Currencies
- EUR/USD: The pair is in a process of forming a double top on a 60 minute frame. The next support is at 1.3781 and the next resistance is at 1.40.
- USD/JPY: The pair has formed an ascending triangle on a 4 hour time frame which is a bullish pattern. The support is at 101.17 and resistance at 102.15.
- GBP/USD: The pair is trading below the downward trend line on a 60 minute time frame after making a major high yesterday. The resistance is near the 1.70 and the support is at 1.6838.
Indices
- Asian Markets closed higher today by recovering their losses from yesterday. The Nikkei index was the best performer during the session and it closed higher with a gain of 0.96%. The index is down nearly 0.98% in the past 5 days.
- European stock futures markets are trading higher during the early hours of trading. The DAX index is the best performing index during the session and it is trading higher with a gain of 0.62%. The index is down by almost 0.23% in the past 5 days.
- US Indices futures are trading lower ahead of the Fed testimony. Most indices closed higher yesterday and the DowJones index was the best performer with a gain of 0.72%
Top News
- The Chinese trade balance data released today smashed the previous reading of 7.7B with the final reading of 18.5B.
- The Australian unemployment rate came in at 5.8% while the forecast was for 5.9%. The previous reading was the same as the today’s number.
Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal is under major selling pressure on a 4 hour time frame. The upside is capped at 1320 and the downside by the 1260 level. A break below this level could increase the selling pressure further.
- Crude Oil: The black gold has reversed its direction once again on a 4 hour time frame and this direction is towards the downside. The support is near the 98 while the resistance is at 102.
- VIX: Volatility index droppedd nearly by 2.90% yesterday.
News Agenda For Today:
11:00 GMT
GBP – Asset Purchase Facility
11:00 GMT
GBP – Official Bank Rate
11:45 GMT
EUR – Minimum Bid Rate
12:30 GMT
USD – Unemployment Claims
14:30 GMT
USD – Natural Gas Storage