Currencies
- EUR/USD: The pair is trading below its 50 and 100 day moving average 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 sideway 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 is trading below its downward trend line 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 lower after the disappointing Chinese industrial profit data. The Nikkei index was the worst performing index is 4.03% and over the last 5 days it is down by 6.30%.
- European markets are trading lower during the early hours of trading. The CAC 40 index is the worst performing index during the session and it is trading lower by 1.10%. The index is down nearly 5.35% nearly during the past five days.
- US futures are trading lower ahead of the consumer confidence data. The NASDAQ index was the worst performer during the last session and it closed lower by 3.04%.
TOP News
- The german import prices data fell to -1.5% while the forecast was for -1.4%.
- The Spanish flash PMI data fell short of expectations with the reading of -0.9%while the forecast was -0.6%
Things to Remember
- Use your stops and manage the risk
Market Sentiment
- Crude Oil: The black gold has compled its reverse head and shoulder 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 near its its 50 day moving average on a 4 hour time frame. The next support is at 1120 and the resistance is at 1160.
- The VIX index jumped nearly 16.98% during the last session.
Top Economic data
14:00 GMT
USD – Consumer Confidence
Trends
The below chart shows SEK, AUD and DKK 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