Currencies
- EUR/USD: This pair has broken its 50 day moving average on a 4 hour time frame. The next support is near the 1.0518 level and the resistance is 1.0899.
- USD/JPY: The pair has formed a symmetrical triangle pattern on a 4 hour time frame. The near term support is at 121.35 and the resistance is at 124.63.
- GBP/USD: The pair has formed descending triangle pattern on a 4 hour time frame.The next resistance is near 1.5530 and the support is 1.4952.
Indicators
Indices
- Asian markets closed higher by erasing some of their losses from yesterday. The Hang Seng index is the best performer during the session and it closed higher with a gain of 1.75%. The index is down 5.01% during the past 5 sessions.
- European markets are trading higher during the early hours of trading. The FTSE 100 index is trading higher with a gain of 0.45%. The index is up by nearly 1.00% over the past five sessions.
- The US futures are trading higher ahead of the Fed chair Yellen’s Speech. The S&P500 index was the best performer yesterday with a gain of 1.09%.
Top News
- The Australian GDP data came in at 0.9% while the forecast was for 0.7%
- IMAX is adding 50% more Cinemas in Japan in their portfolio.
- The S&P 500 Index broke above the 2100 mark for the first time since November.
Market Sentiment
- Crude Oil: The black gold is consolidating in a sideway pattern on a 4 hour time frame. The next support is near the 40.40 and the resistance is 44.74.
- Gold: The precious metal has formed descending triangle pattern on a 4 hour time frame. The next resistance is at 1078 and the support is at 1054.
- The VIX index surged 6.68% during the last session.
Top Economic data
10:30 BST GBP Construction PMI
14:15 BST USD ADP Non-Farm Employment Change
16:00 BST CAD BOC Rate Statement
18:25 BST USD Fed Chair Yellen Speaks
Trends
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