Currencies
- EUR/USD: The pair has broken out of its wedge pattern towards the upside on a 60 minute time frame. The next resistance is at 1.146 and the support is at 1.1024.
- USD/JPY: The pair is consolidating in a side way pattern on a 60 minute time frame. The next resistance is at 124.13 and the support is at 115.92.
- GBP/USD: The pair is trading above its 50 and 100 day moving average on a 60 minute time frame. The resistance is near the 1.5530 and the next support is at 1.5107
Indicators
Indices
- Asian Markets closed lower by erasing their gains from yesterday. The Shanghai index was the best performing index with a gain of 3.29% and over the last 5 days it is up by 0.70%.
- European 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 by 0.69%. The index is up nearly 2.24% nearly during the past five days.
- US futures are trading lower ahead of the FOMC member Brainard speech. The NASDAQ index was the best performer during the last session and it closed higher by 0.40%.
TOP News
Ford has announced that it will invest $1.8bln on China smart cars
The People Bank Of China said that the correction in Chinese market is almost over.
Things to Remember
Use your stops and manage the risk
Market Sentiment
- Crude Oil: The black gold is trading above its upward trend line on a 4 hour time frame. The next support is at 45.74 and the resistance is at 55.
- Gold: The precious metal is trading above its 50 and 100 day moving average on a 4 hour time frame. The next support is at 1100 and the resistance is at 1130.
- The VIX index dropped nearly -1.95% during the last session.
Top Economic data
No News
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