Currencies
• EURUSD completed its ascending triangle pattern which we mentioned on Friday. The price action is retracing back down from its resistance level on a 30 minute time frame.
• USDJPY- it is moving in a side way pattern on a 30 minute frame. The RSI is somewhat positive.
• GBPUSD- broke out of its descending triangle towards the upside. Price action approaching near its resistance level on a 30 minute time frame
• Dollar edges higher in Asian trading ahead of Bernanke Speech
Market Sentiment
• Cyprus has finally reached a deal with European Central Bank. The ECB said they will release aid however the banking sector will incur a deep restructuring
• Asian markets traded higher on positive news from Europe and the Nikkei was leading the gain which closed 1.9% higher on Monday.
• European stocks set to open higher- to continue a relief rally. FTSE 100 futures are trading higher by almost 0.6%
• Gold- is moving in a sideway pattern and it has broken out of its resistance level towards the downside. However, it is still trading above 1600
• Dell Computers have received two more offers from Blackstone
News Agenda For Today
17:15 GMT EUR Fed Chairman Bernanke Speaks
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