Currencies
- EUR/USD: The pair is trading in a descending triangle pattern on a 4 hour time frame. The next resistance is at 1.146 and the support is at 1.1024.
- USD/JPY: The pair is trading in a symmetrical triangle pattern on a 4 hour time frame. The next resistance is at 124.13 and the support is at 115.92.
- GBP/USD: The pair has bounced from its support zone of 1.5087-1.5132 (which we MENTIONED on 1st of October) on a 4 hour time frame. The resistance is near the 1.5232 and the next support is at 1.508
Indicators
Indices
- Asian Markets closed higher on the first trading day of the week. The Nikkei index was the best performing index with a gain of 1.58% and over the last 5 days it is up by 0.70%.
- European markets are trading higher during the early hours of trading. The CAC40 index is the best performing index during the session and it is trading higher by 2.69%. The index is up nearly 2.24% nearly during the past five days.
- US futures are trading higher ahead of the ISM non manufacturing data. The NASDAQ index was the best performer during the last session and it closed higher by 1.75%.
TOP News
- The Australian retails sales m/m came in at 0.4 matching the forecast.
- The Spanish ISM services PMI fell short of expectations with the reading of 55.1 while the forecast as 59.7.
- The Italian ISM services PMI also fell short of expectation. The number came in at 53.3 and the forecast was for 54.8.
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Things to Remember
- Use your stops and manage the risk
Market Sentiment
- Crude Oil: The black gold has formed a symmetrical triangle pattern on a 4 hour time frame. The next support is at 43.50 and the resistance is at 49.
- Gold: The precious metal is trading below its 50 and 100 day moving average on a 4 hour time frame. The next support is at 1100 and the resistance is at 1130.
- The VIX index dropped nearly 7.14% during the last session.
Top Economic data
08:30 GMT
GBP – Services PMI
02:00 GMT
USD – ISM Non-Manufacturing PMI
21:00 GMT
NZD – NZIER Business Confidence
Trends
The below chart shows NZD, JPY and AUD are trading higher against the USD.
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