Daily Briefing
Currencies
- EUR/USD: The pair entered in a resistance of 1.1717-1.1785 on a 4 hour time frame. The next resistance is at 1.1978 and the support is at 1.1236.
- USD/JPY: The pair has pierced the Bollinger band on a 4 hour time frame. The next support is at 115.82 and resistance at 120.41
- GBP/USD: The pair has broken its upward wedge pattern on a 4 hour time frame. The resistance is near the 1.5934 and support is at 1.5378
Indicators
Indices
- Asian Markets closed sharply 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 7.63%. The index is down nearly by 5.72% in the past 5 days.
- European futures are trading higher during the early hours of trading. The FTSE MIB index is the best performing index during the session and it is trading higher with a gain of 3.17%. The index is up by almost 3.06% in the past 5 days.
- US futures are trading higher ahead of the consumer confidence data. Most indices closed lower during the last session and the S&P500 index was the worst performer with a loss of 3.95%.
TOP News
- The Swiss employment level data came in at 4.24M while the forecast was for 4.24.
- The German fincal GDP q/q matched the forecast was 0.4%.
- The German IFO Business climate came in at 108.3 while the forecast was for 107.6.
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Things to Remember
Use your stops and manage the risk
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 1170.
- Crude Oil: The black gold has broken its 40 dollar level on a 30 minute time frame. The near term support is at the $35 mark and the resistance is at 43.
- VIX: Volatility index increased nearly 45.34% on the last trading day.
Top Economic data
8:00 GMT
EUR – German Ifo Business Climate
14:00 GMT
USD – CB Consumer Confidence
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