Currencies
- EUR/USD: The pair is treading above the 50day and 100 day moving average on a 60 minute time frame. The next support is at 1.3557 and the next resistance is at 1.3714.
- USD/JPY: The pair is trading below the downward trend line on a 60 minute time frame. The next support is at 100.996 and resistance at 102.23
- GBP/USD: The pair is trading below the upward trend line on a 60 minute time frame. The resistance is near the 1.718 and the support is at 1.7018.
Indicators
Indices
- Asian Markets closed lower by building further losses on top of yesterday. The Hang Seng index was the worst performing index during the session and it closed lower with a loss of 1.63%. The index is down nearly by 0.06% in the past 5 days.
- European stock markets are trading lower during the early hours of trading. The CAC40 index is the worst performing index during the session and it is trading lower with a loss of 0.13%. The index is down by almost 2.76% in the past 5 days.
- US Indices futures are trading lower ahead of the Fed minutes. Most indices closed lower yesterday and the NASDAQ index was the best performer with a loss of 1.36%.
TOP News
- The Chinese CPI data came in at 2.3% while the previous reading was at 2.5%.
- The Chinese PPI improved with the final reading of -1.1% which also matched the forecast of -1.1%.
- The UK’s Halifax HPI fell short of expectations with the reading of -0.6% while the forecast was for -0.3%.
Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal is moving in a side way pattern on a 30 minute time frame. The next support is near the 1300 level and the resistance at 1340.
- Crude Oil: The black gold is trading below the 50day and 100 day moving average on a 30 minute time frame. The next resistance is at 101 and the support is at 102.
- VIX: Volatility index increased nearly by 5.74% yesterday.
News Agenda For Today
14:30 GMT
USD – Crude Oil Inventories
18:00 GMT
USD – FOMC Meeting Minutes
18:30 GMT
EUR – ECB President Draghi Speaks
Trend
The NZD and EUR are trending up against the USD, while the DKK and CHF 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. by Naeem Aslam