Currencies
- EUR/USD: The pair has broken its minor resistance (1.3320-1.3292) on a 60 minute time frame. The next support is at 1.3250 and the next resistance is at 1.3521.
- USD/JPY: The pair is trading in a resistance zone of 103.25-103.41 on a 60 minute time frame. The next support is at 101.79 and resistance at 103.93
- GBP/USD: The pair has bounced strongly back up from OUR Identified support zone (1.6599-1.6624) on a 60 minute time frame. The zone was given in our analysis yesterday. The resistance is near the 1.6861 and the support is at 1.6698.
Indicators
Indices
- Asian Markets closed mostly higher by building their gains on top of yesterday. The Hang Seng index is the best performing index during the session and it closed higher with a gain of 0.15%. The index is up nearly by 1.91% in the past 5 days.
- European stock markets are trading lower during the early hours of trading. The DAX index is the worst performing index during the session and it is trading lower with a loss of 0.43%. The index is up by almost 2.49% in the past 5 days.
- US Indices futures are trading lower after ahead of the FOMC meeting. Most indices closed higher yesterday and the Dow Jones index was the best performer with a gain of 0.27%.
TOP News
- The Japanese all industries activity m/m data fell short of the previous reading of 0.6%. The final reading was at -0.4%.
- The German PPI m/m data came in at -0.1%. The previous reading was at 0.0%.
- The MPC official bank rate votes has changed and two members of the committee have become hawkish when it comes to an increase in the interest rate.
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Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal is trading below the 1300 mark and the near term support is near the 1280 and the resistance remains at 1320.
- Crude Oil: The black gold is trading near the support zone of 91.14-92.17 on a daily time frame. The next resistance is near the 98.
- Volatility S&P 500: Volatility index dropped nearly 0.89% yesterday.
News Agenda For Today
GBP 08:30 MPC Asset Purchase Facility votes
CAD 12:30 Whole Sales m/m
USD 18:00 FOMC Meeting Minutes
Trend
The JPY and SEK are trending up against the USD, while the EUR and NZD are trading lower against the USD on an intra-day basis.
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.