Daily Briefing- European Markets Are Steady Ahead Of Economic Data

• EUR/USD- was shy off from $1.39 before pulling back and now it is trading near the 100 day moving average on a 30 minute time frame. If the 100 day moving average fails to provide a support then the next support could be near the 1.3621 zone
• USD/JPY- the pair has formed a double top on a 30 minute time frame. the near term support could be near the 104.65
• GBP/USD- The pair fell from its major resistance on a 60 minute time frame as predicted. The near term support could be near the 1.6396 zone

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Indices

• Asian Markets Asian markets closed mostly higher on the first trading day of the week. The Nikkei index was the best performer during the session and it closed higher with a gain of 0.69%. The index is up nearly by 2.65 % in the past 5 days
• European stock markets are steady during the early hours of trading after the weekend break. The IBEX index is the performing index during the session and it is trading up with a gain of 0.22%. The index is up almost by 2.38% in the past 5 days.
• US Indices futures are also trading slightly higher after another record intra day high on Friday. However , most indices closed lower and the NASDAQ index was the worst performer yesterday and closed lower with a loss of 0.24%

• The Nikkei index recorded its best performing year since 1972
• There has been two blasts in southern area of Russia and the President Putin has declared state of emergency
• The Turkish tourist sector has experienced a 4% increase in its sector, mainly foreign tourist

• Stops are your biggest friends so make sure use them wisely

• Gold. The precious metal has pierced the Bollinger band on a 120 minute time frame but it is still trading above the $1200 mark- an important junction. If it breaks below the $1200, then could expect a suppot near 1194
• Crude Oil: The black gold is trading above the $100 mark and the next resistance could be near the 104.
• VIX- Volatility index increased by 1.30% on Friday

15:00 GMT
USD – Pending Homes Sales m/m

Trend
The JPY and CAD are trending up against the dollar, while the AUD and SEK are trading lower against the dollar 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