Currencies
- EUR/USD: The pair is trading below the downward resistance line on a 60 minute time frame. The next support is at 1.3658 and the next resistance is at 1.3825.
- USD/JPY: The pair has broken its upward trend line on a 60 minute time frame. The support is at 101.94 and resistance at 104.23.
- GBP/USD: The pair has broken its downward trend line on a 60 minute time frame. The resistance is near the 1.6718 and the support is at 1.6490.
Indicators
Indices
- Asian Markets closed mixed, but mostly up by recovering some of their losses from yesterday. The Nikkei index was the worst performer during the session and it closed lower with a loss of 1.36%. The index is down nearly 1.49% in the past 5 days.
- European stock markets are trading lower during the early hours of trading. The FTSE 100 index is the worst performing index during the session and it is trading lower with a loss of 0.36%. The index is down by almost 0.33% in the past 5 days.
- US Indices futures are trading lower head of the FOMC member’s speech. Most indices closed lower yesterday and the NASDAQ index was the worst performer with a loss of 1.16%.
TOP News
- The Japanese economy watchers sentiment came in at 57.9 while the forecast is at 54.1.
- The Swiss unemployment rate has fallen to 3.2% matching the forecast and the previous reading.
- The UK’s manufacturing and production for month on month basis came in at 1% while the forecast was at 0.3%.
Things to Remember
- Manage the stops and do not let your winners turned into losers.
Market Sentiment
- Gold: The precious metal has moved firmly higher and it is trading above the 1300 mark. The bias remains bullish as long as the support holds and the next resistance is at 1316.
- Crude Oil: The black gold is trading above the 50 day and 100 day moving average on a 4 hour time frame. The price is above the upward trend line so the bulls are still in control of the price. The support is at 99 and the resistance at 102.
- VIX: Volatility index gained nearly by 11.53% on Friday.
News Agenda For Today
08:30 GMT
GBP – Manufacturing Production m/m
12:30 GMT
CAD – Building Permits
14:00 GMT
USD – JOLTS Job Openings
Trend
The NZD and GBP are trending up against the USD, while the CAD and JPY are trading lower against the USD 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. by Naeem Aslam