Currencies- EUR/USD: The pair is trading in a resistance zone on a 60 minute frame. The next support is at 1.3781 and the next resistance is at 1.40.
- USD/JPY: The pair is trading in a side way pattern on a 4 hour time frame with no clear direction in place. The support is at 101.17 and resistance at 102.15.
- GBP/USD: The pair is trading in a major resistance zone which is from the weekly time frame. The resistance is near the 1.70 and the support is at 1.6838.
Indices
- Asian Markets closed sharply lower today by erasing any gains which were made yesterday. The Nikkei index was the worst performer during the session and it closed lower with a loss of 2.51%. The index is down nearly 2.51% in the past 5 days.
- European stock futures markets are trading lower during the early hours of trading. The CAC40 index is the worst performing index during the session and it is trading lower with a loss of 0.86%. The index is down by almost 0.12% in the past 5 days.
- US Indices futures are trading lower ahead of the ISM manufacturing data. Most indices closed lower on Friday and the NASDAQ index was the worst performer with a loss of 0
- .08%.
Top News
- The HSBC Hong Kong manager’s index fell short of expectations and the final reading was at 49.7.
- The Australian Retail sales number came in at 0.1% which was extremely poor as compared to the market forecast of 0.4%.
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Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal is moving in a sideway pattern on a 4 hour time frame. The upside is capped at 130 and the downside by the 1260 level. A break above or below these levels will further confirm the trend.
- Crude Oil: The black gold formed a double bottom pattern on a 4 hour time frame. The support is near the 98 while the resistance is at 102.
- VIX: Volatility index increased nearly by 3.84% yesterday.
News Agenda For Today:
12:30 GMT
CAD – Building permits
14:00 GMT
USD- Fed Chairwoman Speaks
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.