Currencies
- EUR/USD: This pair is trading below its downward trend line on a 4 hour time frame. The next support is near the 1.054 level and the resistance is 1.1071.
- USD/JPY: The pair has violated its its support zone 120.83-120.57 on a 4 hour time frame. The near term support is at 119.55 and the resistance is at 122.82
- GBP/USD: The pair is trading in a downward channel on a 4 hour time frame.The next resistance is near 1.5332 and the support is 1.4888.
Indicators
Indices
- Asian markets closed higher by erasing their losses from yesterday. The Nikkei index is the best performer during the session and it closed higher with a gain of 1.60%. The index is up by 0.71% during the past 5 sessions.
- European markets are trading higher during the early hours of trading. The FTSE MIB index is trading higher with a gain of 0.70%. The index is down by nearly 3.79% over the past five sessions.
- The US futures are trading higher ahead of the unemployment claims data. The NASDAQ index was the best performer on the last trading day with a gain of 1.51%.
Top News
- The US Fed has delivered on their promise and raised the interest rate by twenty five basis point.
- The Japanese trade balance data came in at 0.00T while the forecast -0.21T.
Market Sentiment
- Crude Oil: The black gold trading below its downward trend line on a 4 hour time frame. The next support is near the 31.13 and the resistance is 39.50.
- Gold: The precious metal is trading below its 50 and 100 day moving averages on a 4 hour time frame. The next resistance is at 1079 and the support is at 1057.
- The VIX index dropped 14.75% during the last session.
Top Economic data
09:00 GMT
EUR – German Ifo Business Climate
09:30 GMT
GBP – Retail Sales m/m
13:30 GMT
USD – Philly Fed Manufacturing Index USD – Unemployment Claims
15:30 GMT
USD – Natural Gas Storage
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