Currencies
- EUR/USD- bounced from its support on a 30 minute time frame which was given in our analysis last week. The Support is near the 1.3520 and resistance at 1.3779
- USD/JPY- the pair bounced strongly up from its support on a 60 minute time frame and also completed its rectangle pattern which we mentioned on Friday in our analysis. The resistance is near the 103.55
- GBP/USD- the pair is finding its resistance near the 50 day moving average on a 30 minute time frame. The RSI and CCI are trading in line with the price action.
Indicators
Indices
- Asian Markets closed lower on the first trading day of the week. The Nikkei index was the worst performer during the session and it closed lower with a loss of 2.51%. The index is down by nearly 0.36% in the past 5 days
- European stock markets are trading lower during the early hours of trading. The FTSE index is the worst performing index during the session and it is trading lower with a loss of 0.94%. The index is up by almost 1.42% in the past 5 days.
- US Indices futures are trading lower as well as traders are pricing in a prospect of further tapering. Most indices closed lower on Friday and the NASDAQ index was the worst performer with a loss of 2.15%
TOP News
- Christine Laggard, the president of the IMF said that tapering is a risk for the global economy
- Mario Draghi called the recovery in the Eurozone “Dramatic” but still maintaining his view that it is fragile, weak and uneven
- German IFO data released today came is at 110.6 while the expectation was for 110.2
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Things to Remember
- Follow the trend, as the trend is your friend
Market Sentiment
- Gold. The precious metal is trading in line with the RSI and it is trading near the 50 day moving average on a 30 minute time frame. A break of this will be a bearish sign and the near term support is at the 1258 mark, while the resistance at the 1278 level
- Crude Oil: The black gold is trading in line with the RSI, which means that the bias could be to the downside. The near term support is near the 95 mark and resistance near the 99 level.
- VIX- Volatility index gained 31.74% on Friday.
News Agenda For Today
09:00 GMT
EUR – German IFO Business Sentiment
Trend
The AUD and NZD are trending up against the dollar, while the CHF and CAD 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.