Currencies
- EUR/USD: The pair is trading above the 50 day and 100 day moving average on a 60 minute time frame. The next support is at 1.3747 and the next resistance is at 1.3875.
- USD/JPY: The pair has bounced from its support zone (101.43-101.20) on a 60 minute time frame. The support is at 101.43 and resistance at 103.04.
- GBP/USD: The pair has broken its resistance zone (1.6820-1.6780) on a 60 minute time frame. The resistance is near the 1.6858 and the support is at 1.6621.
Indicators
Indices
- Asian Markets closed mostly mixed by recovering their losses from yesterday. The Hang Seng index was the best performer during the session and it closed higher with a gain of 0.28%. The index is up nearly 2.30% in the past 5 days.
- European stock markets 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 0.43%. The index is down by almost 2.71% in the past 5 days.
- US Indices futures are trading lower ahead of the building permits data. Most indices closed higher yesterday and the NASDAQ index was the best performer with a gain of 1.29%.
TOP News
- The Australian new motor vehicle sales data came in at -0.3%, which is much worse than the previous reading of -0.1%.
- The Japanese consumer confidence data came in at 37.5 lower than the forecast of 40.2 and the previous reading of 38.5.
- The German PPI m/m data came in at -0.3%, which was a weak reading as compared to the forecast of 0.1%.
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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 important level of $1300 which is a bearish sign for gold. The next resistance is at 1340 and the support is at 1280.
- Crude Oil: The black gold is trading near the resistance zone of (104.62-105) on a 4 hour time frame. The next support is at 100 and the resistance at 108.
- VIX: Volatility index dropped nearly by 9.16% yesterday.
News Agenda For Today
12:30 GMT
CAD – Core CPI m/m
12:30 GMT
USD – Unemployment Claims
14:00 GMT
USD – Philly Fed Manufacturing Index
14:30 GMT
USD – Natural Gas Storage
Trend
The GBP and EUR are trending up against the USD, while the SEK and DKK are trading lower against the USD on an intra-day basis.
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