Daily Briefing
Currencies
- EUR/USD: The pair is trading below its downward trend line on a 4 hour time frame. The next resistance is at 1.1275 and the support is at 1.081.
- USD/JPY: The pair is trading in an upward wedge pattern on a 4 hour time frame. The next support is at 120.76 and resistance at 125.85.
- GBP/USD: The pair is trading in an upward wedge pattern on a 4 hour time frame. The resistance is near the 1.5780 and support is at 1.5368
Indicators
Indices
- Asian Markets closed mostly lower by adding to thier losses on top of yesterday. The Shanghai index is the worst performing index during the session and it is closed lower with a loss of 3.43%. The index is down nearly by 5.72% in the past 5 days.
- European futures are trading lower during the early hours of trading. The FTSE MIB index is the worst performing index during the session and it is trading lower with a loss of 1.18%. The index is up by almost 3.06% in the past 5 days.
- US futures are trading higher ahead of the Empire state manufacturing index. Most indices closed higher during the last session and the DOW index was the best performer with a gain of 0.93%.
TOP News
- The swiss trade balance data came in at 3.74B while the forecast was for 3.51B.
- The UK retail sales in at 0.1% while the forecast was for 0.4%.
Things to Remember
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Market Sentiment
- Gold: The precious metal is trading above its upward trend line on a 4 hour time frame. The next support is near the 1110 and the next resistance is near the 1150.
- Crude Oil: The black gold is trading below its downward trend line on a 30 minute time frame. The near term support is at the $38 mark and the resistance is at 43.
- VIX: Volatility index increased nearly 10.59% on the last trading day.
Top Economic data
12:30am GMT
USD- Unemployment claims
14:00am GMT
USD- Existing home sales/ Philly Fed manufacturing Index
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