time frame. The next support is at 118.38 and resistance at 120.16
- GBP/USD: The pair is moving in a sideway pattern on a 30 minute time frame. The resistance is near the 1.4872 and support is at 1.4719
Indicator
Indices
- Asian Markets closed mostly higher by building gains on top of yesterday. The Nikkei index is the best performing index during the session and it closed higher with a gain of 1.46%. The index is up nearly by 2.02% in the past 5 days.
- European stock futures are trading mixed during the early hours of trading. The CAC40 index is the best performing index during the session and it is trading higher with a gain of 0.05%. The index is up by almost 0.84% in the past 5 days.
- US futures are also trading lower ahead of the factory data. Most indices closed lower during the last session and the Dow index was the worst performer with a loss of 0.44%.
TOP News
- The Australian trade balance data printed much a reading of -1.26B as compared to the forecast of -1.28B
- The UK construction data came below the expectation of 59.7 while the final reading released today was at 57.8.
- The Italian manufacturing PMI came in at 53.3 when the previous reading was at 51.9
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Things to Remember
Stop loss is your biggest friend so make sure you use it
Market Sentiment
- Gold: The precious metal has spiked up on a 30 minute time frame. The next support is near the 1170 and the next resistance is near the 1230.
- Crude Oil: The black gold has broken its downward trend line on a 30 minute time frame. The near term support is at the $45.78.0 mark and the resistance is at 51.70.
- VIX: Volatility index dropped nearly 4.62% on the last trading day.
News Agenda For Today
08:30 GMT
GBP – Construction PMI
12:30 GMT
CAD – Trade Balance
USD – Trade Balance
USD – Unemployment Claims
14:30 GMT
USD – Natural Gas Storage
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