Daily Briefing
Currencies
- EUR/USD: The pair is fell from its resistance zone 1.1035-1.1001 (which we mentioned yesterday) on a 4 hour time frame. The next resistance is at 1.1216 and the support is at 1.0658.
- USD/JPY: The pair is trading above the neckline of the reverse head and shoulder pattern on a 4 hour time frame. The next support is at 119.78 and resistance at 125.85.
- GBP/USD: The pair is trading below its 50 and 100 day moving average on a 4 hour time frame. The resistance is near the 1.6030 and support is at 1.5368
Indicators
Indices
- Asian Markets closed mostly lower on the final trading day of the week. The Shanghai index is the worst performing index during the session and it closed lower with a loss of 1.28%. The index is up nearly by 1.02% 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 0.16%. The index is down by almost 0.54% in the past 5 days.
- US futures are trading lower ahead of the manufacturing PMI data. Most indices closed lower during the last session and the DOW index was the worst performer with a loss of 0.67%.
TOP News
- The French flash manufacturing PMI index data came in at 49.6 well below the forecast of 51.1
- The Germ,an Flash manufacturing PMI data also fell short of expectation with the reading of 52. the forecast was for 53.9
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Things to Remember
Use your stops and manage the risk
Market Sentiment
- Gold: The precious metal has bounced back above 1100 level on a 30 minute time frame. The next support is near the 1086 and the next resistance is near the 1146.
- 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 $47 mark and the resistance is at 50.
- VIX: Volatility index dropped nearly 0.82%% on the last trading day.
Top Economic data
08:00 GMT
EUR – French Flash Manufacturing PMi UK
08:30 GMT
EUR– German Flash Manufacturing PMI
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